Which banks will allow me to open a bank account as a visitor?

[PabloSektman]

Hi everyone,

I am from Argentina and planning to start studies in Nova Scotia in 2024.

In order to apply for my study permit I need to show sufficient funds.

The issue is that I cannot show funds in my name in Argentina because of the 100% inflation rate and massive devaluation of the peso. This tied to the restrictions on the movement of money and the government stealing from the citizens mean that as soon as my salary is paid into my bank account, I immediately withdraw it and then convert to USD. I then keep the cash under my mattress. It's the only way to preserve any value. Really for those of you that don't know, Argentina is very soon becoming the new Venezuela.

So, i'm sitting on a lot of cash that I need to get into a bank account in my name, in a stable country.
I am travelling to Canada in June to attend my sis-in-laws graduation there and wanted to open up a bank account so I can deposit the cash and thus provide proof for my study permit application. What banks allow you to do this?
I know this is possible in the US, and other countries, with no issues but wanted to know what the story is with Canada. I can't use a GIC as Argentina is not eligible (plus i don't want to pay the 35% Argentine tax on money transfers).

Any advice?

 

[Naturgrl]

Hi everyone,

I am from Argentina and planning to start studies in Nova Scotia in 2024.

In order to apply for my study permit I need to show sufficient funds.

The issue is that I cannot show funds in my name in Argentina because of the 100% inflation rate and massive devaluation of the peso. This tied to the restrictions on the movement of money and the government stealing from the citizens mean that as soon as my salary is paid into my bank account, I immediately withdraw it and then convert to USD. I then keep the cash under my mattress. It's the only way to preserve any value. Really for those of you that don't know, Argentina is very soon becoming the new Venezuela.

So, i'm sitting on a lot of cash that I need to get into a bank account in my name, in a stable country.
I am travelling to Canada in June to attend my sis-in-laws graduation there and wanted to open up a bank account so I can deposit the cash and thus provide proof for my study permit application. What banks allow you to do this?
I know this is possible in the US, and other countries, with no issues but wanted to know what the story is with Canada. I can't use a GIC as Argentina is not eligible (plus i don't want to pay the 35% Argentine tax on money transfers).

Any advice?

You need to contact a bank and ask. You may have to go to the bank in person to deposit the money. If coming into Canada with cash over $10k it must be declared.

https://www.canada.ca/en/financial-consumer-agency/services/banking/opening-bank-account.html

 

[PabloSektman]

Thanks, I have actually emailed CIBC and TD today.

No problem with declaring the cash, it has all come from my salary and is easily proven.

If for some strange reason it isn't possible to do this in Canada, then I'll just take the cash to the US and do it there.

I'll update the thread when I have an answer from those banks.

 

[Copingwithlife]

Thanks, I have actually emailed CIBC and TD today.

No problem with declaring the cash, it has all come from my salary and is easily proven.

If for some strange reason it isn't possible to do this in Canada, then I'll just take the cash to the US and do it there.

I'll update the thread when I have an answer from those banks.

https://www.canada.ca/en/financial-consumer-agency/services/banking/opening-bank-account.html#toc1

 

[PabloSektman]

Just to follow up on this, I have spoken to Scotiabank directly and they confirm that a new bank account can be opened with a passport and mailing address in Canada (friend or family address as obviously I won't have one yet).

I will confirm in June when it's done!

 

[andrews17]

Just to follow up on this, I have spoken to Scotiabank directly and they confirm that a new bank account can be opened with a passport and mailing address in Canada (friend or family address as obviously I won't have one yet).

I will confirm in June when it's done!

I didn't do it, but I know a few people that have in Scotiabank. That's the only one I've heard.

 

[Kiikii]

I didn't do it, but I know a few people that have in Scotiabank. That's the only one I've heard.

you can open in TD or RBC i did in ontario when i was in quebec it wasn’t allowed for some weird reason !! i even got myself prepaid credit card