# Non Resident Canadian Bank account for non Canadian never in Canada



## troy mcclure

Hi
I am posting from Ireland. So Sláinte.. 

Can someone tell me is there any Canadian banks that allow you to have savings deposit accounts if you are not resident or visitor in Canada. I have no need nor intention of going to Canada. Just want to hold Canadian dollars instead of the Euro which is likely to collapse in my view.
Non resident accounts are fairly common worldwide but any bank in Canada I contacted seem to tell me I have to go there.


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## Dana

I don't think you can open a canadian account without actually being on Canadian soil. I am not familiar with accounts being opened in absentia. 

Also, you need a SIN (social insurance number) to open a Canadian bank account. Even if you are not Canadian, you would need a 900 SIN # for tax reporting purposes. 

Can you hedge by investing in Canadian investments listed on the TSX? They are traded in CDN$ and would give you currency exposure?


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## HaroldCrump

If all you need is a CAD deposit, many global banks allow you to maintain deposits in foreign currencies.
I can name a few - HSBC, Citi, Barclays.
Here in Canada, most of the banks allow us to keep deposits in USD, EUR, GBP, and maybe even AUD.
I know Scotiabank does, where I bank.
Ask around within your own country and it should be possible without the complications involved in opening a bank account in Canada.


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## LondonHomes

If you have some sort of brokerage account it might be easiest for you to just purchase Government of Canada bonds rather than open up new accounts.


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## humble_pie

OP can easily establish a canadian dollar deposit or investment account in most tax havens. Nearest havens to ireland would be the channel islands & the isle of man. These islands have many clients with canadian interests, are likely to have best rates for canadian currency imho.

nearly all if not all of the big 5 canadian banks have subsidiaries in these islands. The big 5 are royal bnk, bnk of montreal, commerce bnk, scotiabank & (perhaps less likely) bnque nationale. OP can you google up their channel islands websites.

if you have huge amount of money you could also carry on business in the city of london, which serves as a partial tax haven for offshore corporations with no british connection, but you'd need millions.

for ordinary retail investors there's also the venerable HSBC with offices all over the world. They have an active channel islands subsidiary - in jersey i believe - which is designed for the multinational or travelling client. They seem willing to take very low deposits, even less than 10,000 CAD. Here's the link:

http://www.offshore.hsbc.com/1/2/

a caveat is that, unlike switzerland, there is no strong central bank or bank of last resort in these quasi-independent offshore island fiefdoms. In a global financial meltdown, it is highly doubtful that the Bank of England would assist any subsidiary of a british bank therein located. It goes without saying that in a meltdown situation, ie one step worse than what we saw in 2008/09, the B of E would not give one fig about the island subsidiaries of big american, dutch, german or japanese banks. Nor would the Bank of Canada stand behind any channel islands situated subsidiary of any big canadian bank.


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## troy mcclure

Thanks everybody for your very helpfull replies. It's much appreciated


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## Causalien

I believe that opening a US account with TD and then buying CDN currency is the easier method. Since the branch you are dealing with is directly on the soil of North America, it remove that extra layer of Euro uncertainty.

If I remember correctly from talking with investors in China, it is a matter of filling up one form with an ID and sending money in a check. Although it takes some time for the cash to be verified.


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## james4beach

This is an old thread, but I have the same question (on behalf of someone else).

I'm friends with a nice old man in the US. He's an American citizen and doesn't have a residence in Canada, and doesn't travel much. He's become increasingly concerned with US stability/leadership and wants to open an account with one of the Big Five banks, to deposit CAD cash with them, with CDIC insurance.

Does anyone know how this is done? Ideally, without having to drive to Canada. I was going to phone TDCT and inquire, but maybe someone here knows the process?


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## humble_pie

james4beach said:


> This is an old thread, but I have the same question (on behalf of someone else).
> 
> I'm friends with a nice old man in the US. He's an American citizen and doesn't have a residence in Canada, and doesn't travel much. He's become increasingly concerned with US stability/leadership and wants to open an account with one of the Big Five banks, to deposit CAD cash with them, with CDIC insurance.
> 
> Does anyone know how this is done? Ideally, without having to drive to Canada. I was going to phone TDCT and inquire, but maybe someone here knows the process?




here is an anecdote i recall from the global financial collapse of 2008-09, when gigantic US financial institutions like merrill lynch were cratering left right & centre.

it was a young person speaking - a bit out of line - from a big bank call centre in the GTA. He said that a much-discussed phenomenon was the fact that americans were driving up to the head office of his bank in downtown toronto to open accounts in person. At that time (08/09) it was perfectly legal to do so. He said the majority of these americans were making smallish deposits at first, to see if the account would work at all.

he added that many of these americans were telling the canadian bank staff that, once they'd returned to their homes in the US & verified that the account was working A-OK, they were planning to ship all or a good part of their life savings north to canada.

i imagine that this is a phenom canadian banks get used to every time there is a serious crisis in the US of A.


jas4 for your friend, just off the top of my head, it's possible a party would have to attend in person, sur place, at a canadian bank in a canadian city. If he doesn't travel this could be a downer.

i also tend to doubt that he'd be covered by CDIC.

i think you should discuss with td canada trust, as you say, & also contact the canadian consulate in seattle for pointers in general for americans who desire canadian bank accounts.

here's a wilder suggestion: all the big canadian banks maintain US offices. Some of these offer retail banking services to american citizens residing in the US. It should be possible, for example, to book & hold a CAD term deposit with them (don't believe they call it a GIC but same idea) while never having to visit canada. But be warned: there's no deposit insurance whatsoever on these things. They are akin to eurodollars, singapore dollars & all those other wild west currencies that are running around outside their native land & are not subject to any reserve bank requirements.

i have a feeling it's the CDIC insurance your friend wants & this is what's likely to be the most difficult thing to obtain.


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## lonewolf :)

james4beach said:


> This is an old thread, but I have the same question (on behalf of someone else).
> 
> I'm friends with a nice old man in the US. He's an American citizen and doesn't have a residence in Canada, and doesn't travel much. He's become increasingly concerned with US stability/leadership and wants to open an account with one of the Big Five banks, to deposit CAD cash with them, with CDIC insurance.
> 
> Does anyone know how this is done? Ideally, without having to drive to Canada. I was going to phone TDCT and inquire, but maybe someone here knows the process?


 Weiss Ratings inc provides one of the most reliable banking rating services in America. What state does your friend live in ? I have a list of the 2 safest banks in each state though was composed a few years ago. During a bank run the stronger banks could become stronger as money looks for a safe home


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## Longtimeago

While your motives are no doubt good james4beach, I suggest your only advice to your friend should be to consult an accountant in the USA who is familiar with cross-border financials. There are other factors to consider beyond CDIC insurance obviously. Taxes for a start on any income generated.


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## AltaRed

I think the general answer is one MUST be in Canada in person to open a personal Canadian bank account. https://www.apintertrust.com/incorp...l_bank_account_in_canada_for_nonresidents.htm That theme seems consistent Googling various links.

From Googling, a SIN is not required for a non-interest bearing account, but is required for an interest bearing account.


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## james4beach

Longtimeago said:


> While your motives are no doubt good james4beach, I suggest your only advice to your friend should be to consult an accountant in the USA who is familiar with cross-border financials.





AltaRed said:


> I think the general answer is one MUST be in Canada in person to open a personal Canadian bank account. https://www.apintertrust.com/incorp...l_bank_account_in_canada_for_nonresidents.htm That theme seems consistent Googling various links.


Thanks for these comments. I think, as you say, I'll just have to point this guy to an accountant.


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