Canada is a beautiful place to work, study, or live. If you’re thinking about moving to Canada, you may want to open a bank account before arriving in the country. In this article, we’ll tell you what you can do to open an account, even if you’re not yet a resident.
Can a foreigner open a bank account in Canada?
Yes. Even if you’re not a Canadian citizen or live in another country, you may be able to open a bank account as long as you have the proper identification.
In Canada, you have the right to open a bank account, even if you:
- Don’t have a job.
- Don’t have money to put in the account right away.
- Have been bankrupt.
Can you open a bank account in Canada from overseas?
Yes, opening a bank account in Canada from overseas is possible. However, the process isn’t simple and will take a few days. You’ll also need to have your immigration documents in order.
If you need to apply for a bank account before arriving in Canada, it may be easier to open an international bank account.
What do you need to open a bank account in Canada?
Specific requirements may vary with different financial institutions. So, it’s always a good idea to give the bank a call beforehand to make sure you have all the right documents.
In most cases, you’ll be asked to show the following documents and information:
- Your valid, unexpired passport
- Your immigration papers (or permanent residency card if you have one)
- Your Social Insurance Number (SIN)
- Proof of address
- Most banks will probably accept one of the following immigration papers:
- Temporary Residence Permit;
- Work or study permit;
- Confirmation of Permanent Residence
Open a Jeton Multi-Currency Account
If you wish to open an account in Canada without travelling to the country, then your easiest option is to open an account with Jeton’s Multi-Currency Account.
Jeton is a popular online money transfer and currency exchange provider offering low-cost ways to send money overseas. A Jeton account provides many of the advantages of a bank account in Canada without the residency requirements and is the perfect solution for a digital nomad. With it, you can easily exchange money between different currencies.
It’s important to note that the Jeton Multi-Currency Account does not function exactly like a checking account, and you won’t get all of the choices you would from a regular bank. Consequently, we don’t recommend that it be the only account you hold in Canada if you are moving to the country
How to transfer money overseas from Canada?
When you sign up with Jeton, you can transfer money from and to Canada in just a few easy steps. You can also transfer money securely and quickly from any location with an internet connection and a smartphone, tablet, or laptop.
With Jeton:
- sending money will usually be fast and sometimes even instant
- you’ll receive a fair exchange rate
there’s only one low-cost fee, and there are no hidden fees. - There’s a range of convenient pay out options.
Ready to make your transfer with Jeton?
