How to Open a Bank Account in Canada From Abroad

Bank accounts have increasing numbers day to day with a lot of people creating new accounts daily. Many people as from the age of 18 already own bank accounts to their names.

Bank accounts facilitate transactions worldwide and with some children studying abroad or out of their countries, they open bank accounts for their finances either to receive or to send money.

And so, in this article to day, we will be bringing to you this procedure on how you can create your own bank account in Canada whether as a citizen of Canada or as a foreigner.

How to Get A Bank Account in Canada

To get started, we will start by explaining what a bank account is and how it functions when you have a bank account so you can know what to expect.

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What is a Bank and What is it all about?

A bank is a Building, Company or Institution that is used for the storage of money for transactions like sending, receiving and withdrawal of money.

Many people that create a bank account create the bank account to receive monthly salary and store the money, or to withdraw it for daily uses. With this, we will introduce to you the different types of bank accounts.

Types of Bank Accounts

There are five different types of bank accounts in the world. There is the Savings Account, Current Account, Recurring Deposit Account, Fixed Deposit Account, DEMAT Account, NRI Account.

Savings Account: A savings account is an interest-bearing deposit account held at a bank or other financial institution.

Current Account: A current account is a deposit account for traders, business owners, and entrepreneurs, who need to make and receive payments more often than others.

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Recurring Deposit Account: A Recurring Deposit is a special kind of term-deposit offered by banks in India, which help people with salaried incomes to deposit a fixed amount each month and earn an interest which is equivalent to the interest on Fixed Deposits or FDs.

Fixed Deposit Account: A fixed deposit is a financial instrument provided by banks or NBFCs which provides investors a higher rate of interest than a regular savings account, until the given maturity date.

DEMAT Account: The DEMAT account that also stands for Dematerialized Account, is an account to hold financial securities in electronic form.

NRI Account: An NRI Account refers to the accounts opened by a Non-Resident Indian (NRI) or a Person of Indian Origin (PIO) with a bank or financial institution which is authorized by the Reserve Bank of India (RBI), to provide various services.

And with this, you can know which type of account you will want to open. But mostly, many people open but a Saving or a Current bank account. That is because it is the most secured forms and easiest bank accounts to open.

There are some banks that provide the means to open both of them at the same time. All to do is to start your creation of the account.

And so, there are several things we will be showing to you guys as we unveil what is in this article; including how to open a bank account in Canada for international students, or how to open a bank account in Canada for foreigners, Or how to open a bank account in Canada from abroad and also, how to open a bank account from Canada.

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How to Open A Bank Account In Canada From Abroad

To be able to open a bank account in Canada from abroad, there are some things you should know and some thing you should have before applying for a bank account in Canada online.

The first thing you should take note if you want to open a bank account from abroad in Canada, is that you should either be an immigrant into Canada in a few weeks, before starting your account. This is because there are documents needed online and only an entering person or a citizen can have it.

You could also be an international student and want to study in Canada and will need a bank account for transactions. Then you are also in the foreigner's categories.

Things to Put in Place Before Opening a Bank Account Online

There are several things that are needed for one to open a Bank Account in Canada from another country or location out of Canada. And these things are;

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As a New comer, you will have to gather the following;

A drivers’ license issued in Canada, as permitted to be used for identification purposes under provincial law
A Canadian passport
A Certificate of Canadian Citizenship or a Certification of Naturalization, in the form of a paper document or card but not a commemorative issue
A permanent resident card or Citizenship and Immigration Canada Form IMM 1000, IMM 1442 or IMM 5292
A birth certificate issued in Canada
A Social Insurance Number card issued by the Government of Canada
An Old Age Security card issued by the Government of Canada bearing the Social Insurance Number of the person named on the card
A Certificate of Indian Status issued by the Government of Canada
A provincial or territorial health insurance card, as permitted to be used for identification purposes under provincial or territorial law
A document or card, bearing the individual’s photograph and signature, issued by any of the following authorities or their successors:

To Read more about what you have to gather to be eligible for creating an account in Canada as a Newcomer, read this article by clicking Here.

What documents do I need to open a bank account in Canada?

To open a bank account in Canada, you’ll need to provide some documents and it is with these documents that your account will be done very quick. The most important are documents which verify your identity like your Passport, ID-card or License.

The required documents vary from bank to bank, but here’s what you’re likely to need in all the banks before some add-ons could come up.

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A valid, current passport
Proof of address
Your permanent residency card or immigration papers – most banks accept Temporary Residence Permits, work or study permits, or Confirmation of Permanent Residence documents
Employer photo ID from an established company
Your Social Insurance Number (SIN): Provided in the Canadian official government website for those out of the country but available for those in the country

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Step-by-Step Guide to Opening a Bank Account in Canada from Abroad

Opening a bank account in Canada while residing in another country can be a bit more complex than opening one as a resident. However, many Canadian banks offer options for non-residents, particularly for individuals planning to move to Canada, international students, or those looking to invest. Here’s a comprehensive guide on how to open a bank account in Canada from another country.

Step 1: Research Canadian Banks

Start by researching which Canadian banks offer accounts for non-residents. Some popular banks include:

Royal Bank Of Canada
Canadian Imperial Bank of Commerce
TD Canada(Toronto Dominion Bank of Canada)
Bank of Montreal
Scotiabank
National Bank of Canada

Evaluate their account options, fees, and services to find one that suits your needs.

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Step 2: Prepare Required Documents

You will typically need the following documents to open a bank account as a non-resident:

A Driver's License issued in Canada
A valid, current passport
Proof of address
Your permanent residency card or immigration papers – most banks accept Temporary Residence Permits, work or study permits, or Confirmation of Permanent Residence documents
Employer photo ID from an established company
Your Social Insurance Number (SIN).

Step 3: Contact the Bank

Reach out to the bank you have chosen. This can often be done through their website, customer service email, or phone. Ask about their specific requirements for opening an account as a non-resident, including:

Availability of online account opening.
Any minimum deposit requirements.
Whether you can open the account remotely or if you need to visit a branch in Canada.

Step 4: Complete the Application

If the bank allows you to open an account online, follow their process:

1. Fill Out the Application Form: Provide your personal information, including your name, address, date of birth, and contact details.

2. Upload Documents: Submit the required identification and proof of address. Ensure all documents are clear and legible.

3. Review and Submit: Double-check all entered information and submit your application.

Step 5: Verification Process

After submitting your application, the bank will review your documents and information. This process may take a few days. Be prepared for possible follow-up questions or requests for additional documentation.

Step 6: Set Up Online Banking

Once your application is approved, you will receive your account details, including your account number. You can then set up online banking. This will allow you to manage your account, transfer funds, and pay bills from abroad.

Step 7: Fund Your Account

You can fund your new Canadian bank account through various methods:

- International Wire Transfer: Transfer funds from your bank in your home country to your new Canadian account.

- Direct Deposit: If you will be receiving income or funds from Canadian sources, set up direct deposit to your account.

Step 8: Receive Your Debit Card

Most banks will send a debit card to your Canadian address. If you don’t have an address in Canada, ask the bank about options for receiving your card. Some banks may allow you to pick it up at a local branch upon your arrival.

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Tips for Opening a Bank Account in Canada from Abroad

- Understand Fees and Currency Exchange Rates: Be aware of any international transfer fees, currency conversion rates, and account maintenance fees to avoid unexpected costs.

- Explore Multi-Currency Accounts: Some banks offer multi-currency accounts that allow you to hold and manage different currencies, which can be beneficial for international transactions.

- Use Secure Communication: When sharing sensitive information, ensure you are using secure methods of communication to protect your personal data.

Conclusion on how to get an account in Canada

Opening a bank account in Canada from abroad is a feasible process, but it requires careful planning and understanding of the requirements.

By researching banks, preparing necessary documents, and following the application process, you can successfully set up a Canadian bank account before your arrival.

This will facilitate your financial transactions and help you settle more easily when you move to Canada, whether for work, study, or investment.

Frequently Asked Questions(FAQs)

Can I open A Canadian Bank account from overseas?

Yes! you can create your account overseas though it usually takes long for the creation of the account and will need activation when you reach at the bank in Canada.

Can I have A bank account in Canada while in another country?

Yes! It is possible, but you will have to create it bearing in mind that you have a few weeks to reach Canada or that one of the banks in Canada you want to use has a branch in your country.