Yes, but you need proof of identity and Canadian address

A foreigner can open a bank account in Canada, but the process depends on your immigration status and whether you have a Canadian address. Most major banks—Royal Bank of Canada (RBC), Toronto-Dominion (TD), Bank of Nova Scotia (Scotiabank), Bank of Montreal (BMO), and Canadian Imperial Bank of Commerce (CIBC)—will open accounts for non-residents and temporary residents. The core requirement is a valid passport or travel document plus proof of a Canadian mailing address.

If you are a temporary resident (work permit, study permit, or visitor), you can open an account in person at a branch. If you are outside Canada, some banks offer online accounts, but they may freeze or close them if you cannot verify your address within a set timeframe. The timeline varies: in-person applications usually process within one business day, while online applications may take five to ten business days.

Key Takeaways

  • You need a valid passport and proof of a Canadian address—a lease, utility bill, or letter from your employer stating your address will work.
  • Temporary residents (work permit, study permit holders) can open accounts in person at any branch; visitors can also open accounts but may face restrictions on online banking.
  • Some banks require a Social Insurance Number (SIN) for certain account types, but you can open a basic chequing or savings account without one.
  • Online-only banks like Tangerine and EQ Bank accept foreign applicants but may close your account if you cannot prove a Canadian address within 30 to 90 days.
  • If you do not yet have a Canadian address, ask your employer, school, or landlord for a letter on official letterhead confirming your address.

What documents you need to bring

Bring your valid passport or travel document as your primary ID. If your passport is expired but you hold a valid Canadian work permit or study permit, that permit counts as ID on its own. You also need proof of your Canadian address—this can be a signed lease, a utility bill in your name, a letter from your employer on company letterhead, or a letter from your landlord or roommate confirming you live there.

If you do not yet have a Canadian address (for example, you arrive tomorrow), call the bank branch before you go in. Some branches will accept a letter from your employer or school stating your expected address, or they may allow you to use a temporary address such as a hotel or hostel and update it within 30 days. Do not assume the branch will accept a foreign address—most will not, and you will waste a trip.

Bring two pieces of ID if possible. Your passport alone is usually enough, but having a second document (driver's license from your home country, work permit, or study permit) speeds up the process. If you have a Social Insurance Number (SIN), bring that too, though it is not required for a basic account.

Account types available to foreigners

Most banks offer a basic chequing account and a savings account to foreigners without restrictions. These accounts let you deposit money, write cheques, use a debit card, and set up direct deposits and bill payments. Some banks charge a monthly fee ($4 to $15) for chequing accounts, though many waive the fee if you maintain a minimum balance or set up direct deposit.

Credit cards and lines of credit are harder to get as a foreigner. Banks typically require a Canadian credit history, a SIN, and proof of stable income. If you have just arrived, you will likely be turned down. Some banks offer secured credit cards (you deposit money as collateral) to build credit, but these are not common for temporary residents.

Tax-Free Savings Accounts (TFSAs) and Registered Retirement Savings Plans (RRSPs) have restrictions. You can open a TFSA if you are a resident of Canada for tax purposes, which usually means you have a work permit or study permit and intend to stay. You can open an RRSP if you have a SIN, but contribution limits depend on your tax residency status. Ask the bank which accounts you are may be able to access for before you apply.

Online banks versus branch banks

Online-only banks like Tangerine, EQ Bank, and Simplii Financial offer lower fees and higher interest rates on savings accounts. They accept foreign applicants and let you open an account entirely online. The catch: they require you to verify your Canadian address within 30 to 90 days, usually by uploading a utility bill or lease. If you cannot provide proof, they will close your account and return your money.

Branch banks (RBC, TD, Scotiabank, BMO, CIBC) are slower and charge more in fees, but they give you a person to talk to if something goes wrong. They also have more flexibility with address verification—a branch manager can override the requirement if you are a work permit holder or student with a legitimate reason for delay. If you value speed and low fees, go online. If you value flexibility and personal service, go to a branch.

What happens if you do not have a Social Insurance Number yet

You do not need a SIN to open a chequing or savings account. You can open an account with just your passport and Canadian address. However, you will need a SIN to set up direct deposit from an employer, to open a TFSA or RRSP, or to apply for a credit card or line of credit.

If you have a work permit, you can apply for a SIN at Service Canada or at any Service Canada office. The process takes about 10 business days by mail or same-day in person at a Service Canada office. Bring your passport, work permit, and proof of Canadian address. If you have a study permit, you can also apply for a SIN, but you may be restricted to working on campus or off-campus with permission—ask Service Canada what your restrictions are.

Some banks will let you open an account and add your SIN later. Others require it upfront. Call the branch or check the bank's website before you go in.

Moving money into your Canadian account

Once your account is open, you can transfer money from your home country using a wire transfer, an international money transfer service, or a multi-currency account. Wire transfers through your home bank take three to five business days and cost $15 to $50. Services like Wise, OFX, and Remitly often charge less and give better exchange rates, but take one to three business days.

Some banks offer multi-currency accounts that let you hold money in your home currency and convert it to Canadian dollars when you are ready. This is useful if you want to avoid exchange rate risk or if you send money home regularly. Ask your bank whether this option is available.

If you are paid by a Canadian employer, you can set up direct deposit once you have your SIN. Your employer will need your account number and transit number (both on a cheque or available from your bank). Direct deposit is free and deposits arrive on payday.

Frequently Asked Questions

Can I open a bank account as a visitor with just a passport?

Yes, but you need a Canadian address. If you are staying in a hotel, some banks will accept the hotel address temporarily and ask you to update it within 30 days. Call ahead to confirm the branch will accept this before you visit.

What if my passport is expired but I have a valid work permit?

Your work permit counts as valid ID on its own. Bring it along with proof of your Canadian address. An expired passport is not a problem as long as you have another form of ID.

Do I need a Canadian phone number to open an account?

No. You need a Canadian mailing address, but not a Canadian phone number. You can use your home country phone number or a Canadian number if you have one. The bank will contact you by mail or email if needed.

Can I open an account online if I do not have a Canadian address yet?

Most online banks will not let you open an account without a Canadian address. If you are arriving soon, ask your employer or school for a letter confirming your address, then apply. Some online banks will accept this letter in place of a utility bill.

What if the bank closes my account because I could not verify my address?

The bank will return your money to the account it came from or issue a cheque. This takes five to ten business days. To avoid this, upload your proof of address (lease, utility bill, or employer letter) as soon as the bank asks. Do not wait until the deadline.