Can I Open a Bank Account in Canada Online?

Opening a bank account online in Canada is not only possible but also quite straightforward. Banks and financial institutions have embraced digital transformation, making it easier than ever for customers to manage their finances online.

Let's explore the step-by-step process of opening an online bank account in Canada. We will cover some of Canada's high-street banks, saavy fintech apps like Koho, and multi-currency accounts like Wise.

What to Consider Before Opening a Bank Account in Canada

Before you start the application process, we are here to help you research various banks and their offerings. Look for a financial institution that aligns with your needs, offers competitive interest rates, low fees, high security, and excellent customer service.

• User-Friendly: Choose an online banking platform that allows you to access your account 24/7, tracks your spending, offers instant notifications, the ability to freeze your cards, and other tools that help you manage your money.
• Cost-Effective: If you go with a high-street bank, try to avoid accounts that charge monthly maintenance fees. Many neo-banks in Canada offer the same chequing services as brick-and-mortar banks but for no monthly fee.
• Enhanced Security: Make sure that your bank employs advanced security measures, such as two-factor authentication, to protect your account from unauthorised access.

What You Need to Open a Bank Account

To open a bank account online in Canada, you must be a legal resident with a residential address and you need to be 18 years of age or older. In general you will need to provide the following documents to the bank, which must validate your name, date of birth, and residential address:

Valid Identification:

• identification issued by the Government of Canada or a province;
• foreign passports.

Proof of Canadian Address:

• tax documents issued by the Government of Canada, a province, or municipality;
• statements of benefits from the Government of Canada or a province;
• Canadian public utility bills;
• Canadian voter's card;
• bank account or credit card statements.

Canadian High-Street Banks

Most traditional Canadian banks have online portals to open chequing accounts online. Traditional high street banks are ideal for customers who want to finance large purchases or access debt. This may include auto loans, mortgages, university funds, investment accounts, business accounts, or wealth management services.

We’ve listed some bank requirements and contact details below for the major Canadian banks:

1 — Royal Bank of Canada

As one of Canada's largest and most reputable banks, the Royal Bank of Canada offers a wide range of online accounts, including chequing, savings, and various other financial services.

• RBC Day to Day Banking: $4.00 per month

2 — Scotiabank

With a strong presence across Canada and international markets, Scotiabank provides online accounts for chequing, savings, and an array of financial products and services.

• Basic Banking Account: $3.95 per month

3 — Bank of Montreal

The Bank of Montreal, commonly known as BMO, is a prominent Canadian bank that offers online accounts for chequing, savings, and a diverse range of financial solutions.

• Practical Account: $4.00 per month

4 — TD Bank

TD Bank, a major player in the Canadian banking industry, offers convenient online accounts for chequing, savings, and a wide variety of banking options.

• TD Minimum Chequing Account: $3.95 per month

5 — Canadian Imperial Bank of Commerce

Canadian Imperial Bank of Commerce (CIBC), one of Canada's leading banks, delivers online accounts for chequing, savings, and an extensive selection of financial services to meet customers' needs.

• CIBC Everyday Chequing Account: $4.00 per month

Canadian Digital Banks

Digital Canadian accounts are managed fully online and often charge zero monthly fees because they operate no brick-and-mortar locations. Some virtual banks like Tangerine are licensed banks while other Canadian fintech platforms like Koho are not banks, and instead partner with licensed banks to offer their tech-saavy solutions to you.

You can apply for these accounts online through their websites. Let's explore them in greater detail:

Koho

Koho offers interest-earning chequing accounts with direct deposit setup and a credit card providing 1% or mroe cash back on select categories. Utilize their optional credit builder tool to improve your credit history, and as of April 2024, earn 05% interest on your balance.

The smartphone app tracks your spending and offers a RoundUp feature to move your spare change into your interest-bearing savings account. Koho offers overdraft protection at no interest and their paid plans offer one free international ABM withdrawal per month.

• Total cost: $4 ($0 if you set up recurring direct deposits or deposit $500 per month).
• Noteworthy features: 1% cash back, 5% savings rate, credit card.

Tangerine

Tangerine is a subsidiary of Scotiabank and offers chequing and savings accounts with zero monthly maintenance fees. Their chequing account has no monthly fees, overdraft protection, free ATM access, and a mobile app to manage your spending.

Tangerine has also partnered with Canadian international money tranfer company Interac e-Transfer to provide international money transfers (although we recommend you compare fees before using Interac).

• Total cost: $0 per month.
• Noteworthy features: Up to 2% cash back, 1% savings rate, credit card.
• More info: See our full Tangerine review.

Bank-Like Alternatives in Canada

Wise operates as an electronic money institution and collaborates with federally insured banks, offering the Wise Multi-Currency Account. This account facilitates holding 50+ foreign currencies, including CAD, accessible through the Wise debit card or their digital app, making it an excellent choice for travel and foreign transactions.

Wise Account

Apart from providing affordable international transfers to and from Canada, Wise also enables access to Canadian bank account details and accounts from 9 other countries. This means that you can use those Canadian bank details to receive your paycheck from your Canadian employer.

Whether you need an Interac e-Transfer alternative or plan to spend money abroad, the Wise Multi-Currency Account is highly recommended for holidaymakers, online shoppers, and Canadian expats alike. Note that you will not receive interest on your CAD holdings nor will you get access to credit cards or access to lines of credit.

• Total cost: $0 per month.
• Noteworthy features: International money transfers, multiple account details, multi-currency balances.
• More info: See our full Wise Multi-Currency Account review.

Opening a Bank Account If You’re Not a Canadian Citizen

If you are a legal Canadian resident, you are eligible to apply for a bank account. If you are a temporary resident with a valid visa, you may be eligible to apply for an online bank account, such as a student account. For non-residents, bank-like alternatives like Wise will be one of the more likely ways to access Canadian bank details.

The process and requirements may differ from bank to bank, but there are viable options for international individuals seeking to manage their finances digitally in Canada. Read our guide on how to open a Canadian bank account without residency to learn more about your options.