What you need to open a bank account

To open a bank account in Canada, you need two things: a piece of government-issued photo identification and proof of your current address. The 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 government letter with your name and current street address — it usually needs to be dated within the last three months.

If you don't have a Canadian address yet, some banks will accept a letter from your employer or a temporary address. Call the bank branch before you go in, because policies vary between institutions and between branches of the same bank. You'll also need to decide what type of account you want — most people start with a chequing account, which lets you write cheques and use a debit card, or a savings account, which earns a small amount of interest but limits how often you can withdraw money.

Many banks now let you start the process online or by phone, though you'll still need to visit a branch or video call to verify your identity in person before the account becomes active.

Key Takeaways

  • You need government photo ID and proof of your current address, both of which you bring to a bank branch in person or verify by video call.
  • The five largest banks in Canada are Royal Bank (RBC), Toronto-Dominion (TD), Bank of Nova Scotia (Scotiabank), Bank of Montreal (BMO), and Canadian Imperial Bank of Commerce (CIBC), though credit unions and online-only banks often charge lower fees.
  • Most banks charge a monthly fee for chequing accounts, ranging from nothing to around $15 depending on the bank and account type, so compare before you choose.
  • You can start the process online or by phone with many banks, but you must complete identity verification in person or by video before the account opens.
  • Some banks offer newcomer accounts with lower fees or waived requirements if you've arrived in Canada within the last year.

Where to open an account: banks, credit unions, and online options

Canada has three main types of institutions where you can open an account. The largest are the Big Five 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). These have branches everywhere, which is useful if you need to deposit cash or speak to someone in person. They also offer the most products — mortgages, investment accounts, credit cards — all in one place.

The second option is a credit union, which is a member-owned financial institution. Credit unions operate in specific provinces — Meridian in Ontario, Coast Capital in British Columbia, Conexus in Saskatchewan — and they often charge lower monthly fees than the Big Five. They're especially useful if you want to borrow money later, because credit unions sometimes have simpler lending rules for people new to Canada.

The third option is an online-only bank like Tangerine, EQ Bank, or Simplii Financial. These have no physical branches, so you can't deposit cash in person, but they charge little or no monthly fee and often pay higher interest on savings accounts. They work well if you're comfortable managing your account through an app or website and can deposit cheques by taking a photo with your phone.

What happens when you walk into a branch

When you arrive at a branch with your ID and proof of address, tell the person at the desk you want to open an account. They'll take you to a desk or cubicle and ask you questions: your full legal name, date of birth, Social Insurance Number (SIN) if you have one, your employment status, and your reason for opening the account. They're not being nosy — banks are required by law to collect this information to prevent fraud and money laundering.

Next, they'll show you the account options and explain the fees. A basic chequing account might cost $4 to $15 per month, depending on the bank. Some accounts waive the fee if you keep a minimum balance (often $1,500 to $3,000) or if you set up direct deposit from your employer. Ask about this — it can save you money. They'll also ask whether you want online banking and a debit card, which most people do.

You'll sign some forms — these are the account agreement and consent to the bank's privacy policy. Read them if you want to, but the key points are: the bank will charge you the stated monthly fee, they'll keep your information private, and you're responsible for keeping your PIN and passwords find. Once you sign, the account opens when ready, though your debit card arrives by mail in five to ten business days.

If you don't have a Social Insurance Number yet

A Social Insurance Number (SIN) is a nine-digit identifier that Canada uses for taxes and benefits. You don't need one to open a bank account, but the bank will ask for it. If you don't have one yet, tell them — they'll open the account anyway and ask you to provide it later once you've received it.

If you're a newcomer to Canada, you can get a SIN through Service Canada. The process takes a few weeks. In the meantime, the bank will give you a temporary account number, and everything works the same way. Once your SIN arrives, you contact the bank and give it to them, and they update your file.

Newcomer accounts and special programs

If you've arrived in Canada within the last year, several banks offer newcomer accounts with reduced or waived fees for the first year or two. RBC, TD, Scotiabank, and BMO all have these programs. You'll need to show proof that you're a recent immigrant — usually a copy of your permanent resident card, work permit, or study permit.

Newcomer accounts often waive the monthly fee, include a free debit card, and sometimes offer free online banking and bill payment. Some also include a small amount of free currency exchange if you need to convert money from your home country. The catch is that these benefits usually expire after one or two years, so mark your calendar and check what the regular fee will be once the promotion ends.

If you're a refugee or have a temporary status, call ahead to the branch and ask what documents they'll accept. Some banks are more flexible than others, and a manager can sometimes override the standard ID requirement if you explain your situation.

What to expect after your account opens

Once your account is open, you'll receive a debit card in the mail within five to ten business days. You can use this card to withdraw money from ATMs and to pay for things in stores. Your online banking login will be ready when ready — the bank will give you a username and temporary password before you leave the branch, and you can change it to something you choose.

Your first cheque book (if you ordered one) arrives separately, usually within two weeks. You don't need cheques for most transactions anymore, but some landlords and service providers still ask for them. If you set up direct deposit with your employer, your paycheque will arrive automatically on payday — this usually takes one or two pay periods to set up.

Watch your first statement carefully. It arrives online (and by mail if you asked for it) and shows every transaction and fee. If something looks wrong, contact the bank right away. Most banks have a dispute process if a transaction wasn't yours, though you need to report it within a certain time frame — usually 30 to 60 days.

Frequently Asked Questions

Can I open an account if I'm not a Canadian citizen?

Yes. You need a valid passport or travel document and proof of a Canadian address. If you're on a work permit or study permit, bring that too. Permanent residents and citizens have the easiest time, but temporary residents can open accounts at all major banks.

What if I don't have a fixed address yet?

Some banks will accept a temporary address — a hotel, hostel, or the address of a friend or family member you're staying with. Call the branch first and explain your situation. Credit unions are sometimes more flexible with this than the Big Five banks.

Do I need a minimum deposit to open an account?

No. You can open an account with zero dollars. However, some account types waive the monthly fee only if you keep a minimum balance, so ask about this when you're choosing which account to open.

Can I open an account online without visiting a branch?

You can start the process online, but you'll need to verify your identity in person or by video call before the account becomes active. Some banks offer video verification, which means you don't have to visit a physical branch, but you do need to be present to confirm who you are.

What's the difference between a chequing account and a savings account?

A chequing account is for money you use regularly — it comes with a debit card and cheque book, and you can withdraw money as often as you want. A savings account earns interest but limits how many withdrawals you can make per month. Most people open a chequing account first and add a savings account later.