Opening a Canadian Bank Account
Are you an expat living in Canada or planning to move here soon? Congratulations on embarking on a new adventure! In this blog post, we'll guide you through everything you need to know about opening a Canadian bank account as an expat. Get ready to take control of your finances and settle into your new home with ease and confidence.
Necessary documents and requirements
Getting all the paperwork you need ready may seem like a big job, but it's really important for an easy and worry-free experience. Here’s a list of documents you might need in order to open a bank account in
Proof of identity:
Valid passport
Canadian driver's license
Provincial or territorial identification card
Certificate of Canadian Citizenship or Permanent Resident Card
Proof of address:
Utility bill (e.g., electricity, water, or gas bill)
Rental or mortgage agreement
Property tax assessment
Government-issued document (e.g., tax assessment, statement of benefits)
Social Insurance Number (SIN):
You may be required to provide your Social Insurance Number (SIN) as part of the account opening process.
The banks in Canada
Canada is home to a diverse range of banks, each offering a host of services to suit the varied needs of its customers. Among the leading financial institutions, you are likely to find the perfect fit for your banking needs, be it a savings account, chequing account, or the convenience of online banking.
The Royal Bank of Canada (RBC) offers an array of bank accounts, including savings accounts and chequing accounts. Their online banking services provide ease in managing your bank account. With RBC, you can make bill payments, check your bank account balance, and even open a bank account online.
Toronto-Dominion Bank (TD), another top-tier financial institution in Canada, offers a wide range of services. With a TD bank account, you have the freedom to manage your savings account and chequing account balance seamlessly through their online banking platform.
The Bank of Nova Scotia (Scotiabank) also offers a competitive banking experience. Allowing customers to open a bank account online, they offer a range of services including bill payments, debit card operations, and online banking.
Moreover, Canadian Imperial Bank of Commerce (CIBC) provides an array of options for bank accounts. They offer the flexibility to open a bank account online, manage your savings account, chequing account, and make bill payments with ease.
Bank of Montreal (BMO) is another noteworthy financial institution that offers comprehensive banking solutions. You can easily manage your bank account balance, access online banking, and make bill payments using your savings account or chequing account.
HSBC offers advantages such as international presence, diverse financial products, and comprehensive banking services, making it suitable for individuals and businesses with global financial needs. And with their new product launch called HSBC Expat, they'll focus on helping you as an expat smoothly transition throughout the international banking world.
Importantly, all these banks are members of the Canada Deposit Insurance Corporation (CDIC), ensuring the safety of your deposits. Thus, opening a bank account in these institutions guarantees security for your hard-earned savings.
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HSBC Expat
Relocately has partnered with HSBC Expat, a global banking service, to further enhance your relocation. HSBC Expat is built around you, an expat, and has numerous benefits. To learn more about HSBC Expat click the button down below!
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