Banking While Outside Canada 2025: Best Options

Whether you are a snowbird spending 6 months in Florida, an expat living abroad for years, a digital nomad working remotely, or simply a long-term traveller, managing your banking from outside Canada requires some planning. This guide covers the best options for accessing money, keeping your Canadian accounts active, and handling cross-border banking efficiently in 2025.

Keeping Your Canadian Bank Account Active

Most Canadian banks will not close your account simply because you are abroad — as long as it remains active and in good standing. To keep your Canadian account functioning properly:

• Update your contact information with an international address or a Canadian mailing address (a trusted family member or friend)
• Ensure your mobile number is accessible — most banks require a Canadian number for 2FA. Consider a Canadian number that forwards internationally, or use apps like Google Voice
• Download your bank's mobile app before leaving and ensure it works abroad — some features may be restricted by geography
• Notify your bank of your travel plans to prevent fraud blocks on international transactions
• Keep some minimum balance to avoid service fees

Best Banks for Canadians Living Abroad

Scotiabank — Best for International Coverage

Scotiabank has a particularly strong international presence and explicitly markets itself to Canadians living abroad. Key benefits:

• Partnership with Bank of America (US) for fee-free ATM withdrawals
• Caribbean and Latin American branch network (particularly useful for snowbirds in Mexico, Caribbean)
• Scotia International Banking for Canadians with cross-border needs
• Good international wire transfer services

TD Bank — Best for US-Bound Canadians

TD Bank has a major US retail banking presence with over 1,200 branches in the eastern US. TD Canada Trust customers enjoy significant benefits when in the US:

• Seamless relationship between TD Canada Trust and TD Bank USA
• TD has branches in Florida (very popular snowbird destination), New York, Boston, and up the East Coast
• Access to US banking services through the TD relationship
• Cross-border account options available

RBC — Best Digital Access

RBC's digital banking platforms are among the strongest in Canada. RBC also has international representative offices and partnerships. The RBC Avion Visa and RBC Departure Lounge partnerships can be useful for frequent international travellers. RBC's Caribbean banking arm (RBC Caribbean) serves many expats in that region.

Digital Banking Tools for Canadians Abroad

Getting Cash Abroad

The best ways to access cash outside Canada:

1. Use a Wise Card at Local ATMs

Wise gives you 2 free ATM withdrawals per month up to approximately $350 CAD equivalent. After that, a small fee applies. Wise uses near mid-market exchange rates, making this one of the cheapest ways to get local cash.

2. Use Your Canadian Bank Debit Card at Partner ATMs

Scotiabank customers can use Bank of America ATMs in the US without surcharges. TD customers can use TD Bank (US) ATMs. These partnerships save $3–$5 per withdrawal and eliminate the foreign exchange markup on some networks.

3. Avoid Random ATMs

Standalone ATMs at tourist sites, hotels, and airports often charge $5–$8 flat fees plus poor exchange rates. Use bank ATMs (identifiable by the bank's logo) whenever possible.

Sending Money from Abroad Back to Canada

If you are working abroad and want to send money to your Canadian account, Wise is the most cost-effective option. Typical cost: 0.5–1% fee versus 2.5–4% spread at banks. For large amounts ($100+ CAD), a currency broker (Knightsbridge FX, Interchange Financial) may offer even better rates.

Managing Canadian Bills While Abroad

If you maintain Canadian financial commitments while abroad:

• Set up automated payments for recurring bills (mortgage, insurance, strata fees) through your Canadian bank's bill payment system
• Interac e-Transfer works internationally from mobile apps — you can send/receive within Canada even from abroad
• For large one-time payments, ensure you have enough in your Canadian account and that your banking app is accessible from your location (some bank apps have geographic restrictions)

Non-Resident Banking Considerations

If you are a Canadian non-resident (as opposed to a resident who is temporarily abroad), banking becomes more complex:

• Canadian banks must apply 25% withholding tax on interest paid to non-residents (often reduced by treaty to 10–15%)
• Some Canadian banks restrict non-residents from holding certain account types or investment products
• You cannot contribute to RRSPs or TFSAs as a non-resident
• CRA may require you to notify them of your non-resident status and file applicable forms

KOHO for Canadians Going Abroad

KOHO is an excellent domestic Canadian banking tool — no monthly fees, cash back, and a clean mobile experience for everyday Canadian spending. However, KOHO's Mastercard charges a 2.5% foreign transaction fee on international purchases, which is the standard rate and adds up quickly when travelling. KOHO is better suited for managing your Canadian finances (bills, direct deposits, domestic purchases) while you use a dedicated no-FX card or Wise for international spending.

Banking Checklist for Canadians Going Abroad

1. Notify all Canadian banks and financial institutions of your travel or move
2. Set up Wise account for international transfers and ATM withdrawals
3. Ensure your primary Canadian bank's app works internationally
4. Set up a no-FX credit card (Scotiabank Passport or Rogers World Elite)
5. Download banking apps and test access before leaving Canada
6. Set up automated payments for recurring Canadian bills
7. If becoming a non-resident: notify banks of status change; plan for TFSA/RRSP implications
8. Keep a backup payment method (second card, small emergency cash reserve)