Business bank accounts for non-Canadian residents

International business owners expanding into Canada will eventually need a bank account. Here’s what you need to know about business bank accounts for non-Canadian residents, including popular accounts to consider.

Can I open a business bank account in Canada as a non-resident?

No, most banks require proof of Canadian residency when opening a business bank account in Canada. Some banks offer cross-border banking solutions for Canada-based customers who do business in the US. But you won’t be able to open a business bank account in Canada without satisfying the residency requirements.

But you’re not out of luck. The next best option would be to open a multicurrency business spending account with an international transfer service.

International money transfer services are not banks, but some offer multicurrency business accounts that usually offer the following benefits:

• A debit card that can be used around the world
• Convenient, cost-effective global transfers
• The ability to send and receive payments
• Hold multiple foreign currencies in one account
• Manage your money via desktop or mobile app

Multicurrency business accounts for non-Canadian residents

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Wise International Business Account

• Why it's great
• Pros and cons
• Info

Wise offers multicurrency accounts and a debit card that can be used in 200 countries including Canada. Connect with QuickBooks for easy, real-time financial administration. Enjoy international money transfer services to 80 countries at the mid-market exchange rate.

• Spend with your debit card in 200 countries
• Foreign transfers with no exchange rate mark-up
• User-friendly app
• Send $1 to $1,500,000

• Not a bank
• No cash pick-up transfer options
• High fees for large transfers

Receiving options	Bank account Alipay (China only)
Pay By	Credit card Debit card Bank transfer Interac e-Transfer Online bill payment Direct debit (EFT)

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OFX

• Why it's great
• Pros and cons
• Info

OFX offers international business transfers and a Global Currency Account that lets you manage funds, receive payments in 7 currencies and send money in 50+ currencies to 170+ countries. Plus, you get dedicated customer service support.

• Hold up to 7 currencies in 1 account
• No fees for transfers over $10,000 CAD
• Lock in exchange rates 12 months in advance

• Not a bank
• $15 fee for transfers under $10,000 CAD
• First transfer requires phone verification

Receiving options	Bank account
Pay By	Debit card Bank transfer

How to open a business account with an international transfer service

You can open a multicurrency business account with an international transfer service online. Usually, you can fill out an online application in minutes, but it might take several business days to verify your identity and get approved.

Be prepared to provide the following information:

• Your business name and address
• Your name and contact information
• Information explaining what you plan to use the account for and the estimated size of your yearly transactions (this doesn’t have to be exact)
• Copy of non-expired photo ID like a driver’s license or passport

How to manage your business account from outside Canada

When managing funds from outside the country, it’s important to have a well-designed, user-friendly mobile app and money management interface. These days, you should really be able to do most of your banking online, from wherever you are in the world.

International money transfer services operate solely online and usually have apps that make it easy to handle funds anytime, anywhere. Check user ratings on the Google Play Store and Apple App Store before signing up to see what other customers think.

And check out customer service options offered by your transfer service provider — some offer more support options and longer operating hours than others.

How to compare business accounts for non-Canadian residents

Before signing up for an account, consider these 3 points:

• Fees and exchange rates. Are there ongoing fees for account maintenance, transactions, transfers or inactivity? What is the exchange rate markup (the fee worth a small percentage of the midmarket rate)? Greater markups mean higher transfer costs.
• Application process. How quick is the application process? How long does it take to verify your identity?
• Do you get a physical card for spending? Will you be issued a card for spending, or do only have access to account details for online transactions.

Pros and cons of opening a multicurrency account

Bottom line

You’ll have a hard time finding business bank accounts for non-Canadian residents. But some international money transfer services offer multicurrency business accounts that let you manage payments, hold funds and spend in foreign currencies (including Canadian dollars). If you’re hoping to do business in Canada, check out Wise or OFX.

Frequently asked questions

• Can I open a business bank account in Canada if I live in another country?

  No, you need to be a resident of Canada to open a business bank account. But you can manage payments and spend in Canada with a multicurrency business account offered by an international transfer service like Wise or OFX.

• Are multicurrency business accounts free?

  Multicurrency accounts offered by money transfer services don't typically come with account maintenance fees, but you may pay fees when you transfer money internationally. Most transfer services also charge a fee worth a small percentage of the midmarket exchange rate when you convert currencies.

• Are there business bank accounts for Canadian residents?

  Yes, most Canadian banks offer accounts, credit cards, lending products and other solutions designed for business owners. Check out our business banking guide to learn more.