Yes, a visitor can open a bank account in Canada. Although the process may initially seem complex, understanding the types of accounts and their requirements will help make it easier. 

Opening a bank account in Canada as a visitor offers several advantages that can make managing your finances easier during your stay. From the convenience of making local transactions without worrying about fraud, currency exchange fees, or accessing reliable online banking tools—having a Canadian account provides security and flexibility.

It also gives you the opportunity to build a financial history in Canada, which is incredibly  useful if you plan on staying longer or returning in the future—you’ll want to have a credit history which gives you access to more financial products.. Plus, with features like international money transfers and fraud protection, your financial needs are well-covered.

However, there are some limitations to be aware of. 

As a non-resident, you may face additional documentation requirements and might not qualify for certain products like loans or credit cards (but there is a solution below). 

Additionally, many accounts come with minimum balance requirements to avoid monthly fees, which could be hard to manage on a tight budget. 

Here’s what you need to know as a visitor opening a bank account in Canada.

Types of Accounts You Can Open

As a visitor, you may be eligible for various types of accounts, depending on your needs:

• Personal Accounts: Standard accounts used for everyday banking, like paying bills, receiving paycheques, or purchasing. You can use a debit card linked to the account or withdraw cash from an ATM.
• Business Accounts: Ideal for managing finances, even as a non-resident, if you’re running a business.
• Student Accounts: Banks offer student accounts with reduced fees, though eligibility often requires a valid study permit.
• Senior Accounts: Accounts with lower fees and added benefits for individuals 65 or older.

Related: Read our guide on key financial terms for newcomers

Types of Bank Accounts

Choosing the correct type of account is essential. Your main options include:

• Chequing accounts are best for daily transactions such as groceries or utility payments. Many offer unlimited transactions, but fees may apply.
• Savings accounts are ideal for saving money and earning interest. They usually have lower fees but limit withdrawals. You’ll use your chequing account for everyday expenses, and your savings account for short-term goals like trips or an emergency fund. You can also opt for high-interest savings accounts for mid-to-long-term savings.
• Hybrid accounts are a relatively new phenomenon and offer a combination of chequing and savings, allowing you to manage daily transactions while earning interest on the balance.

What to Look for in a Bank Account in Canada

When comparing bank accounts, consider the following:

• Monthly Costs & Fees:
  • Account Fees: Expect fees ranging from $4 to $30 monthly.
  • Fee Waivers: Some banks waive fees if you maintain a minimum balance (e.g., $6,000), or qualify for special accounts like student or senior accounts.
• Transaction Fees:
  • Transaction Limits: Most chequing accounts limit free transactions. Fees of $1 to $1.50 per transaction may apply once the limit is exceeded.
  • Daily Withdrawal Limits: Review how much cash you can withdraw daily. While higher amounts can be withdrawn in-branch, limits often apply.
  • Interac e-Transfers: Check if e-Transfers are free and whether there’s a limit before fees kick in.
• Minimum Deposits & Balances:
  • Minimum Deposit: Some accounts require a deposit of $25 to $500 to open.
  • Balance Requirements: Maintain the minimum balance (usually $1,000 to $5,000) to avoid fees.
• Branch Access & Support:
  • Branch Locations: If in-person banking matters to you, consider banks with more branches nationwide (e.g., RBC, Scotiabank).
  • Customer Support: Ensure 24/7 phone or online support if preferred.
  • International Services: Look for banks offering international money transfers, multi-currency accounts, or competitive foreign exchange rates.
• Additional Features:
  • Mobile App & Online Banking: User-friendly apps can help with budgeting, mobile cheque deposits, and bill payments.
  • Overdraft Protection: Look for affordable protection against NSF fees, ranging from $15 to $30.
  • Rewards Programs: Some accounts offer loyalty programs or rewards for everyday spending.

Additional Considerations for Newcomers

If you’re new to Canada, you may need to consider:

• International Money Transfers: Choose a bank with competitive rates for sending or receiving money from abroad.
• Multi-Currency Accounts: Some banks allow you to hold multiple currencies, which is helpful if you frequently use USD or Euros.
• Exchange Rates: Shop around for the best exchange rates.
• Interest Rates: Compare savings account interest rates to grow your money faster.

Read our guide: Financial tips for international students pre- and post-arrival

Growing with Your Bank

Over time, you may want more than just basic banking. Canada’s Big Five banks (RBC, Scotiabank, CIBC, TD, and BMO) offer a variety of products to meet your long-term needs, such as:

• Investment Products: Look for high-interest savings accounts, RRSPs, TFSAs, GICs, and brokerage services.
• Financial Planning: Some banks offer free or paid financial planning services.
• Loans & Mortgages: Compare rates, terms, and student-specific loan products.

Lastly, choose a credit card that matches your lifestyle, considering rewards, annual fees, and interest rates.

How to Open a Bank Account as a Visitor

The process for visitors is similar to that of residents but may require additional documents. Here’s what you’ll need:

• Eligibility: You must be at least 18 years old (some banks allow minors with parental consent).
• Documents Required:
  • A valid passport or government-issued ID
  • Proof of address (e.g., utility bill or rental agreement)
  • In some cases, a pay stub or tax statement
  • Some banks may require a Social Insurance Number (SIN)

Read our full guide on bank accounts in Canada for more details. 

In Summary

Opening a bank account in Canada as a visitor is possible, but it requires careful planning. Compare account types, fees, and international transfer options to find the best fit for your needs.

By following these steps, you can access Canadian banking services even while you are a visitor.

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Whether you’re planning to move or recently moved to Canada, Scotiabank can help navigate the process with banking packages that help newcomers succeed financially. With StartRight^TM get one free year of the Preferred Package chequing account, unlimited free international money transfers and access to credit cards designed for newcomers.¹

¹ Terms and conditions apply; credit is subject to approval.

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This article is provided for information purposes only. It is not to be relied upon as investment advice or guarantees about the future, nor should it be considered a recommendation to buy or sell. Information contained in this article, including information relating to interest rates, market conditions, tax rules, and other investment factors are subject to change without notice and The Bank of Nova Scotia is not responsible to update this information. All third party sources are believed to be accurate and reliable as of the date of publication and The Bank of Nova Scotia does not guarantee its accuracy or reliability. Readers should consult their own professional advisor for specific investment and/or tax advice tailored to their needs to ensure that individual circumstances are considered properly and action is taken based on the latest available information.