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.
Table of Contents
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.
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:
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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How to Open A Bank Account in Canada from another country
It is very easy to create or open a bank account in Canada from another country. There are several Banks available in Canada and with these multiple banks, there are a lot of varieties to choose. But we have given below the best banks in Canada that you could choose from the list to get a good bank where you will be able to create your account.
With these several banks, there are some that don't provide the option to create banks from outside the country meanwhile there are some that do provide this option. All you have to do is to follow up some researches and get to know the right bank that will give you an account from abroad.
Meanwhile amongst these banks that have this option, you will still have to locate the bank after you reach in Canada and follow up with some identifications to activate the account so it can be fully functional because without activation, only sending money will be permitted. Example of such a bank is HSBC Bank.
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How to open a Bank Account in Canada
What if you are a certified resident of Canada and you will want to open your own bank account. You have to get to gather the below and go to any nearest bank of your choice. But below, we will also provide the best banks in Canada where you can make your storage and transactions easily.
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Best Banks in Canada
- Royal Bank Of Canada
- Canadian Imperial Bank of Commerce
- TD Canada(Toronto Dominion Bank of Canada)
- Bank of Montreal
- Scotiabank
- National Bank of Canada
What documents do I need to open a bank account in Canada?
Below, we have provided the main things you will need to create a bank account in Canada. But the most important things is that you have to identify yourself before any other thing. These things are;
- 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).
And now, to follow up with the creation of your account, go to the physical bank where you have chosen as the preferred bank and with the customer service there, you will be asked some questions including your names, location(address), job or company, and some others and these informations will be used to create your bank account.
Conclusion on how to get an account in Canada
To be able to have an account in Canada, we have shown you all the necessary documents you will have to gather then create your account. And you will read this article and know how to go about with this.
You can simply swipe back and get to know what we are talking about. But hope its
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.
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