Best bank accounts for non-residents in Canada

A Canadian dollar account can also be a helpful addition if you’re a non-resident who travels to Canada, or does business there.

Join us as we explore the options for a non resident bank account in Canada, including how to open a bank account online in Canada for non residents.

And because using a bank isn’t always the easiest option for new or non-residents, we’ll also touch on some flexible digital accounts from specialist providers like Wise which may help you settle in faster.

Can I open a Canadian bank account as a non-resident?

Yes. A foreigner can open a bank account in Canada as a non-resident, but not all banks offer non-resident services, and where they are available, there tend to be some very strict restrictions on account availability and usage.

Your options to open a bank account in Canada will depend on your residency and whether or not you’re planning on moving to Canada.

⭐ Most major Canadian banks like Scotiabank, RBC and TD Bank offer ‘Newcomer to Canada’ services which are designed to help new arrivals settle in and manage their finances more smoothly.

➡️ However, these accounts and products are normally not available to you until you’ve physically moved.

💡 If you plan to move to Canada and want to get ahead of the game, you can open a specialist account with a couple of Canadian banks like Scotiabank or TD Bank. However, restrictions apply.

• Scotiabank: The Scotiabank international account is meant to help people who need to prove their assets to receive a visa for Canada. It only allows you to pay in one single deposit, with all other features restricted until you arrive in Canada and then open a full account.
• TD Bank: There’s also a similar account option from TD Bank, but this is only available for people living in India and Canada. Eligible customers can start to open an account before moving and then complete the process on arrival in Canada.

If these products aren’t suited to your needs, there are other options. For a more flexible solution you could choose specialist providers like Wise instead – more on that in a moment.

Can I open a Canadian bank account online before moving?

If you’re moving to Canada soon you’ll find a CAD denominated account handy for day to day spending. However, to open a full feature account in Canada you must usually go to a bank in person – making this impractical before you physically relocate. Once you’re a resident with Canadian supporting documents you may find it easier to apply online.

Instead of using a bank you could choose a fully digital provider like Wise. These services operate entirely online and through apps, which means you can complete your application and verification digitally and before you move to Canada. If you then need a Canadian bank account once you arrive, you can choose to open a standard Canadian bank account more easily once you have proof of your local residency.

Can I open a bank account in Canada without an address?

❌ No. You can not normally open a standard bank account in Canada without a local residential address.

However, you might be able to open an account with online providers like Wise, and hold and manage money in Canadian dollars. We’ll cover more on them later.

What is the best Canadian account for expats?

You’ll be able to choose from a Canadian bank, or a global digital service when selecting a CAD account for your day to day finances. However, banks usually only offer accounts to people who have moved to Canada already, or who will do so in the near future.

This might make them less suited to non-residents who want an account for travel or payment purposes, or to people who have not yet relocated to Canada.

Ultimately, there’s no single best Canadian account for expats. Choosing the best account for your needs will mean doing a bit of research, to find the best fit based on your own specific needs.

Here’s a summary of the accounts we’ll cover in this guide:

• Wise Account: Hold 40+ currencies, including CAD, and get local account details to receive payments in CAD and 8+ other currencies to the same account. Debit cards available, and currency conversion uses the mid-market rate.
• Scotiabank International Account: Open an account before you relocate, to avoid needing to carry large amounts of cash while traveling, and to prove you have enough money to cover the cost of living for visa purposes. Open a full checking account on arrival in Canada more easily.
• TD Bank Chequing Account: If you’re a resident of China or India, you can apply for your account over the phone, and deposit up to 25,000 CAD. You’ll need to visit a TD branch in Canada within 75 days to activate your account and get access to other account features and services.
• RBC Newcomers Account Service: RBC lets you apply for an account only on arrival in Canada, but as a new arrival you may be entitled to some fee waivers and special features to help you settle in more easily

Wise Account

You can open a Wise account as a non-resident with no restrictions as long as you live in a supported country already.

You’ll simply need to use your local ID and proof of address from wherever you call home to apply and complete verification.

On approval you get an account that supports 40+ currencies, with ways to receive local CAD payments, send money to 140+ countries and get a debit card for spending and withdrawals.

Currency exchange uses the mid-market rate with low fees.

• Availability: Available in many countries globally
• Account features: No monthly fees, linked debit cards, ways to send and receive global payments conveniently and cheaply
• Supported currencies: 40+ for holding and exchange, spend with your card in 150+ countries
• Exchange rate: Mid-market rate

*About Wise pricing: Please see Terms of Use for your region or visit Wise Fees & Pricing for the most up to date pricing and fee information.

Scotiabank International Account

The Scotiabank International Account is intended to help people moving to Canada who need to hold a balance in CAD in a Canadian bank.

This may be used to show border officials you have enough money to be approved for your visa, or to avoid needing to carry cash or make transfers into Canada after you have fully relocated.

Once you’ve been approved for the account you can make one transfer in, and then on arrival in Canada you can change your account to a chequing account for more frequent use.

Only available for residents of select countries including UK, China and India – not for US residents.

• Availability: Available for non-residents planning to move to Canada soon, from eligible countries
• Account features: Open before moving, to transfer money to Canada for visa purposes, or in advance of relocation – you’ll still need to open a chequing account on arrival for day to day use
• Supported currencies: CAD only
• Exchange rate: Exchange rate set by the bank – may include a markup

TD Bank Chequing Account

Customers in India or China can open a TD Bank Chequing Account in advance of relocating – but if you’re from a different country you’ll need to wait until you arrive in Canada to arrive.

For eligible non-residents you can transfer up to 25,000 CAD into your new account before you move to Canada, and then activate your account fully on arrival.

You must attend a branch in person in Canada within 75 days of applying for your account.

• Availability: Available for Canadian residents, and residents of India or China who plan to move to Canada in the next 75 days
• Account features: Full chequing account for resident customers, with option to start the account opening in advance if you’re in China or India
• Supported currencies: CAD only -once you have a chequing account you can also spend with your card globally
• Exchange rate: Exchange rate set by the bank or card network – may include a markup

RBC Newcomers Account

The RBC Newcomers Account isn’t suitable for non-residents but we’ve included this as an example of the newcomer plans available from many major Canadian banks.

You can get service on the phone or in a branch in up to 200 languages, with no monthly account fees for a year when you open your account.

RBC has specialist services for new arrivals which can help customers get to grips with the local financial landscape more easily, and access all the services they may need as they settle in.

• Availability: Available for Canadian residents only
• Account features: Newcomers to Canada get perks and discounts to help them settle in
• Supported currencies: CAD only for holding and exchange, spend with your card globally
• Exchange rate: Exchange rate set by the bank or card network – may include a markup

How to open a Canadian bank account as a non-resident?

⚠️ Your options to open a Canadian bank account as a non-resident are somewhat limited.

For the accounts profiled above which you can open ahead of moving, your options are as follows:

• Scotiabank International Account – apply online once you have been approved to come to Canada as a Permanent Resident, International Student or Foreign Worker. You must plan to relocate in the next 18 months
• TD Bank Chequing Account (advance opening) – apply by phone if you’re a resident of India or China. From China call 1-855-537-5355, and from India call 416-351-0613. You must plan to relocate in the next 75 days.

📌 For both of these account options you’ll still need to visit a branch on arrival in Canada to complete the process.

For other major banks you’ll be able to apply for a newcomer package once you have physically arrived in Canada, usually by making an appointment in a branch and taking along your required documents.

📦🌍 Want a CAD account before you move? 🇨🇦

Wise allows you to open an account completely online with no need to visit a branch or location in person.

You’ll complete the application through the Wise app or desktop site, and upload images of your ID documents from your home country, instead of presenting them in person.

This allows the service to complete legal compliance and verification checks to open your account without you needing to wait until you arrive in Canada.

Wise’s available services vary from country to country, though Wise Accounts are supported in most places (US, Europe, Australia, Japan, and more). If you are interested in opening a Wise Account, here you can find the list of countries you can open an account from.

📌 Required information and documents 📂

➡️ Here’s a look at the required information and documents for a Bank of America non-resident account as a permanent resident of Canada:

• Your Permanent Resident Card or confirmation of Permanent Residence
• Government photo ID such as your passport
• Citizenship and Immigration Canada Form (IMM 1000, IMM 1442, IMM 5688 or IM 2592)

💡 If you’re on a different type of visa in Canada as a foreign worker you may still be able to apply for some accounts using the following documents instead:

• Your valid work permit for Canada, or other relevant documents such as proof of enrolment form your Canadian Educational Institution for a student
• Government photo ID such as your passport
• Citizenship and Immigration Canada Form (IMM 1000, IMM 1442, IMM 5688 or IM 2592)

Do you need a local bank account in Canada?

Whether or not you need a local bank account in Canada will depend on your situation. Generally you’ll need a transaction account which can handle CAD to manage practical payments such as your rent and utilities bills. You may need a local bank to sign up for the internet or a mobile provider for example.

Check if you’ll need an account with a bank – or if a digital service will be sufficient for the types of transactions you need to make. If you’re not planning on moving to Canada, getting a Canadian bank account may prove tricky – but a digital provider may be a good alternative.

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How to move your money to Canada

If you’re relocating to Canada you’ll probably need to move your money from your home country to Canada for day to day spending. There are several ways you can do this – most commonly:

• Make a bank transfer from your home bank to your Canadian bank or digital account
• Send a money transfer with a specialist provider to be received in your Canadian bank or digital account
• Use a multi-currency account to hold your funds in whichever currency you prefer, and convert to CAD or other currencies for spending when needed

Each option has its own pros and cons.

Using a bank in your home country is very familiar and reliable – but may take several days, and can come with pretty high costs once you include the exchange fees included in the rate used for conversion.

Finally, you might prefer to sign up for a multi-currency account you can use to hold and convert funds and to manage your day to day finances all in the same place. Choose an account from a provider like Wise and add your funds in your home currency.

You can then convert to CAD in the account – or leave your balance in your home currency until you need it if you prefer. This gives you flexibility and allows you to wait until the exchange rates look good to switch over your funds – potentially snagging a good deal along the way.

Useful resources

Information lastcChecked 30th January 2026.

• Wise – landing page for Wise personal and business accounts with links – choose the country you reside in to get details of accounts available for you
• Canadian government – banking in Canada
• Scotiabank – newcomer programme, landing page and links
• TD Bank – newcomer programme, landing page and links
• TD Bank – chequing accounts for foreign workers
• RBC – newcomer programme, landing page and links