There are five main banks in Canada.
- Royal Bank of Canada (RBC)
- Toronto-Dominion Bank (TD Bank)
- Scotiabank
- Bank of Montreal (BMO)
- Canadian Imperial Bank of Commerce (CIBC)
Specific requirements may vary from one financial institution to another. Therefore, it is advisable to call the bank in advance to make sure that all the documents are correct.
In most cases, you will be asked to view the following documents and information:
- Valid and current passport
- Immigration documents (or if you have a green card)
- Social security number (SIN)
- Proof of address
Most banks will likely accept one of the following immigration documents:
- Temporary residence permit;
- Work permit or study permit.
- Verification of the green card
Income tax law requires banks to require a Social Security Number (SIN) when opening an interest account. Banks can report interest income to the government. However, most banks allow you to open other interest-free accounts without a SIN.
The following banks may consider applying for an account without a SIN.
- RBC
- TD Bank
- Scotiabank
- CIBC
- National Bank of Canada
Immigration documents
If you want to work, study or immigrate in Canada, you must apply online on the Government of Canada website before arriving in Canada.
Issued by the Government of Canada, this unique 9-digit number is used to track personal income and access government programs and benefits.
Two documents are required to apply for a Social Security Number (SIN).
- A valid basic document proving your identity and legal status in Canada, such as a work permit or a study permit.
- Valid supporting documents such as identification, such as passports and government-issued identification
Applying for a Social Security Number (SIN) is free. All required documents must be submitted and taken to the nearest Service Canada office. In some cases, you can request it by mail. To see if you are eligible to apply by mail.
Proof of Address
Proof of address, such as utility bills, rental copies, and student registration documents (if you are studying in Canada) are generally accepted.
In Canada, fees and fees vary from bank to bank. However, you can calculate the cost based on:
Monthly
New entrants in Canada have free access to banking, but for a limited time. At the end of that period, the price is up to CAD $ 30. Many banks waive this fee, leaving a minimum balance in your account. In most cases, the minimum amount is about C $ 3,500.
Transaction fee
Most accounts offer a limited number of free transactions each month. If you exceed the limit, you will be charged a fee of approximately CAD $ 1 per transaction. Some accounts offer unlimited free transactions, but have high monthly fees and minimum balance requirements.
ATM fee
Cash withdrawal at ATMs is free with your own ATM. However, if you use an ATM from another bank, it costs around C $ 1.50 per transaction.
International shipping fee
Most major Canadian banks offer free international remittances to new participants, but you may have to pay a fee at the time of remittance and get it back later. Hidden fees can also be charged in the form of very low exchange rates. Your bank may also charge a fee to complete the transfer.
Therefore, interbank transfers may not be the best option if you send money abroad on a regular basis.
If so, what are your options? Rather than using traditional bank transfers, it is often easier, faster and cheaper to use a professional transfer service like World Remit.
