Opening a Bank Account BEFORE you Land in Canada [Newcomers to CANADA]

When you arrive in Canada, first step to anything is to manage your finances. Following will explain you the procedures of setting up your very first bank account prior to your arrival in Canada.

BENEFITS

• Availability of Funds before you even Land in Canada
• Visit Branch with ID documents and SIN to get Debit Card
• Deposit as a Wire Transfer (Bank-2-Bank)
• Accepted by CBSA as valid Proof of Funds

Local presence of Canadian bank at your Home Country
If you are from a country where Canadian bank have presence, they will offer you services where you would open your account with *only deposit* restrictions on it BEFORE you even land in Canada (such as India, UK, US and many more). Banks like RBC, BMO and ScotiaBank offer such facilities. They allow one transfer of around $50K or so. That way, your money will be in Canada when you arrive. You'll have to visit branch to activate your account and access to your funds. It's always advisable to keep cash with you at all times until you have a bank card.


When there is no Canadian bank presence in your Home Country
In case you are from a country where you don't have Canadian banks, there is still a procedure, however it's a bit time consuming, where you will have to mail your documents to a Canadian Bank in Canada. However, this would be very useful for those who do not wish to carry large sums of cash in a new country.

RBC Bank can assist you with opening your first Canadian Bank Account via mail. You must contact RBC via Prior to your arrival, we require the following documents to be filled out and sent to me, your account manager, directly via mail. Copies sent via fax or email will not be accepted. You need to contact Non Resident Services department in RBC.

Contact RBC via their Customer Service, Online email Form or email them at moconorc@rbc.com. They usually reply same day.

Please ensure all required documents are completed accurately to avoid delays in opening your account.

Documents Required to Post:

1. Form 10821 – Application for Personal Deposit Account
• A client information form must be completed for each account holder. This provides your account manager with instructions and approval to begin opening your account. If this is a joint account, please ensure both account holders have completed this form.
2. Form 40830 – Signature Card **
• A signature form is required to provide us with a specimen of your signature. It is to be completed and signed by each account holder. For joint accounts, we require Form 40830 as well as Form 40832 – Signing Authorities to be completed and signed by all parties authorized on the account.
3. Personal Identification (2 pieces) **
• Certified copies of two pieces of personal identification are required for each account holder. The primary piece must be a passport, supplemented by any other document in the enclosed list of approved documents.
4. Verification of Identity Form **
• A Verification of Identity form is completed for each account holder so that your account manager can confirm your identification prior to your arrival.

** Signature Card, Personal Identification and Verification of Identity forms must be clearly legible, signed and witnessed as a true copy by any of the following:

• A RBC representative from any of our worldwide locations http://www.rbcwealthmanagement.com/global/en/worldwide-locations
• You may also refer to the Lawyer Locator http://www.martindale.com/. and use 'Search' option to find the right one for you. Only firms provided in this list can act as a witness.  Note: Any lawyer is acceptable in USA, but we are unable to accept documents witnessed by notaries.

You will be notified of your account status within one week upon receiving your completed documents.

A Canadian funds 'Day to Day Savings Account’ will be opened by default. Once the account is opened, funds may be remitted by wire transfer or a third party draft. The account will be ‘deposit only’ until your arrival in Canada and your identification is verified in person. Note: For joint account holders, all parties must be present together when verifying your identity.

Additional Information:

Starting a life in Canada
http://www.rbc.com/canada/ https://www.rbcadvicecentre.com/key_life_moments/starting_a_life_in_canada

Account Disclosure: https://www.rbcroyalbank.com/onlinebanking/servicech/pdf/account-disclosure.pdf