Best Banking Tips for Canadian Expats & Digital Nomads

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When people move abroad one of the biggest problems is banking.
Usually, it won’t be that easy to open a bank account in a new country as a foreigner, and your home country's bank account may be difficult for international transfers and payments.
This is especially bad if you’re from Canada.

I can tell you from experience Canadian banks suck when it comes to international payments!

Canadian bank accounts (almost all of them) don’t allow online wire transfers. So if you relocate and try to transfer your money from Canada to abroad you will have issues! You’d need to go to a branch and initiate a transfer. This is a little different if you have a corporate bank account.

On top of this, there are issues with foreign currencies. Canadian banks almost exclusively deal with CAD and a little bit of USD. You can’t expect to bank in any other currency!

So, you need a solution that allows you to transfer money internationally once you’re outside of the country, ideally a solution that’s going to minimize your foreign transaction fees and support multiple currencies.

One of the most basic things you can do is to open a Wise borderless bank account and get their debit card. They’ve just started delivering their cards to Canada, so that’s amazing news! This is one of the good steps you can take before moving, as Wise is a very good bank for small transfers!

Other than this, there are 2 cards worth looking at in Canada: Scotia Passport Visa Infinite Card & HSBC Premier Card.
Both of these cards don’t have FX fees, and you can get some points which is amazing.

What about different currencies? Which bank can accommodate those needs?
Your best options are NBC (National Bank of Canada) and HSBC Premiere.

HSBC can be multinational and if you open a bank account in Canada, you can facilitate that to open a bank account in another country.

Another useful thing to know Is that you can negotiate rates for larger transfers.

RBC and TD have a US presence, so if you’re going to be engaging with the United States these banks are good for you!


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Author: Michael Rosmer

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