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Showing posts from June, 2012

How to Open a Canadian Bank Account

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This is a post directed towards opening up a bank account (in CAD) at CIBC. CIBC is the Canadian Imperial Bank of Commerce.  It is the fifth largest bank in Canada based on deposits, and in May 2012, Bloomberg ranked it the strongest bank in North America and the third strongest bank in the world. Before you go to the bank, schedule an appointment.  In order to open up an account as an United States citizen, you need a passport and a driver's license.  The process should take about 30 minutes including filling out the paperwork and setting up your account.  If you're driving there, expect to be at customs longer than you will be in Canada. (Reminder: take customs into account while setting up your appointment time) Open a simple checking account.  This account is in CAD and whenever money is taken out it is converted to the USD. Keep a minimum balance of $1,000 in your account, otherwise you will be charged a #3.90 fee. With this checking account you'll receive