Banking in Canada

Opening a Bank Account

To open a bank account at a Canadian bank foreign nationals must have at least one piece of Canadian identification. For most international employees arriving in Canada, this will be your work permit. For further information on the pieces of identification you need, consult this list.

Banking on Campus

The Canadian Imperial Bank of Commerce (CIBC) bank has Automated Teller Machines (ATMS) on campus.

Find machine locations on Queen's Campus Map

Banking in Kingston

Kingston has many banking options from large international banks to local credit unions. Big banks offer lots of services like savings accounts and mortgages. Some offer services that are tailored to newcomers to Canada. The government of Canada oversees the major banks in Canada and the following banks have at least one branch located in Kingston:

Credit unions like Kingston Community Credit Union or Cooperatives offer similar services, and they often focus on the local community and may have lower fees. These credit unions and cooperatives are managed by the provinces.

Transferring Funds to Canada

Is exporting money from the country you are coming from restricted? Be sure to get professional advice from your bank before you leave.

There are no restrictions on how much money you can bring to Canada, and you will not be taxed on the money. However, if you are carrying more than CDN $10,000 (or its equivalent in a foreign currency, including stocks and bonds, etc.) when you cross the border, you must tell a Canadian border official. If you do not disclose, you may be fined. Visit the Canada Border Services Agency website to download the official form to report funds over CDN $10,000.

If you plan to transfer your money by way of a bank draft, take into consideration that it can take up to 6 weeks to access your money once the bank draft has been deposited at a Canadian bank. For more advice on transferring or bringing money into Canada, visit the Settlement Services website.

Getting a Credit Card or Mortgage

Even if you have had many years of credit history with worldwide credit card companies, you may not automatically be eligible for such a credit card in Canada. In Canada, credit cards are issued by Canadian financial institutions, which often do not recognize credit histories from other countries. Check the banking institutions to see if they have a special offer for newcomers to obtain a Canadian credit card and start building your credit history.

If you are planning to buy a house and need a mortgage, you may find that your lack of Canadian credit history and your work permit status can make it difficult to find a lender. It is helpful to bring a letter of credit from a previous lender.

For further information about arranging a mortgage, please contact the Community Integration Liaison.