One needs to be a resident of Canada to open a Canadian bank account

[Todd's keyboard]

Some folks expressed an interest in opening a Canadian bank account. I said I would check when I next visited my bank.

My credit union is a definite no. Not just Canada, customers need to reside in British Columbia.

Stopped in at a Scotia Bank. Was told that one needs to reside in Canada for at least six months to be able to open an account. The person with whom I spoke had to check with a supervisor. It's not clear that she understood the question and/or the answer. I assume one needs to be a resident to open up a Canadian bank account.

Todd$ keyboard

[Speedy]

My SIL and BIL are citizens and residents of Mexico. My wife and I visited Toronto with them several years ago where we transferred US$100k+ into a checking account paying zero interest. They use the debit cards they got to buy things in Mexico. The bank was BMO. They opened the account with $1k and then we wired the rest from an account here in the USA that we were fronting for them. We did have to visit a number of banks before we found a willing bank.

[vision63]

Speedy wrote:
My SIL and BIL are citizens and residents of Mexico. My wife and I visited Toronto with them where we transferred US$100k+ into a checking account paying zero interest. They use the debit cards they got to buy things in Mexico. The bank was BMO. They opened the account with $1k and then we wired the rest from an account here in the USA that we were fronting for them.

But you can't pay me back the $25 dollars you owe me for the hookers that time.

[Robert M]

Todd,

Not necessarily.



Each bank has its own requirements and some definitely allow it. I've actually considered opening an account in a Canadian bank for my business since many of my customers are in Canada. Fortunately, it hasn't proven necessary. Yet.

Robert

[Todd's keyboard]

Yep, I visited a Bank of Montreal (BMO) branch today. After initially telling me she was 90% sure it wouldn't be possible, she checked and came back with a "yes."

The odd thing is, I actually opened a BMO account at the University of British Columbia branch back in the nineties. As a grad student, I was allowed to live in Canada but ended commuting from Point Roberts, WA. So, technically, I opened up an account while not being a resident.

Anyway, I was told that the person needs to show up in person (at least to open the account). I suggested to the person that BMO might want to promote the possibility of US citizens being able to move funds to another country. Doubt much will come of it (at least, not because of me).

Todd's springboard

[Speedy]

vision63 wrote:
[quote=Speedy]
My SIL and BIL are citizens and residents of Mexico. My wife and I visited Toronto with them where we transferred US$100k+ into a checking account paying zero interest. They use the debit cards they got to buy things in Mexico. The bank was BMO. They opened the account with $1k and then we wired the rest from an account here in the USA that we were fronting for them.

But you can't pay me back the $25 dollars you owe me for the hookers that time.
That’ll teach you not to spend so much for those fine ladies of the night, all four of them. Serving the Two Buck Chuck was a very nice touch.