We need some documents to open an account at any bank in Canada. If we have to open our bank account in Canada, then we need some special documents, which we will discuss about different types of banks in Canada because it’s also helpful in how we can open a bank account in Canada.
If you go to a new country as an international student, having access to savings becomes necessary and important, so we will know about bank accounts. Canada’s ecosystem comprises banks and credit union trusts that are largely strong, and according to the Competitiveness Report 2019, Canada ranks 9th globally as a leader in stability and confidence in its financial system. We have stabilized our position in one place, which is very big.
How many types of accounts can we open in a Canadian bank?
1 saving account
A savings account is generally considered a basic account designed to accumulate wealth while earning some interest. It is considered the best account for keeping emergency funds and saving for short-term needs and is Canada’s most commonly opened savings account.
2 foreign currency account
Foreign currency accounts are mainly for people starting a business or entrepreneurs who keep his money in currency. This account allows them to keep money in foreign currency only, and this currency should not be in the Canadian dollar. It is a way for international travelers to do other business.
3 business account
This account specifically offers various benefits for managing business finances, such as multiple-user transaction limits and account analytics, and is primarily designed for entrepreneurs and business people.
4 investment account
This account is given a special type and is not offered by established conventional banks, i.e., investment accounts offered by financial institutions or brokerage firms. This account allows investing in stocks, mutual funds, and other financial instruments.
What documents are necessary for the process of initiating a bank account opening?
If you want to open a new bank account in Canada, all the documents required are almost the same, but these documents may still differ from bank to bank. To open a new bank account in Canada, we need different documents, which are as follows.
2 Confirmation of permanent resident and social insurance number
3 An ID proof
Now let us talk about the documents required for international students to open a bank account in Canada –
1 student permit or temporary resident visa
2 Proof of Enrollment
All these documents may vary according to the province or place.
Account opening process in Canada is as follows: –
To open a bank account in Canada, first of all, we have to choose a bank; that is, we have to select the bank in which we want to open our account, and we can make this selection based on its services and also based on the location of the bank.
After selecting the bank, we have to apply to open an account, and we can make this application personally, i.e., online. If we go to the branch personally and apply for it, it will be even better, but if we cannot go personally, we can apply online or through a digital approach.
After this, to open a bank account, we need the necessary documents, which we have to collect before going to the bank or applying online. Generally, the required documents are simply a passport size image and resident proof.
After doing all this, we have to fill out the application form from the bank, which, based on the complete information sought, we have to give all the information in it, and after that, we have to deposit it and actively activate the bank account. To do this, we need an initial deposit, and this depends on the bank account we open, as different bank accounts have different initial deposit amounts.
Canada’s top 5 banks with great facilities
Five Banks have the reputation of being the largest banks in the banking sector of Canada, and these five banks are considered to be the largest banks in Canada; they are as follows.
1 Royal Bank of Canada (RBC)
2 Toronto Dominion Bank (TD)
3 Bank of Nova Scotia (Scotia Bank)
4 Bank of Montreal (BMO)
5 Canadian Imperial Bank of Commerce (CIBC)
Bank Account for International Students
RBC Student Banking: This type of account does not require any monthly fee and includes a maximum of 25 debit transactions free of cost.
RBC No Limit Banking for Students: – In this type of account, an international student can do unlimited transactions in their bank account. It is considered a good account for students as there is no transaction limit.
What are the main forms of bank account services in Canada?
We can also avail of the service of online banking on the basis of the bank’s schedule through the institution’s website or smartphone; through that, we can easily make bill payments or many other types of transactions.
ATM can be used to withdraw cash or inquire about deposit account balance and make account transfers
In Canada, a debit card with a checking account enables you to make purchases and withdraw funds directly from ATMs and is linked directly to your bank account.
Every bank in Canada issues different types of credit cards, each of which has some different features, and based on these credit cards, we can make purchases, and with time, we can also settle our debt.
Wire transfers have become increasingly popular in Canada as they electronically transfer funds to other domestic and international bank accounts. They are useful for making payments across large transaction limits.
An overdraft facility helps us replenish sufficient funds immediately and helps us avoid exceeding the credit limit. Depending upon it, we get some percentage or a fixed percentage on the amount borrowed. Interest may also have to be paid.
The main documents required to open a bank account in Canada are personal identification and photo identification. There are different types of banks in Canada, the largest and most important of which are We have known about five banks which are also known through this article and the banking services of Canada which have been explained in various ways that we get the services of overdraft as well as credit card and debit card. Also, there are two types of accounts for international students.
1 What types of bank accounts are available in Canada?
In Canada, you mainly get to see savings accounts, business accounts, and checking accounts, and apart from this, you get to see some different types of accounts for students and senior citizens.
2 Is it possible for non-residents or recent immigrants to open a bank account in Canada?
Yes, many banks allow you to do this, and you have to use a visa as an official document, and you can open an account as a non-Canadian resident.
3 How long does account opening process take in Canada?
Although this process depends on the bank, generally, your account is opened within a week.