Opening bank account before landing

[naina03]

Hi,

I am currently in India and moving to Ottawa soon. Wanted to understand if there is a way to open a bank account in Canada before I land there.
There seemed to be an option with Kotak Mahindra bank earlier but I am not getting any information from the bank about it. Any other pointers?

Thannks!

 

[NetMecca]

Contact any of the Canadian banks directly in Canada. It is possible to open an account, however it will be a limited account (as far as transacting is concerned until you have come to the bank in person with your id)

The main banks are :
Royal Bank of Canada (RBC)
TD Canada Trust (TD)
Scotia Bank
Bank of Montreal (BMO)

There are a few smaller ones but one of these should be able to help you out.

 

[ttrajan]

Check with ICICI and SBI NRI Branches for details.

 

[naina03]

Contact any of the Canadian banks directly in Canada. It is possible to open an account, however it will be a limited account (as far as transacting is concerned until you have come to the bank in person with your id)

The main banks are :
Royal Bank of Canada (RBC)
TD Canada Trust (TD)
Scotia Bank
Bank of Montreal (BMO)

There are a few smaller ones but one of these should be able to help you out.

Thanks a lot. Which bank among these is good in terms of interest rates and banking charges? We would want to keep the account for long term.

 

[naina03]

Check with ICICI and SBI NRI Branches for details.

Thank you. Let me explore these too.

 

[rockytg]

Even if you open an account before moving to Canada, those would not be activated.
If you are opening account for proof of funds at time of landing then is ok else would be better to open an account once you move to Canada. This would give you an option of opening accounts with banks which are not providing services from outside of Canada, hence more options. Also, once you are there you can go in for bank that is closer to your home after considering other important parameters.

 

[naina03]

Even if you open an account before moving to Canada, those would not be activated.
If you are opening account for proof of funds at time of landing then is ok else would be better to open an account once you move to Canada. This would give you an option of opening accounts with banks which are not providing services from outside of Canada, hence more options. Also, once you are there you can go in for bank that is closer to your home after considering other important parameters.

I see. How much time does it usually take to open the bank account if we get it done after going to Canada?

 

[rockytg]

I see. How much time does it usually take to open the bank account if we get it done after going to Canada?

Account opening does not take more than an hour subject to one having all of the documents. This is no first hand experience and is based on what I have read in this forum. There are many threads which talk about the same, one of them is

http://www.canadavisa.com/canada-immigration-discussion-board/threads/opening-bank-account-after-arrival.402481/#post-5378130

 

[NetMecca]

Thanks a lot. Which bank among these is good in terms of interest rates and banking charges? We would want to keep the account for long term.

Banks in Canada have cottoned on to the fact that the only real growth market in Canada comes from immigrants. Most of the bigger banks have some very competitive immigrant packages. To stay competitive these are ever changing. I would suggest you contact the banks directly for the latest.

Also I would not worry about changing banks initially. It gets harder over time to change banks but to begin with, you should find the bank you think will work, just to start. Once in Canada you will likely discover that your needs will be different than you expect, making your bank choice a little more complicated.

I remember when I moved I opened an account with one (seemed like the best choice). Within a week I was annoyed and changed to another. I would suggest you start by getting here, then worry about the details after that.

Good luck