How to open an account online?

In today's digital age, you can open a bank account in Calgary without leaving your home. This process has become especially important for newcomers, who can start banking before arriving in Canada or immediately after moving, without having to visit physical branches and wait in lines. Below is a detailed step-by-step guide to help you successfully open an account online.

Benefits of opening an account online

Digital banking has revolutionized financial services in Canada: the use of banking apps has grown from 9% in 2014 to 30% in 2023. Opening an account online offers several key advantages:

  • Convenience and speed: the process takes 5-10 minutes instead of an hour at a branch. Instant access to your account after your application is approved allows you to start using banking services right away.
  • 24/7 availability: you can apply at any time, without being tied to branch opening hours.
  • Security: modern encryption technology and two-factor authentication provide a higher level of security than paper documents.

Requirements for opening an account online

Basic eligibility criteria

  • Age: minimum 18 years old (some banks allow 13-14 years old for student accounts with parental consent)
  • Place of residence: have a Canadian address or proof of relocation
  • Status: be the sole applicant (joint accounts are only available offline)
  • Documents: valid ID

Required documents

Category Examples of documents Special notes
Primary ID Canadian or foreign driver's license, passport, permanent resident card Must include photo and unique number
Proof of address Utility bills, bank statements, lease agreement, letter from employer Documents must be no older than 90 days
Immigration status Study permit, work permit, COPR For temporary residents and newcomers
Additional information SIN (if available), Canadian phone number, email SIN is required for interest-bearing products

Step-by-step process for opening an account online

Step 1: Choose a bank and account type

  • Traditional banks: RBC, TD, Scotiabank, CIBC, BMO
  • Online banks: Tangerine, Simplii Financial
  • Credit unions: Servus Credit Union

Step 2: Prepare documents

  • Clear photos/scans without glare
  • All corners visible
  • JPEG or PDF format

Step 3: Complete the online application

  • Personal information
  • Residential address
  • Employment information
  • Financial information

Step 4: Upload documents

  • Upload via secure platform
  • Automatic quality check

Step 5: Identification and verification

  • Interac Verification Service
  • Video call
  • Biometrics
  • Digital document verification

Verification features for different categories

Newcomers and international students

  • No SIN required
  • Temporary addresses
  • No-fee packages
  • Pre-opening from abroad

Students

  • 13 years old with parental consent
  • Adults — standard process

Technical aspects and security

Two-factor authentication

  • Push notifications
  • SMS codes
  • Phone calls

Data encryption

  • SSL connection
  • Encrypted storage

Approval and activation process

  • Instant approval — 5-10 minutes
  • Standard review — 1-2 days
  • Extended review — up to 7 days

Activation

  • Electronic confirmation
  • Access to online banking
  • Debit card by mail in 7-10 days

Online banks: specialized solutions

Tangerine

  • Fully digital process
  • Orange Key for a $50 bonus
  • Minimum deposit of $250
  • Selfie verification

Simplii Financial

  • Instant account access
  • Option to add card to mobile wallet
  • Programs for newcomers
  • CIBC ATM network

Servus Credit Union

  • Mobile account opening
  • Add products online
  • Personalized support

Potential challenges and solutions

  • Technical issues: scan quality, lighting
  • Selfie verification: no accessories, good lighting
  • Regulatory restrictions: minors, joint accounts, special cases

Next steps after opening

Banking setup

  • Downloading the mobile app
  • Auto pay
  • Transaction alerts
  • Interac e-Transfer

Continuing your banking relationship

  • Credit cards
  • Savings accounts
  • TFSA, RRSP
  • Mortgage or car loan planning

Conclusion

Opening a bank account online in Calgary is easier than ever. The process takes 10-15 minutes and gives you instant access to services. The key is to prepare your documents, choose a bank, and understand the verification process. Digital banking saves time and keeps you secure.