How to open a Canadian bank account as a non-resident

Are you an Indian business catering to Canadian clients? Dealing with foreign transactions is challenging. The difficulty of navigating between different banking systems and processes in two countries further adds complexity.

However, there’s good news! You can now open a Canadian bank account even if you aren’t a resident of Canada. In this blog, we’ll guide you on how to open a Canadian bank account as a non-resident and explore the benefits it can bring to your business’s international money transfers. So, let’s dive in!

Benefits of a Canadian Bank Account for Indian Businesses

Opening an online Canadian bank account can offer several advantages for Indian businesses, including:

1. Simplifying transactions with Canadian-based customers and vendors: A Canadian bank account enables businesses to receive and send payments in Canadian dollars. Streamlining financial interactions with your Canadian partners makes establishing a local presence and building trust easier.
2. Boosting credibility with Canadian partners and clients: Having a Canadian bank account enhances the credibility of Indian businesses when dealing with Canadian partners and clients. It showcases their commitment to conducting business in Canada and having a local presence. This fosters trust and facilitates long-term relationships.

How to Open a Bank Account in Canada

Opening a bank account online in Canada may be a long, complicated, and expensive process. Moreover, it is difficult to open a bank account if you aren’t already a citizen or permanent resident. However, alternative options are available, such as international bank accounts and digital banks.

International Bank Accounts

As an Indian seeking to open a Canadian bank account, international bank accounts are an option for you. Canadian banks such as the National Bank of Canada, HSBC Bank Canada and the Canadian Western Bank offer these solutions. You don’t need a Canadian address to open an international bank account.

Non-residents looking to open a bank account need to fulfil certain requirements. These include providing proof of identification, proof of residency, a minimum deposit or proof of income, and a tax identification number. You can ask the bank about their requirements before opening an account to ensure accuracy.

However, it’s essential to note that some banks may require a big initial deposit or a high minimum balance to open an account, and there may be monthly fees to pay. Thus, it’s crucial to research before selecting an international bank account that best fits your business needs.

Digital Banks

Neobanks, or online or digital banks, are financial institutions that operate exclusively online without physical branches. They offer most of the services that traditional brick-and-mortar banks do, such as checking and savings accounts, debit cards, and loans, but with the added convenience of being accessible through a smartphone or a computer.

One of the key advantages of neo-banks is that they tend to have lower fees and more competitive interest rates than traditional banks. They’re also known for their user-friendly interfaces, intuitive mobile apps, and quick customer support.

Notably, most neo-banks are not chartered banks but financial technology companies that partner with regulated banks to hold their clients’ deposits.

Winvesta – The Quickest and Easiest Way to Open a Canadian Account

Winvesta’s virtual multi-currency accounts offer a simple solution for businesses to receive money transfers from Canadian clients. It provides a local Canadian account number and routing number to make receiving payments easier without complications.

The account can be opened quickly and easily online with a valid ID without needing a Canadian-based representative or a physical presence in Canada. This saves businesses time and money, allowing them to focus on what they do best instead of worrying about administrative details.

Not only can you get a Canadian account, but you can also get a UK account number, US account number, and Euro IBAN. You can also receive payments from over 180 countries in over 34 currencies. With rates starting as low as 0.99%, Winvesta’s virtual multi-currency account offers a reliable and cost-effective way to receive payments from clients in Canada and worldwide.

Conclusion

Opening a Canadian bank account as an Indian business unlocks numerous benefits, simplifies transactions, and enhances your credibility with Canadian clients. While the account opening process may vary depending on the bank, alternative options like online account opening and international banking services offer streamlined solutions for non-residents.

If you’re seeking a straightforward and affordable way to manage your international money transfers, Winvesta’s multi-currency account is an excellent choice.

Open your Winvesta account today!