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Expatriate Banking, Finance & Tax Services
In its broadest sense, an expatriate is any person living in a different country from where he or she is a citizen. In common usage, the term is often used in the context of professionals sent abroad by their companies, as opposed to locally hired staff (who can also be foreigners).
Most international banks now offer expat banking services geared towards this market.


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Expat
banking and account opening procedures
Every month we will feature an article on expat banking and account opening procedures for expats moving, living and working abroad.
Banking in Canada
Posted: July 4th, 2014




Canada is considered one of the premier expat destinations. Its the second largest country in the world and is famous for hockey, maple syrup and a resilient economy.
So, everything is set for your move to Canada. In a couple of weeks you will be on a flight to take up residence there. One last thing you need to get organized and that is your bank account.

Money Matters

The Canadian currency is the Canadian Dollar. (CAD)

The denominations are as follows:
Notes: 5, 10, 20, 50 and 100
Coins: 1, 5,10, 25 cents and 1 and 2 dollars. (One dollar and two dollar coins have replaced notes in 1989 and 1996 respectively.)

Banks in Canada

There are a number of banks offering services to expats including local banks like Bank of Nova Scotia, Bank of Montreal, Canadian Imperial Bank of Commerce, Royal Bank of Canada and TD Canada Trust and international banks like BNP Paribas, HSBC and Lloyds.

What youll need
To open an account, you must present two pieces of identification from those listed below, with at least one piece from Section A. Alternatively, you may present only one piece of identification from Part A, if your identity is confirmed by a client in good standing with the bank or by an individual of good standing in the community where the bank is located.

Section A
1. A drivers' licence issued in Canada, as permitted to be used for identification purposes under provincial law
2. A Canadian passport
3. A Certificate of Canadian Citizenship or Certification of Naturalization, in the form of a paper document or card but not a commemorative issue
4. A Permanent Resident card or Citizenship and Immigration Canada Form IMM 1000 or IMM 1442
5. A birth certificate issued in Canada
6. A Social Insurance Number card issued by the Government of Canada
7. An Old Age Security card issued by the Government of Canada
8. A Certificate of Indian Status issued by the Government of Canada
9. A provincial health insurance card, as permitted to be used for identification purposes under provincial law
10. A document or card, bearing the individual's photograph and signature, issued by any of the following authorities or their successors:
- Insurance Corporation of British Columbia
- Alberta Registries
- Saskatchewan Government Insurance
- Department of Service Nova Scotia and Municipal Relations
- Department of Transportation and Public Works of the Province of Prince Edward Island
- Service New Brunswick
- Department of Government Services and Lands of the Province of Newfoundland and Labrador
- Department of Transportation of the Northwest Territories
- Department of Community Government and Transportation of the Territory of Nunavut

Section B
1. An employee identity card, issued by an employer that is well known in the community, bearing the individual's photograph
2. A bank or automated banking machine or client card,issued by a member of the Canadian Payments Association in the name of, or bearing the name of, the individual and bearing the individual's signature
3. A credit card, issued by a member of the Canadian Payments Association in the name of, or bearing the name of, the individual and bearing the individua's signature
4. A Canadian National Institute for the Blind (CNIB) client card bearing the individual's photograph and signature
5. A foreign passport

Good to Know
Canada is both a cash and credit country.
All major credit and debit cards are accepted.
Please be aware that if you use your debit card in other bank's ATM, fees of 1-3 dollars per transaction will apply.
Remember it is always wise to conduct your own research before opening an expat account in any country. Shop around carefully until you find a bank that will best suit your needs. We also advise you to talk to other expats living in that country so you can get a much better idea of how the banking system works. Enjoy your stay in Canada.



Past Articles:

Expat Banking In the United Kingdom

Before you settle in and start enjoying the sights and sounds of Britain, there are a number of logistical things you need to take care of. At the top of the list is setting up a bank account.

Expat Banking In Hong Kong
There are a number of logistical things you need to take care of before you settle in and start enjoying the sights and sounds of Hong Kong. Setting up a bank account should be at the top of your list.

Expat Banking In South Africa
Before you settle in and start enjoying the sights and sounds of South Africa, there are a number of logistical things you need to take care of. At the top of the list is setting up a bank account.

Expat Banking In Portugal
Before you settle in and start enjoying your new life in Portugal, there are a number of logistical things you need to take care of. The most important of these is setting up a Portuguese bank account.

Expat Banking In Denmark
There are a number of logistical things you need to take care of before you start really tucking into the incredible sights and sounds of Denmark. Setting up a bank account is one of them.

Expat Banking In Germany
Let’s face it, you’re not going to make it very far during your stay in Deutschland without a bank account. While setting up a bank account in Germany is pretty clear-cut, there are some things you’re going to need to know to make the process virtually hassle-free.

Expat Banking In Switzerland
Your next stop is Switzerland and you’re checking the items off your to-do list for the big move. One of the tasks on that list is setting up a bank account in your new home.

Expat Banking In Spain
Like so many expats, you’ve chosen sunny Spain as your next destination.
To function in your new home, you’re going to need to get your finances in order. That means setting up a bank account.

Expat Banking In Australia
Congrats, you have made the move to Australia. Now it is time to set up your bank account. Opening a bank account in Australia is straight-forward, banks are very helpful to expats and there are many banks to choose from.

Expat Banking In Malaysia
You are packed and ready to leave for your assignment in Malaysia. In a couple of weeks you will be living in the Southeast of Asia. But have you organized your banking needs? If not, don't worry we will give you a guide here.



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