Opening an Online Financial Savings Account in Canada
Opening an online financial savings account in Canada is easy and convenient. All you have to do is access the website of the bank you want to open an account with, and click on the option that allows you to open an account. You will also need to be available in person in Canada to finalize the process. As with any bank, you’ll need identification. Make sure that your identification is current, consistent and original. Review the account options and select the one that fits your lifestyle and personality.
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Instructions
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Go to a Canadian bank’s website to open an online financial savings account in Canada (see Resources). Proceed to the option on their website that allows you to apply for an account. Decide what kind of account that you want to open. For example, if you want to continue dealing with US dollars, choose a banking plan that allows you to save in that currency. Most Canadian banks have options that fit different people’s tastes.
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Wait until you receive a welcome package from the online bank. Look though this package for detailed information on your next application step. Go through this packet to see what you need to open a savings account. List the documents that you’re going to need to open your account, then put those documents together. The welcome kit has straightforward direction to complete your application. Submit your application, plus required documents, to the bank.
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Know that you have to be present in Canada, at the nearest bank branch, as the last step to open your online account. Talk to a representative to complete opening your account. Bring identification with you, make sure that the ID is current, original and with the same name on each document.
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Ask the bank representative for different ways you could make deposits to your account. If you can mail your deposit, send a cashier’s check through insured and registered mail. Follow the bank’s suggestion for mailing your deposits. Use direct deposit to send your paycheck to this account; please see tips and warning for safely making deposits without going to the bank.
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Choose the nearest Canadian bank. If you live in Canada, do online banking with the bank closest to your home and work address. Also choose the Canadian bank whose options and service features fits your personality and lifestyle.
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Tips & Warnings
Open a PayPal account. Add your online Canadian banking account, and your regular bank account, to your PayPal account. Make your deposits to your regular bank; then wait for these deposits to post to your account. Transfer this money to your PayPal account; then transfer it to your online Canadian account.
These are general guidelines, as different Canadian banks have different procedures. Follow the instructions on your chosen bank’s website.
Include a photo, that has your name near it, along with the documents that you send to the bank to open your account.
There’s an element of risk when you deposit your money to an ATM machine or by mail. The most secure way to make your deposits is in person, and through electronic transfers.
US dollar accounts have different ID requirements and must be opened at an RBC Royal Bank branch in person.
