Start Canadian bank account and transfer money to Canada.

[aiw]

I recently got a Canadian PR through Express Entry, but haven't yet traveled to Canada. I would now like to transfer some of my money to Canada to be held as Canadian dollars. At present the Canadian dollar is relatively weak with respect to US dollar, and I would like to take advantage of that by making transfer fast.

Can you advice me on how I can start a Canadian account and transfer money there? How can I do that before I reach the country.

 

[purplesnow]

you can't. Need to be physically here to open a bank account.

 

[kaulvirus]

I recently got a Canadian PR through Express Entry, but haven't yet traveled to Canada. I would now like to transfer some of my money to Canada to be held as Canadian dollars. At present the Canadian dollar is relatively weak with respect to US dollar, and I would like to take advantage of that by making transfer fast.

Can you advice me on how I can start a Canadian account and transfer money there? How can I do that before I reach the country.

Not sure about creating an a/c before arriving here but here's what I faced. I created a bank draft into Canadian dollars and brought it to the local bank here. The local bank told me it would take about a week for them to transfer the money into my account after some verification but eventually turned out to be 2 months. They told me it was their policy to keep such a huge amount under wraps for sometime to check the authenticity or whatever and by the time they released the amount, my cash had almost run out. Later, I heard from a bunch of peeps that it was a one off case, it usually never happened.

If bringing in money, I would advise wiring money instead. It's a catch 22 I know. Unless you come here and create a local bank account, you can't wire the money. But in my opinion, it's the fastest.

Hope that's helpful.

 

[Lammawitch]

you can't. Need to be physically here to open a bank account.

Scotia bank & Tangerine will open accounts online from abroad. I suspect other banks may do so too.

 

[purplesnow]

can you? all the ID requirements for Scotia anyway are Canadian government issued...

Scotia bank & Tangerine will open accounts online from abroad. I suspect other banks may do so too.

 

[JK_CAD]

I would suggest to carry the CAD$ initially to support initial settlement, open the bank account after landing in Canada, put the amount in account during opening and then start looking for wire transfer or other modes of transfer from source bank.

 

[Lammawitch]

can you? all the ID requirements for Scotia anyway are Canadian government issued...

Yes, you can. There are several threads on the forum detailling the process. Sometimes one has to actually call, rather than just read the online FAQs . A quick search leads me to believe that TD also offer the service, given that they have a long Q&A thread about it on their site.

 

[vehla_ji]

Scotia bank & Tangerine will open accounts online from abroad. I suspect other banks may do so too.

This what you got when you apply online. Tested with RBC, SCOTIA, HSBC


Fill out the online application and then visit the Scotiabank branch to complete the account application process. Your new account application will be finalized when you visit your branch.

 

[vehla_ji]

I would suggest to carry the CAD$ initially to support initial settlement, open the bank account after landing in Canada, put the amount in account during opening and then start looking for wire transfer or other modes of transfer from source bank.

Agreed and also dont forget to declare on your landing card. land here with cash and put it in bank or do it online but get in first.

 

[vehla_ji]

Tangerine error:- Before you get started

Here's a list of items you'll want to have handy:

Complete street address, phone number and email address
Social Insurance Number

TD:- To be eligible to apply online, you must be:

Applying for a personal bank account in your name only
A Canadian resident
Age of majority in your province or territory
To apply for Joint Accounts or Youth accounts, please visit any TD Canada Trust branch.
To apply for Estate Accounts, an account with a Power of Attorney, and/or Trust Account, please visit any TD Canada Trust branch.

Collapse What information you will need:

In order to process your application easier, please provide us with the following pieces of information in order to help us quickly complete your application (where applicable):

Social Insurance Number (SIN - helpful but optional)

When applying for credit products you will be asked to provide:

Your Estimated Income (sources and amount)
Your Estimated Monthly Mortgage or Rent Amount
Monthly Estimated Payments (loans, credit cards, LOCs.

BMO:-

Am I eligible to apply online?

To submit an online application you must be a Canadian citizen.

RBC:-
Start your application online and book a branch appointment to activate your new account in person or we'll confirm who you are by verifying your banking/savings account details with another Canadian financial institution.

 

[sttaq]

I recently got a Canadian PR through Express Entry, but haven't yet traveled to Canada. I would now like to transfer some of my money to Canada to be held as Canadian dollars. At present the Canadian dollar is relatively weak with respect to US dollar, and I would like to take advantage of that by making transfer fast.

Can you advice me on how I can start a Canadian account and transfer money there? How can I do that before I reach the country.

I think HSBC can do that but for that you need to be HSBC customer in your current country. They also charge a fee for doing that.

http://www.hsbc.co.uk/1/2/overseas-account-opening