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Why should I open a Canadian bank account before moving?

Nick Noorani, Managing Partner of Destination Canada Inc.’s “Prepare for Canada” program, discusses the importance of establishing your finances prior to moving to Canada.

It’s safe, easy and convenient to set up a bank account with Scotiabank before you land in Canada. If you are hoping to become a Permanent Resident, or are an International Student or Foreign Worker, Scotiabank’s StartRight® Program lets you apply for an International Account from 16 countries and transfer funds before you arrive. By setting up an account before you leave your country of origin, you will be able to focus on the many other things that you need to think of when preparing to move to a new country.

It’s a reliable way to send money to Canada

Once you have set up your account, you can make a wire transfer of up to $50,000 CAD into your new account before you move. This means that you don’t need to worry about travelling with a lot of money, which can be stressful and unsafe. The Canadian banking industry is very reliable and you can be rest assured that the money you transfer to your account before you arrive is secure.

Transferring funds will allow you to show proof of funds

If you don’t have a job lined up with a Canadian employer, you must demonstrate to an immigration officer that you have enough money to support yourself and your family once you arrive in Canada. You will not be able to borrow this money from a friend or family member – it will need to be your own.

The good news is that showing proof of funds as you land in Canada has never been easier. By setting up an International Account with the Scotiabank StartRight® Program, you can enjoy peace of mind knowing that you can provide a bank statement that Canadian immigration officers recognize as proof of funds, making the process of landing in Canada smoother and faster.

Lastly, it’s important to start your online application only if you have your Canadian visa or landing document number as you’ll need this information to set up your account.

The process is very straightforward

Applying for a bank account in Canada with Scotiabank before you arrive is simple and takes 10 minutes. You can access an online application from the Scotiabank International Account opening page. Once the online application is submitted, Scotiabank will set up your International Account, and send you a secure email with account information and wire transfer details within 24 hours. You can then transfer up to $50,000 CAD to your Scotiabank account and your funds will be deposited with 5-7 business days.

Opening a chequing account once you arrive

While you can set up an International Account prior to arrival, once you land in Canada you will need to open a chequing account to access your funds for your everyday banking needs. With digital banking and more than 900 branches across Canada, you will be able to access the funds in your Scotiabank account from anywhere, 24 hours a day. No matter which province or city you decide to make your new home, you will be able to use the many services that Scotiabank offers newcomers to Canada.