Compare the best ways
to transfer money overseas

Compare the best ways
to transfer money overseas

Moving to Canada? How to open a bank account

2018-07-13 19:18:09

If you are moving to a new country, one of the first things that you're going to want to do is get set up financially. Setting up a bank account in Canada can be a great first step so that you can avoid paying extra penalties on your credit card or for using an international currency. There are a number of banks in Canada that will even let you open up an account remotely so that you can be set up when you arrive.

Open bank account in CanadaA great way that you can get the best exchange rate is to open bank account and then transfer money into it using one of money transfer companies. Try to get the best rate possible by finding a day when the exchange rate is preferable. Keeping an eye on the markets or using a service like Wirecompare to provide you with alerts when your currency and the Canadian dollar trading well can be a good step when you need to transfer money.

The top three most popular banks in Canada include the RBC Royal Bank, TD and Scotia Bank. Each of these major financial institutions have their own fee structure and account types but there remain some of the most inexpensive and widely distributed banks across the country. Most basic accounts have a monthly fee of around $10 to maintain your bank account. In some cases these fees can be waived if you're a newcomer to Canada.

You can open a checking account, a savings account and even acquire credit from each of these major banks before you move. In most cases there are also locations for these major banks in some major city areas.

To open an account, Canadian banks usually require such documents as:

  • ID or passport
  • your residency card or immigration papers (work or study permit)
  • confirmation of permanent residence

Different banks may have specific requirements, so it’s a good idea to check in advance to make sure you have all you need.

If you are making the move to Canada try to get an account and a card before you move. To apply for a bank account remotely, you’ll need to check the bank as they all have different procedures. All of Canada’s major banks have specific products for newly arrived immigrants or temporary residents, and most would even offer a fee-free credit card.

In general, Canadian banks have a monthly fee, but it is waived for new residents or on condition of keeping a minimum balance of approximately 3-4 thousands of Canadian dollars.

By keeping an eye on the exchange rate and transferring money into your Canadian account in advance, you can lower international fees and have a secure Canadian bank account for your time in Canada. Make sure to check your options at