How to open a bank account in Canada in 2025

For day-to-day money management, you may want to choose between opening an account with a Canadian bank, one of the big international providers, or a digital-only service such as Wise. This guide explores your options.

Quick summary: Banking in Canada for expats

• Canadian banks offer accounts to newcomers, including international students, workers, and expats. To apply, you normally need to visit a branch with government-issued ID, immigration documents such as a study or work permit, and proof of a Canadian address.
• Chequing and savings accounts from Canadian banks are usually denominated in CAD. Foreign currency accounts exist but are less common, and are generally used for USD rather than multiple currencies.
• Most Canadian chequing accounts have a monthly fee. However, many banks waive this for expats and students, or if you maintain a required minimum balance.
• Major Canadian and global banks offer a full suite of services for Canadian residents. Once you’re in Canada you may be able to get additional services like credit, loans and investment products.
• For multi-currency and international features, a provider like Wise may be a good choice. Alongside a Canadian chequing account, having a specific low cost international account can keep down your costs.

Banking in Canada

Banking in Canada is dominated by the “Big Five”: Bank of Montreal (BMO), Scotiabank, Canadian Imperial Bank of Commerce (CIBC), Royal Bank of Canada (RBC), and Toronto-Dominion Bank (TD). 

Together, these banks hold most of the market share and offer chequing and savings accounts, including packages designed for newcomers. Regional banks, credit unions, and digital providers such as Tangerine and Simplii Financial also operate in Canada. Services are generally easy to access once you have a Canadian address, though opening an account before arrival or without residency might be tricky.

Alongside the major banks, specialist services like Wise offer international accounts that are not banks, but allow multi-currency money management.

The sector is tightly regulated, and the Office of the Superintendent of Financial Institutions (OSFI) supervises federally regulated banks, while the Canada Deposit Insurance Corporation (CDIC) insures eligible deposits up to CAD 100,000 per depositor, per institution.

Do you need a bank account in Canada?

Having a local bank account in Canada isn’t legally required, but is generally necessary for daily life. Most employers need a Canadian account to pay salaries, and it makes paying rent, utilities, and other bills much easier. You’ll also need a local account to receive many government benefits and access financial products like credit cards, mortgages, and loans.

For long-term residents, a Canadian account is important for building a credit history. International students, workers, and newcomers will also find it useful for managing tuition payments and making day-to-day transactions.

If you’re a short-term expat, digital nomad, or someone still settling in, a multi-currency provider such as Wise can be a good alternative. Wise isn’t a bank, but offers accounts that support CAD and 40+ other currencies, with Canadian account details to receive payments and low-cost international transfers at the mid-market rate.

Before you open a bank account in Canada

If you’re moving to Canada, you may be able to open a local account before you arrive. Some banks, such as RBC, Scotiabank, and BMO, allow newcomers to apply online,  so you can have an account ready when you land.

In other cases, you’ll need to visit a branch once you’re in Canada to activate your account and show documents like your passport, study or work permit, and proof of address. Some banks also offer online appointments with advisors to help with the opening process. 

Many newcomers rely on their home country accounts or cards at first, but this can mean foreign transaction fees and extra currency conversion costs. A provider like Wise can help during this transition, by allowing you to hold CAD and 40+ other currencies, receive payments with Canadian account details, and send money abroad using the mid-market exchange rate.

Requirements and documents needed

To open an account with a Canadian bank, you’ll usually need:

• Valid identification: A passport, Canadian driver’s licence, or other government-issued ID. 
• Proof of address in Canada: Including a utility bill or rental agreement showing your local address.
• Immigration documents: Such as a study permit, work permit, or permanent resident card, depending on your status.
• Social Insurance Number (SIN): Required for accounts that earn interest, since banks must report income to the Canada Revenue Agency.
• In-person visit: Some accounts can only be fully opened at a branch, where your documents will be checked.

Because proof of address is often the biggest hurdle for new arrivals, it may not be possible to open an account immediately. If you find yourself in this situation, a digital alternative like Wise can help bridge the gap until you’re fully settled.

Types of bank accounts in Canada

The most commonly available account types in Canada include:

• Chequing account: Standard everyday banking account for transactions, salary, bills, with checkbook, debit card access and potential overdraft facilities.
• Savings account: Interest-bearing accounts for savings with various access levels, notice periods, and fixed deposit options.
• Joint account: Shared accounts for couples, families, or business partners with joint access and responsibilities.
• Student account: Specialized accounts for students with favourable terms and reduced fees.
• Non-resident or newcomer account: Some banks offer programs for newcomers or temporary residents, allowing you to open an account with a passport and immigration documents before you have a full credit history in Canada.

Accounts from Canadian banks are usually intended to hold and manage CAD only. If you need to hold and exchange a selection of currencies you may like the Wise Account, for multi-currency holding and linked debit card spending, with the mid-market rate and low conversion fees. 

Best accounts in Canada for expats

To give you a flavour of the options, here are some of the best accounts in Canada for expats – first a side by side review of some important factors, with more detail right after the table.

	Wise	RBC	Scotiabank	BMO
Opening before arrival	Yes	No	Yes	Yes
Account types	Multi-currency account for personal and business customers	Chequing and savings accounts for Canadian residents and newcomers (local address required)	Chequing and savings accounts for residents and newcomers (special newcomer package)	Chequing and savings accounts for residents and newcomers (special newcomer package)
Currencies available	40+ supported currencies	CAD	CAD	CAD
Debit card for spending	Available	Available	Available	Available
Support options	In app, online and by phone	In app, online, by phone and in branch	In app, online, by phone and in branch	In app, online, by phone and in branch

Wise

Wise accounts support 40+ currencies for holding and exchange, including CAD. You can open your account online or by downloading the Wise app, and get registered without needing to visit a physical branch location.

Once your account is open you can order a Wise debit card for free, to make purchases easily in Canada.

You can also get access to local and SWIFT account details to receive incoming payments in CAD and 20+ other currencies. Currency exchange uses the mid-market rate and low fees which you can see in the app before you transact.

There are no ongoing fees for a Wise account. Currency exchange costs from 0.48%, with discounts if you send or exchange 25,000 USD (or the equivalent in CAD) or more in a month.

How to open a Wise account

You can open a Wise account online or in an app, using your normal ID document like your passport, and a proof of address. If you’re not a Canadian resident yet, you might still be able to open a Wise account with your proof of address from your home country.

Here’s the process to open a Wise account:

1. Download the wise app, or open the desktop site and tap Sign Up
2. Enter your email address or sign in using your Google, Apple, or Facebook account
3. Confirm if you want a personal or business account
4. Enter the required information and contact details
5. Upload an image of your ID document and proof of address. If you’re a Canadian resident, you may also be asked to provide your Social Insurance Number (SIN).

RBC

Headline chequing accounts at RBC include the Day to Day Banking and Advantage Banking accounts. RBC also offers a Newcomer Advantage program, which is designed for new arrivals, international students, and workers that provides fee waivers for the first 12 months and access to credit cards without a Canadian credit history.

The Day to Day account usually has a 4 CAD month fee, but currently has a limited no monthly fee offer for the first 12 months and comes with 12 free debits per month. Advantage Banking costs 12.95 CAD, includes unlimited transactions and the opportunity to earn points on everyday purchases. Both come with Interac e-Transfers and a debit card, and newcomers may qualify for discounts or rebates that reduce or eliminate fees.

How to open an RBC account

You can apply online if you are in Canada and have valid government-issued ID, or visit a branch with your passport or Canadian photo ID. If you’re applying for a Newcomer account, you can apply online, via the mobile app or by visiting your local branch and will need supporting immigration documents such as a study or work permit.

Scotiabank

​​Scotiabank offers the Basic Banking Account and the Preferred Package, alongside its StartRight Program for those who are new to the country. StartRight provides international students, workers, and new residents access to everyday accounts with no monthly fees for the first year, plus additional benefits like credit card offers and cash incentives.

The Basic account has a 3.95 CAD monthly fee and includes 12 transactions, while the Preferred Package costs 16.95 CAD with unlimited transactions and free Interac e-Transfers. The Preferred fee can be waived by keeping a 4,000 CAD balance, and is automatically waived for newcomers during the first 12 months.

How to open a Scotiabank account

If you’re applying for a newcomer account, you’ll have to book an appointment to apply and provide an additional piece of government-issued photo ID and a work permit or permanent residence card.

BMO

BMO offers several chequing account plans, with the Practical and Plus accounts both being popular choices. The Practical account costs 4 CAD per month and covers 12 transactions, while the Plus account costs 11.95 CAD with 25 included transactions. 

The NewStart Program is aimed at newcomers and international students, offering no monthly plan fees for the first 2 years and perks like fee-free global money transfers.

How to open a BMO account

You can apply for a newcomer account online before arriving in Canada if you’re from an eligible country and have your work permit or visa, or open one once you arrive at a branch. Required documents include one piece of government photo ID and a study or work permit, plus a Canadian address. 

How to choose a bank account in Canada

Getting used to a new financial service sector can be a lot to take in. However, getting the right bank and account for your own needs can mean cutting down on unnecessary fees and frustration later. When selecting a bank take a look at factors like their fees, product range, accessibility, and reputation. 

As an expat you’ll also probably want to check your international service availability, and transfer fees, as well as card costs if you need to spend when you travel to your home country later.

Ultimately, the best account will depend on your individual needs. Bear in mind that as well as finding features you like, you’ll also need to check eligibility criteria to make sure you’re in the target market for the specific account you like.

How to open a bank account in Canada as an expat

Here’s a quick overview of the standard step-by-step process and application procedures, for opening a Canadian bank account.

Step 1: Research the bank and account options available

It’s worth investing time to research different bank options and the specific account process they offer to choose the right fit for your needs. Remember to look at account features and fees, as well as practical considerations like branch and ATM availability in the province or territory you plan to live in.

Step 2: Check your eligibility and gather your documents

Accounts come with their own eligibility requirements, so make sure you qualify before applying. Most banks will ask for government-issued ID such as a passport, plus your study or work permit or permanent resident card. Proof of your Canadian address (for example, a lease or utility bill) is also usually required.

Step 3: Make an appointment and visit the branch to apply

Most banks require expats to apply in person – but you can usually arrange your appointment in advance so you don’t need to wait for too long on arrival. A bank representative will review your application and check your documents.

Step 4: Fund your account and receive your account collateral 

Once your account is approved you may need to make a minimum deposit, using cash, transfer, or cheque. You’ll be given any account collateral like a debit card – either instantly, or by mail later depending on the bank in question.

Step 5: Start to transact  

Once you have your account all set up you can start to use it to manage your money in CAD conveniently.

How to open a bank account in Canada from abroad

In most cases, expats won’t be able to open a Canadian bank account remotely unless they already have a Canadian address and the required immigration documents. Some banks allow newcomers to start an application online before arriving, but you’ll usually need to visit a branch in person once you’re in Canada to show your passport, study or work permit, and local address. A Social Insurance Number (SIN) may also be requested, especially for accounts that earn interest.

Confirm with the bank you prefer if they can offer an online or remote account opening option – or pick a digital first provider like Wise which allows you to open a CAD account from many countries and regions globally.

Banking services in Canada

Once you’re in Canada, you’ll find you can also get many additional services from major banks including loans, mortgages, insurance, investments, pensions, and specialized products. Eligibility requirements usually apply for these services, and you may need to show proof of income, employment, or a Canadian credit history.

While paper cheques are still used in some cases, especially for rent or business transactions, most payments are now made by debit or credit card, online banking, or through Interac e-Transfer, which allows instant CAD-to-CAD payments between accounts, and is available at most Canadian banks and credit unions. Mobile and contactless payments are also widely accepted across Canada.

Major Canadian banks

There are many Canadian banks and credit unions which offer services to a broad range of people. The sector is dominated by the country’s “Big Five” banks:

• Royal Bank of Canada (RBC)
• Toronto-Dominion Bank (TD)
• Scotiabank (Bank of Nova Scotia)
• Bank of Montreal (BMO)
• Canadian Imperial Bank of Commerce (CIBC)

Other banks and credit unions also operate nationally and regionally, such as National Bank of Canada and Desjardins. Each has its own features, account products and customer niche – so comparing a few different options is the best way to find the right fit for your needs. 

Managing your bank account in Canada

Account management options in Canada can include branch visits, online banking, mobile apps, and telephone banking.

Method	Description
Face-to-face	Branch services usually run from 9:00 am to 4:00 pm, although hours vary by location and bank. Many branches also open on Saturdays, and larger city branches may offer extended evening hours. Branches offer all services available, including higher value payments.
Phone	Phone support hours vary by bank, but many offer services beyond branch hours, often into the evening. Many banks offer more services by phone compared to online and mobile options.
Online	Online banking services are usually available 24/7 for lower value transactions and account management purposes.
Mobile app	Mobile banking services are usually available 24/7 for lower value transactions and account management purposes.

Paying bills from your Canadian bank account

Most Canadian banks offer online and mobile bill payment services. You can set up payees such as utility companies, phone providers, or landlords, and schedule payments immediately or in advance. Payments are usually processed through Electronic Funds Transfer (EFT) or Interac, and may take one to two business days.

Many providers also support pre-authorized debits, where bills such as rent, subscriptions, or loan payments are taken automatically from your account on the due date, and is a common way to manage recurring expenses in Canada.

How to open a bank account in Canada for your children

Most major Canadian banks offer youth and student accounts, which can be opened by a parent or guardian for younger children. They’re typically fee-free, come with a debit card, and allow parents to oversee transactions. 

Teenagers can often get started with an account in their own name (with a parent’s consent), and once they hit 18, they’re free to open a regular chequing account on their own.

To open a youth or student account, you’ll generally need to provide the child’s government-issued ID (such as a passport or birth certificate) and the parent or guardian’s ID. Some banks also request proof of enrollment for student accounts. 

Many banks offer incentives such as free banking until a certain age, savings programs, or sign-up rewards to attract younger customers. 

How to open a bank account in Canada if you are self-employed

Canadian banks may offer some specialist business accounts for self-employed people, but the product range can vary a lot. If you need a specific account type, you might want to talk to your bank branch staff directly to explore what account type might be a good fit for your needs.

Changing banks or closing a bank account in Canada

If you’re planning on switching banks, you’ll need to first open your new account, and transfer ongoing and recurring payments there. Remember to move both deposits and bill payments so that there are no problems once you close the original account. 

Once your new account is set up you can then follow your old bank’s account closure processes. This generally means ensuring you have a zero balance, and no outstanding debt, and closing your account in person or by phone.

What to do if you are refused a bank account in Canada

If you’re refused a bank account in Canada, the bank must provide you with the reason in writing. Common reasons include suspected fraud, providing incomplete information, or past issues with account misuse.

If you believe you were wrongly refused, you can file a complaint through your bank’s internal complaints process, and escalate it to an external complaints body if needed (FCAC – Complaints). In the meantime, you could consider alternatives such as a prepaid card or a digital provider like Wise, which lets you hold CAD and transact internationally without needing a Canadian bank account.

Conclusion

Canada has a large financial service sector and many providers to allow you to open a checking or saving account. However, opening a Canadian bank account before you move is often difficult, as most banks require you to be in Canada with a local address and immigration documents. Some banks let newcomers start the application process online from abroad, but you’ll usually need to complete it in person once you arrive.

In the meantime – and to cover your international financial needs – take a look at alternatives to Canadian banks such as Wise. Wise offers international accounts which can hold, send, spend and receive CAD alongside other currencies, to make transacting as an expat, international student or digital nomad that bit easier.  

FAQ

Can I open a bank account in Canada without residency?

You cannot usually open a Canadian bank account without a Canadian address, although you don’t necessarily need to be a full time resident there. If you cannot get an account with a Canadian bank you may prefer digital services in CAD and other currencies from a provider like Wise.

How long does it take to open a bank account in Canada?

Once you have the paperwork sorted out you can usually open a bank account in Canada by visiting your local branch. The account could be opened during the visit, but you may then need to wait for your card and chequebook to arrive by mail.

Can I open a Canadian bank account online?

Expats often find it difficult to open accounts with Canadian banks fully online, as most require you to visit a branch in person to verify your documents. Some banks let newcomers start the application process online before they arrive in Canada, but in most cases you’ll need to complete it once you’re in the country. Wise accepts digital applications from all over the world and supports USD for holding and exchange.

How much does it cost to open a bank account in Canada?

There’s usually no fee to open a bank account in Canada, but you may need to make a minimum deposit depending on the account type. Ongoing monthly fees often apply, although many banks waive them for newcomers, students, or if you maintain a set minimum balance. It’s a good idea to compare accounts and check all fees before you sign up. Compare a few accounts looking at all the relevant fees before you sign up.

Useful resources

• Government of Canada –  Opening a bank account – official guidance on your right to open a bank account and required documents (checked September 2025)
• Financial Consumer Agency of Canada (FCAC) – federal body responsible for protecting financial consumers and handling complaints (checked September 2025)
• Office of the Superintendent of Financial Institutions (OSFI) – regulator of federally regulated financial institutions in Canada (checked September 2025)
• Canada Deposit Insurance Corporation (CDIC) –  insures eligible deposits up to CAD 100,000 per depositor per institution (checked September 2025)
• Wise – manage your money across borders with CAD and multi-currency accounts (checked September 2025)
• RBC – Newcomer to Canada account options – everyday banking packages for new arrivals (checked September 2025)
• Scotiabank – StartRight program; tailored accounts for international students and newcomers (checked September 2025)
• BMO – NewStart program; banking packages for newcomers and international students (checked September 2025)