How to Open a Canadian Bank Account



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 a debit card, which can be used at any location that accepts VISA. The debit card will be given to you at the bank.

When you withdrawal money from an ATM machine, it's $3 per item, plus a 2.5% administration fee.  It's also a 2.5% administration fee for debit purchases made with merchants outside of Canada.

If you ever want to deposit money into the account, you can send a check in the mail or you can use this website called xoom.com.

In addition there is also online banking that comes with no cost..

Welcome to banking with the Mounties

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