Liz Roberts

Pointers to Consider When Applying for a Non-Resident Bank Account in Canada

A US citizen can apply for a resident bank account in Canada if he/she can show a legal work permit. However, if you are a non-Canadian resident, then you can apply for a non-resident bank account instead.

A US citizen can apply for a resident bank account in Canada if he/she can show a legal work permit. However, if you are a non-Canadian resident, then you can apply for a non-resident bank account instead.

Most banks require non-residents to submit a photocopy of their passport, driver's license and photo when opening an account. If you're planning to open a bank account in Canada, here are some tips you can consider:

1. Know the bank's rules in transferring and receiving funds. If you need to use your account for sending/receiving money to/from another country, see to it that the fees are reasonable.

2. Choose a bank that enables electronic money transfers. This gives you the flexibility and convenience to deposit funds in your account without visiting the bank facility.

3. Check if the bank accepts payroll checks without charging expensive fees. Some banks can charge fees that range anywhere from $4 to $6 when cashing checks. If you need to cash in your monthly check from your employer, don't forget to consider the extra costs.

4. Choose a bank with a branch that is nearest to your home or office. Why is this important? Banking hours differ in Canada and if you need to do regular transactions, it's best to partner with a bank that has a branch near where you live.

5. Ask recommendations. When doing research, consider asking recommendations from people who already have bank accounts in Canada. Ask them: What can they say about the bank's services? Are they satisfied with their current bank? Will they recommend their bank to a friend or relative?

6. Do extensive research about the bank's background and reputation. The leading banks in Canada are the Canadian Trust and the Canadian Imperial Bank of Commerce but you can also find international banks that offer great services. By studying all possible options, you can be certain that you'll be partnering with the right company and avoid any regret later.

Also, check the background or do a background check of your chosen credit card service provider to avoid being a victim of credit scam or fraud. Bear in mind that not all credit card providers found on the internet can be trusted. Some people can take advantage of the internet by creating fake websites or fake Canadian Credit Card applications to steal personal information. The only way you can be sure is to do research and comparison.

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