\r\n| Pay By<\/th>\r\n | Debit card
Bank transfer
<\/td>\r\n<\/tr>\r\n\r\n\r\n<\/tbody>\r\n<\/table>\r\n<\/div>\r\n<\/div>\r\n<\/div>\r\n<\/div>\r\n<\/div>\r\n<\/div>\r\n<\/article>How to compare business bank accounts for non-Canadian residents<\/h3>Take the following factors into account when comparing business bank accounts:<\/p> - Fees.<\/strong> Business bank account fees can have a big impact on your bottom line. Check whether the account has a monthly fee, an account opening fee and fees for any specific transactions (such as international transfers).<\/li>
- Supported transactions.<\/strong> How many transactions can you make per month without incurring extra fees. Some accounts restrict the number of monthly transactions, while others let you make unlimited transactions. The right account for you will depend on the banking needs of your business.<\/li>
- How to access your money.<\/strong> Will you be issued a card for spending and cash withdrawals, or do you only have access to your funds via online and mobile banking? When managing funds from outside the country, it\u2019s important to have a well-designed, user-friendly mobile app and money management interface.<\/li>
- Exchange rates.<\/strong> When you convert between currencies in your account or send an international transfer, what exchange rate markup applies? This can have a big impact on the cost of doing business if you regularly send or receive foreign currency payments.<\/li>
- Other perks.<\/strong> Check whether the account comes with other benefits, such as cash back on spending or discounts on other business banking products.<\/li>
- Supported currencies.<\/strong> If you\u2019re opening a multi-currency business account, make sure all the currencies you regularly transact in are supported.<\/li>
- Application process.<\/strong> How quick is the application process? Can you apply online or will you need to visit a bank branch to verify your identity.<\/li>
- Customer support.<\/strong> Finally, don\u2019t forget to check how you can access customer support if you ever have a problem with your account, and during which hours support is available.<\/li><\/ul>
How do I open a business bank account in Canada as a foreign resident?<\/h3>How you apply for an account depends on the financial institution you choose. Fintechs and challenger banks typically allow you to open an account completely online. But if you choose a traditional bank, you may be required to visit a bank branch to complete the application and verify your identity.<\/p> You don\u2019t need to be a Canadian resident to apply, but your business will need to be registered in Canada. You\u2019ll also need to be 18 years or older, and you\u2019ll have to provide your personal information and business details during the application process.<\/p> Documentation and information required<\/h4>The paperwork you need to provide varies depending on the bank you choose, but you\u2019ll generally need:<\/p> - Your name, date of birth, contact details and country of residence<\/li>
- Proof of ID<\/li>
- Your business\u2019 name, address, industry and revenue<\/li>
- Proof of business address<\/li>
- Business documentation, such as your business licence, trade name registration certificate or articles of incorporation\/association<\/li><\/ul>
The business documentation you need to provide will depend on the structure of your business. Banks will provide a checklist on their website of the paperwork you need, so read it over before beginning the application.<\/p> Usually, you can fill out an online application in minutes, but it might take several business days to verify your identity and get approved.<\/p> Which banks offer business bank accounts in Canada?<\/h3>Every major bank in Canada offers business banking services. But banking in Canada is dominated by the \u201cBig Six\u201d \u2014 six banks that have the lion\u2019s share of customers across the country. These banks are:<\/p> - Royal Bank of Canada (RBC)<\/li>
- Toronto-Dominion Bank (TD Bank)<\/li>
- Bank of Nova Scotia (Scotiabank)<\/li>
- Bank of Montreal (BMO)<\/li>
- Canadian Imperial Bank of Commerce (CIBC)<\/li>
- National Bank<\/li><\/ul>
If you want the peace of mind that comes from dealing with an established financial institution, be sure to compare business accounts from these banks. But smaller banks and credit unions also offer business banking services, as do fintechs and challenger banks, so it\u2019s worth shopping around to see what else is available.<\/p> Bottom line<\/h3>It\u2019s possible to open a business bank account in Canada if you\u2019re not a Canadian resident. But eligibility requirements and the account-opening process vary between financial institutions, so check with your bank to find out what you need to do to apply. It\u2019s also important to compare a range of accounts to find one that suits the banking needs of your business.<\/p>
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