Opening a Bank Account

[Fencesitter]

I have a question: if I land in Vancouver, but will be living in Ontario, can I open a bank account in Vancouver without any problems? I'm from Ontario and I am a citizen, but I have never opened a bank account in province outside of Ontario. The reason I want to do this is because I want to bring some cash with me when we land, but I want to keep it in a safe place until we arrive permanently.

Anyone know if this is possible?

Thanks,
FS

 

[mobeyk]

You could transfer your branch to a new province after you move to Canada. I think you should be able to open an account in Vancouver without problems as you have passport and possibly a SIN Social insurance number. They will be able to explain the branch change modalities. I am not sure if they need a address in Canada to send correspondences to as most banks interact now online via email or online statements, etc.

 

[Fencesitter]

I've got all the necessary IDs, but I was wondering if it would be a problem since I am not a resident in BC. I'm not sure about wiring the money because we are in China and the banks here have limits on the amount. Western Union is not an option because of the rates. I was thinking of bringing CA$20,000 when we first land, then another CA$20,000 when we leave permanently (the rest I'll have to wire or figure out some other way of getting the money into Canada).

FS

 

[tahsinmohammad]

I've got all the necessary IDs, but I was wondering if it would be a problem since I am not a resident in BC. I'm not sure about wiring the money because we are in China and the banks here have limits on the amount. Western Union is not an option because of the rates. I was thinking of bringing CA$20,000 when we first land, then another CA$20,000 when we leave permanently (the rest I'll have to wire or figure out some other way of getting the money into Canada).

FS

It should not be a problem to open a bank account anywhere in Canada if you have valid SIN and Passport...You said you have Bank Account in Ontario and for example if you have in TD Canada Trust then just go to local TD Canada Trust branch in Vancouver and tell them to open a new bank account in Vancouver...You dont need to submit the details as well and they can pull up your details from the Account in Ontario...Hope this helps.

 

[zeushk]

I've got all the necessary IDs, but I was wondering if it would be a problem since I am not a resident in BC. I'm not sure about wiring the money because we are in China and the banks here have limits on the amount. Western Union is not an option because of the rates. I was thinking of bringing CA$20,000 when we first land, then another CA$20,000 when we leave permanently (the rest I'll have to wire or figure out some other way of getting the money into Canada).

FS

The banks are ok, if you are out of province, as long as you have id and an address.

I would suggest getting the money to hkg first. a little bit of hassle but doable. then open an hsbc account in hkg. and then tell them your situation and since hsbc has a number of branches in vancouver, and you're set.

 

[motorcyclerider]

Have you ever thought about a certified money order/check? Most international banks such as HSBC provide them. My buddy who sponsored his wife to Canada from HK brought back several hundreds of thousands of dollars this way. The service charge is way less than for wiring because you don't get screwed by 2-3 separate banks. They are much safer than carrying cash, and any bank in Canada will accept them.

 

[Fencesitter]

Good suggestions. Thanks. I'll check out opening a bank account in HK. Not sure if this is possible since I don't live there...? I've heard the service fees are quite high and you must maintain a minimum amount in your account...?

Thanks,
FS

 

[mobeyk]

HSBC has even branches in Toronto. There is also a Bank of China Branch in Markham that I have seen. Maybe that would be a option for you if you are a BOC client in China. You might have the option of just transferring money within Bank of China to the Toronto Branch. Check in China with a Bank of China Branch. I could get more info from the Branch here if you wish.

 

[parker24]

Just make sure that there ARE branches near where you will settle. I know Manitoba has some banks that Ontario doesn't have, not sure about BC.

 

[Fencesitter]

The original plan was to open a bank account at the Royal Bank of Canada. Then when we land for good, access the money from Ontario (we have Royal Banks in London).

FS

 

[steaky]

HSBC has even branches in Toronto. There is also a Bank of China Branch in Markham that I have seen. Maybe that would be a option for you if you are a BOC client in China. You might have the option of just transferring money within Bank of China to the Toronto Branch. Check in China with a Bank of China Branch. I could get more info from the Branch here if you wish.

There is a BOC branch in downtown Vancouver and Richmond Centre near the skytrain station too.

No need to open a new account. You can access your account in London while in Vancouver.

 

[Marty11]

No problem opening a bank account in another province, as long as you have ID and an address. I used traveller cheques as well.