Bank account opening

[maxo]

Hi,

Just need to know what documents are required to open a new bank account in alberta/ontario province.

Please provide answer with reference to a new permanent resident.

Will banks ask for address proof as it will be difficult to provide?

Thanks in advance!

 

[CharlotteJ]

An address is certainly necessary to provide them with. You can use the address of a family member but ask your bank to set your account on " paperless" so no bank account statement is sent to the address. OK?

In order to open a bank account, you will be asked for a piece of picture ID, this could be either your PR card and/or your passport. Not such a big deal and you can immediately deposit any amount to your bank account.

If you intend to open both a chequeing account and a savings account, ask them to open a non-interest bearing savings account in case you want to go back to home and to return later. It is better tax-wise to have it non interest bearing and not more than 10K on your account.

 

[Derry]

Just need to know what documents are required to open a new bank account in alberta/ontario province. (Please provide answer with reference to a new permanent resident.)
1. Original Passport
2. Original COPR
3. SIN Card or the SIN#
4. Cash or Bank Draft

Will banks ask for address proof as it will be difficult to provide?
Yes, a local address is a must. But they won't enquire for it's proof.

 

[CharlotteJ]

Derry is right if you want to open a " Full pocket".

I did forget to mention the fact that I did only open a " Savings" account when I did my first landing and was not planning to stay and so had no address, SIN, PR card yet etc.

BUT as Derry answers: if you re-enter Canada with a PR card and are going to open a bank account, then yes, you sure need all these documents or else it will be a bit difficult.

 

[love20]

Does any of the banks require an initial deposit to open an account for newcomers? thanks

 

[isysy]

in Alberta, HSBC's Newcomers plan (HSBC Advance) took our initial deposit of 3,500 without any say... I'm not sure if there are any minimum, but 3,500 CAD is a low figure for anyone coming in, I suppose.

 

[love20]

in Alberta, HSBC's Newcomers plan (HSBC Advance) took our initial deposit of 3,500 without any say... I'm not sure if there are any minimum, but 3,500 CAD is a low figure for anyone coming in, I suppose.

Thanks for that info...

 

[niwrrehs]

An address is certainly necessary to provide them with. You can use the address of a family member but ask your bank to set your account on " paperless" so no bank account statement is sent to the address. OK?

In order to open a bank account, you will be asked for a piece of picture ID, this could be either your PR card and/or your passport. Not such a big deal and you can immediately deposit any amount to your bank account.

If you intend to open both a chequeing account and a savings account, ask them to open a non-interest bearing savings account in case you want to go back to home and to return later. It is better tax-wise to have it non interest bearing and not more than 10K on your account.

Can i ask what is your bank? i heard scotiabank is the best for new immigrants?

 

[cheguevera]

Hi,

Dont worry too much about banks. Almost all the banks have a plan for newcomers usually including a free banking for 6 to 12months and a credit card to get you started. Some banks require a deposit for it, though.
My advice is to locate the closest bank to your place, open an account to store your money. Take time to know your financial need, expenses, the number of transaction in a month, etc. After 6 months you will have full knowledge about the banking system and you will be more equipped to chose the bank that fit your needs. Remember, any bank staff will describe his bank as the best in the world.
In addition, your first months will likely drain money out of your account unless you find a job right away. So no need to worry much as I did before coming.

 

[niwrrehs]

Hi,

Dont worry too much about banks. Almost all the banks have a plan for newcomers usually including a free banking for 6 to 12months and a credit card to get you started. Some banks require a deposit for it, though.
My advice is to locate the closest bank to your place, open an account to store your money. Take time to know your financial need, expenses, the number of transaction in a month, etc. After 6 months you will have full knowledge about the banking system and you will be more equipped to chose the bank that fit your needs. Remember, any bank staff will describe his bank as the best in the world.
In addition, your first months will likely drain money out of your account unless you find a job right away. So no need to worry much as I did before coming.

thanks che...

 

[apple3981]

Thanks Derry for the info...

 

[virgiemaricel]

Is Royal Bank of Canada ok? Kind to new immigrants?