How to Open a Newcomer Bank Account Before Landing in Canada

As Canada tightens its immigration policies, it’s now more important than ever for most newcomers to show their ability to fund their move.

Unfortunately, with the proliferation of fraudulent documents, immigration officials are also more skeptical of what newcomers submit, especially financial proof.

Fortunately, several Canadian banks offer the ability to open a bank account before landing in Canada. Guaranteed by a Canadian financial institution, your pre-arrival account then becomes your watertight proof of funds.

In this article, let’s take a look at how you can open a newcomer bank account before landing in Canada and the various banks that let you do so.

Why Should You Open a Newcomer Bank Account Before Landing in Canada?

You might be wondering if you can legally open a bank account before landing in Canada. Yes, you definitely can.

Canada welcomes newcomers by the hundreds of thousands annually, so banks have adapted to their needs through their newcomer programs and initiatives.

Among some banks’ newcomer-friendly features is the ability to open a newcomer bank account before landing in Canada.

After all, as required by most visa applications, newcomers are supposed to have funds to support their needs whilst looking for a job or waiting to start school.

As an international student, you’ll also need readily available funds to pay for the hefty tuition fees charged by colleges and universities.

But frankly, it can be complicated to bring money into Canada, especially with financial and customs regulations.

For example, Canada requires travellers to declare any currency or monetary instruments valued at $10,000 (CAD) or more. While newcomers are understood to bring cash with them as they settle, it would still entail some hassle and paperwork at the border, since the sources of your funds may rightfully be investigated.

Besides, it’s also hardly advisable for you to bring large sums of cash on your flight to Canada.

Opening a newcomer bank account before landing in Canada lets you deposit your money ahead of time, conveniently removing the need for you to bring large amounts of cash.

Another reason why you should consider opening a newcomer bank account before landing in Canada is the convenience of letting the banks handle the currency exchange. This is especially beneficial…