Join the Scotiabank StartRight® Program designed for Newcomers‡ and get up to $2,200* in value in the first year.
Written By
Corinna Frattini
Aug 26, 2020
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Opening a bank account before you arrive in Canada offers many benefits including transferring funds before you travel to Canada. Also, when you land in Canada, immigration officials may ask you to show proof of funds. When you open a bank account before you arrive, you can easily prove that you have available funds.
Canadian banks are among the most solid, secure financial institutions. The Canada Deposit Insurance Corporation (CDIC) provides insurance to protect eligible deposits made to CDIC-member banks. And for Canadians, knowing their money is CDIC-protected is reassuring!
It’s necessary to open a bank account in Canada. Most Canadians rely on their bank to:
To select a bank, you can visit the bank’s website to compare services and fees. While many banks have national branches and automatic banking machines (ABM) networks, it’s best to select a bank that has branches in the community where you will live.
Also, when you open a bank account, you will receive a statement that includes your mailing address. You can use your statement as identification when you apply for:
Join us for an eye-opening session on how to build your financial future in Canada with confidence. This free webinar is hosted in partnership with Scotiabank, a trusted leader in newcomer banking. Together, we’ll guide you through how the Canadian banking system works and share free tools and strategies to help you plan, save, and invest wisely as a newcomer.
REGISTER FOR THE WEBINARBanks offer a wide range of accounts to choose from, and that can be overwhelming. But keep in mind that most newcomers will require a chequing account to deposit funds, write cheques, and pay bills. You will also need a debit card to deposit and withdraw funds from an ABM or branch. You may also want a higher-interest savings account and credit card.
Banks offer banking service packages at low-cost monthly fees. For example, the Scotiabank StartRight™ Program for Newcomers*¹ offers low-cost options to meet your banking needs. To help you make your important banking decisions, Scotiabank can explain your options in the language you prefer and provide personal support at the bank branch.
Feel free to ask for an explanation if there is anything you don’t understand. The role of the bank employee is to provide quality customer service and answer any questions you may have. You don’t have to worry about asking questions or taking up too much of their time.
Most importantly, get answers to your questions and only sign a contract when you’re confident you understand the terms.
To open a bank account in Canada, you will require the following documents:
International students require a letter of acceptance from a Canadian educational institution and a study permit.
If you are a foreign worker, you will require a valid passport and work permit.
To open a bank account, you must go to a local branch in person and have two original pieces of identification. You will have an interview with a bank employee who will:
WRITTEN BY
Corinna Frattini
Senior Editor, Prepare for Canada
Corinna Frattini is the Senior Editor and Content Director for Prepare for Canada. She contributes articles to help newcomers achieve their goals in key areas related to living, working, and settling in Canada. With an extensive background in human resources and leadership development, her articles focus on what Canadian employers seek and how newcomers can continue their careers in Canada.
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