Can I open a bank account internationally?

Yes, you can open a bank account internationally, but requirements vary by country and bank. Typically, you'll need a passport, proof of address and sometimes a visa or proof of income. Banks like Scotiabank and RBC offer accounts tailored to international needs, and these can often be opened online or through branches with global networks.

Which Canadian Bank has US branches?

Several Canadian banks have a presence in the US, including TD Bank, which operates over 1,100 branches along the East Coast, and BMO Harris Bank, a subsidiary of BMO serving the Midwest. RBC also operates in the US through City National Bank, and CIBC offers services via CIBC Bank USA, providing Canadians with cross-border banking options.

What is the difference between an IBAN and a SWIFT code. Do Canadian accounts use these numbers?

An IBAN is a standardized international account number used mainly in Europe, while a SWIFT code identifies specific banks globally for transactions. For international transfers, Canadian accounts don't use IBANs but require SWIFT codes along with the institution and transit numbers.

How can you avoid foreign transaction fees?

To minimize currency conversion fees, use accounts like the EQ Bank Personal Account, which offers low, transparent conversion rates for foreign currencies. Pay in the local currency when travelling to avoid dynamic currency conversion fees, and, for better rates, exchange money in advance at banks like Simplii Financial or Scotiabank.