Opening a Bank Account in Canada as a Non-Resident

Opening a bank account in Canada for non-residents is more straightforward than you might think—if you’re prepared. Whether you’re a U.S. citizen planning a move, already settling in, or just need a Canadian account for work or travel, knowing what paperwork to bring and what rules to expect can save you time and stress. Here’s how to get started and make banking in Canada a breeze.

Eligibility requirements for U.S. expats opening Canadian bank accounts

Before you start gathering documents or researching banks, it’s important to know if you’re eligible. The answer is generally yes—most major Canadian banks welcome U.S. citizens, even if you’re not yet a permanent resident.

Who is eligible?

• U.S. citizens living in Canada: If you have a Canadian address, you’re typically eligible to open a standard personal bank account.
• U.S. citizens not yet in Canada: Many banks offer newcomer or non-resident accounts, allowing you to start the process before you arrive. However, some banks may require you to visit a branch in person to finalize the account.
• Temporary residents and students: If you’re in Canada on a work or study permit, you can usually open an account with the right documentation.

Key considerations:

• Residency status: While permanent residency is not required, having a Canadian address or proof of your intent to move (such as a job offer or study permit) can make the process easier.
• U.S. tax compliance: Because of U.S. tax laws (like FATCA), Canadian banks will ask for your U.S. tax identification number (TIN) and may report your account information to the IRS. This is standard and nothing to be alarmed about, but it’s important to be aware.

Essential documents and identification needed for account opening

Opening a bank account in Canada as a U.S. expat is straightforward if you come prepared. Here’s what you’ll typically need:

Primary identification (usually one of the following):

• Valid U.S. passport
• Canadian permanent resident card
• Canadian driver’s license
• Canadian citizenship card

Secondary identification (often one of the following):

• U.S. driver’s license
• Social Security card
• Birth certificate
• Credit card (with your name on it)

Additional documents

• Proof of Canadian address: Utility bill, lease agreement, or official correspondence.
• Immigration documents: Work permit, study permit, or visitor record if you’re not a permanent resident.
• U.S. Tax Identification Number (TIN): This is required due to cross-border tax regulations.

Best Canadian banks for U.S. expats and newcomers

Choosing the right bank can make a world of difference, especially when you’re navigating life in a new country. Here are some of the top options for U.S. expats and newcomers to Canada:

1. RBC (Royal Bank of Canada)

RBC offers a dedicated “Newcomer to Canada” program, with accounts tailored for non-residents and new arrivals. They also have a U.S.-based affiliate, RBC Bank, which can make cross-border banking easier.

2. TD Canada Trust

TD has a strong presence in both the U.S. and Canada, making it a popular choice for Americans. Their “TD Cross-Border Banking” service allows you to move money between U.S. and Canadian accounts seamlessly.

3. Scotiabank

Scotiabank’s StartRight program is designed for newcomers, offering no-fee accounts and flexible documentation requirements.

4. BMO (Bank of Montreal)

BMO’s NewStart program is friendly to expats and students, with easy account setup and helpful staff.

5. CIBC (Canadian Imperial Bank of Commerce)

CIBC offers newcomer packages and has experience working with U.S. citizens, making the process smooth and straightforward.

What to look for:

• Cross-border banking options
• Low or no monthly fees
• Access to U.S. dollar accounts
• English-speaking customer service

Step-by-step process to open a Canadian bank account

Opening a bank account in Canada as a U.S. expat doesn’t have to be daunting. Here’s a simple, step-by-step guide to help you get started:

1. Choose your bank and account type

Research the banks listed above and decide which one best fits your needs. Consider factors like branch locations, online banking features, and cross-border services.

2. Gather your documents

Make sure you have all required identification and supporting documents. Double-check with your chosen bank for any specific requirements.

3. Start the application

• Online: Some banks allow you to begin the application process online, especially if you’re not yet in Canada.
• In person: Most banks will require you to visit a branch to present your documents and complete the process.

4. Visit the branch (if required)

Bring your documents and be prepared to answer questions about your residency status, employment, and intended use of the account. The process is usually friendly and straightforward.

5. Set up online banking and additional services

Once your account is open, set up online banking, order checks or debit cards, and ask about cross-border transfer options if you’ll be moving money between the U.S. and Canada.

6. Understand tax implications

Remember, as a U.S. citizen, you’re still required to report your worldwide income to the IRS, including any interest earned in Canadian accounts. Your bank will ask for your U.S. TIN and may report your account under FATCA regulations. If you have questions about your tax obligations, it’s wise to consult a U.S. expat tax specialist.

Ready to simplify your cross-border finances?

Life as a U.S. expat in Canada brings unique tax challenges, but Bright!Tax makes it easy. From U.S. tax filings and compliance to cross-border banking and financial planning, our experts handle the details—so you can focus on enjoying your new adventure. Reach out today for personalized, stress-free tax support!

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