How to Get Non-Resident Bank Accounts in Canada

If you’re planning to migrate to the Great White North, in the coming months, or if you’re planning to build a business there; we suggest you keep the following tips in mind, which will surely help you qualify for a non-resident bank account:

• Determine the requirements, first. Before opening a bank account, you should approach several organizations and inquire about the eligibility and/or application requirements they request from their prospective clients. In most cases, you will be asked to submit a photo- or scanned copy of your passport or driver’s license, as well as your latest picture, which you will then attach to your application for a savings or a checking account.

Just remember that the requisites tend to vary from one bank to another. So, take note of all the requirements so that you can prepare them, ahead of time. And don’t hesitate to request for additional information from your target banks, before making up your mind

• Ask for referrals or recommendations, especially if you have non-resident friends who have stayed in Canada for quite some time now. For sure, they can guide you to banks that can provide an immediate approval to your request for an account. Moreover, they can share with you tips and pointers that can help convince the officers of your target banks to process your application, without delays.
• Choose a well-established bank, like the Canadian Trust or the Canadian Imperial Bank of Commerce. You may also opt for the local branch of an international bank, especially one that has an excellent reputation among consumers and industry experts, in the United States of America as well as in Canada.
• Check out the rules of the bank in terms of the transactions you will use on a regular basis. For instance, do you expect to receive cash from another country? Or do you have plans to transfer funds to your savings or checking account in the United States? If you do then, see to it that the charges, which will be imposed on your transactions, are reasonable and affordable.

Meanwhile, if you wish to deposit and withdraw cash from your account, look for a bank that allows electronic money transfers, without imposing steep fees on your future transactions. That way, you won’t have to worry about incurring pesky charges, each time you transfer cash from one of your accounts using an automated teller machine or through the bank’s website.

• Choose a bank that is affiliated with your bank or credit union in the United States. After all, with such organizations, you won’t have to undergo complicated procedures just to ensure the immediate approval of your application for a bank account. In fact, the financial organization in the US can simply forward your account history and personal information to the officers of your new bank in Canada to help convince them to immediately process and grant your request.
• Be ready to make a substantial deposit once your request for a non-resident account gets approved. That way, you can immediately activate your account and use it for your urgent transactions.