Opening a bank account in Canada is important as this is where you can keep your money safe and use it for other purposes. A bank account has many advantages and you have the right to open a bank account in Canada. A bank account is also known as a personal or a deposit account and you can get it opened at a federal credit union or an authorized foreign bank.
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Steps to Open a Bank Account in Canada
Follow these steps to open a bank account in Canada:
Step 1: Choose the type of bank account you want to open
Step 2: Contact the bank and figure out the documents you need to submit. Collect these documents beforehand and take them with you to the bank at the time of opening the account.
Step 3: Ask the bank for the account opening application form
Step 4: Submit the documents and the application form
Step 5: That’s it! Your Canadian bank account is now open!
Banks in Canada
Some of the major banks in Canada are:
- Royal Bank of Canada (RBC)
- Bank of Montreal (BMO)
- Toronto-Dominion Bank (TD)
- National Bank of Canada
- Canadian Western Bank
- Bank of Nova Scotia (Scotiabank)
Who Can Open a Bank Account?
You can open a bank account in Canada, even if:
- you don’t have a job
- you were bankrupt
- you don’t have money to put in account right after opening it
You have the option to open a bank account via:
- electronic means
- over telephone call
- in person
In any case, the bank still needs to confirm your identity.
Requirements to Open a Bank Account in Canada
To open a bank account, your bank needs to properly identify you first. A bank conducts this identification through two ways.
- You must submit two documents from an authentic or reliable source
One of the documents should have your address along with your name on it. And, the second document should provide your date of birth and name.
These two documents should be one of the following:
- The Canadian Government or a provincial government issued it
- From recent public utility bills (must be from Canada)
- From recent tax assessment notices
- It could be from foreign passports
- From recent benefits’ statements
- Recent credit card statements or bank account statements
- You could provide any document from a trusted source which has your name and date of birth. The bank would confirm your identity only if:
- The person has a good reputation in the eyes of the bank
- The person is well-known in the community where they are going to open the account
Note: All documents required should be original, and not photocopies.
Consider These Before You Open a Bank Account in Canada
Before you open a bank account in Canada, you must consider the following factors:
- Bank charges or fees
- How to use the account
- Amount of interest you will earn
- If you have a deposit insurance
For further information about how to open a bank account in Canada or any other related matter, feel free to contact us!
