What You Need to Open an Account
To open a bank account in Canada, you need a valid government-issued photo ID, proof of your current address, and your Social Insurance Number (SIN). Most banks will also ask for your phone number and email address. If you are opening an account in person at a branch, bring these documents with you. If you are opening online, you will upload photos of your ID and address proof, and the bank will verify your SIN through a third-party service.
The specific documents accepted vary slightly by bank. A driver's license, passport, or provincial ID card all work as photo ID. For address proof, a recent utility bill, lease agreement, or government letter with your name and current address will do. If you do not have a SIN yet, you can still open an account at some banks, but you will need to provide it within a set timeframe — usually 30 days — or the bank may freeze the account.
Non-residents and people without a Canadian address can open accounts at some banks, but the process is more involved. You may need to visit a branch in person, provide additional documentation, or use a bank that specializes in international customers. Call ahead to confirm what your specific bank requires.
Key Takeaways
- You need a valid photo ID, proof of your current address, and your Social Insurance Number to open a bank account in Canada.
- Most major banks offer both in-person and online account opening, and online accounts typically open within one to three business days.
- Monthly fees vary widely — some accounts are free, while others charge $5 to $15 per month depending on the bank and account type.
- If you do not have a SIN yet, some banks will let you open an account but require you to provide it within 30 days.
- Non-residents can open accounts at some banks, but you will need to contact the bank directly to confirm their requirements.
Opening an Account Online vs. In Person
Opening online is faster and does not require you to visit a branch. You create an account on the bank's website or app, upload photos of your ID and address proof, answer security questions, and set up your login credentials. The bank verifies your information through automated systems and a third-party SIN verification service. Most online accounts are approved and ready to use within one to three business days. You can start using a debit card or make transfers as soon as the account is active, though some banks hold new accounts for a few days before allowing large transactions.
Opening in person at a branch takes longer on the day you visit — usually 30 to 60 minutes — but the account is often active immediately. A bank representative will review your documents, answer questions, and may discuss account options and services with you. This route is useful if you prefer to speak with someone, have questions about which account type suits you, or if your documents are unclear and need explanation. Some people also prefer in-person opening because they receive a debit card on the spot rather than waiting for it to arrive by mail.
A few banks offer a hybrid approach: you start online and complete verification in person at a branch within a set timeframe. This can be useful if you want to move quickly but also want to speak with someone before finalizing your choice.
Types of Accounts and Monthly Fees
Canadian banks offer several account types, and the one you choose affects your monthly cost and what services are included. A chequing account is the most common; it lets you write cheques, use a debit card, and make electronic transfers. A savings account earns interest on your balance but usually does not include cheque-writing or a debit card. Many people open both at the same bank.
Monthly fees range from $0 to $15 depending on the account type and bank. Some banks offer free chequing accounts with no minimum balance. Others charge a monthly fee but waive it if you maintain a minimum balance (often $1,500 to $3,000), receive direct deposits, or meet other conditions. A few banks charge per transaction instead of a flat monthly fee — for example, $0.50 per debit transaction or $1.00 per cheque written. Read the fee schedule carefully before opening, because fees add up quickly if you use your account frequently.
Online-only banks (banks without physical branches) typically charge lower or no monthly fees because they have fewer overhead costs. Traditional banks with branches usually charge more but offer in-person service and more ATMs. Credit unions, which are member-owned financial institutions, often have lower fees than major banks and may offer better interest rates on savings accounts.
Which Banks Operate in Canada
The five largest banks in Canada are Royal Bank of Canada (RBC), Toronto-Dominion Bank (TD), Bank of Nova Scotia (Scotiabank), Bank of Montreal (BMO), and Canadian Imperial Bank of Commerce (CIBC). These banks have branches across the country and offer both in-person and online account opening. They charge monthly fees ranging from $0 to $15 depending on the account type.
Online-only banks include Tangerine, EQ Bank, and Simplii Financial. These banks have no physical branches but offer account opening entirely online and typically charge no monthly fees. They are a good choice if you do not need in-person service and want to avoid fees.
Credit unions operate in most provinces and are regulated differently than banks. Institutions like Meridian Credit Union (Ontario) and Coast Capital (British Columbia) offer account opening and often have lower fees than major banks. Credit unions are member-owned, so you become a member when you open an account.
Foreign banks like HSBC and Scotiabank also operate in Canada, and some US banks offer accounts to Canadian residents. If you are moving to Canada from another country, your current bank may have a Canadian branch or partner bank that can help you open an account remotely.
What Happens After You Open Your Account
Once your account is approved, you will receive a debit card by mail within 7 to 10 business days (or immediately if you opened in person). Your online banking login will be active right away, so you can check your balance, set up bill payments, and make transfers before your card arrives. Some banks let you use a temporary digital card in their app while you wait for the physical card.
You will also receive a welcome package with your account number, routing number, and information about your account terms. Keep this information safe — you will need your account number and routing number to set up direct deposit with your employer or to receive payments from others. If you opened a chequing account, cheques will arrive separately, usually within two to three weeks.
Most banks offer free online banking, which lets you check your balance, transfer money between your own accounts, pay bills, and set up automatic payments. Mobile banking apps are also free and let you deposit cheques by taking a photo with your phone. Some banks charge for services like wire transfers, overdraft protection, or certified cheques, so review your fee schedule if you plan to use these services.
Opening an Account If You Are New to Canada
If you are a new resident or immigrant, you can open a bank account even if you do not yet have a Social Insurance Number. Some banks will let you open an account with a temporary document number or a letter from Immigration, Refugees and Citizenship Canada (IRCC) confirming your status. You will need to provide your SIN within 30 days, or the bank may freeze your account until you do.
If you are a temporary resident (student or worker), you can open an account with a valid passport and a letter from your employer or school confirming your status. Some banks ask for proof of address, which can be a lease agreement, utility bill, or a letter from your employer or school on letterhead.
If you are opening an account before you arrive in Canada, some banks offer remote opening for newcomers. You will need to provide your passport, proof of Canadian employment or study, and proof of your Canadian address (such as a lease agreement). The process takes longer — usually two to four weeks — because the bank verifies your documents by mail or email.
What to Do If Your Application Is Declined
Banks can decline an account application for several reasons: a mismatch between the name on your ID and the name you provided, an unclear or expired ID, an address that does not match your ID, or a flag in the bank's fraud or anti-money-laundering screening. If your application is declined, the bank will usually tell you why or direct you to call their customer service line.
If the issue is a simple mismatch — for example, your ID shows your maiden name but you provided your married name — contact the bank and provide updated documentation. If your ID is expired, renew it with your provincial government and reapply. If the bank suspects fraud or money laundering, they may ask for additional documentation or a police report to clear your name. This process can take several weeks.
If one bank declines you, try another. Different banks use different screening systems, and a decline from one does not mean you will be declined everywhere. Credit unions are sometimes more flexible than major banks, especially if you can explain the reason for the decline in person.
Frequently Asked Questions
Do I need a Canadian address to open a bank account?
Most banks require a Canadian address, but some will open accounts for people without one if you provide a letter from your employer or school confirming your status. Non-residents should contact the bank directly to ask about their requirements. Online-only banks may be more flexible than traditional banks.
Can I open a bank account if I do not have a Social Insurance Number yet?
Yes, some banks will let you open an account without a SIN, but you will need to provide it within 30 days. If you do not provide it within the deadline, the bank may freeze your account. Apply for a SIN through Service Canada as soon as you arrive in Canada.
How long does it take to open an account online?
Most online accounts are approved within one to three business days. You can start using your account for transfers and bill payments immediately, but your debit card will arrive by mail within 7 to 10 business days. Some banks offer a temporary digital card in their app while you wait.
What is the difference between a bank and a credit union?
Banks are for-profit institutions regulated by federal or provincial authorities. Credit unions are member-owned and regulated differently, often with lower fees and better interest rates. Both offer chequing and savings accounts, but credit unions may have fewer ATMs and branches.
Can I open multiple accounts at the same bank?
Yes, most banks let you open multiple accounts — for example, a chequing account and a savings account, or separate accounts for different purposes. You can manage all of them through one online login. Some banks charge a monthly fee for each account, so check the fee schedule before opening a second account.