Back

How To Open a Canadian Bank Account Online

5 min read

Courtney Johnston
Open a Canadian Bank Account Online

Opening a bank account is an essential step in managing your finances in Canada. Whether you're a newcomer to the country, a student starting your financial journey, or simply looking to switch banks, understanding the process can make your experience smoother.

At KOHO, we believe in making financial services accessible to everyone, so we've created this comprehensive guide to help you navigate the process of opening a Canadian bank account.

Why open a bank account in Canada?

A Canadian bank account offers numerous benefits:

  • Safe storage for your money

  • Easy access to funds through debit cards and ATMs

  • Ability to receive direct deposits from employers or government benefits

  • Convenient bill payments and money transfers

  • Building a financial history in Canada

  • Potential to earn interest on your savings

What documents you'll need to open a bank account

Identification Requirements

Most financial institutions in Canada require two forms of original identification (not copies) to verify your identity.

Primary ID options:

  • Current Canadian driver's license

  • Current Canadian passport

  • Canadian birth certificate

  • Social Insurance Number (SIN) card

  • Certificate of Indian Status

  • Provincial health insurance card

  • Certificate of Naturalization or Canadian Citizenship

  • Permanent Resident Card or immigration documents (IMM 1000, IMM 1422, IMM 5658, or IMM 5292)

Secondary ID options:

  • Record of employment in Canada

  • Canadian debit or bank card with your name and signature

  • Canadian credit card statement

  • Current foreign passport

Social Insurance Number (SIN)

Even if you don't use your SIN card as identification, most financial institutions require your SIN for tax reporting purposes. By law, banks must report interest earned in your account to the Canada Revenue Agency.

Proof of Legal Status

While many of the acceptable ID documents naturally prove Canadian legal status, non-citizens or non-residents may need additional documentation or may need to apply in person.

Types of bank accounts in Canada

Chequing accounts are designed for everyday transactions:

  • Standard Chequing Accounts: Basic accounts for everyday banking needs with debit card access

  • Student/Youth Chequing Accounts: Often feature no fees and educational resources for young Canadians

  • Newcomer Chequing Accounts: Special accounts with low or no fees and financial literacy programs for newcomers to Canada

  • Senior Chequing Accounts: Designed for retirees living on fixed incomes, typically with reduced fees

  • Premium Chequing Accounts: Higher-tier accounts with additional benefits like free safe deposit boxes, fee waivers, and rewards

Savings accounts help you grow your money over time:

  • Tax-Free Savings Account (TFSA): Allows you to earn interest tax-free, available to Canadian residents over 18 with a valid SIN

  • High-Interest Savings Account (HISA): Offers higher interest rates than standard accounts but is subject to taxation

  • Joint Savings Account: Shared between two people who both have access to the funds

How to open a bank account in Canada

Option 1: Traditional Banks

Canada's "Big Five" traditional banks include Royal Bank of Canada (RBC), Bank of Nova Scotia (Scotiabank), Toronto Dominion Bank (TD Bank), Bank of Montreal (BMO), and Canadian Imperial Bank of Commerce (CIBC).

Steps to open an account with a traditional bank:

  1. Research and select a bank and account type that meets your needs

  2. Gather your identification documents

  3. Visit a branch in person or start an application online (some processes may still require an in-branch visit)

  4. Complete the application form

  5. Provide your identification documents

  6. Make an initial deposit if required (varies by institution)

  7. Receive your account details and banking cards

Option 2: Financial Tech

Fintech companies like KOHO offers high interest, cash back, & unlimited transactions.

Steps to open an account with KOHO:

  1. Download the KOHO app from your App Store or Google Play

  2. Create an account by providing your email and personal information

  3. Verify your identity by uploading your identification documents

  4. Complete your profile

  5. Wait for approval (usually within minutes)

  6. Load funds

  7. Start using your virtual card immediately while waiting for your physical card

Special considerations

For Newcomers to Canada

If you're new to Canada, many financial institutions offer newcomer banking packages with benefits like:

  • No monthly fees for a limited time

  • Free international money transfers

  • Financial education resources

For Students

Students can access specialized accounts with:

  • No monthly fees

  • Free unlimited transactions

  • Student-specific credit card options

  • Educational resources on financial literacy

For Joint Accounts

When opening a joint account:

  • Both parties need to provide identification

  • Both parties typically need to be present when opening the account

  • Consider discussing financial responsibilities and account management beforehand

Comparing account options

When choosing a bank account, consider:

  • Monthly fees: Some accounts have monthly maintenance fees, while others offer ways to waive them

  • Transaction limits: Check if there are limits on the number of free transactions per month

  • ATM access: Consider the availability of ATMs in your area

  • Digital banking features: Check if the mobile app and online banking features meet your needs

  • Additional perks: Some accounts offer cashback, rewards, or interest on balances

  • CDIC insurance: Ensure your deposits are protected (KOHO deposits are CDIC-insured)

Making your decision

Take time to compare different financial institutions and account types. Consider your unique financial needs, how you prefer to bank (online vs. in-person), and what features are most important to you.

Choose an option that aligns with how you manage your money and supports your financial goals.

Note: KOHO product information and/or features may have been updated since this blog post was published. Please refer to our KOHO Plans page for our most up to date account information!

About the author

Courtney is a professional writer, editor and financial literacy enthusiast. You can find her writing on CNET, Investopedia, The Motley Fool, Yahoo Finance, MSN and The Balance. She spends her free time exploring different cities across the globe or enjoy some downtime with her two cats and one dog.

Read more about this author