Korean Job Discussion Forums

[Wad]

I am a Canadian who has been living in Korea for over 20 years. I want to open a bank account in Canada from Korea. Has anyone here ever actually done this without being present in Canada?

[Be Good]

I do not believe it is possible. You need to be in the presence of staff with proper ID in hand in order to sign off on it. I could be wrong, but I doubt it.

[jvalmer]

[Redcap]

Yes, it's possible to open a Canadian bank account from outside Canada. However, there's a catch: you will be required to activate the account in Canada.

A bit of background: opening a Canadian bank account from overseas isn't a new phenomenon. Most of the usual suspects in the Canadian banking industry have been competing hard with each other for many years for immigrant banking business. In an effort to gain a competitive edge, some banks began to put in place mechanisms that would enable these prospective customers to open a Canadian account while still living in their home countries. It is worth noting that the banks implemented this strategy with the expectation that these customers opening the accounts from overseas would be arriving imminently.

Keeping the previous sentence in mind, although you can open a Canadian bank account from overseas, your ability to access or conduct transactions with the funds will be heavily restricted, due to Canadian anti-money laundering safeguards. This may be of relevance to you, as the banks will not allow you to transfer or withdraw funds following your opening deposit - that is, until your account is activated. And this may be a critical issue for you: the account must be activated in Canada, in person. Once the account has been activated, you can do as you wish.

The application process will vary from bank to bank. Most of the big players in the Canadian banking industry have online applications. Additionally, some offer collect call phone numbers for international tele-banking.

Someone may suggest you contact a Canadian bank that has a presence in Korea. Keep in mind that these are commercial entities, not retail branches. That being said, you may want to contact them on the off chance that you find an empathetic employee who is willing to help facilitate your application.

A couple of points worth noting: 1) Some banks may not allow you to make additional deposits after your initial deposit; 2) Depending on which bank you choose, they may stipulate that you pre-select a specific branch in Canada in which your account will be based;3) If you are using Korean based i.d. to open the account, make sure you bring it with you when you travel to Canada to activate your account. Some banks will be more lenient than others with regards to point number 3.

Have you considered the option of using a Korean bank with retail presence in Canada ? KEB (Hana), for example, has branches in Vancouver and Toronto.

Good luck.

[greyhound]

I didn't think you could open a bank account anywhere without going into the bank. Still I suppose nowadays there are such things as online banks and online bank accounts so I guess it may be possible.

Anyway, if you have to authenticate this canadian account in canada, then what's the point? You may as well just go to any normal bank in canada and open one there. Pointless having this sort of account then!

[Redcap]

[greyhound]

It doesn't matter in the UK if you have a bank account for residency ties. It all depends how many days you are out of the UK in a given year. You can have a house in the UK too but it still doesn't make you 'resident' if you're out of the UK for the statutory number of days.

I guess it's different then in Canada is it?

[Weigookin74]

I never closed mine when I left. If anything, I converted them to online banking shortly beforehand and continue to use them and my cards. But to get a new card, line of credit, I must go into a bank branch in Canada and sign the paperwork. Use to be able to open some of these several years ago online. So, I'm guessing the same restriction applies. Kills me too as I keep getting pre approved for a 6% apr line of credit. But have to physically go into the bank to sign it. However, I'm not sure if they will want Canadian income too. I've been reluctant to do anything due to fears it could trigger something with my current cards and banking data.

[Weigookin74]

[greyhound]

I didn't say you have to close your account in the UK. I just meant you're not deemed resident in the UK if you keep your bank account open.

[TorontoToronto]

Opening a Canadian bank account (and being Canadian) might signal to the government you're a deemed resident and put you on the hook for Canadian taxes. I'd double check with a tax expert before you do that.