How To Open A Bank Account In Canada As Foreigners- Complete Guide
How To Open A Bank Account In Canada As Foreigners- Complete Guide

How To Open A Bank Account In Canada As Foreigners- Complete Guide

Opening a  bank account in Canada for foreigners is now easy, and simple, if you want to open a bank account in Canada as a non-resident of Canada, this post is for you, follow it till the very end

A bank account as we know is used for transactions (crediting and debiting)., when you have a Canadian Bank Account, your debtors or creditors can use it to pay at ease

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If you are a remote worker or a full-time worker, the Canadian Bank account can be used for salary payments and other transactions.

There are many banks in Canada, these banks are accreditated and licensed by the government of Canada, so, you are very sure, you owe a legal bank account, as a foreigner

There are five key banks in Canada (Licensed By Government)

National Bank of Canada

Canadian Imperial Bank of Commerce (CIBC)

Scotia Bank

Toronto-Dominion Bank (TD Bank)

Royal Bank of Canada (RBC)

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Requirement To Open A Bank Account In Canada

As a foreigner, opening a bank account in Canada is less stressful and helpful, especially when you are working or doing business and expecting payment

You will need the following documents to open a legal account in Canada as a foreigner

Your valid passport has not expired

Proof of address in Canada

Your immigration papers (work or study permit, Temporary Resident Permit, or permanent residency card)

Your Social Insurance Number (SIN)

Amount To Be Charged Upon Opening and Operating A Bank Account in Canada

After opening a bank account in Canada, there are some charges that may apply upon using such an account for business transactions or transfer

Monthly fees or Charges

The monthly fees are paid as a maintenance fee, they are mostly paid after some period of operating and using your bank account, these fees range from $30-$50 in Canadian currency

ATM fees

You have to pay for ATM maintenance fee as well, and it is CAD$1.50 per transaction

Transaction fees

Some accounts offer you a limited number of transactions you can perform for free per month and once you have exceeded the limit, you will be charged about CAD$1 per transaction.

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International transfer fees

Most banks in Canada offer new immigrants in Canada a limited amount of free international transactions and after this, you will be expected to pay fees for the transfer. You

Five Licensed Bank In Canada 2022

Canadian Imperial Bank of Commerce (CIBC)

Toronto-Dominion Bank (TD Bank)

Scotia Bank

Bank of Montreal (BOM)

Royal Bank of Canada

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