Should I setup a Canadian bank account?

[tlinds]

I usually visit Montreal from the US for long stretches of time during the summer. Probably two months total across two or three trips.

Normally I just hit up the ATMs often to get my money converted from USD to CAD, and I usually pull out a lot over the course of my trips. I was wondering if anyone thought it would be a good idea to setup a Canadian bank account versus just using the ATM, assuming I can meet the requirements for non-residents to be allowed to open a bank account.

Right now I'm thinking I'd be able to save money on fees somewhat, and probably to wire my money over when the conversion rate was in my favor. Anyone willing to share their thoughts on this? Perhaps there are some other advantages or drawbacks I should also consider.

Thanks!

 

[mr_scorpio]

I usually visit Montreal from the US for long stretches of time during the summer. Probably two months total across two or three trips.

Normally I just hit up the ATMs often to get my money converted from USD to CAD, and I usually pull out a lot over the course of my trips. I was wondering if anyone thought it would be a good idea to setup a Canadian bank account versus just using the ATM, assuming I can meet the requirements for non-residents to be allowed to open a bank account.

Right now I'm thinking I'd be able to save money on fees somewhat, and probably to wire my money over when the conversion rate was in my favor. Anyone willing to share their thoughts on this? Perhaps there are some other advantages or drawbacks I should also consider.

Thanks!

If you are here often then it's probably a good idea... Plus you can't ever lose your money in a Canadian chartered bank .. lol..

 

[tlinds]

If you are here often then it's probably a good idea... Plus you can't ever lose your money in a Canadian chartered bank .. lol..

Thanks. Any banks you recommend? I started preferring TD ATMs since I can get higher denominations than just $20s. I used to think Banque Nationale gave a better conversion rate, but they wouldn't exchange the $20s that I pulled out of their ATMs right next to their cashier windows unless I had a bank account with them. Also, when I'd look at my bank statements after my trips, the conversion seems to be roughly the same from both TD and BN. I'm wondering if my experiences will improve by being an actual customer with them.

 

[that.dude]

Tangerine is one of a few “no fee” popular banks here. They don’t have a physical building, but I’ve always been able to get answers to all my questions by phone. Been using them for 6 years, and I’m a happy client. Also, since they’re owned by Scotiabank, you can withdraw money at any of their ATMs with no charge. And Scotiabank ATMs often have machines that allow you to select which denominations you prefer.

 

[mr_scorpio]

I usually visit Montreal from the US for long stretches of time during the summer. Probably two months total across two or three trips.

Normally I just hit up the ATMs often to get my money converted from USD to CAD, and I usually pull out a lot over the course of my trips. I was wondering if anyone thought it would be a good idea to setup a Canadian bank account versus just using the ATM, assuming I can meet the requirements for non-residents to be allowed to open a bank account.

Right now I'm thinking I'd be able to save money on fees somewhat, and probably to wire my money over when the conversion rate was in my favor. Anyone willing to share their thoughts on this? Perhaps there are some other advantages or drawbacks I should also consider.

Thanks!

Most of them are offering cash rewards when you open an account nowadays. I don't know if it applies to non residents, but here is a breakdown; https://www.genymoney.ca/canadian-new-bank-account-promos-2018-a-free-ipad-or-350-cash/

 

[Anna Bijou]

If you just want to use it for spending, you can avoid monthly fees by getting a reloadable prepaid card like KOHO. I have a koho and I love it.

As was suggested, tangerine is also free but they charge for atm withdrawal other than Scotiabank. There are not that many Scotiabank ATMs around. Lol

Koho doesn't charge although you still have the fee from the bank where you use the atm.

I alsk have a tangerine account. The no fee is the reason I still keep it but I ended up going back to using mostly my td account.

 

[transatlantic]

Thanks. Any banks you recommend? I started preferring TD ATMs since I can get higher denominations than just $20s. I used to think Banque Nationale gave a better conversion rate, but they wouldn't exchange the $20s that I pulled out of their ATMs right next to their cashier windows unless I had a bank account with them. Also, when I'd look at my bank statements after my trips, the conversion seems to be roughly the same from both TD and BN. I'm wondering if my experiences will improve by being an actual customer with them.

Conversion rate is determined by the network (typically MasterCard/VISA) not the ATM operator unless you decide to accept the conversion (if shown) at time of withdrawal (dynamic currency conversion/DCC). I’ve only seen CIBC ATMs offer DCC.

 

[Connoisseur12]

TD also operates in the US and Canada and is opening more branches across USA. Rbc's atm's at the bank dispense american money if you have a us account and are not withdrawing more then a certain amount. Both are good choices and could save you transaction fees. I would visit a branch from each and make a comparision to see which suits your needs. But when it comes to exchanging money, I find currency exhangers give better rates then the banks often

 

[IamNY]

Years ago when I had a Bank of America account they had a relationship with Scotia Bank and was able to withdraw money without fees. I also had a TD account and no fees applied when in Montreal. I stopped using banks when going on sex vacations for a couple of reasons. With the freedom to use credit cards that have no fees for international charges there’s really no reason to withdraw cash in other countries except for doing some banging. Since that’s mostly the case, I prefer to bring cash along with me and get a better than average exchange on my money with Calforex. That way you can withdraw cash in the states without fees and convert from dollars to loons as necessary. Most times I come home with the extra US dollars and save money by not having to convert them back from the loon. That’s how I do it, hope it helps.

 

[CWipes]

I think if you also setup a bank account in Canada (or any foreign country) you would also need to report it to the IRS.

 

[just some guy]

The easiest no hassle way to set up a Canadian bank account is to use Wise (first $800 transfer is free). You can hold and transfer funds in many different currencies and get your funds from any ATM machine or debit card. Fees are very low also. You can set up an account in 2 minutes online. Usually with Canadian banks you need to show you are a resident or permanent residence or some kind of connection with Canada (i.e, student) and so on. You may also need to get a SIN number.

 

[Yaya2]

I also am a non-resident and opened a bank account at Scotiabank without any hassle. Very satisfied.
If you get the premium chequing account you get a whole bunch of advantages and fee waivers and $0 (as in zero) monthly fees if you keep a balance of at least 30k CAD (otherwise it's 30$/mo)