What you need before you walk in

Canadian banks require two pieces of identification to open an account. One must be government-issued photo ID — a driver's license, passport, or provincial ID card. The second can be another photo ID, or a document that shows your name and address: a utility bill, lease agreement, or recent tax return all work. Some banks accept a credit card statement or insurance document if it's dated within the last 90 days.

You'll also need your Social Insurance Number (SIN). If you don't have one yet, you can get it from Service Canada before you open the account, or some banks will let you explore for one during the account-opening process — but having it ready speeds things up. Bring proof of your current address if your ID doesn't show it.

If you're opening an account online, you'll upload photos of these documents instead of showing originals. The bank's system will verify them before your account goes live, which usually takes one to three business days.

Key Takeaways

  • You need one government photo ID plus one additional piece of ID or proof of address, and your Social Insurance Number.
  • The "big five" banks (Royal Bank, TD, Scotiabank, Bank of Montreal, CIBC) have branches everywhere but charge monthly fees; credit unions and online banks often have no monthly fee.
  • Opening in person takes 15 to 30 minutes; opening online takes the same time but your account activates after one to three business days of verification.
  • You can open a joint account with another person, but both of you must be present (in person) or both must verify your identity (online).
  • Once your account is open, the bank will issue you a debit card and online banking access within five to ten business days.

The difference between opening in person and online

In-person opening happens at a branch. You sit with an account representative, show your documents, answer questions about how you'll use the account, and sign the account agreement. The account is active when ready — you can use it the same day. You'll get a temporary debit card on the spot or within a few days, depending on the bank.

Online opening is faster to start but slower to finish. You upload your documents through the bank's website or app, answer the same questions in a form, and sign electronically. The bank's system then verifies your identity, which takes one to three business days. During that time your account exists but you can't use it. Once verification is complete, you get full access and your debit card ships to your address.

Choose in-person if you want to use the account when ready or if you have questions about which account type suits you. Choose online if you don't have a branch nearby or prefer not to visit one. Both routes are free at most banks.

Which type of account to choose

Most people open a chequing account, which lets you deposit money, withdraw it, write cheques, and use a debit card. Some chequing accounts have a monthly fee ($5 to $15 depending on the bank); others are free if you maintain a minimum balance or set up direct deposit. A few banks offer no-fee chequing with no conditions.

A savings account earns interest on the money you keep in it. Interest rates vary widely — big banks typically offer 0.5% to 1.5% annually, while online banks and some credit unions offer 4% to 5%. You can't write cheques from a savings account, and some have limits on how many withdrawals you can make per month. Most people open both: chequing for daily spending, savings for money they want to keep.

A joint account is owned by two people. Both can deposit and withdraw money, and both are responsible for overdrafts or fees. You'll need both account holders present in person, or both must verify their identity online. Joint accounts are common for couples, parents and adult children, or business partners.

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

The big five banks — Royal Bank of Canada (RBC), Toronto-Dominion (TD), Scotiabank, Bank of Montreal (BMO), and Canadian Imperial Bank of Commerce (CIBC) — have branches in most towns and cities. They charge monthly fees for chequing accounts (usually $5 to $15) unless you meet conditions like maintaining a minimum balance or setting up direct deposit. They offer in-person service, phone support, and extensive ATM networks.

Credit unions are member-owned financial institutions that operate in specific provinces. Scotiabank, Tangerine, and EQ Bank are examples. Many credit unions offer no-fee chequing and higher savings rates than big banks. They have fewer branches than the big five, but most offer online and phone banking. You must be a member to open an account, but membership is usually free or costs a small one-time fee.

Online banks like Tangerine, EQ Bank, and Simplii Financial have no physical branches. They operate entirely through their website and app. They typically charge no monthly fees, offer higher savings rates, and have lower minimum balances. The trade-off is no in-person service — all support happens by phone or email. They're a good choice if you're comfortable managing money online and don't need to deposit cash frequently.

What happens after you open the account

Once your account is active, the bank sends you a debit card by mail, usually within five to ten business days. You'll also get online banking access when ready (in-person) or after verification (online). Online banking lets you check your balance, transfer money between your own accounts, pay bills, and set up automatic payments.

Your account comes with a transit number and account number, printed on your debit card and visible in online banking. You'll need these if someone wants to send you money by direct deposit or bank transfer. You can also request cheques if you opened a chequing account, though most banks charge for them ($10 to $20 per pad of 25).

If you need to deposit cash, you can do it at a branch (all banks), at an ATM (most banks have them), or through a partner retailer if you bank online. Some online banks partner with convenience stores or pharmacies for cash deposits.

Fees and what they cover

Monthly account fees range from $0 to $15 at major banks, depending on the account type and whether you meet fee-waiver conditions. Common conditions are: direct deposit of at least $500 per month, maintaining a minimum balance (usually $1,500 to $3,000), or being a student or senior. Credit unions and online banks often have no monthly fee at all.

Beyond monthly fees, watch for: overdraft fees (charged if you spend more than your balance, usually $30 to $45 per overdraft), ATM fees (free at your bank's ATMs, $2 to $3 at other banks' machines), wire transfer fees ($15 to $30 to send money outside Canada), and cheque fees ($10 to $20 per pad). Most banks don't charge for basic services like balance inquiries, transfers between your own accounts, or bill payments.

Ask the bank or check their website for a full fee schedule before you open. Many banks publish a document called "Account Fees and Service Charges" or "Pricing Guide" that lists everything.

If you don't have a Social Insurance Number yet

You need a SIN to open a bank account in Canada. If you're a new resident or newcomer, you can get one from Service Canada. You'll need your passport or travel document, proof of Canadian residency (a lease, utility bill, or letter from your employer), and proof of your legal status (a work permit, study permit, or permanent resident card). Service Canada processes SIN applications in person at Service Canada offices across the country.

Some banks will let you open an account and explore for a SIN at the same time during your in-person visit. The bank can submit the SIN process on your behalf, though you'll still need to provide the documents listed above. This can save you a separate trip to Service Canada.

Frequently Asked Questions

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

Yes. You need a valid passport or travel document, proof of Canadian address, and a Social Insurance Number or work/study permit. Permanent residents, temporary residents with valid permits, and some visitors can all open accounts. Requirements vary by bank, so call ahead or ask at a branch.

How long does it take to get my debit card?

If you open in person, you may get a temporary card on the spot or within a few days. Your permanent card arrives by mail in five to ten business days. If you open online, your card ships after your identity is verified, which takes one to three days, then five to ten days for delivery.

What if I don't want to pay a monthly fee?

Online banks and many credit unions offer no-fee chequing. At big banks, you can waive the fee by setting up direct deposit of at least $500 per month, maintaining a minimum balance, or choosing a student or senior account if you're may be able to access. Compare the fee schedules on each bank's website.

Can I open an account for my child?

Yes. Children under 18 can have accounts, but a parent or guardian must be present and may need to co-sign. Some banks offer youth accounts with lower or no fees. Ask your bank about their minimum age requirement and whether the parent needs to be a joint account holder.

Do I need to bring original documents or can I use copies?

For in-person opening, bring originals — the bank needs to see them. For online opening, you upload photos or scans of both sides of your ID and address proof. The bank verifies them digitally before your account activates.