Non-Resident Bank Account in Canada:

An American can easily open a new bank account in Canada. You can open a resident bank account if you are a civilian of Canada or if you hold a legal work permit. If you retain non-residence status in Canada, then you can open a non-resident bank account when you provide the proper photo identification, which can be in the form of a driver’s license or passport.

You can select from several banks, but choosing the proper one can cause consternation.

Things to Consider:

Here are some critical concerns to think about, when you decide to open a new bank account in Canada:

- Money Transfer

There will be times when you need to send and receive money from your bank account that is physically located across the nation. Additionally, sending and receiving money from across international bank accounts can be quite expensive. You may have a significant number of international money transfer services that charge a steep service fee even though they do not require a bank account. You may want to consider a bank in Canada that has special accounts for immigrants or lower international transfer fees if sending and receiving money with international transfer service is a high priority.

- Payroll Transfer

Typically, most traditional employers pay a direct salary to their named employee. But if your particular employer pays you cash, if you don’t have a worker’s permit, or pays you with a bearer check, you will need to go to the bank in person to deposit or cash in. It is often the case that going to a bank other than your employer’s bank will cost you approximately $4 to $6 to cash your check. It is best then to think about finding a bank, which will accept your payroll check without the heavy associated fees. Another option would be to try and open a non-resident account at your employer’s bank. This will allow you make all your banking transactions at one location without the expenditure of time visiting a variety of banks and paying all of the additional charges.

- Location of Branch

When making a decision to open a non-resident bank account in Canada, you might want to take the banking hours of operation into consideration. The majority of banks are open from Monday to Friday: a few others are open seven days a week. Try to find a bank that is open until 6 p.m. You might find it convenient to have a bank account with a branch that is close to your office or home if you will be making lots of transactions. Additionally, you should apply for a debit card since most banks even offer these cards to non-resident citizens.

Overview:

When looking for a non-resident bank account in Canada, you may be confused all the options in determining which bank is best for you. You might try asking people who have bank accounts at the bank you are considering, give their advice about why you should think about banking there too.

Finally, fees charged from one bank to another may vary considerably and you must factor these fees into your consideration when deciding on your chosen bank. The two major banks in Canada are the Canadian Imperial Bank of Commerce and Canadian Trust. Also, you can find international banks in Canada by doing a Google search on the Internet.