Step 1: Decide which Canadian account is best for you – Compare accounts
Step 2: Complete an online application and use HSBC EasyIDTM to validate your identity - What you’ll need to apply
Step 3: Receive notification that the account is opened
Step 4: Make an optional wire transfer* to receive your deposit confirmation for Immigration Canada
Step 5: Visit your branch in Canada and create your financial success plan
Free New to Canada financial review session
Pick up your debit card
Register for Online Banking
Participate in our Newcomers offers
Ready to open an account?
Benefits of opening an account before you arrive?
Express entry compatible
We’re a recognized financial partner with Immigration, Refugee and Citizenship Canada. So, you will be able to use a deposit confirmation letter to show proof of funds.
Depending on your family size, your proof of funds requirement may be well over $10,000 CAD. Any cash in hand over $10,000 CAD must be declared to the border officer. Moving money into a chequing account before you arrive means you don’t have to travel with as much cash.
Have money when you arrive
When you pre-open the account, you can deposit up to CAD $30,000 by wire transfer. Make sure you do this at least one week before you arrive though, because wire transfers can take days to process. You can access the funds as soon as you activate your account at an HSBC branch in Canada.
One less thing to do
Setting up your banking is an essential part of getting settled in a new country. When you pre-open your account, you can cross this off your list of “to do” items.
Frequently Asked Questions
What do I need to apply?
Why do I need to visit the branch in Canada?
How will I get statements and other important documents?
Is there a limit on the amount of money I can deposit?
What is HSBC EasyID?
What if HSBC EasyID can’t verify my identity?
* The initial deposit must be a wire transfer made from a personal bank account in your home country with your name. Transfers are subject to local country exchange regulation which may include fees or other limitations. Refer to your local financial institution for more information.
1 This means that a chequing account will be opened but it will be blocked from all transactions except an initial deposit until you visit a branch in Canada with your original identity documents. Accounts must be activated within 8 months of the account opening date. We may close your account and return any money deposited to you, less any fees, if you do not activate the account within 8 months. See the terms and conditions for more information. If the information provided in your application is unclear or we require more information, an HSBC International Case Manager will contact you at the phone number and/or email address provided in your application. We may even require you to visit a local HSBC branch to have your identification verified.
2 The initial deposit must be a wire made from a personal bank account in your home country with your name. Transfers are subject to local country exchange regulation which may include fees or other limitations. Refer to your local financial institution for more information.
3 Individuals who are applying for their Canada visa through Immigration, Refugee, and Citizenship Canada’s Student Direct Stream /Student GIC Program are eligible to use pre-departure account opening. You must also follow the requirements of HSBC’s International Student Program.
5 Foreign currency exchange rates and local country limitations apply. Transfers from accounts outside Canada may be subject to transfer fees. Access to internet banking is only available for customers who have visited a branch for identification verification and may be limited by your local country regulations. International wire processing still apply (3-5 business days).