Compare top international banks

If you regularly conduct business or invest in different countries, an international bank account can offer special features to make your banking easier and more affordable. Learn more and compare your options.

Compare bank accounts from international banks

Use the table to sort the best international bank accounts by monthly fee, ATMs, foreign transaction fees and more. Want to view your top picks side-by-side? Click the “Compare” box next to your choices for an alternative view that dives into even more details.

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Name	Product	Interest Rate	Account Fee	Debit Transactions	Interac e-Transfer Transactions
Scotiabank Preferred Package		0%	$15.95 per month ($0 if requirements met)	unlimited	unlimited	Earn $300 cash when you open a new Scotiabank Preferred Package. Apply by December 16, 2020.	Go to site More Info	Compare	loading Fetching your data...
Scotiabank Ultimate Package		0%	$30.95 per month ($0 if requirements met)	unlimited	unlimited	Earn $300 cash when you open a new Scotiabank Ultimate Package. Apply by December 16, 2020.	Go to site More Info	Compare	loading Fetching your data...
Scotiabank Basic Bank Account		0%	$3.95 per month	12 free per month	2 free per month	With a low monthly account fee, you can choose between earning points toward the SCENE or Scotia Rewards reward programs.	Go to site More Info	Compare	loading Fetching your data...
Scotiabank Basic Plus Bank Account		0%	$10.95 per month ($0 if requirements met)	25 free per month	10 free per month	Pay no monthly account fee by maintaining a minimum daily closing balance of $3,000 for the entire month.	Go to site More Info	Compare	loading Fetching your data...
Scotiabank Student Banking Advantage Plan		0%	$0	unlimited	unlimited	Sign up today and get up to 5,000 SCENE or Scotia Rewards Points. Terms apply. Apply by April 30, 2021.	Go to site More Info	Compare	loading Fetching your data...

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How to compare accounts from international banks

Keep the following in mind as you compare accounts from international banks:

• Availability. Where will you be living overseas? Look for an international bank that’s popular in that area, so you’re more likely to have branch locations and free ATM access should you need it.
• Fees. Look for an account with little to no fees for monthly maintenance, foreign transactions, ATMs and more. Most banks list their Fee Schedules online, so take a peek before you commit to opening an account.
• Conversion rates. If you’re staying in one place, pick a bank that has a strong currency conversion rate, so you’ll maximize your dollars each time you make a purchase or withdraw cash.
• Features. Do you need an account that supports multiple currencies? What about one that has a global ATM network that supports your travels? Narrow down the features that are important to you, and find an account that checks all the boxes.
• ATM network. Choose a bank that has a large ATM network in your area, so you’re guaranteed to have free access when you need to withdraw cash.

Other types of international bank accounts

In additional to the traditional banks above, you could also consider joining a challenger bank. Challenger banks are completely digital and built on new technology designed to “challenge” traditional banking and allows you the freedom to use and access your money almost anywhere, usually with the lowest fees. Be aware, though, that many of these banks are not yet available to Canadians.

Leanr more about challenger banks here.

Pros of an international bank account

You might want to switch to an international bank account for these following reasons:

• Multiple currencies. International accounts let you use overseas currencies more easily, often with more preferable exchange rates and fewer fees. If you regularly use foreign currencies, an international account can get you more value for your money.
• Access to foreign markets. Only having a domestic bank account might inhibit you when making foreign investments, while an international bank account may let you more easily access foreign markets to trade forex or trade shares internationally.
• Overseas investments. Purchasing real estate, companies or any other investments overseas would generally involve getting a foreign currency and making a money transfer. Regular investors can save time and money by investing out of an international account.
• Privacy. Sensitive financial information may be safer overseas, in an anonymous account, than in a standard domestic bank account. If your occupation requires you to protect sensitive client information, or your own, then an international bank account may be preferable.
• International money transfers. If you keep making international money transfers through a domestic bank account, you can very quickly spend a large amount on fees and currency exchange rates. An international bank account typically lets you do it with preferable rates and at a lower cost.
• Tax advantages. Money stored in international accounts is sometimes eligible for legal loopholes that cut down on tax costs. But it’s a good idea to talk to a professional, because accidental tax evasion can land you in a considerable amount of legal trouble.
• Linked accounts. Depending on your preferences, you may link other accounts to your international bank account to earn interest on them or enjoy other benefits.

Disadvantages of international bank accounts

An international bank account has a lot of advantages, but you should also be aware of the potential risks involved:

• Legal risk. It’s your responsibility to follow all applicable laws when holding overseas accounts. It may be advisable to use an experienced tax accountant to help you.
• Financial risk. Money held in Canadian bank accounts is generally protected by the CDIC up to $100,000. Money held in overseas bank accounts does not have this guarantee.
• Fees. There may be additional fees and costs involved with international banking, and these can vary between providers. You should make sure you are well informed about all applicable fees and conditions before opening an account.

How do I open an international bank account?

Opening an account at an international bank looks a lot like opening an account in Canada. Once you find an international bank that’s right for you, you’ll generally follow these steps to open an account:

1. Go to the international bank’s website and choose which account you wish to open.
2. Enter your personal information, including your name, date of birth, address, citizenship and occupation.
3. Verify your identity using a government-issued photo ID, such as a driver’s license or passport
4. Verify your address using a bill from a service provider.
5. Verify your income using a pay stub from your employer.
6. Choose which currency you want to use for the account.
7. Optionally, you may need to provide documentation from your current bank proving you have a positive banking history.
8. Make your initial deposit.

3 things to do before opening an international bank account

Before you open an international bank account, make sure you:
1. Have a purpose in mind
By deciding which benefits are most important to you, like easier international investments, more tax options or cheap international money transfers, you can choose an account tailored to your needs.
2. Know your must-haves
Know what the account absolutely must have. For example, if you know with certainty that you will be investing in the Chinese property market then you’ll probably want an account that delivers advantageous Canadian-Chinese currency conversion rates and lets you quickly transfer and convert funds to take advantage of great deals or compete at auctions.
3. Know the law
International accounts can be more legally complicated because they might mean obeying the laws of two different countries at once. You need to operate within both Canadian law and the laws of whichever nation your account is being held in.

Bonus: what to consider before you move abroad

Before you make your trek out of Canada, keep these 5 tips in mind.

• Your bank could freeze your debit card if you don’t give a heads up. If you don’t tell your bank you’re traveling abroad, it could freeze your debit card the first time you use it overseas. Avoid an afternoon of panic by notifying your bank beforehand. You can do this by calling the number on the back of your card, filling out a form online or sending a notification through its app.
• You might not be able to manage your account from an international branch. If your bank has locations overseas, don’t automatically assume they’re connected. For example, HSBC has branches in the US and Lebanon, but their systems don’t communicate with each other. If you pop by an overseas branch, the teller may not be able to help you.
• You might have to pay foreign transaction fees at an international branch of your bank. Just because your bank has branches overseas doesn’t mean you won’t pay foreign transaction fees. Read through your fee schedule or call up your bank to see if you’ll be charged a fee for using your card overseas.
• Having a student visa might limit your bank account options. In some countries — such as Lebonan — you need at least $1,500 in monthly income to open most basic chequing accounts. But a student visa forbids you from working. If you end up in a country with similar account requirements, it may be difficult to find an account you qualify for.
• It’s easier to get paid in US dollars if it’s an option. Some countries accept US dollars, in addition to the local currency. If you have this option, getting paid in US dollars could make it easier to deposit money back home or file your taxes.

Bottom line

International bank accounts can help make international transactions easier and cheaper, but you’ll need to make sure you’re not accidentally breaking any tax laws. Compare chequing accounts both abroad and in Canada to find one that’s the right fit.

Frequently asked questions

• Are there any bank accounts that let me hold multiple currencies?

  Yes, some international bank accounts let you simultaneously hold multiple currencies.

• Is an international bank account the same thing as an offshore account?

  Not necessarily. An international bank account aims to help you with international transactions, and often has special features and benefits to do so. An offshore account is any account that you hold in another country. While some offshore accounts are also international accounts, that isn’t always the case. Read our guide to offshore accounts to learn more.

• Can I avoid paying taxes by keeping my money overseas?

  No. While you may be eligible for certain tax loopholes when keeping money overseas, you still need to report it to the CRA and you may still need to pay taxes on any interest you earn. If you use an overseas account to evade taxes, you could end up in serious legal trouble. If you’re opening up an overseas or international account, it’s a good idea to consult a tax professional to make sure you’re complying with all Canadian and foreign laws.