This article will discuss how to open a Canadian bank account for non residents. An individual can suitably open a Canadian bank account for him or herself irrespective of being a permanent or a non-resident.
Key Takeaways In This Article
• You will learn about a Canadian bank account for non residents.
• You will determine how the Canadian bank account for non residents works.
• You will know the best platforms to open a Canadian bank account for non residents.
• You will know the requirements needed to open a Canadian bank account.
• You will learn how to open a Canadian bank account for non residents.
What Is A Canadian Bank Account For Non Residents?
A Canadian bank account for non residents is a regular bank account that allows for conducting transactions. A non resident in Canada would need to have enough identification before a bank account would be created. Depending on the particular bank, your needed requirements may differ.
How Canadian Bank Account For Non Residents Works
A Canadian bank account for non residents allows an individual to have an account for usage. You don’t need to be a Canadian citizen before you can open an account. But one must remember that the requirements to open an account would be needed.
The procedure to open an account would need a specific individual to decide on the bank while making available the correct documentation. Alternatively, other platforms offer banking services that a non resident of California can consider.
The Best Platforms To Open A Canadian Bank Account For Non Residents
There are numerous platforms where one can open a Canadian bank account for non residents. Below are some of the best platforms to open a Canadian bank account for non residents.
Tangerine is an online-based Canadian bank that provides users with its services through its mobile-based application. It’s a subsidiary of Scotiabank and offers advance deposit protection for its list of clients.
• Royal Bank of Canada
Royal Bank of Canada is one of the many platforms where a Canadian bank account for non residents can be created. One must present two forms of identification and proof of residency.
• TD Bank
TD Bank is a top and well-recognized financial institution in Canada that one can consider. It offers many banking services, including multiple loan offers and other financial products.
Scotiabank is an excellent option for the platform to get a Canadian bank account for usage. An individual would need government-issued identification with a photograph and proof of address, such as a utility bill.
• The Wise Multi-Currency Account
The Wise Multi-Currency Account is an ideal platform considering your need to open a Canadian bank account. Its account opening process is fast, but one must present all requirements before proceeding.
• Bank of Montreal
Bank of Montreal is another excellent platform to create a Canadian bank account for non residents. This financial institution requires an intending account seeker to bring some requirements, including a photo ID.
Requirements Needed To Open A Canadian Bank Account
Opening a Canadian bank account usually requires an individual to provide some list of requirements. It’s not necessary that one must be a Canadian citizen before one can open a bank account.
Also, one can create an account even without a job, without funds to deposit into the account, and even after being faced with bankruptcy. Below are the requirements which are needed to open a Canadian bank account.
• Means of Identification
One of the essential requirements to open a Canadian bank account is a valid means of identification. You need to provide two documents that will indicate your name and address and also your name and date of birth.
Aside from the means of identification, below are some standard requirements to open a Canadian bank account.
• Employer Photo ID.
• Social Insurance Number (SIN).
• Permanent Residency Card or Immigration Papers.
• Valid Passport.
How To Open A Canadian Bank Account For Non Residents
A Canadian bank account for non residents is one that non residents can easily access. One notable thing is that Canadian banks require one to be a resident before opening an account.
This means one would need to present proof of address, identity, immigration documents, and a government-issued number to progress with their bank account application. Although it may sound complicated, there are some alternatives for consideration. They include;
• Utilizing a “Correspondent” bank.
• Opening an international account.
• Discussing with a Canadian bank concerning opening an account as a non resident.
• Creating a Wise Multi-Currency account.
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Non residents of Canada can conveniently enjoy numerous banking services from Canada. Despite being drastically tricky for an individual to create an account, there are many alternatives, as mentioned above, that one can consider.
We hope this article provides enough information on how to open a Canadian bank account for non residents. Kindly visit our comment section for your views and opinions.
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