Non-Resident Bank Account in Canada:
Americans have the ability to open a bank account easily in Canada, if you hold a legal work permit or are a civilian of Canada, then you can open a resident bank account in Canada. However, if you are not a resident of Canada, then you have the option to open a non-resident bank account with the help of your photo identity, which includes passport or driving license. You have several banks to select from, but deciding which one to use can be overwhelming.
Things to Consider:
Below discussed are some vital considerations to think, while deciding to open a bank account in Canada:
1. Transfer of Money
At times, you may need to send and receive money from or to your bank account situated across the nation. In addition, it can be very expensive to send and receive money across international bank accounts. You have numerous international money transfer services, which do not require bank accounts, though the service charge is quite high. If sending and receiving money with international transfer service is a top priority, then you may have to consider a bank that has a special account for immigrants or reduced international transfer charges in Canada.
2. Transfer of Money within Canada
Not every country follows the rule of paying rent through checks, as when you pay rent through checks, the bank may charge say around $5 to cash your check. Hence, property owners ask their tenants to deposit their rent (cash) directly into their bank accounts or through electronic transfers. Therefore, choose a Canadian bank, which offers online banking facility to transfer money without visiting the bank in person to deposit the money in your account.
3. Payroll Transfer
Often employers pay salary directly into the account of employees. However, if your employer pays a bearer check (or cash if you lack work permit), then you may need to visit that particular branch and cash in. In case, you go to your bank or any other bank other than your employer’s bank, you may have to pay a fee of $4 to $6 for cashing the check. Therefore, you need to consider a bank, which accepts your payroll check without charging heavy service fees or else, try to open a non-resident account in the bank of your employer, as this will help to do all banking deals at one place without the hassle of visiting multiple banks and paying additional charges.
4. Branch Nearer to Home or Office
The banking hours of banks in Canada have to be considered, while deciding to open a non-resident bank account in Canada. Most banks function from Monday to Friday, while few others function from Monday to Sunday. It will be of great use, if your bank works until 6 p.m. If you think you need to daily transactions, then open an account with a bank that has branch close to your office or home. In addition, you can apply for debit card from your bank, since these days, banks even offer debit cards to non-resident citizens too.
While looking for a best bank to open a non-resident bank account in Canada, you will be surrounded with too many options. On the other hand, it is wise to take suggestions from other people, who hold accounts in the bank, wherein you decide to open an account in Canada.
In addition, you need to consider the bank charges, as the fees charged may vary from one bank to another. The leading banks in Canada are the Canadian Trust and the Canadian Imperial Bank of Commerce. Besides these, you can also find some international banks in Canada.