Bank Accounts in Canada

Frequently Asked Questions

When should I open a Canadian bank accou⁠n⁠t⁠?

A common approach is to prepare Canadian dollars with a service like Wise before departure, then open a local account within a week or two of arriving. Banks like Scotiabank and CIBC accept online applications before arrival, which makes things smoother. Try to finish before school and housing search get bu⁠s⁠y⁠.

Are monthly fees really waiv⁠e⁠d⁠?

Standard accounts at major banks charge roughly $10⁠–⁠18 per month, but student plans and newcomer programs usually waive the fee if you meet the conditions. Waiver periods and requirements vary by bank, and proof of enrollment may be required. Fees resume automatically once conditions end, so also check how to close the account before you return ho⁠m⁠e⁠.

What is the cheapest way to send money from your home country to Cana⁠d⁠a⁠?

Compare the real cost: fees plus the exchange-⁠rate margin. Transfer services like Wise tend to stay close to the mid-⁠market rate, keeping costs low. Bank wires may involve receiving fees, so choose based on the amount and frequency of your transfe⁠r⁠s⁠.

What do I need to open an accou⁠n⁠t⁠?

Typically a passport, your study or work permit, a Canadian address, and a SIN (Social Insurance Number). Requirements vary by bank and plan, and student plans may need proof of enrollment. Check the official site for the latest document list before visiting a bran⁠c⁠h⁠.