Opening Canadian bank account before landing
- Thread starter L00nie
- Start date
RBC and Scotia allow opening "deposit only" account before landing. After landing, you will visit the bank to activate account.
Why not just keep money in Chase. Once you move to Canada open an account in any bank and then transfer money from Chase to Canadian bank through transferwise or some other service.
Hmm...I am part of one of the USA to CAN whatsapp group and their are bunch of folks who are selling their house and moving/moved to Canada. Perhaps you can ask this Q their. PM me your US number.
I asked a few banks about this :
RBC said they’d want my signature to be notarised by a lawyer to open a deposit only Savings account.
CIBC said they in general do not allow an account to be opened from another country but asked me to contact a branch nearest to where I plan to live and they might open it at their discretion.
Scotia bank asked me to provide them with proof of Canadian PR, after which they sent me a welcome kit on my e-mail with login ID and password. You can only make 1 deposit in this deposit only account and they would provide you with a Certificate that can be used as Proof of Funds.
HSBC recommended that I should initiate this process from my country at least 45 days before I plan to leave. I had plans to land in fewer than 45 days so I didn’t go any further with them.
Eventually I got a bankers cheque of the full amount from my local bank, showed it at YVR and opened an account with RBC in person after landing.
I did a wire transfer this summer from my Chase account to US account at TD bank in US by phone with $35 fee (around ~$100K, is it big enough for you?). After that a free transfer by phone from US TD account in US to US TD account in Canada. After that conversion $US to $CND using https://knightsbridgefx.com from my US TD account in Canada to CND TD account in Canada.
RBC had opened a CAD deposit only account. I carried cash (12k USD) at soft landing, activated the account and opened a USD account at RBC branch, returned back to USA and did a wire transfer from Wells Fargo to RBC USD account. But yeah, RBC rates for USD to CAD is not good.
For living expenses $2k-$3k I am using https://www.knightsbridgefx.com/ to exchange $US to $CND, often for daily purchases am using my $US CC, which gives pretty good exchange rate, close to official day rate.
Don't they charge a foreign currency fee? I remember, Discover was the only one not charging a fee.
Well my US Discover, Costco Anywhere Visa Card by Citi, CapitalOne and TD Visa are Foreign Transaction Fee free.
TD Visa gives 1.5% rewards back on everything plus 10% bonus on rewards when you deposit them on Ameritrade brokerage account, which I use to trade stocks. Yesterday's purchase in Home Depot for $18.08CND became $13.55US, which is close to official exchange rate on Dec 14, 2018.
Last edited: