Choosing the right bank helps keep more money in your pocket. We've found the best bank accounts for newcomers in Canada, so you can put your feet up (and enjoy the poutine!).
Scotiabank Preferred Package
Earn up to an $800 bonus
Unlimited transactions & free Interac e-Transfers
First year fee waived (up to $150) on select credit cards
Looking for the best bank for newcomers in Canada? We analyzed every bank account and banking package for newcomers to Canada to create a list of bank accounts that include preferred perks, such as no monthly fees, unlimited free transactions or free e-transfers.
To discover the benefits of each bank and to find the best bank in Canada for newcomers, it’s best to compare the pros and cons of bank accounts for newcomers vs. regular chequing and savings accounts. By examining the features of each banking offer, you can choose the best newcomer bank account in Canada, based on your needs.
To determine this best list, Finder Canada analyzed 15 chequing and savings accounts suitable for newcomers to Canada across 13 financial institutions. We compared accounts from traditional banks, digital banks, fintechs and credit unions. We narrowed down the list of accounts to the top 11 by only listing accounts that are available in all Canadian provinces.
We ranked accounts based on 18 data points within five major categories. Here’s how we ranked and weighted each product:
Fees: 40% (Monthly fee, ability to waive monthly fee (if necessary), transaction fees, wire transfer fees, NSF fees, overdraft fees)
Perks: 20% (Newcomers specific perks and assistance, signup bonuses, other tailored rewards)
No single newcomers account will be the best choice for everyone, so thoroughly compare your options before picking your new account.
Best overall newcomers offer: National Bank
With the National Bank Newcomer Bank Account offer, you pay no monthly fee on your chequing account for up to 3 years . That amounts to a savings of over $500.
You can make free, unlimited electronic transactions and Interac e-transfers from your account. The newcomer offer also allows you to apply for a National Bank credit card (like the mycredit Mastercard) with no credit history.
National Bank also supports international transfers by Mastercard and Interac, allowing you to send money online to 19 countries in the European Union and elsewhere for only $5.95 per transfer.
You’ll get your first order of cheques for free (saving you $67.10) and get free paper bank statements by mail for the first year (a $30 savings).
Finally, to help you make the transition to life in Canada, you get access to one year’s worth of free legal assistance by phone and advice on immigrating, housing, personal finance and more.
Eligibility: Must open an account up to 90 days before you arrive in Canada or within five years of your arrival in Canada. Must be 18 years of age or older and the only user of the account. Perks: Exclusive phone support for newcomers, international transfers for only $5.95, and access to Mastercard credit card applications with no credit history. Credit card (yes/no): Yes
Exclusive phone assistance for newcomers
Monthly fee waived for up to three years
Get a Canadian credit card without credit history
Need to sign up for additional products or services to have monthly fee waived
Best chequing account for newcomers in Canada: BMO Performance Chequing Account
If you’re simply looking for an everyday chequing account without a load of other financial products bundled in, check out the Bank of Montreal (BMO) Performance Chequing Account.
This standalone newcomer bank account from BMO offers unlimited debit and Interac e-Transfers and free access to all BMO ATMs across Canada. The monthly account fee is waived if you maintain a minimum monthly balance of at least $4,000.
You can also get an up to $40 rebate on the annual fee for eligible BMO credit cards. Check out the BMO Performance Chequing Account welcome offer: Get a $600 cash bonus when you sign up.
If you’re interested in the Performance Account, but are looking for more banking options like credit cards or a mortgage, explore the BMO NewStart Program below.
Eligibility: Must be 18 or older (or the age of majority), have a SIN and a Canadian address. To qualify for the NewStart Program, you must be a permanent resident or foreign worker who arrived in Canada within the last five years. Bonus offer:Earn a $600 welcome bonus Credit card (yes/no): No
Unlimited transactions
Monthly fee waived if you The monthly account fee is waived if you maintain a minimum monthly balance of at least $4,000.
Option to sign up through the BMO NewStart Program for additional perks
$17.95 monthly fee (unless fee-waive conditions are met)
Best premium chequing account for newcomers in Canada: RBC VIP Banking Account
If you’re looking for a bank account that offers premium benefits, the RBC VIP Banking Account comes with plenty of perks and allows you to get access to the RBC Newcomer Advantage program.
This standalone VIP Banking Account from RBC comes with unlimited worldwide debit and Interac e-Transfers, and offers an enticing signup promo offer. Get $450 when you open an RBC VIP Banking Account. Apply by February 10, 2024.
You can also get a full or partial annual fee rebate (up to $120) on a premium RBC credit card. You’ll also pay no fees for international money transfers.
You’ll get a partial rebate of up to $11.95 on this account’s monthly fee if you sign up for other eligible RBC products. If you’re on a student Visa, you can get access to the RBC International Student GIC Program.
Eligibility: Be a Canadian citizen or resident, and at least 18, or the age of the majority in your province or territory. Bonus offer: Get $450 when you open an RBC VIP Banking Account. Apply by February 10, 2024.
Credit card (yes/no): Yes
Unlimited debit transactions worldwide
Earn Avion points on debit transactions
Free interac e-transfers
Free bank drafts
Special rebates
Use of a safety deposit box
$30 monthly account fee (but can be waived in first year)
Best hybrid chequing and savings account offer for newcomers in Canada: EQ Bank Personal Account
EQ Bank offers one of the best savings rates in Canada and is a good choice for new Canadians looking for an online-only bank. And while EQ Bank offers a limited selection of products compared to traditional Canadian banks, it can save you a decent amount of money on fees and interest.
The EQ Bank Personal Account combines the convenience of a chequing account (unlimited debits and Interac e-transfers) with the interest-earning power of a savings account. You’ll pay no monthly fees and earn a high rate of interest of up to 3.75% on every dollar in your account.
This account comes linked it to the EQ Bank Card, a prepaid card with free withdrawals at any ATM in Canada and the ability to earn cash back on your purchases. A prepaid card is not the same as a debit card though, so if you’re interested in a standard debit card, look at other bank accounts.
EQ Bank also offers international money transfers with no markup at the real exchange rate, and advertizes transfer fees up to 8× cheaper than other banks in Canada.
Eligibility: Available to anyone living in Canada who is 18 or older (or the age of majority). Bonus offer: Get 2.00% interest on everyday banking, plus get 1.75% interest when you direct deposit your pay. To receive the 3.75% rate for 12 months, you'll need to set up $500/month or more in direct deposit of your pay to a Personal Account or Joint Account. Conditions apply. Thereafter, you'll earn 2.00% on your balance. Credit card (yes/no): No
$0 account fee
Get unlimited transactions
$0 Interac eTransfers
Earn up to 3.75% interest on your balance
EQ Bank will refund withdrawal fees for using any ATM across Canada
No minimum balance requirement
100% online bank with no bank branches
Min. Age
18
Account Fee
$0
Overdraft Fee
$0
Best reward-earning chequing and savings account offer: Neo Everyday Account
While the Neo Financial Money Account is not specifically marketed t0 newcomers in Canada, it is an excellent option if you’re looking for a bank account with the perks of a chequing and savings account and rewards on your purchases.
Not only does the Neo Financial Money Account let you earn interest on your account balance, you’ll also be able to spend, pay bills and earn cashback — all from the same account.
You can earn cash back of up to 4% on purchases at over 12,000 partner retailers in Canada with your linked prepaid card. Keep in mind that if you want a standard debit card, as opposed to a prepaid card, you’ll need to look to other Canadian banks.
You can easily sign up for this account online by downloading the Neo Financial app and verifying your identity with your international passport or valid Canadian ID.
Eligibility: Be a Canadian citizen or resident, and at least 18 years of age, or the age of the majority in your province or territory. Bonus offer: Earn 0.1% interest on your balance + get up to 4% cashback on purchases at over 12,000 partner retailers with your Neo Money card. Credit card (yes/no): Yes
Comes with a free Neo Money Card for purchases
$0 account fee
$0 transactions
Earn cash back of up to Up to 4% cash back at over 10,000 retail partners
Earn 0.10% interest rate on your entire balance
$0 minimum balance
No physical branches for in-person service
Not available to residents of Quebec
Min. Age
18
Account Fee
$0
Transaction Fee
$0
Interac e-Transfer Fee
$0
NSF Fee
$0
International ATM Fee
$0
Best BMO newcomer bank account offer in Canada: BMO NewStart Program
BMO’s NewStart Program offers a wide range of perks to help newcomers to Canada get their finances in order. This comprehensive financial program offers newcomers savings valued at more than $2,100 on a chequing account, credit card, mortgage, investment opportunities and more.
If you sign up for a BMO Performance Chequing Account through the NewStart Program, you won’t be charged a monthly fee for the first 12 months (a savings of $215).
The BMO newcomer offer also lets you apply for a no annual fee credit card with no credit history and get 5% cash back for the first 3 months (up to $125 in cash back). After the intro period, you’ll earn up to 3% cash back, which is competitive compared to other no annual fee credit cards on the Canadian market.
You can also send unlimited fee-free BMO Global Money Transfers, which is a $120 annual savings value. If you sign up for a Savings Amplifier Account, you can get a promotional interest rate of 5.5% for the first $120 days.
Plus, you’ll get a $60 cash bonus with a safety deposit box rental, a $60 cash bonus when you order cheques, financial advice tailored to your needs and access to the online financial wellness tool, BMO SmartProgress.
Eligibility: Must be 18 or older (or the age of majority), have a SIN and a Canadian address. To qualify for the NewStart Program, you must be a permanent resident or foreign worker who arrived in Canada within the last five years. Perks: Fee-free international transfers for the first year, bonus cash back with with an eligible credit card, account opening cash bonus, additional cash bonus when you rent a safety deposit box. Credit card (yes/no): Yes
No monthly fee (conditions apply)
Unlimited fee-free BMO Global Money Transfers for 1 year
Rebates and cash bonuses available
Must have a minimum balance of $4,000 to avoid a monthly fee of $16.95 after first year
Min. Age
N/A
Account Fee
$16.95
Overdraft Fee
$5
U.S. ATM Fee
$5
International ATM Fee
$5
Best Scotiabank newcomer bank account offer in Canada: Scotiabank StartRight Program
Through this Scotiabank newcomer promotion you get no monthly fees on the Preferred Package account for the first year.The monthly account fee will be waived if you have at least $4,000 in your account at all times.
Plus with the Scotiabank StartRight program you get unlimited, no-fee international money transfers. You can access credit cards and other products designed specifically for newcomers.
Eligibility: You can apply for the Preferred Package chequing account through the StartRight program if you're a Canadian residents that has been in Canada for 0-5 years as an international student or foreign worker. Perks: Unlimited no-fee international transfers, access to credit cards with no credit history and 10 free equity trades when you invest a minimum of $1,000 in a new Scotia iTRADE account. Credit card (yes/no): Yes
Unlimited transactions
No monthly fee (conditions apply)
Fee-free international transfers through the Scotiabank StartRight Program
Earn up to $800 with a Scotiabank Preferred package and an investment plan. Valid until March 1, 2025. Plus, earn up to 5.45% interest for 3 months on your MomentumPLUS Savings Account.
Maintain a $4,000 minimum balance requirement to avoid monthly fee after the first year
Best TD newcomer bank account offer in Canada: TD New to Canada Banking Package
The TD New to Canada Banking Package gives you all the features you need in a bank account for newcomers to Canada. By opening a TD Unlimited Chequing Account through this program, you get unlimited transactions and no account fee for the first year.
Plus, you could get a cash bonus when you open a TD Unlimited Chequing Account and complete certain tasks from your account, and get no annual fee for the first year on an eligible TD credit card.
The TD newcomer account also gives you the freedom to send unlimited international transfers for up to 12 months with the transfer fees rebated. Plus, the TD newcomer offer gives you access to a higher interest rate for 90 days on a TD savings account.
Eligibility: Permanent resident, international student or temporary resident (in Canada for five years or less). Perks:Earn a $600 welcome bonus. Complete three banking steps to earn $400, and earn $200 when you deposite $10,000 into the new eligible Savings Account within 30 days of account opening and maintain the balance for 150 days. Offer ends September 26, 2024. Credit card (yes/no): Yes
Earn $600 as a signup bonus
Waived annual fee on credit card
Unlimited international transfers for 12 months
Monthly fee applies after first year unless you maintain a balance of $4,000 or more
Best CIBC newcomer bank account offer in Canada: CIBC Welcome Package
The CIBC newcomer account is the CIBC Smart Account. This CIBC newcomer account provides a range of features and perks to help you get settled financially in Canada. Included in the CIBC newcomer offers are no monthly fees for the first two years plus unlimited transactions and free e-transfers.
As a CIBC newcomer client, you can also send money money overseas with zero transfer fees. Better still, the CIBC newcomer account no-fee perk can be extended beyond the first two years, as long as you meet the minimum balance requirements for the newcomer bank account.
As an added perk, check out the range of CIBC credit cards for newcomers that come with their own special welcome offers. CIBC also offers mortgages for newcomers to Canada even with no credit history.
Lastly, when you sign up for the CIBC Smart Account for Newcomers, you can get six months of Disney+ for free when you subscribe for the Disney+ Standard plan and pay for it with your CIBC Visa Debit card.
Eligibility: Must have received landed immigrant or permanent resident status in the last five years or be a temporary resident worker who has a Canadian work permit issued for at least a 12-month term. Bonus offer:Get a $600 cash offer when you open a CIBC Smart Account as your first chequing account, then open your first CIBC eAdvantage Savings Account in the same calendar month and complete the qualifying actions within 2 months. Credit card (yes/no): Yes
No chequing account monthly fee for two years and fee is subsequently waived if you meet balance requirements
Get a $600 cash offer when you open a CIBC Smart Account as your first chequing account, then open your first CIBC eAdvantage Savings Account in the same calendar month and complete the qualifying actions within 2 months.
Unlimited transactions
Minimum balance of $4,000 to avoid account fee indefinitely
Best RBC newcomer bank account offer in Canada: RBC Newcomer Advantage
If you’re searching for the best bank in Canada for newcomers, RBC is also well worth a look. RBC offers a newcomer account through the RBC Newcomer Advantage program, with perks and access to essential financial products.
For instance, when you sign up for RBC’s Advantage Banking account or the RBC VIP Banking account through this program, you’ll get unlimited debit transactions in Canada and free Interac e-transfers. Best of all, there’s no monthly fee for the first year.
When you apply for an RBC credit card with the RBC newcomer account, you may be able to get approved without a credit history. To sweeten the RBC new immigrants deal, you also get unlimited no-fee international money transfers and access to competitive exchange rates.
There are a range of other perks and discounts available, such as an RBC safe deposit box. Plus, RBC offers phone services in up to 200 languages if you need any help with your account.
Eligibility: Newcomers to Canada and international students who arrived within the last five years for non-credit card accounts (12 months for credit cards). Perks: Get no-fee international money transfers and competitive exchange rates, credit card cashback bonuses, free safe deposit box for one year and no RBC fee on out-of-network ATMs in Canada. Credit card (yes/no): Yes
Unlimited transactions with an associated chequing account
Up to $15,000 credit limit on a credit card
Cash back promotional offer on a new eligible RBC credit card
Service available in up to 200 languages
Monthly banking fee applies after the first year
Limits on the amount of free international transfers you can send per month
Min. Age
N/A
Account Fee
$0
Overdraft Fee
$0
Best bank in Canada for international students: Simplii Financial Student No Fee Chequing Account
If you’re an international student heading to Canada, you’ll need to apply and set up a Guaranteed Investment Certificate (GIC) to get your Student Direct Stream (SDS) study permit. Simplii Financial helps to streamline this process by seamlessly integrating both the GIC application and bank account opening.
While you’ll need to provide proof of residency and proof of school enrolment in a Canadian institution, this account offers many perks that offset the application process including free transactions, a bonus offer, student related perks, no monthly account fee and a $50 referral bonus when you arrive in Canada and refer a friend.
The online application is quick and easy, only taking a few minutes to complete. Once you set up an account, you can access your funds straight away. Although keep in mind your GIC will need to be invested for at least one year.
Eligibility: Must provide proof of residency and school enrollment and must deposit funds into a one year GIC Perks:Earn $500 when you become a new client and set up a direct deposit of at least $100 for 3 months. Offer ends February 28, 2025. Credit card (yes/no): Yes
Free unlimited transactions
Bonus offer and perks: Get $50 if you refer a friend (when you arrive in Canada)
Easy, online application process that only takes a few minutes to complete
Set up an account and get access to money straight away, with the remaining invested in a one-year GIC
Maximum $20,000 in the GIC program
Must provide proof of residency and school enrollment
Min. Age
18
Account Fee
$0
Summary of language support at banks for newcomers to Canada
Having a bank you and your family members can easily communicate with can be a big relief amongst all the other stressors of moving to a new country. That’s why we’ve summarized below the languages supported by banks offering newcomer banking packages.
National Bank
ATMs service:
French, English, Spanish, Traditional Chinese, Punjabi, Arabic
Newcomer details:
French, English, Spanish, Arabic, Punjabi, Chinese, Persian
Legal phone support for newcomers: French, English
Up to 200 languages including Spanish, Mandarin, Punjabi, Cantonese, Vietnamese
What is a bank account for a newcomer to Canada?
There are a few differences between a bank account for newcomers to Canada and a regular bank account.
The biggest difference are the offers. Newcomers to Canada can expect really great offers from banks and financial institutions. This is partly because banks are always looking for ways to entice new customers to open an account. They know that once you set up an account, chances are you’ll open more financial products — and that’s good for the banking business.
As a result, newcomers to Canada can expect a wide range of discounts and special offers to encourage them to open bank accounts. These often include:
Waived monthly account fees for the first year (and up to three years with some accounts)
Waived fees on international transfers for the first 12 months
Cash rewards if you open an account and perform certain transactions within the first six months, such as setting up direct debits and having your income deposited into your account
Discounted or waived annual fees on credit cards, plus the ability to apply for a credit card with limited or no credit history
Bonus interest rates on savings accounts for an introductory period
Discounts on other financial products the bank offers such as car loans, business loans and safety deposit boxes
It’s important to compare a range of offers to find the best bank in Canada for newcomers. It’s also worth mentioning that in many cases, once the one- to three-year introductory period has passed, your newcomer account will revert to the standard fees, terms and conditions of a normal chequing account.
The other big difference is that to open a newcomer bank account, you need to meet a few eligibility requirements. These vary between banks, but accounts are available to permanent residents, foreign workers or international students.
How to compare the best bank accounts in Canada for newcomers in 2024
To choose the best bank for newcomers in Canada, think about your money needs. Are you looking for an everyday chequing account, a savings account to build a bigger bank balance or a credit card to help you pay for larger purchases? What types of transactions will you need to make? Will you be writing cheques, sending international transfers or need access to a large ATM network?
Once you know what you need in an account, start comparing newcomer bank account offers in Canada. Consider any fee discounts available as well as what fees will apply once the introductory promotional period ends. Also look for rewards and special offers, such as discounts on other products like credit cards for newcomers in Canada, plus the interest rate that applies to your balance.
We’ve put together a list of Canada newcomer bank accounts, with detailed reviews of each account to help you decide whether these banking offers are right for you.
What does banking look like in Canada?
In Canada, people have three banking options to choose from:
Traditional banks
Credit unions
Digital banking
Traditional banks
The biggest traditional banks in Canada are (in order of market capitalization) is RBC, TD Bank, BMO, Scotiabank, CIBC and National Bank. These banks serve millions of Canadians and have a full suite of banking options, including chequing accounts, savings accounts, mortgages, investments, car loans, personal loans and lines of credit.
Credit unions
A credit union (sometimes called a caisse populaire) is a financial institution in Canada that is just like a bank, with the main difference being that its customers all pay a small membership fee to be part owners of the bank and get equal say in how it operates. Credit unions typically offer all of the same products as a traditional bank.
Digital banking
Canada offers online-only banks and digital banking platforms, which operate exclusively online or through an app and offer many (but not all) of the same banking products as traditional banks. The biggest perk with these online banks is that with lower overhead costs, they can offer no-fee accounts and higher savings interest rates.
Types of personal bank accounts in Canada
Everyone in Canada has a legal right to open a bank account regardless of whether they’re a newcomer or have lived in Canada all their lives. Banks offer two types of personal accounts in Canada:
Chequing accounts. These day-to-day bank accounts allow the account holder to deposit and withdraw money, pay bills, transfer funds to other people and make purchases using a debit card. Many chequing accounts support unlimited transactions.
What should newcomers to Canada look for when choosing a bank?
Choosing a bank is a big decision. Getting it right can save you a lot of time, stress and money, so it’s worth taking the time to compare your options. Here’s what you need to consider when searching for the best bank for newcomers in Canada:
Products that suit your needs. First, look for a bank that offers products that suit your needs. This could mean an everyday chequing account with unlimited transactions, a savings account with a high interest rate, a credit card with no annual fee and a good rewards program, or all of the above.
No monthly fee. Most newcomer offers include a waived monthly account fee for at least the first 12 months. Check whether there are reduced fees on only other transactions such as international transfers to help you save money.
Credit card access. Another common feature of newcomer banking offers is access to a credit card. In many cases, you can take advantage of a waived annual fee for the first year or a fee rebate to reduce the total cost.
Package deals. Newcomer packages bundle a range of products and discounts into one deal. For example, you might find savings on other loans, higher interest rates on savings accounts, discounts on safety deposit boxes and even perks like an Amazon Prime membership.
Branch and ATM network. Check how big the bank’s national network of branches is and whether it has locations near you. The same goes for its ATM network. Remember to check what fees will apply if you use other banks’ ATMs.
Mobile and online banking. Read some independent customer reviews of the bank’s online banking platform and mobile banking app to make sure they’re easy to use.
Specialized advice for newcomers. Does the bank provide educational resources and personalized advice for new arrivals to Canada? Can you access advice for free or does it cost extra?
Multilingual support. If you’d prefer support in a language other than English, check whether you can access phone and in-branch support in your first or preferred language. For example, RBC offers customer support over the phone in over 200 languages.
Newcomer banking tip of the month
If you’re an international student coming to Canada soon for your studies, firstly, welcome! Secondly, you’ll want to make sure you’ve made an accurate budget so you’re not surprised by any unexpected costs.
Your biggest costs will obviously be tuition, housing and food. Beyond that, look up costs for public transportation (buses and subway passes) in your school’s town. Check with your school to see if they offer discounted student transportation passes.
Make sure to also include cell phone costs in your budget. Cell phone plans in Canada can cost anywhere from $10 to over $130 per month, according to a recent Government of Canada report.
Next, make sure you factor in clothing costs (it can get very cold here in the winter time, so depending on which country you’re coming from, you may need to buy a whole new winter wardrobe once you arrive). Plus, you’ll likely need an entertainment budget for any off-campus experiences.
All of these additional expenses can add hundreds to your monthly budget, so plan accordingly.
How to open a bank account as a newcomer in Canada
As you’re getting yourself financially set up in Canada, it’s important to start planning for your long-term financial goals as soon as possible.
If you’re one of the over 370,000 newcomers to Canada in 2023 (according to StatsCan),(1) you’re ready to open a bank account, here’s what you need to do:
Compare your options. Many banks and credit unions boast newcomer bank offers, so shop around to find the best bank in Canada for newcomers.
Apply online or visit a bank branch. If you’ve already lived in Canada for a little while, and you have Canadian ID, you may be able to apply online. If you’re new to the country, you may need to visit the bank in person to open an account. Call or visit any bank you’re interested in to see what the requirements are.
Submit any required documents. You’ll be asked to provide proof of ID such as a Canadian driver’s licence or valid passport. You’ll also need to prove your residency status, for example with a permanent resident card or work permit, and may be asked to provide proof of entry into Canada.
Open your account. Once your account has been set up, you can deposit funds and arrange for your income to be paid directly into the account.
Who qualifies as new to Canada?
The exact criteria you’ll need to satisfy to open a newcomer account vary between banks. However, as a general rule, you will need to meet the following requirements:
Must be preparing to move to Canada or have been in Canada for five years or less
Must be a permanent resident, foreign worker or international student
Must be 18 years of age or older (or the age of majority in your province)
Must have a Social Insurance Number (SIN card)
Can a non-resident or foreigner open a bank account in Canada?
Non-residents can open a bank account in Canada if they plan to visit the country to live, work or study. Tourists with an address in Canada may be able to open a bank account using their foreign passport as ID. Non-residents who aren’t planning to visit Canada cannot open a bank account.
What documents do I need to open a bank account for newcomers in Canada?
To open a bank account in Canada, the bank will need to verify your identify, which means you’ll have to submit two pieces of legitimate documentation to prove your identity.
One of those documents must include your name and address, while the other must show your name and date of birth. The documents can only come from this list of options:
Foreign passports
Government of Canada ID or provincial government ID
Recent Government of Canada (or provincial or municipal governments) notice of tax assessments
Recent statements of benefits from the Government of Canada or provincial government
Recent Canadian public utility bills
Recent bank account or credit card statements
As a permanent resident, you’ll need to show your Permanent Resident Card. If you’re an international student, you’ll need to submit proof of enrollment from your school and a copy of your study visa. Similarly, if you’re a foreign worker, you’ll need to provide a copy of your work visa.
Depending on when you arrived in Canada, you may be asked to provide proof of entry into Canada, like a passport stamped by a Canadian customs border services officer. Permanent residents can submit a record of landing (IMM 1000) or confirmation of permanent residence as proof of entry.
Interac is a funds transfer network and debit system. It supports funds transfers between banks and other financial institutions, allows you to pay for purchases in-store and online and operates a network of ATMs.
It allows you to send fast and secure money transfers to anyone in Canada. You can send money via online banking or a mobile app to your recipient’s email address or phone number and they’ll receive the funds almost instantly. Most banks and credit unions in Canada support Interac e-transfers.
A routing number in Canada is an eight- or nine-digit code used to identify bank branches. The number consists of an institution number that identifies the bank and a transit number that identifies the bank branch. Financial institutions use routing numbers to process cheques, money transfers and bill payments. For more, read our how to read and write a cheque guide.
An account number is used to identify your bank account. In Canada, account numbers feature 7 to 12 digits.
It’s a payment method that allows the electronic transfer of money between bank accounts. It’s commonly used by employers to pay your salary and by government departments like the Canada Revenue Agency to pay income tax refunds.
A bank draft is a method of payment guaranteed by the financial institution that issues it. This financial instrument allows you to make a big payment without withdrawing a large amount of cash from your account.
A cheque is a document that authorizes a bank or financial institution to pay a specific sum from a person’s bank account to another person’s.
A void cheque is a cheque with the word “VOID” written on its front, which makes it invalid to use for payment. You can use a void cheque to provide your bank account details to someone else, such as your employer, so they can set up a direct deposit to your account.
A debit card is a payment card linked to your chequing account. It deducts money from your chequing account whenever you use it to make a purchase in-store or online.
Transactions are events that result in funds being moved into or out of your bank account. They include cheque deposits, electronic transfers, ATM withdrawals, debit card payments, bill payments and more.
How to compare bank accounts for newcomers in Canada
There are plenty of options available if you want to compare bank accounts for newcomers to Canada, so it’s important to consider your personal banking needs. Think about the type of transactions you expect to make, how much money you’ll have in your account and any must-have features.
To help you find the best bank account for newcomers in Canada, compare the following features:
Chequing vs savings. Are you looking for a chequing account you can use for everyday transactions like grocery shopping and bill payments? Do you want a savings account that allows you to earn interest on your money? Or do you need both like those offered by some digital banks in Canada?
Monthly fees. Most newcomer bank offers waive monthly account fees for the first 12 months or more. However, don’t forget to check the monthly fee once this intro period ends.
Unlimited transactions. Check whether there are any limits on the number of transactions you can perform each month without incurring any fees. If you prefer to bank in-branch, check whether branch transactions attract different fees to online transactions.
International transfers. If you need to send money overseas from Canada to family members back home, many newcomer accounts offer free international transfers for an introductory period. Remember to check the fee once the intro period ends as well as the exchange rate you can expect.
Linked debit card and ATM access. How large is the bank’s Canadian ATM network? If you use an ATM from another bank’s network, will you be charged a fee?
Branch network. Check how large the bank’s branch network is and whether it has locations close by.
Interest rate. If your account allows you to earn interest on your balance, check the interest rate. How does it compare to the rates offered by other banks? Is there a bonus rate available for newcomers?
Credit card. Does the bank’s newcomer program provide access to a credit card even if you don’t have any Canadian credit history? If so, what’s the maximum credit limit you can access and will the bank waive the card’s annual fee for the first year or two?
Cash rewards. Some banks offer cash bonuses to newcomers who open a chequing account. To access the offer, check the terms and conditions as you’ll usually have to perform a specific number of transactions before a cut-off date. Money management apps are also available to newcomers and offer rewards and other perks. For example, if you open a KOHO account you can earn a high-rate of cash back on purchases, earn savings interest on your account balance and get access to a prepaid Mastercard.
Discounts on other products. Finally, check whether opening an account as a newcomer entitles you to discounts on other products and services, such as a car loan or financial advice.
Choosing the best bank in Canada for international students
Because almost all Canadian banks offer accounts for international students, it’s important to thoroughly compare your options before signing up. Our pick for the best overall bank in Canada for international students is Simplii Financial with its Student No Fee Chequing Account.
One important factor to consider is that if you want to participate in the Student Direct Stream (SDS) program, is that you’ll need a bank, like Simplii, that offers eligible GICs along with chequing accounts.
The SDS program offers newcomers who are applying to study in Canada at an eligible post-secondary institution a way to get your study permit processed in as little as 20 calendar days. And in order to be eligible for the SDS, you must show proof a GIC in the amount of $20,635 CAD.
All of Canada’s biggest banks (like RBC, CIBC and Scotiabank) offer GICs for international students, but we chose Simplii Financial as the best bank option for international students because it also offers no-fee daily banking and a smooth online signup process.
Benefits of opening a bank account in Canada as a newcomer
Immediate access to your money. Transfer money to your Canadian bank account before you leave, and you can withdraw from the account as soon as you arrive in the country. You’ll be asked to present ID when picking up your new bank card.
Low fees for domestic services. Transferring money to Canada from a non-Canadian account can come with high fees, especially for large amounts. Having access to funds in Canada makes it much less expensive to make purchases and pay bills.
Direct deposit for your Canadian income. When you open a bank account in Canada, you can provide Canadian employers with your bank account details to have your income conveniently deposited into your account without any delays.
What to watch out for with newcomer bank accounts
Time restrictions. You’ll likely need to be in Canada for less than 3 to 5 years in order to be eligible for a newcomers package.
Carefully read the terms and conditions. Any fees, stipulations and restrictions will be laid out in the terms and conditions. Carefully read these to understand how much you’ll pay monthly or annually, as well as the conditions you’ll need to meet to receive any signup bonuses.
Is a deposit required? You may be required to put a down payment on a car loan, mortgage or credit card. Before applying for a package, make sure you’re comfortable with the terms and conditions.
What do you need to do to receive any bonuses? You’ll likely need to meet a few conditions before you’ll be awarded a bonus such as setting up recurring bill payments or making an online bill payment.
Watch out for fees. Once your fee-free month or year is up, you’ll face monthly or annual charges. These could apply to credit cards, chequing accounts, savings accounts, investments and more.
Are all the products suitable for your needs? Not all banks in Canada offer the same products. Make sure the products offered meet your needs and allow you to save the most money possible within the first year.
Big banks vs online banks: A comparison for newcomers to Canada
When considering a new bank account, most people gravitate towards a well-known big bank brand such as RBC, BMO or National Bank.
One reason the big five or big six banks are so popular is that customers can find in-person branches and local ATMs easily. This makes a bank account at a big bank a great option. However, big banks aren’t known for extra perks such as higher interest rates earned on deposits or cash back on debit spending.
If you’re comfortable with not visiting a bricks-and-mortar branch, a digital bank or a money-spending account may be a better day-to-day banking option – or as a secondary spending account.
Money apps and online accounts offered by digital banks typically offer extra perks such as cash back on debit charges and unlimited debit transactions.
What do Canadians think of online banks?
Turns out Canadians are getting more comfortable with online banking and online and mobile banking apps. According to survey data from the Finder: Consumer Sentiment Survey Q2 2023, 7.18% of respondents planned on opening a digital bank account between April and June 2023 — up from 3.59% of respondents who planned to open a digital bank account between January and March 2023.
Ultimately, it’s important to shop around to find a financial institution that offers the products, services and advice you need for a smooth transition to life in Canada.
Will you need a credit card as a newcomer to Canada?
A credit card is an important piece of the financial puzzle for many newcomers to Canada — but not just for newcomers to Canada. In a recent Finder survey, 14% of Canadians planned to open a new credit card account between April and June 2023.(3) This demand for a new credit card remained consistent, with 14% or respondents in the Finder: Consumer Sentiment Survey Q1 planning to open a new credit card account between January and March 2023.(4)
As a newcomer to Canada, you may not necessarily need a credit card but having some plastic in your pocket can help you get settled in your new home. Here’s why:
Build credit. On-time payments towards your credit card balance will be reported to the credit bureaus, allowing you to build your Canadian credit history. Developing a good credit score will help you qualify for loans and other products in the future.
Pay for larger purchases. There are often big purchases to make when you move to a new country. A credit card can help you buy those big-ticket items you need, such as furniture and electronics that you might otherwise not be able to pay for upfront. You can then take advantage of interest-free days to pay off your purchases.
Rewards and perks. Some cards allow you to earn reward points you can redeem at a range of retailers, or include perks such as complimentary travel insurance. Many banks provide newcomer credit card offers with features such as cashback rebates or waived fees for the first 12 months.
However, remember the risks when using a credit card. If you can’t pay off your balance during the interest-free period, interest will start accruing. Your credit score will be impacted if you miss a payment and it’s worth mentioning that, as a newcomer, you won’t be able to qualify for a high credit limit.
Finally, remember that newcomer offers only last for a limited period, so make sure you’re aware of the fees and interest rates that apply once the intro period ends. To find the right credit card for your specific financial needs, read our best credit card guide.
How to find the best credit card for newcomers
Most banks in Canada include access to a credit card as part of their newcomer banking packages. To sweeten the deal, they’ll often offer a rebate on the annual fee or even waive the fee altogether for the first year. There may also be bonus reward points on offer for newcomers, so it’s worth shopping around to find the best deal. Check out our guide to credit cards for newcomers to Canada for more information.
Prepaid cards for newcomers: An alternative to credit cards
If you don’t like the idea of running up debt on a credit card, you might want to consider applying for a prepaid card. This allows you to load your own money onto a card and then use it for in-store and online purchases.
A prepaid card ensures that you don’t have to worry about interest charges, but you can still take advantage of features such as cash back and reward points. Check out our prepaid cards guide to find out more.
How much credit do newcomers to Canada need?
Another factor you’ll need to consider when applying for a credit card is that your Canadian credit history is likely limited. As a result, this could have an impact on the maximum credit limit you’re able to qualify for.
However, the good news is you don’t need a credit history in Canada to qualify for a credit card. Banks will instead assess your income and employment situation when setting your credit limit. As a general guide, you may be able to qualify for a credit limit of up to $10,000 or $15,000 depending on the bank you choose.
Bottom line
Moving to a new country can be daunting and stressful, but managing your finances doesn’t have to be. Compare the best bank accounts for newcomers in Canada and shop newcomer banking packages to find the financial products and services that you need.
Newcomer bank accounts FAQs
Newcomer bank offers typically only last for one to three years. Once this introductory period ends, your bank account will revert to your bank's standard chequing account terms and conditions. Most importantly, this means that a monthly fee will apply if you don't keep your balance above a minimum level.
Yes, some banks will allow you to open a Canadian bank account before you arrive in Canada. You can sign up online and deposit funds into your account, then visit a branch once you arrive in Canada to finish opening your account.
Many banks offer student bank accounts specifically designed for international students. These accounts often have no monthly fees, but transaction limits may apply.
Finder's editorial team chose National Bank as the best bank in Canada for newcomers. As a newcomer, you can take advantage of waived monthly chequing account fees for up to three years, make unlimited electronic transactions, get a National Bank Mastercard credit card and access specialized advice for newcomers.
The best credit card for newcomers depends on what you're looking for in a card. For example, if you want a card with a low interest rate or no annual fee, the best card may be different for you than for someone looking for the best cashback offer.
Check out our guide to credit cards for new immigrants to see our top picks of newcomer credit cards across seven categories.
No, you'll need to build your Canadian credit history and score from scratch. Your credit history from your home country will not play any part in your financial journey in Canada.
No. These packages are designed to help permanent residents, landed immigrants, temporary workers and international students get on their feet – but they are by no means necessary. When you go to a bank to open an account or apply for credit products, the bank will likely steer you in the direction of a newcomer package since they're designed to help newcomers. But if you're only looking for one or two products, you may not be interested in an entire banking package.
Most major Canadian banks have staff who can speak a range of languages, making it a lot easier to open a bank account and avoid miscommunications. Some of these banks include TD Canada Trust, CIBC and RBC.
Like all major banks in Canada, CIBC has a range of newcomer bank offers to entice new customers. These include bonus offers on the CIBC Smart Account for Newcomers and credit cards for newcomers. Get a $600 cash offer when you open a CIBC Smart Account as your first chequing account, then open your first CIBC eAdvantage Savings Account in the same calendar month and complete the qualifying actions within 2 months. Compare CIBC newcomer offers with deals from other banks before deciding which provider is right for you.
This offer allows newcomers in Canada to get a cash bonus by opening a TD Unlimited Chequing Account. Earn a welcome bonus worth $600 when you sign up for this account and complete some general banking tasks. Offer ends September 26, 2024.
Banking scores
★★★★★ — Excellent
★★★★★ — Good
★★★★★ — Average
★★★★★ — Subpar
★★★★★ — Poor
Finder scores, in blue, are based on our expert analysis. We assess multiple key categories broken down into over 30 different data points across both chequing and savings accounts.
Tim Falk is a freelance writer for Finder. Over the course of his 15-year writing career, he has reported on a wide range of personal finance topics. Whether you're investing in stocks and ETFs, comparing savings accounts or choosing a credit card, Tim wants to make it easier for you to understand. When he’s not staring at his computer, you can usually find him exploring the great outdoors. See full bio
Chelsey Hurst is a publisher at Finder, specializing in banking and investments. She loves empowering people to avoid financial pitfalls and make better decisions with their money. Chelsey has a Bachelor of Science from Redeemer University, a Master of Science from McMaster University, and has won multiple awards for research communication. In her spare time, Chelsey enjoys cooking and taking long walks in nature. See full bio
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Finder.com is an independent comparison platform and information service that aims to provide you with the tools you need to make better decisions. While we are independent, the offers that appear on this site are from companies from which Finder receives compensation. We may receive compensation from our partners for placement of their products or services. We may also receive compensation if you click on certain links posted on our site. While compensation arrangements may affect the order, position or placement of product information, it doesn't influence our assessment of those products. Please don't interpret the order in which products appear on our Site as any endorsement or recommendation from us. Finder compares a wide range of products, providers and services but we don't provide information on all available products, providers or services. Please appreciate that there may be other options available to you than the products, providers or services covered by our service.
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Newcomer banking tip of the month
