Considering studying in Canada but wondering if you can open a bank account? Today I’ll cover everything about Canadian bank account opening. While information varies by stay duration and visa type, I’ll explain bank types, account types, Japanese staff availability, and more. Even if you think it’s impossible, take a look!
Table of Contents
- Which Bank Should You Choose?
- Who Can Open Canadian Bank Accounts?
- What Do You Need to Open an Account?
- Can You Open an Account Immediately?
- Different Types of Bank Accounts
- Banks with Japanese Staff
- Life Support Services
Which Bank Should You Choose?
Canada has several banks, but those with more ATMs and branches offer more security when issues arise. Your best bet might be banks recommended by your school, those used by your school friends, or banks near your school for convenience and peace of mind. Here are some well-known options:
CIBC (Canadian Imperial Bank of Commerce)
One of Canada’s major banks with extensive branch network
TD (Toronto-Dominion Bank)
Popular among students with good mobile banking features
RBC (Royal Bank of Canada)
Canada’s largest bank with comprehensive services
BMO (Bank of Montreal)
Historic bank with strong student programs
Scotiabank (Bank of Nova Scotia)
Major bank with good international student services
Who Can Open Canadian Bank Accounts?
Important: Canadian bank account opening requirements vary by bank, branch, and even individual staff members. The information here represents general guidelines and insights from our banking contacts who work at Canadian bank branches.
Generally, it’s said that people with visas (student visas or working holiday visas) and long-term visitors can open accounts. Most Google searches show information that “people with visas can open accounts.” However, Canadian bank account opening doesn’t seem to have strict detailed criteria, and responses vary significantly between banks and branches.
While some cases are rejected for not having a visa, others succeed at different branches or at their third bank attempt. It’s definitely worth trying multiple options!
What Do You Need to Open an Account?
Required documents vary, but generally you should bring:
- Passport
- Visa documents
- Proof of address (homestay documents, etc.)
- Cash to deposit
Can You Open an Account Immediately?
Depending on the bank and branch, you may be able to visit directly and open an account on the spot. In larger cities, appointments might be required. While you can call to make an appointment, if you’re not confident making phone calls in English immediately after arrival, try visiting the bank branch first and telling them you want to open an account. If an appointment is needed, they’ll help you schedule one.
Different Types of Bank Accounts
Some banks offer fee-free accounts for temporary visa holders like student visas or working holiday visas. There are mainly two types of accounts:
Chequing Account
Similar to Japanese regular savings accounts. Used for daily transactions like ATM withdrawals, money transfers, and everyday expenses.
🇯🇵 Similar to: 普通預金 (Futsu Yokin)
Savings Account
Similar to Japanese time deposits. Earns interest, so it’s best to keep larger sums here for savings rather than daily use.
🇯🇵 Similar to: 当座預金 (Toza Yokin)
For Tourists: Visitors without visas might incur maintenance fees. At the counter, you could ask “Do you charge a bank fee?” to check. They might offer more advantageous account options.
Banks with Japanese Staff
Bank staff transfer frequently, so availability varies by branch and time. However, branches with Japanese staff do exist in Vancouver and Toronto, with dedicated contact counters. If you’re considering studying or working holiday in Toronto, we can introduce you to specific options – contact GO AND SEE! In other regions, larger cities may also have Japanese staff members, so contact us before departure or after arrival. We’ll check along with your school arrangements.
Life Support Services
GO AND SEE supports not just school coordination but also your school life, English learning, and daily life matters. Don’t hesitate to ask anything you’re wondering about, even if you think “Can I really ask about this?” If you have any concerns, feel free to consult with us!
💡 Pro Tip: Opening a bank account is one of the first steps to settling in Canada. Having a local account makes receiving payments, paying bills, and managing daily finances much easier.
Need Help with Banking in Canada?
Contact us for free consultation with no pressure or mailing list subscriptions. We’re here to help you navigate Canadian banking and settle into your new life smoothly!