Open a Canadian Bank Account

Once you have applied for your SIN card, you can open a Canadian Bank Account. Both SIN card and Passport are required to open your bank account. If you have not yet received your SIN card, you can show the receipt of SIN card application (given to you by HRDC) to open the account. The following are the major Canadian Banks.
Royal Bank Of Canada
Canadian Imperial Bank of Commerce (CIBC)
Toronto Dominion Canada Trust (TD Bank)
Bank of Nova Scotia (Scotia Bank)
National Bank
Laurentian Bank

Remember one point, you don’t need to deposit any money in order to open a bank account. This is helpful when you came here with bank draft and once you deposit it they will take 10 days to give you credit. There are varieties of bank accounts available. Please choose whatever is suitable to you. Study all the charges applicable, any hidden cost, interest you are getting etc. Each bank is naming account differently like “Super Saving Account”, “Checking Account”, “Money Master Account” etc. When you are asked to choose between “Passbooks” or “Statement” go for “Statement”. In Statement you will be provided with your account updates by mail every month. In passbook you have to go to bank to put entries into your passbook. Bank statement is very important document as your residence proof. When you apply for Health-Card it is preferred document. While choosing bank, don’t just go for the near-by bank branch, because most of the cases you are not going to stay at the same place forever. Choose a bank with more number of branches. Choose a branch with flexible timings. If you choose a bank which opens at 11.00 AM and closes at 3.00 PM during weekdays and you have first shift job, you can never go to bank, unless you take day-off. Here many banks are open during Weekends and during evening. Check that first.