International bank account for non residents

140POSTS

12 years ago

Hi everyone, I just came to Canada for a 15 days professional training in Waterloo ON. Since I am not a resident but I will come regularly, I would like to know if I can create an international bank account. Thanks

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James ViP

11272POSTS

12 years ago

As far as I know (if you're still in Canada) you can open an account in any Canadian bank, but you must do so in person. For example, while I'm a Canadian by birth I can't open a Canadian account, because I'm living in Brazil unless I come back to Canada to open it there in person.

You will probably require a Canadian mailing address, which you should be able to arrange through a mail drop service or mail forwarding service. Other than that I don't believe the fact that you're not a permanent resident of Canada should pose any problems.

You may not be able to get a "full service" account or an account that offers a credit card, but certainly you should be able to get a savings or chequing account that you can make transactions on internationally via internet. You also need to remember that any deposits or transfers above $10,000 CAD will of necessity need to be explained to both the bank and to Canada Revenue Agency.

Just pop into a bank that's most convenient to you and ask to talk to the new accounts officer.

Cheers,
William James Woodward, Expat-blog Experts Team