North America · Inc / Corp
Open a business bank account in Canada
Banking is the hardest part of running a Canadian corporation from abroad — harder, for most non-residents, than the incorporation itself. Canada's chartered banks were built around face-to-face identity verification, and for a corporate account they almost always require a signing director or officer to attend a branch in person. For a fully foreign-owned company with a director who has never set foot in Canada, that frequently means either a trip to Canada or an indefinite wait. The practical, well-worn workaround is a fintech account that onboards remotely against your incorporation documents, used either as the main account or as a bridge until you can satisfy a chartered bank.
- Country
- Canada
- Topic
- Open a bank account
- Reviewed
- June 2026
By the Lanzamo Editorial Team · Reviewed June 2026 · How we research
Traditional banks
RBC (Royal Bank of Canada)
Canada's largest bank; broad business-account range but typically requires an in-branch meeting with a signing director and is cautious with fully foreign-owned, non-resident-directed corporations.
TD Canada Trust
Large branch network and small-business focus, but corporate account opening is essentially in-branch — a non-resident director usually has to attend in person to complete verification.
BMO (Bank of Montreal)
Established SME banking; onboarding generally assumes a Canadian-resident signer and an in-person identity check, so it is rarely a fast remote option for a non-resident.
Scotiabank / CIBC
Both onboard incorporated businesses but expect in-branch verification of directors; non-residents are often where these banks ask for extra documentation or quote long timelines.
Fintech & EMI options (built for remote)
Wise Business
Onboards Canadian-registered companies with foreign directors remotely; provides local CAD account details plus multi-currency receiving — the default first move for cross-border founders who can't visit a branch.
Airwallex
Multi-currency business accounts with Canadian and global collection details and fully remote KYC; accepts cross-border companies and is a common pairing with Wise for redundancy.
Loop
A Canadian fintech aimed at companies that do cross-border business, offering CAD/USD accounts and cards; can be more workable than a chartered bank for a foreign-owned corporation, subject to its own KYC.
Stripe / PayPal (for receiving)
Not bank accounts, but a Canadian corporation can usually take card payments through Stripe or PayPal once it has a BN and a verified bank/fintech account to settle into — useful for getting revenue flowing before a chartered account exists.
What you'll usually need
- Certificate of Incorporation and the corporation's registry/corporation number
- Articles of incorporation and organisational records (often the corporate minute book)
- Directors' resolution authorising the account and naming the signing officers
- Two pieces of government-issued ID for each director/signer (passport for foreign directors)
- Proof of residential address for directors and beneficial owners (25%+)
- CRA Business Number and any GST/HST registration
- Description of the business, expected turnover and source of funds (KYC/AML)
- A Canadian registered office address on file (your agent's service address is fine)
Tips to get approved
- Try a fintech (Wise, Airwallex) first — don't lose weeks on a chartered bank that will likely demand a branch visit before you've even confirmed they'll accept a non-resident.
- If you do want a chartered bank, plan the branch visit deliberately: pre-book an appointment, bring the full minute book, and combine it with any trip to Canada.
- Keep your registry record and CRA registrations spotless and current — banks and fintechs cross-check them and mismatches trigger instant rejections.
- Open at least two accounts (e.g. Wise plus one more) for redundancy, since fintech accounts can be frozen during reviews with little notice.
- Match your stated business activity to reality and have a clear source-of-funds story; vague or high-risk-looking activities (crypto, gambling, adult) are the top rejection trigger.
Frequently asked questions
Can I open a Canadian business bank account without flying to Canada?
At a chartered bank, usually no — RBC, TD, BMO, Scotiabank and CIBC overwhelmingly require a signing director to verify identity in a branch. The realistic remote route is a fintech such as Wise or Airwallex, which complete KYC online against your incorporation documents and give you a CAD account without a branch visit.
Is a fintech account good enough, or do I really need a chartered bank?
For most early-stage corporations a fintech account is enough to receive revenue, pay suppliers and remit to the CRA. The differences are that fintechs are not chartered banks (your funds are safeguarded rather than CDIC-insured) and they don't offer credit or overdrafts. Many non-residents run on a fintech for year one and only pursue a chartered account once they have Canadian operations or need lending.
Why is this so much harder than incorporating?
Canada's anti-money-laundering regime pushes banks to verify a real Canadian nexus and meet the people behind a company face-to-face. A fully foreign-owned, foreign-directed corporation with no Canadian footprint reads as higher risk, so chartered banks default to in-branch checks and caution. Fintechs absorb more of that risk with stronger automated KYC, which is why they're the practical path.
Does it help to have incorporated in BC or Ontario specifically?
It helps mainly because those provinces let you be the sole director without a Canadian resident, which keeps the ownership story clean for KYC. But the bank's in-person requirement applies regardless of province — incorporating in BC does not by itself unlock remote chartered-bank onboarding. The fintech route is still the reliable remote option whichever province you chose.
Sources
- Corporations Canada — incorporate a business corporation (official)
- Province of British Columbia — incorporated companies (no director-residency rule)
- CRA — Register for a GST/HST account (non-resident security)
- CRA — Non-resident GST/HST enquiries and registration
- CRA — Rates for Part XIII (non-resident) withholding tax
- CRA — Required withholding on amounts paid to non-residents for services (Regulation 105, IC75-6)
- PwC Tax Summaries — Canada corporate income tax (federal 15% + provincial)
- PwC Tax Summaries — Canada corporate withholding taxes
- DLA Piper — director-residency rules in Canada (federal vs provincial)
- EY — 2026 Canadian corporate income tax rates (active business income)
More on Canada
Comparing Canada with other countries?
See Canada next to 12 other startup-friendly jurisdictions — fee, tax, capital and the resident-director catch — in one table.
The founder’s starting-a-US-company checklist
Get the free step-by-step checklist plus the occasional plain-English guide on formation, taxes, banking, and staying compliant. No spam, no hype. Unsubscribe anytime.