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Bank account opening in Canada

How to remotely open an account with a Canadian bank?

2020-01-08
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Due to the difficult situation on the stock markets in 2020, many entrepreneurs strive to invest their money wisely so that it does not depreciate. One of the options for preserving assets is opening an account with a Canadian bank. Learn more about the features of opening an account from our experts at IT-OFFSHORE.

The advantages of opening an account with a Canadian bank

Opening an account with a bank of Canada will solve several problems. One of them is the depreciation of the Russian currency. In addition, it is possible to protect your funds in a global crisis in case of increasing pressure on company revenues. Registering an account abroad allows you to optimize your tax burden.

By creating an account, you can ensure the remote operation of the international business with the ability to work in such currency as dollars. In this case, the Canadian dollar is considered one of the world's stable currencies and a liquid instrument for transactions in USD.

It is possible to open accounts in banks of Canada remotely which is relevant during restrictions of flights between the countries because of coronavirus spreading.

Nuances of remote account opening

The Canadian bank accepts the application and documentation, after which a savings account is opened. You can transfer funds to this account, but you cannot transfer money to other people until the client arrives at the bank in person.

During a pandemic, it is possible to register a savings account at a bank without visiting Canada. This account can be used to accumulate funds. Once the restrictions are lifted, you can visit the country in person and access account transactions.

Entrepreneurs and investors can open a corporate account remotely by registering a partnership or corporation. If there is a company in any country, it is possible to open an account remotely with the prior opening of a representative office of the firm in Canada.

Required documents

You can open an account to an individual if you have prepared the necessary documentation. If you need to open a remote savings account, you will need a notarized copy of your international passport, proof of payment for utility bills, and a recommendation from the bank with a transfer.

To register a representative office and open a corporate account you will need to provide information about the company. This includes copies of company owners' passports, charter, certificate of incorporation, license, etc. Document packages may vary depending on the type of company.

When registering, a person may have difficulty completing an application to open an account. It is necessary to think over the answers to the questions concerning the purposes of account opening, types of transactions, quarterly turnover, and more in advance.

Canada's best banks

The largest financial institution in the country is the Royal Bank of Canada, which offers support in different languages. Those who come to Canada can apply for a comprehensive package. When you get a permanent residence permit, you can get credit, including for housing even without a credit history. It is possible to open a business account.

Another well-known organization is TD Bank. A person who has recently arrived in the country can open an account on attractive terms. There is also an opportunity to take a mortgage. When planning business development, you can get an individual service plan.

Scotiabank is a well-known bank in Canada, which has several thousand ATMs in the country. The institution offers a wide range of services and account maintenance on favorable terms, including business accounts.

The oldest financial institution of Canada is the Bank of Montreal. It is possible to open an account without monthly payment throughout the year with an unlimited number of transactions. A wide range of corporate bank accounts is available, considering the scale of business.

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