Is it worth to open a bank account in Canada in 2020?

Canada is a promising country for business development. In this regard, the question of how to open a corporate account in this country is relevant. The state has developed infrastructure and provides favorable conditions for the development of its business.

Features of a bank account in Canada

You can open an international account in the country. Several financial institutions have a branches in Canada, including Citibank, HSBC and BNP Paribas. If you open an account in your home country with one of the banks, the procedure for opening an account in Canada will be much simpler with the possibility of doing remotely.

Before opening an account in Canada, you will need to familiarize yourself with the fees and payments in different financial institutions. Some of the costs of buying a Canadian account are usually mandatory.

These include monthly payments. The institution's services are usually free for students, elderly and newcomers. It is recommended that you have a minimum balance of approximately CAD 350 on your account.

The number of transactions per month is limited, and you may have to pay an additional fee if you exceed this value. Some personal and corporate accounts have an unlimited value for transactions, but have high monthly fees. Cash withdrawals may also require a surcharge.

How to choose a bank: list of prestigious options 

When setting up an organization or offshore in Canada, it may be necessary to open an account. There are several banks in the country where you can open an account remotely.

Such organizations include:

• Scotiabank.
• HSBC.
• TD.
• RBC.

The most popular bank for opening an account by non-residents is RBC. There are some restrictions on the size of the transaction. Online banking might not be available. You can order a document specifying the balance of funds with the help of personal consultant.

List of documents

To open an account, you will need a document that confirms your identity. In addition, you will be required to provide proof of your legal status if you are applying without Canadian documents. The date of arrival in the country as well as the purpose of the account must be specified.

If the account is opened for a company, you may need documents for a legal entity and information about developing business. You will have to fill out a form. Copies of documents, must be notarized.

Account-opening procedure

You can open a bank account before arriving in the country. To apply remotely, you will need to contact the banking organization in advance and prepare to answer questions related to the corporation and the status of the person.

Further on, the account opening staff will contact the client. Usually the waiting time takes several days. Most often, upon arrival in the country it will be necessary to have a meeting at a branch of the bank.

To get advice on how to open a bank account, please contact our experts at IT-OFFSHORE.