Opening a bank account is one of the most important steps you can take as an adult. Bank accounts offer better financial security, and ease of access, and often come with robust features like early access to your paycheck, direct deposit, interest earnings, or online bill pay. In Canada, you can open a bank account in a few simple steps, whether you are a citizen or non-resident with a temporary visa.

​

You can open a bank account in a few different ways, but the two most common methods are to apply online or in person. Some banks in Canada with physical branches allow you also to open a bank account online, so you can pick the method that best fits your schedule and preference. You can also apply by telephone in some cases.

 

How to open a bank account online?

• To open a bank account online, you’ll start by navigating to the bank’s website. You may also be able to open an account using a mobile app, depending on the bank. From there, select the type of account you wish to open and begin applying for the bank account. You’ll need to fill out some personal information, including your name, address, and date of birth. You’ll also need to provide identification details, like a Canadian driver's license number. You may be asked to provide simple financial information as well, depending on the account.

• Once your application is submitted, your account may be opened right away. If you do, you can begin funding your account by transferring money from another bank account, or you can wait until your debit card arrives in the mail to fund your account. Each bank has its deposit requirements, so you should follow the instructions from the web portal on what to do next.

• Opening a bank account online is generally the fastest way to open an account. Online account opening typically only takes a few minutes. You can also contact a customer service representative by phone or online with any questions you may have.

​

How to open a bank account in person?

• If you’d rather visit a nearby bank or credit union, you can open a bank account in person with the help of a customer service representative. Most big banks and local financial institutions offer this service.

• The process will work similarly to filing online, except you’ll provide your information and physical copies of your identification to the bank teller when opening your account. You should be prepared to fund the account via Canadian dollars or cheque at the time of account opening if the bank requires an initial deposit.

• Some banks may be able to provide you with your debit card and cheque the same day when you open a bank account in person. But you may also have to wait for them to arrive in the mail.

​

How to open a bank account by phone in Canada?

• Lastly, you may open a new bank account over the phone. In this case, the bank representative will ask some questions to confirm your identity and the type of account you’d like to open.

• Not all banks offer this option, but it can be helpful if you’re visually impaired or need guidance opening an account at a bank that does not have a physical location near you.

​

Identification you need to open a bank account

To open a bank account, the bank must be able to confirm your identity through proper identification. For identification (ID) you must provide original ID, not photocopies. 

 

1. You should also provide two documents from a reliable source: one document indicating your name and address, and the other indicating your name and date of birth. The two documents of identification must be from the following list:

   • identification issued by the Government of Canada or the government of a province

   • recent notices of tax assessments issued by the Government of Canada or the government of a province or municipality

   • recent statements of benefits from the Government of Canada or the government of a province

   • recent Canadian public utility bills

   • recent bank account or credit card statements

   • foreign passports

2. Provide any document from a reliable source that indicates your name and date of birth. This way works only if your identity is also confirmed by:

   • a customer who is in good standing with the bank, or

   • someone of good standing in the community where you are opening the account.

​

​What should be considered before opening a bank account?

Before opening a bank account, you may want to consider the following:

• how you'll use the account, such as for saving or making payments

• charges or fees on the account and transactions

• the interest you'll earn on the money in your account

• if your deposits are protected by deposit insurance

• cost of using another bank’s ATM