What You Need to Open a Bank 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 accept a driver's license or passport as ID. For proof of address, bring a recent utility bill, lease agreement, or government document dated within the last three months. If you don't have a SIN yet, you can still open an account — the bank will help you apply for one, or you can get one from Service Canada first.
Some banks also ask for your employment information or initial deposit amount, though this varies by institution. A few banks have no minimum deposit requirement; others ask for $25 to $100 to start. Call ahead or check the bank's website to confirm what they need before you go in.
If you're a newcomer to Canada without a Canadian credit history or SIN, some banks offer accounts specifically for recent immigrants. These may have slightly different requirements — for example, accepting a passport and international ID instead of a driver's license, or waiving the SIN requirement temporarily.
Key Takeaways
- You need a valid photo ID, proof of current address, and your Social Insurance Number, though recent immigrants may have alternatives.
- Most banks let you open an account in person at a branch, by phone, or online, and the process takes 15 minutes to an hour depending on the method.
- Big banks (Royal Bank, TD, Scotiabank, BMO, CIBC) have the most branches across Canada, while online banks often charge no monthly fees.
- Your account will come with a debit card, online banking access, and a transit number and account number you'll need for direct deposits and bill payments.
- If you're under 18, a parent or guardian must co-sign, and some banks offer youth accounts with lower or no fees.
Opening an Account in Person at a Branch
Walking into a bank branch is the most straightforward route. Bring your ID, proof of address, and SIN. A bank representative will ask you what type of account you want (chequing, savings, or both), show you the fees, and explain what comes with each option. They'll also ask basic questions about your employment and income — this is for their records, not to judge you.
The whole process usually takes 20 to 45 minutes. You'll sign documents, choose a PIN for your debit card, and set up online banking access. Your debit card may arrive in the mail within 5 to 10 business days, or some banks hand it to you on the spot. You'll leave with your account number, transit number, and access to online banking right away.
If you're opening an account for a child under 18, bring the child and a parent or guardian. The adult will need to sign as the account holder or co-signer. Some banks offer youth accounts with no monthly fees until age 18 or 21.
Opening an Account Online or by Phone
Many banks let you start the process online without visiting a branch. You'll enter your personal information, upload photos of your ID and proof of address, and answer security questions. Some banks complete the whole thing online; others ask you to verify your identity in person or by video call before they activate the account.
Online banks like Tangerine, EQ Bank, and Simplii Financial operate entirely online and have no branches. Their accounts typically have no monthly fees and higher interest rates on savings. The trade-off is that you can't deposit cash at a branch — you deposit by transfer from another account or through a partner bank's ATM.
If you open by phone, a bank representative will walk you through the same questions as a branch visit. You'll still need to send in copies of your ID and proof of address, usually by mail or email. This takes longer — often 5 to 10 business days — because the bank has to verify your documents before activating the account.
Types of Accounts and What They Cost
A chequing account is for everyday spending: paying bills, receiving paycheques, and writing cheques. A savings account is for money you want to keep separate and earn interest on. Most people open both at the same time, and many banks bundle them together.
Monthly fees vary widely. Big banks like Royal Bank, TD, and Scotiabank charge $10 to $30 per month for a basic chequing account, though they often waive the fee if you keep a minimum balance (usually $1,500 to $3,000) or set up direct deposit. Online banks and credit unions typically charge no monthly fees at all. Some accounts charge per transaction — for example, $0.50 per cheque or $1 per withdrawal over a limit — so read the fee schedule before you commit.
Student accounts and youth accounts often have no fees until you turn 18 or 21. Newcomer accounts may also have reduced or waived fees for the first year.
Where to Bank: Big Banks, Credit Unions, and Online Options
Canada's five largest banks are Royal Bank of Canada (RBC), Toronto-Dominion (TD), Bank of Nova Scotia (Scotiabank), Bank of Montreal (BMO), and Canadian Imperial Bank of Commerce (CIBC). They have branches and ATMs across the country, which is useful if you need to deposit cash or speak to someone in person. Their accounts tend to have higher monthly fees unless you meet balance or deposit requirements.
Credit unions are member-owned banks that operate in specific provinces. Scotiabank, for example, has a strong presence in Atlantic Canada, while Desjardins is the largest in Quebec. Credit unions often charge lower fees and offer better interest rates on savings. You must live or work in their service area to join.
Online banks have no physical branches but offer lower fees and higher interest rates because they have fewer overhead costs. Tangerine, EQ Bank, and Simplii Financial are the largest. They're good if you rarely need to deposit cash and are comfortable managing your account on your phone or computer.
What Happens After You Open Your Account
Once your account is open, you'll receive your account number and transit number. The transit number identifies your specific branch; the account number is unique to you. You'll need both for direct deposits (like paycheques), bill payments, and transfers. Write them down or take a photo — you'll use them often.
Your debit card will arrive in the mail or be handed to you at the branch. Activate it by calling the number on the back or using the bank's app. Set a PIN that you'll remember but others can't guess. Your debit card works at any ATM in Canada and at stores that accept Interac.
Set up online banking right away. You'll create a username and password, and the bank will send you a temporary access code by email or text. Online banking lets you check your balance, transfer money, pay bills, and deposit cheques by taking a photo. Most banks also offer a mobile app with the same features.
If You Don't Have a Social Insurance Number Yet
If you're a newcomer and don't have a SIN, you have two options. First, you can get a SIN from Service Canada before opening a bank account — this takes about 10 business days by mail or can be done in person at a Service Canada office. Second, some banks will open an account without a SIN and let you add it later once you receive it. Ask the bank whether they can do this.
You'll need a SIN eventually for tax purposes and to receive government benefits, so it's worth getting one early. If you're working, your employer will ask for it. If you're not working yet, you can still open a bank account and add the SIN once you have it.
Frequently Asked Questions
Can I open a bank account if I'm not a Canadian citizen?
Yes. You need a valid passport or travel document, proof of address, and a SIN or work permit number. Newcomers and international students can open accounts at most banks. Some banks have specific programs for non-citizens with different requirements — ask when you call or visit.
What if I don't have proof of address?
If you just arrived and don't have a utility bill or lease yet, bring a letter from your landlord, a hotel booking confirmation, or a government letter addressed to you. Some banks accept a bank statement from your home country. Call ahead to ask what they'll accept.
How long does it take to get my debit card?
If you open in person at a branch, some banks give you a temporary card on the spot or mail one within 5 to 10 business days. Online accounts take longer — usually 10 to 15 business days. You can use online banking and transfers right away, even before your card arrives.
Do I need a minimum deposit to open an account?
Most banks don't require a minimum deposit to open, though some ask for $25 to $100. Online banks typically have no minimum. Check the bank's website or call to confirm before you go in.
What's the difference between a bank and a credit union?
Banks are for-profit companies; credit unions are member-owned and non-profit. Credit unions often have lower fees and better interest rates, but they only serve specific regions. Banks have more branches and ATMs nationwide. Both are safe — deposits are insured by the government up to $100,000.