Own a Bank Account in Canada as an Immigrant: A Canadian bank account is a necessity whether you’re residing on a temporary or permanent basis in Canada. This is simply because the foreign currency conversion fee from home countries may be unbearable and you can’t transact with your country’s currency in Canada. In as much as new immigrants are allowed to use their home country’s Mastercard or Visa debit or credit cards for a short while after arrival, every immigrant should have better plans of securing an account with any of the Canadian banks to save themselves the embarrassment and business limitations.
In this regard, we have carefully articulated this post to enable new immigrants to own a bank account to facilitate their transactions in Canada, as well as to and from their home countries.
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Previously, we discussed Canadian immigration programmes for foreigners, top cities to settle in Canada as an immigrant, the Canada visa lottery, and lots more. However, this article will discuss in detail how to own a bank account in Canada as an immigrant, the requirements, as well as the step-by-step procedure on how to go about it.
Types of Canadian Personal Bank Accounts for Foreigners in Canada
There are two major types of personal bank accounts in Canada for immigrants. They include:
- Savings account and,
- Chequing account
Savings Bank Account in Canada
A savings bank account in Canada is one of the major categories of Canadian personal bank accounts available for immigrants. This account allows you to save money while earning interest over time. In order words, it is referred to as an interest-bearing bank account.
Chequing account in Canada
This type of account enables you to access your funds limitlessly daily. Moreover, you can easily have access to your funds using your mobile device, ATM, or any bank branch. Furthermore, you can send and receive money electronically (E-transfer). Interestingly, it is fast and reliable.
Top 10 Banks in Canada
Here are the top 10 financial institutions in Canada to open your account with:
- Toronto-Dominion Bank (TD)
- Bank of Montreal (BMO)
- Royal Bank of Canada (RBC)
- Scotiabank
- Canadian Imperial Bank of Commerce(CIBC)
- HSBC Bank Canada
- National Bank of Canada
- Canadian Western Bank
- Desjardins Group
- Provincial and Territorial Credit Unions
How to Open a Bank Account in Canada as an Immigrant
You can open a Canadian bank account with the right identification details if:
- If you are a foreign citizen (immigrant)
- If you live or reside in another country.
However, to open a Canadian account, kindly visit any bank of your choice in person. Do not forget to go with the requirements needed. Meanwhile, you may contact the bank customer care unit for more information. See the top cities to live in Canada.
Requirements to Open a Canadian Bank Account as an Immigrant
It’s very important to note that these requirements may vary, depending on the financial institution you’re going to bank with. However, there are general requirements that are common to all banks. They include:
- A valid passport
- Social Insurance Number (SIN)
- Immigration papers such as temporary or permanent residency permits, and work or study permits.
- Residential Address
See the latest jobs in Canada for immigrants.
Social Insurance Number
This is a 9-digit number that grants access to work and access government programmes and benefits in Canada. Moreover, it is a private number and, as such should not be shared with anyone else. Kindly note that you are responsible for safeguarding your SIN. If anyone else uses it, it becomes illegal.
If you wish to obtain an SIN, kindly visit Service Canada. The SIN comes in the form of a paper. However, a plastic SIN card that is yet to expire is still valid.
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If You have forgotten your SIN
Have you forgotten your SIN or you cannot remember it anymore? kindly take the following steps to recover it:
- You may view it by signing up with my Service Canada Account (MSCA).
- You can also get a confirmation of your SIN by simply submitting an application
- Also, you may find your SIN on your record of employment, income tax return, RRSP contribution, or task slips.
If you misplaced it, or it was stolen
Individuals under this category may not be able to recover their SIN. This is because Service Canada can only issue a new SIN on the condition that it is being used fraudulently.
Meanwhile, if you find any misplaced SIN, kindly return it or mail it to the Service Canada centre.
Banks that do not require SIN in Canada
According to the Income Tax Act, banks are to demand a Social Insurance Number (SIN) when opening an interest-bearing account. This is to enable the bank to report your interest income to the Canadian government.
However, other non-interest accounts can be created without a Social Insurance Number (SIN). They include:
- National Bank of Canada
- TD Bank
- CIBC Bank
- Scotia Bank, and
- RBC
Things to Consider Before Opening a Bank Account in Canada as an Immigrant
Immigrants who wish to open a Canadian account must first consider the following before getting started:
- Choose the type of account, such as savings or chequing account
- Charges or fees on the account
- You may consider whether your deposits are protected by deposit insurance.
- The interest you will earn on the money in your account.
Conclusion
This article has exclusively discussed how immigrants can own a bank account in Canada as an immigrant, the requirements, and every other thing in between. Moreover, at Passbuttons, we offer our members admission, scholarships, and international job services. You may wish to join us or become a member today to have access to our upcoming updates. Also, you can follow us on all social media platforms using the links below:
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Frequently Asked Questions
Can Immigrants open a bank account in Canada?
Yes. Immigrants can own a bank account in Canada. Meanwhile, kindly refer to this article for more information.
What is the best bank account for new immigrants?
The National Bank is considered the best bank in Canada. In National Bank, you have access to unlimited electronic transactions, also, you may be able to save up to $700 in 3 years.
Can I open a bank account in Canada if I don’t live there?
Yes, you can open a Canadian bank account as a non-resident.
