How to open a bank account in Canada

To open a bank account in Canada is an essential step for anyone planning to live or work in Canada. You can start with the Royal Bank of Canada (RBC) and Toronto-Dominion Bank (TD)

When you have a bank account, it’s easier to get money and keep track of it. It is also needed for everyday things like making rent, getting paid, and buying things.

A bank account saves money on ATM fees and simplifies financial management by allowing for easy salary payments and setting up convenient direct debits to pay bills.

All websites linked in this article are in English. Use Google Translate or any other translation app if you need.

How to open a bank account in Canada

To open a bank account in Canada, you need to choose:

A bank and account type.

After that,

You can start a bank account (a deposit or personal account) or other savings accounts at a bank. This includes government credit unions and approved foreign banks.

Also, you can open a bank account in Canada:


online or;

via phone,

The bank must verify your identity with correct identification.

Plus, a bank account in Canada is available to you even if you:

are not employed;

don’t have any cash on hand to fund the account at the moment,

have failed financially.

To open a bank account in Canada, you generally need to follow these steps:

Choose a bank: Search different banks in person or online to find the one that suits your needs.

Gather necessary documents: You may need a valid passport or ID, proof of residency (such as a rental contract or a utility bill), and proof of employment or school enrollment.

Make an appointment: Contact the bank and make an appointment to open an account.

Visit the bank in person: Bring your documents to the appointment and fill out the necessary forms, or you may apply online.

Wait for account activation: After the bank approves your application, they will activate your account.

Can foreigners create a bank account in Canada

Yes! With correct identity and credentials, non-Canadians may establish bank accounts.

What are the types of bank accounts in Canada

Most bank accounts in Canada are either:

Checking accounts or;

Savings account.

Checking accounts work the same way as current accounts in other countries, and they offer features like:

Online bank login;

Bills and other money payments;

Account move;

Wire payments and straight debits;

Regular payments;

Debit cards;

ATM cash withdrawals.

Canada Bank Account Requirements

To open a bank account in Canada, the bank must verify your identity.

  1. Your full legal name, birth date, and SIN (Social Insurance Number)
  2. ID from the government
  3. Minimal deposit

If you’re creating a bank account online:

You’ll also need details to connect an external account to make your starting deposit online.

These contain your routing and bank account numbers.

If you want to open your bank account in person:

You might make a cash deposit or write a check.

Remember that:

Online banks may offer reduced minimum deposit requirements for new accounts.

What kind of money do the Canadian use

Canada’s official currency is the Canadian dollar (or just “dollar” in English). The symbol for this currency is the dollar sign $.

Can I open a bank account online in Canada

Yes, you can but:

These conditions are usually needed to create a bank account online or in person:

Age: Be 18 or eligible for a youth account with parental/guardian help.

Unless you already have an account, provide relevant identification.

See whether the bank has any further requirements.

Which 2023 banks are best in Canada

According to the Forbes Advisor, the best banks in Canada are:

Motus, CIBC, TD, BMO, Manulife, National, and Scotiabank.

These provide:

A wide choice of goods and services,

reasonable rates and fees,

huge ATM networks and;

nationwide availability.

How to find the nearest branch in Canada

Fortunately, most banks in Canada have an extensive network of branches and ATMs, making it easy for customers to access their funds and manage their finances.

You can type “banks near Toronto” on Google Maps or any other map app. There you can find a list of relevant branches that you can contact. If you are not in Canada, you can search your area for the nearest branch. They can help you find a bank in Canada.

Source: Forbes Advisor, Nerd Wallet

The cover image is in Montreal, Canada. Photo by chester wade on Unsplash


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