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How to open a bank account in Canada online

02.07.2021
877
10 min.

In the age of advanced technology, it is very easy to open a bank account without leaving home. It takes only about 10 minutes of your time. If you go to the bank branch with the same question, you can spend a few hours there. Another plus of opening a bank account online can be done in almost any bank in the world. Therefore, it is not difficult to open an account in Canada. The algorithm is very simple.

How to open a bank account in Canada online

6 Stages to Open a Bank Account Online

To open an account online, you need to follow these simple steps.

Compare accounts and pick up the right one

You must choose the right bank and account. Also, you should consider:

  • card type;
  • minimum balance;
  • how service is done through applications and online and whether such service is possible;
  • what amount is necessary to pay commissions for the withdrawal of funds at ATMs;
  • the number of monthly fees.

It is also important whether you will be charged a fee when you maintain a minimum balance on your savings account card. You should also get to know about it in advance.

Apply to get an account online

Once you have found a web account provider, you should visit it on the site. A new window will open, and then a secure online application, through which the registration of a savings account will take place. This will need to enter basic data about yourself, namely:

  • S. N. P;
  • date of birth;
  • social security number.

Important! All information should be prepared in advance.

After completing the application, you should check all the information entered again, and then send it with the appropriate button. A web resource provider will send a letter to confirm the application to your email address. It will indicate what should be done next to open a savings account.

Confirm identity

Neither bank will open an account for you without identity proof. Therefore, before opening an account, you will have to provide an ID card approved by a government form. In most cases, it is possible to simply take a photo of your passport with the phone, but some banks accept identity confirmation only with your personal presence.

Important! If the user is already a client of a particular bank, then he or she does not need to confirm his/her identity.

Create a deposit

In most cases, you will need to create an initial deposit - enter money from a debit card or allow the money deduction from an already existing account. To do this, you will need to fill in the account number and the number of the institution. If the user has this first bank account, then the deposit will have to be paid in cash, and in this case, it will have to be done in the bank branch.

Receiving a debit card

Once approval has been received to open a bank account and create an account, a debit card will be sent by mail, if any was ordered. The debit card itself and the PIN code for it are sent separately because it will be safer. After receiving the debit card, you will need to activate it. Only then it will be possible to withdraw cash. Either the phone or the Internet is used for activation, depending on the instructions of the bank. If the card is not activated, then it cannot be used, it will become useless plastic. In some banks, activation is taking a certain period of time.

Usage

Immediately after the account creation and activation, the user can begin to explore and use its possibilities. For final configuration, you must perform the following steps:

  1. Establish the work of Internet banking. This will allow you to manage your account and all money on it from any mobile device or computer. Now you can make payments, send money, and check the account's state in any convenient place. This makes account usage much more convenient.
  2. Connect direct debit to automatic payments. To do this, you need to login into the existing credit provider's accounts and change the bank account details that they have. Now all important payments will be automatically deducted from your new account.

The account is fully used now.

Which banks open an account online?

Almost all big banks have developed online apps that allow you to open a savings account online. Information about this can be found directly at the bank branch or on its official web resource.

What is necessary to open a bank account online?

The process itself is very fast and usually does not take more than 15 minutes. The most important condition is that the applicant must be 18 years old or older. In this case, it is possible to apply for opening an account in the majority of banks online. Before applying, the user will be given a list of documents that should be available at the time of registration. For those who are already a client of this institution, they will need an ID or account number.

Identification

First of all, identification is necessary for the client to ensure that their data and accounts are protected from fraud in the future. If scammers have obtained data about your insurance number by some means, then they can try to open an account in the name of that person. Only identification will help in this case. The bank will receive confirmation that it is you, not the attackers who are trying to take advantage of your data.

Personal data

Many organizations allow you to create collaborative accounts for multiple individuals. But in this case, everyone must provide a full set of required personal data, as well as a social security number and address.

Deposit

In the majority of banks, you can open an account online without a deposit, but there are some that request to put a small amount of money.

Basic requirements while opening an online bank account

To open an account online, each bank has its own requirements, but most often the main ones are the provision of personal information and identity confirmation.

How do I apply for the opening of a bank account?

There are several proven ways to apply for the bank to open an account for you. Each applicant chooses the most convenient option for him or her:

  1. Using the app. To do this, you need a mobile application of a particular bank, and already there the user receives all the instructions.
  2. In online mode. The application can be done either through the web resource of this bank and if a person is already a client of this organization, then through an account in the online bank.
  3. Application by phone. To do this, you will need to confirm your identity by mail, in person, or online.
  4. Personal application in the bank. You just need to go to the branch of the bank you are interested in, and there the employees will tell you how to apply to open an account.

Eligibility criteria

Every bank has its own limitations. Among them there are the main ones that are used by all banks:

  1. Age criteria requirements. In any case, the applicant must be of legal age. Only guardians or parents can open an account for the child, but these accounts usually have separate requirements, including age.
  2. Place of residence. To open an account with the Bank of Canada, most often you need to be a resident, but if you will search carefully, you can find several offers where this requirement is optional.

It is important to familiarize yourself with the restrictions before you fill in the application. At the stage of choosing a bank, it is better to learn about its limitations.

What documentation and information are required to open an account with the Bank of Canada?

A piece of minimum information is required for customers of the bank since all personal data is already in the database. Everyone else will need to provide a range of documents and data.

Personal data

To confirm the identity, you will need two documents, not one. For this, there are special lists - A and B. Documents must be either both from List A or one document from each list.

List A:

  • driving license, which is legally valid in Canada;
  • Canadian passport;
  • birth certificate issued in a given country;
  • a social insurance card issued in Canada by its Government;
  • an old-age security card, also issued by the Government of Canada;
  • certificate of Indian status;
  • health insurance card of the province where the applicant resides;
  • certificate of Canadian citizenship or naturalization;
  • permanent resident card.

List B:

  • The ID of the employee with your photo if the employer is known in the area;
  • debit card with the owner's number, name, and signature;
  • Canadian National Institute of the Blind client card with photo and signature;
  • passport with valid terms.

You can also ask an employee of a financial institution to confirm your identity, but for this, the employee must have a spotless reputation.

Contact details

Contact details will be needed to communicate with the applicant. Most often, a phone number, as well as an email address is sufficient. In addition to contact information, when opening some types of accounts, the bank has the right to request additional information. It could be:

  • childbirth certificate, if the account is opened for him or her;
  • student card and enrollment confirmation, if you need to open a student account;
  • Visa and approximate date of arrival if the applicant lives abroad and is going to come to Canada shortly;
  • the number of the existing account if you want to create a linked account.

Advantages of opening an account in a bank online

The advantages of opening an account online are obvious:

  • it is not necessary to stand in the queue in the bank and spend time on it;
  • All application forms are easy to fill in and use;
  • the entire process takes no more than 15 minutes of your time.

This is the best option for those who value their time.

What should I pay attention to when opening an account via the Internet?

If an applicant has problems with a bank or other financial organization, then opening an online account can easily be refused. In this case, you will have to visit the bank branch yourself and discuss the opening of an account with them. Problems may arise due to the following situations:

  1. Bad credit record or its absence. Most often, the identity of the applicant is checked using a “soft” loan. If the credit record is completely absent, then it is mandatory to visit the bank branch. So it will be possible to confirm the identity and finish the entire procedure of opening an account.
  2. The applicant is under the age of 18. If a parent, guardian, legal representative of the child's interests are not signed into the account, then a minor citizen has no right to open an account. To open this type of account, you will also need to personally visit the bank branch along with the legal representative.
  3. The applicant is not a Canadian citizen or a resident. Some financial institutions in Canada allow non-Canadians to open non-resident accounts. But, in any case, there will be difficulties: additional documents, perhaps a visa, a student card for those who study at a Canadian university, will be required. All additional documents will need to be brought personally to the local branch of the bank, then the process of opening the account will end.

It has long been no need to stand in the bank for hours to open an account. In the modern world, a huge number of operations and processes have moved to the spaces of Internet resources. Now you can open an account in a couple of minutes without leaving the computer. But in any case, experts advise before deciding on a specific account, whether it is a savings or checking account, you should carefully read the terms and requirements of the bank.

The article was useful

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