What you need to open a Canadian 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 require these documents in person at a branch, though some online banks accept digital copies. The process takes 15 to 30 minutes if you have everything ready.
Your photo ID can be a passport, driver's license, or provincial ID card. For proof of address, bring a recent utility bill, lease agreement, or mortgage statement dated within the last three months. If you don't have a SIN yet, you can still open an account at some banks, but you'll need to provide it before you can earn interest or receive deposits from employers.
If you're a newcomer to Canada, a passport and proof of address are usually enough. Some banks have programs specifically for newcomers and may waive certain fees or requirements during your first year.
Key Takeaways
- Bring a valid photo ID, proof of address dated within three months, and your Social Insurance Number to open an account in person.
- Most Canadian banks require an in-person visit to a branch, though some online banks accept digital copies of documents.
- The account opens immediately after verification, and you can use your debit card within one to two business days.
- Newcomers to Canada can open accounts with a passport and proof of address, and many banks offer newcomer programs with reduced fees.
- Monthly fees range from zero to $15 depending on the bank and account type, and some banks waive fees if you maintain a minimum balance.
Where to open an account: big banks versus online banks
Canada's largest 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)—have branches in most cities and towns. They offer in-person service, multiple account types, and access to financial advisors. Monthly fees typically range from $4 to $15, though many waive fees if you keep a minimum balance (usually $1,500 to $3,000) or set up direct deposit.
Online banks like Tangerine, EQ Bank, and Simplii Financial have no physical branches but charge zero monthly fees and often pay higher interest on savings accounts. They require you to open an account online using digital document uploads, and you receive a debit card by mail. The trade-off is that you cannot deposit cash or speak to someone in person—all service happens by phone or online chat.
Credit unions operate in specific provinces and regions. They are member-owned cooperatives that often charge lower fees than big banks and may have more flexible requirements for newcomers. Search for credit unions in your province to see what's available in your area.
Step-by-step process at a physical bank branch
Walk into any branch of the bank you've chosen during business hours. Tell the staff you want to open a chequing or savings account. They will ask you to fill out an account application form with your name, address, date of birth, and SIN. This takes about five minutes.
Hand over your photo ID and proof of address. The staff member will scan or photocopy both documents and verify your identity on the spot. They will also run a credit check through Equifax or TransUnion—this is a soft inquiry and does not affect your credit score. If you're opening a joint account, both account holders must be present and bring their own ID and proof of address.
Once verified, the bank creates your account immediately. You'll receive a temporary debit card at the branch or by mail within one to two business days. Your account number and transit number (the bank's local branch code) will be printed on your first cheque or provided on a receipt. You can start using online banking right away if you set up a password before you leave the branch.
Opening an account online without visiting a branch
Online banks and some traditional banks offer account opening entirely through their website or app. You upload a photo of your ID and proof of address using your phone camera or computer. The bank's system verifies the documents using automated checks, which usually takes a few minutes to a few hours.
You'll create a username and password, set up security questions, and provide your SIN. Some banks ask you to verify your identity by answering questions about your credit history—these are questions only you should know the answer to, based on your credit file. Once verified, your account opens immediately and you can transfer money in right away.
Your debit card arrives by mail within 5 to 10 business days. Until it arrives, you can use your account number and transit number to receive deposits or set up bill payments. Some online banks let you use your phone to make contactless payments before your physical card arrives.
What happens after your account opens
Your account is active the moment it's created, but you cannot use your debit card until it arrives. While you wait, you can receive money through direct deposit, wire transfer, or Interac e-Transfer. You can also pay bills online using your account number and transit number, or set up automatic payments.
Your first cheque book arrives by mail within one to two weeks if you ordered one. Most people no longer use cheques, but they're still useful for rent, some utilities, and certain payments. You can order cheques through your online banking portal or at a branch.
Set up online banking as soon as your account opens. You'll need your account number, card number, and a password you create. Online banking lets you check your balance, transfer money between accounts, pay bills, and set up automatic payments without visiting a branch.
Monthly fees and how to avoid them
Most big banks charge a monthly account fee between $4 and $15. The fee depends on the account type—basic chequing accounts cost less than premium accounts with extra features. Many banks waive the fee if you meet one of these conditions: maintain a minimum balance (usually $1,500 to $3,000), set up direct deposit, or keep a certain amount in savings.
Online banks charge zero monthly fees because they have no branch costs. This makes them cheaper over time, especially if you don't need to deposit cash or speak to someone in person. Credit unions vary by province and institution, but many charge lower fees than big banks.
Ask the bank staff or check the bank's website for the exact fee structure before you open an account. Some banks offer fee waivers for students, seniors, or newcomers during your first year. If you're on a tight budget, an online bank is usually the cheapest option.
Special situations: newcomers, minors, and joint accounts
Newcomers to Canada can open an account with a passport and proof of address, even without a SIN. You'll need to provide your SIN within a certain timeframe (usually 60 days) to earn interest or receive employment income. Many banks have newcomer programs that waive fees for the first year and offer free financial literacy resources.
Minors (under 18) can open an account, but a parent or guardian must be present and co-sign the application. The account is usually in the minor's name, but the parent has access to view transactions. Once the minor turns 18, they can remove the parent's access.
Joint accounts are held by two or more people, and all account holders can deposit and withdraw money. Both people must be present at the branch with their own ID and proof of address. Decide in advance whether you want both people to sign cheques or just one—this affects how the account operates if one person dies or the relationship ends.
Frequently Asked Questions
Can I open a Canadian bank account if I'm not a citizen or permanent resident?
Yes. You need a valid passport and proof of address. Some banks ask for a work permit or study permit as additional proof of your right to be in Canada. Temporary residents can open accounts at all major banks and online banks.
What if I don't have a Social Insurance Number yet?
You can open an account without a SIN, but you must provide it before the bank can pay you interest or process employment income deposits. Apply for a SIN at Service Canada or a Service Canada office—processing takes about two weeks. Tell your bank you're waiting for your SIN when you open the account.
How long does it take to open an account?
At a branch, the process takes 15 to 30 minutes from start to finish. Online, it takes 5 to 10 minutes to fill out the form and upload documents, then a few minutes to a few hours for the bank to verify everything. Your debit card arrives by mail within 1 to 10 business days depending on the bank.
Can I open multiple accounts at the same bank?
Yes. You can have a chequing account for daily spending and a savings account for money you want to keep separate. Some people open a third account for bills or specific goals. Each account has its own number and can earn different interest rates.
What's the difference between a chequing and savings account?
A chequing account is for frequent transactions—you get a debit card and can write cheques. A savings account earns interest but usually limits how many withdrawals you can make per month. Many people keep both: chequing for spending, savings for emergency money or goals.