How to Open a Bank Account Abroad as a Canadian Retiree

Mexico, Portugal, and Thailand — what each country actually requires, which banks accept Canadians, and how to get your pension money where it needs to go.

This post contains affiliate links. If you purchase through our links, we may earn a small commission at no extra cost to you. We only recommend services we’d use ourselves. Full disclosure here.

You’ve figured out the visa. You’ve found a place to live. Now you need to pay for things.

Opening a bank account abroad sounds like it should be simple. It isn’t always. Banks have tightened requirements for foreigners in all three of our target countries over the past two years. What worked for the expat who wrote that blog post in 2023 may not work for you in 2026.

This guide covers what actually works right now — which banks accept Canadian retirees, what documents you need to bring, and the smartest way to move your CPP and OAS payments from Canada to your local account.

Important: Bank policies change frequently — sometimes branch by branch within the same bank. This guide reflects publicly available information and expat community reports as of early 2026. Always confirm requirements directly with the specific bank branch before your visit. Bring more documents than you think you’ll need.

Before You Go: Keep Your Canadian Bank Accounts

This is the most important advice in this entire guide: do not close your Canadian bank accounts.

There is no law requiring you to close them when you move abroad. Your CPP and OAS payments deposit into your Canadian account. Your Canadian credit history stays active. And if you ever need to send or receive money from Canada, having an active Canadian account makes everything easier.

What to do before you leave:

• Notify your bank that you’ll be living abroad. This prevents them from flagging foreign transactions as suspicious and freezing your account. Tell them your destination country and expected length of stay.
• Set up online banking if you haven’t already. You’ll be managing your account from another country — you need full digital access.
• Keep the account active. Dormancy policies vary: TD flags inactivity after 1 year, Scotiabank after 6-12 months, RBC/BMO/CIBC after 2 years. RBC charges $20/year in inactivity fees. A small recurring transaction (even a $5 monthly transfer) keeps the account alive.
• Know your bank’s non-resident withholding. Once you notify them of non-residency, they’ll withhold 25% tax on any interest earned. On a savings account earning $50/year in interest, this is trivial. On larger amounts, it matters.

Mexico: BBVA Is Your Best Bet

Which Banks Accept Canadian Retirees

Warning — Kapital Bank (formerly Intercam): This was previously the only bank that opened accounts for tourists. As of June 2025, Kapital Bank is under U.S. sanctions for alleged money laundering. Avoid until the situation is clarified. Do not open an account here.

What You Need

Most major Mexican banks require a Temporary Resident card or Permanent Resident card. A tourist visa (FMM) is generally not accepted at major banks.

Documents to bring:

• Passport (original + copies)
• Mexican residency card (Temporary or Permanent)
• Proof of address in Mexico (utility bill within 3 months — electricity bill is most commonly accepted)
• RFC (Mexican tax ID — obtained at any SAT office, free, same day)
• CURP (issued automatically with your residency card)
• Mexican phone number (needed for banking app verification)
• Initial deposit in cash

Timeline: Once you have all documents, opening the account takes 30 minutes to 2 hours at the branch. Go in the morning to avoid afternoon crowds.

USD accounts: BBVA allows you to open a USD account after you have a peso account (requires ~$300 USD minimum, and there’s a ~$40/month fee if the balance drops below a threshold). Most expats find it simpler to use a peso account plus Wise for any USD needs.

Portugal: Get Your NIF First, Then CGD or Montepio

Which Banks Accept Canadian Retirees

What You Need

Every Portuguese bank requires a NIF (Número de Identificação Fiscal) — your Portuguese tax number. No NIF, no account. Period.

The good news: you can get your NIF before you arrive in Portugal. A fiscal representative can obtain it remotely for $150-300 CAD. This is worth doing — it saves you days of bureaucracy after landing.

Documents to bring:

• Passport (original)
• NIF number
• Proof of address (Portuguese address or hotel booking for initial setup)
• Initial deposit (~EUR 250)

The ActivoBank situation: If you’ve read older expat guides recommending ActivoBank as the easiest option for foreigners — that’s changed. As of 2024-2025, ActivoBank increasingly requires a residence card from non-EU applicants. Canadians are being turned away. Start with CGD or Montepio instead.

Timeline: With NIF in hand, opening an account takes about 1-2 hours at a branch. Appointment recommended at CGD (walk-ins can work but wait times are unpredictable).

Thailand: You Need a Long-Term Visa First

Which Banks Accept Canadian Retirees

Clearing Up the Deposit Confusion

There’s a number that scares every Canadian retiree researching Thailand: 800,000 THB (~$32,000 CAD).

That is not a bank account opening deposit. That’s the financial requirement for a Thai retirement visa (Non-Immigrant O-A). You need to show 800,000 THB in a Thai bank account OR prove monthly income of 65,000 THB (~$2,600 CAD) to qualify for the visa.

The actual bank account opening deposit? 500-2,000 THB ($20-80 CAD). Much less scary.

What You Need

Thai banks now require a long-term visa — a Non-Immigrant O, O-A, B, or ED visa. Tourist visas are no longer accepted at major banks. The DTV (Destination Thailand Visa) works at Kasikorn and SCB but Bangkok Bank refused it as of January 2026.

Documents to bring:

• Passport (original + photocopies of the photo page and visa page)
• Valid long-term visa
• Proof of Thai address (lease agreement, or a letter from your landlord)
• Thai SIM card with active phone number
• Some branches may also ask for: a Certificate of Residence from Thai Immigration (takes 1-2 weeks) or a letter from the Canadian Embassy
• Initial deposit in cash

Timeline: Same day at the branch — 30 minutes to 2 hours depending on the branch and how busy they are. Morning visits tend to be faster.

Pro tip: Branch experience varies enormously in Thailand. If one branch says no, try another branch of the same bank. Expat communities in Chiang Mai and Bangkok can recommend specific branches and even specific staff members who are experienced with foreign account openings.

Moving Your Pension Money: The Smart Way

Once you have both a Canadian and a local bank account, you need a system for moving your CPP and OAS payments to where you live.

The Recommended Setup

1. CPP and OAS deposit into your Canadian bank account — this is the default and the simplest setup. No changes needed with Service Canada.
2. Set up Wise with auto-transfer. Wise converts CAD to your local currency at the mid-market rate plus a small fee (0.4-1.0%). Set up a recurring monthly transfer that moves your pension money to your local account on a schedule.
3. Local bank account receives the transfer — typically arrives within 1-2 business days.

Why this beats other options:

On $1,500/month, Wise saves you roughly $300-600/year compared to bank wires. Over a 5-year retirement abroad, that’s $1,500-3,000 CAD — real money.

For a detailed comparison of money transfer options, see our guide to sending money abroad from Canada.

The Alternative: Foreign Direct Deposit

Service Canada can deposit CPP/OAS directly into a foreign bank account in many countries (including Mexico, Portugal, and Thailand). The money converts to local currency using the government’s exchange rate.

This is simpler — no Wise needed, no monthly transfers to manage. But the exchange rate is typically 1-2% worse than Wise, which costs you $150-300/year on a $1,500/month pension. And setup takes about 3 months.

If simplicity matters more than saving $200/year, this is a reasonable option. Contact Service Canada (1-800-277-9914, or 1-613-957-1954 from outside Canada) to set it up.

Common Mistakes to Avoid

1. Accepting “dynamic currency conversion” at ATMs. When a Thai or Mexican ATM asks “convert to CAD?” — always say no. Let your Canadian bank handle the conversion. The ATM’s conversion rate is typically 3-5% worse.
2. Assuming a tourist visa is enough for banking. In all three countries, major banks now require longer-term residency documentation. Plan your banking around your visa timeline.
3. Not bringing enough documents. Banks in all three countries can be unpredictable about what they ask for. Bring every document on the list above — plus extra passport copies. Better to have it and not need it.
4. Closing your Canadian accounts. Don’t. Keep them open. You’ll need them for pension deposits, emergency funds, and any future return to Canada.
5. Using bank wires for regular transfers. The fees add up fast. Wise or a similar service saves hundreds per year on recurring transfers.

Tax Reporting: Foreign Account Rules

If you’re a Canadian tax resident with foreign bank accounts and other specified foreign property totalling more than $100,000 CAD at any point during the year, you must file Form T1135 with CRA.

If you’re a Canadian non-resident (you’ve formally departed), you’re exempt from T1135 filing.

The Thailand retirement visa deposit of 800,000 THB (~$32,000 CAD) alone doesn’t trigger T1135 — but combined with other foreign assets (property equity, investment accounts), you could cross the $100,000 threshold. Track your total foreign assets carefully during the transition year when you may still be filing as a Canadian resident.

For more on tax residency, see our guide to filing Canadian taxes from abroad.

The Bottom Line

Banking abroad is not hard — but it requires the right visa and the right documents. Plan your bank account opening around your visa timeline, not the other way around.

The winning formula for most Canadian retirees:

1. Keep your Canadian bank accounts open
2. Get your residency visa sorted first
3. Open a local bank account as soon as your visa allows
4. Set up Wise for monthly pension transfers
5. Stop paying $40/month in unnecessary bank wire fees

Your pension follows you anywhere. Getting the money to follow you efficiently is just a matter of setting up the right system once.

For more on pensions abroad, see our CPP, OAS, and GIS guide. For money transfer options, see our Wise vs bank transfers comparison.

Bank policies, visa requirements, and transfer fees change frequently. The information in this guide reflects publicly available information and expat community reports as of early 2026. Always confirm requirements directly with your specific bank branch and verify visa requirements with the relevant embassy or consulate. This guide is informational and does not constitute financial advice. Consult qualified professionals for your specific situation.