Welcome Banking Packages for Immigrants in Canada

Between finding housing and employment to overcoming culture shock, settling into a new life in a new country can be difficult. You’ll not only need to get yourself and your possessions over to Canada, you’ll also need to bring your money – and get organized financially once you arrive. That’s where welcome to Canada or newcomer banking packages come in. From credit cards to loans, savings accounts and mortgage assistance, many banks in Canada offer these packages to permanent residents, international students and temporary workers.

Find out how you can take advantage of a welcome to Canada banking package – and save money while setting yourself up for a successful financial future in Canada.

Which is the best bank for newcomers to Canada?

One single bank or financial institution is not going to offer you the best product in every category. So before comparing packages, write down the banking products that are the most important to you, whether that’s bank accounts, credit cards, mortgages, car loans or free monthly international money transfers.

Also keep in mind that while a newcomer package can be a great way to get you on your feet in Canada, once you feel settled, it’s best to shop around for more competitive products. And don’t just settle for the bank you’re currently with – be on the lookout for the best products for your needs.

Scotiabank StartRight Program
TD New to Canada Banking Package
NBC newcomers to Canada package

BMO NewStart Program

The BMO NewStart Program can help you get on your feet financially and save money with free banking for a year, a no annual fee cash back credit card and access to mortgage options and investment opportunities.

- Banking. Save with an unlimited chequing account and a free small safety deposit box for the first 12 months. With a Smart Saver Account, you may get access to a cash bonus and a competitive interest rate. Set up a recurring direct deposit and make bill payments directly from your account.
- Interac e-Transfers. You can send, receive and request money free of charge between any bank in Canada.
- Credit cards. The BMO CashBack Mastercard comes with no annual fee, a signup bonus in your first three months and an introductory balance transfer offer.
- Investments. Choose from select 1 year GICs and you could earn a bonus interest rate.
- Mortgage options. BMO can help you get settled into your first home in Canada by presenting you with mortgage options and competitive rates.
- International money transfers. Send money back home or to 200+ other countries via BMO’s online banking partnership with Western Union.
- Mobile and online banking. Do all of your banking via the BMO app or online via their secure Internet banking site.
Eligibility requirements may include:
- Being a permanent resident or a foreign worker.
- Having arrived in Canada within the last five years.
Documents you’ll likely need:
- Canadian permanent resident card, confirmation of permanent residency or work permit.
- One piece of government-issued ID such as a passport or Canadian drivers licence.

Visit the BMO website to learn more about this newcomer package.

CIBC Welcome to Canada Banking Package

Get your finances sorted out quickly with the CIBC Welcome to Canada Banking Package, and choose from car loans, credit cards, bank accounts, investment accounts and more.

- Banking. You can get a bank account and pay no monthly fees for one year.
- Credit cards. Choose from a variety of credit cards, which require no deposit, credit history or income requirements.
- Investments. Set yourself and your children up for the future with savings and investment options including TFSAs, GICs and mutual funds.
- Mortgage. You can qualify for lower downpayment options – even with no credit history in Canada.
- Car loans. Get on the road faster with a car loan, where no Canadian credit history is required.
- Mobile and online banking. Bank online via the CIBC mobile app or online via the secure CIBC Internet banking website.
Eligibility requirements may include:
- Having received permanent resident status within the last five years.
Documents you’ll likely need:
- Canadian permanent resident card or confirmation of permanent residency (at least for 5 years).
- One piece of government-issued ID such as a passport or Canadian drivers licence

Visit the CIBC website to learn more about this newcomer package.

RBC Newcomer Advantage

Keep your finances in one place with the RBC Newcomer Advantage, with access to credit cards, chequing accounts, car loans, mortgage options and international money transfers.

- Banking. You can open a bank account and pay no monthly fees for one year.
- Credit cards. You’ll be able to get a credit card without a credit history. You can also apply for an RBC Rewards+ Visa and get bonus signup points.
- Money transfers. You’ll be able to send two no-fee international money transfers per month for your first six months as an account holder.
- Car loans. Take advantage of a car loan – no credit history required.
- Investments. Get competitive interest rates on select GICs.
- Mortgage. Qualify for a mortgage – even with no credit history in Canada.
- Business banking. When you open an eligible business bank account you could receive a credit.
- Mobile and online banking. Do all your banking online via the RBC mobile app or online via the secure website.
Eligibility requirements may include:
- Having arrived to Canada within the last five years to take advantage of this program.
- Time limits for car loan and credit card offerings range from less than one year in Canada to less than three years.
Documents you’ll likely need:
- Canadian permanent resident card, confirmation of permanent residency or a work permit.
- One piece of government-issued ID such as a passport or Canadian drivers licence.

Visit the RBC website to learn more about this newcomer package.

Scotiabank StartRight Program

Kickstart your financial journey in Canada with the Scotiabank StartRight Program. You could save on banking fees and get bonuses when you join the program.

- Banking. You could pay no annual fees on a Preferred Package chequing account for one year. Plus, get a free small safety deposit box for a year and earn bonuses.
- Interac e-Transfers. You’ll be able to send, receive and request money via Interac e-Transfer free of charge.
- Credit cards. Choose from select credit cards designed for newcomers – no credit history required.
- Car loans. Take advantage of a car loan when you put at least 10% down.
- Mobile and online banking. Use the Scotiabank app or bank online via the secure website.
Eligibility requirements may include:
- Must be a Canadian permanent resident in Canada from 0-3 years, international student or a foreign worker.
Documents you’ll likely need:
- Canadian permanent resident card, confirmation of permanent residency or a work permit.
- One piece of government-issued ID such as a passport or Canadian drivers licence.

Visit the Scotiabank website to learn more about this newcomer package.

TD New to Canada Banking Package

The TD New to Canada Banking Package comes with chequing and savings accounts incentives for the first six months. Plus, access the credit you need with a credit card, mortgage and more.

- Chequing account. You’ll be able to pay no monthly fees or transaction fees for six months.
- Interac e-Transfers. You can send, receive and request money free of charge between any bank in Canada.
- Savings account. Open a savings account and receive a bonus rate for the first six months.
- Credit cards. With no credit history in Canada, you could be eligible for a credit card with a limit up to $5,000.
- Investment options. Invest in your future with RRSPs, RESPs, TFSAs and more.
- Money transfers. You can transfer funds internationally using Visa Direct (TD account transaction fees may apply).
- Mortgage guidance. Learn about your mortgage options and find out about incentives for first-time home buyers.
Eligibility requirements may include:
- Having been a permanent resident or a temporary resident of Canada for two years or less.
- Being at least 18 years of age, or the age of majority in your province or territory.
- Providing proof of permanent residency or temporary residency.
- Having never opened or held a TD chequing account.
Documents you’ll likely need:
- Canadian permanent resident card, confirmation of permanent residency or a work permit.
- One piece of government-issued ID such as a passport or Canadian drivers licence.

Visit the TD website to learn more about this newcomer package.

National Bank of Canada Newcomers to Canada Package

Get up to 3 years with no fixed monthly fees. The flat fee of $15.95/month will only start applying as of the 4th year. Plus, get access to a team that can answer your immigration questions 7 days a week, and access to a credit card without any credit history.

- Banking. You don’t pay monthly account fees for your chequing account and take advantage of unlimited transactions.
- Credit cards. You could be eligible for a Mastercard and earn travel or cash back rewards – no credit history required.
- Car loans. Even without a credit history, you could be eligible for a car loan.
- Mortgages. Receive cashback on a mortgage loan – even with no credit history in Canada.
Eligibility requirements may include:
- Be a temporary worker, international student or a permanent resident.
- Have reached 17 years of age regardless of your province of residence.
- Apply to open an account during three months before you arrive or up to five years after arriving in Canada.
Documents you’ll likely need:
- Canadian permanent resident card, confirmation of permanent residency or a work permit.
- One piece of government-issued ID such as a passport or Canadian drivers licence.

Visit the NBC website to learn more about this newcomer package.

Find more helpful products and services

International money transfers

Send money overseas without spending big on fees.

Credit cards for new immigrants

Save time and compare credit cards that you’re eligible for as a newcomer to Canada.

Car loans

Get on the road faster with a car loan.

Loans for nonresidents

Learn about your loan options as a nonresident in Canada.

Savings account Finder

Search for the perfect savings account.

How to compare banking packages

Consider the following factors when comparing welcome to Canada banking packages:

Value of package. With bonus cash offers, waived monthly or yearly fees and complimentary safety deposit box offers, calculate the value of the package to determine which bank will offer you the most freebies and perks.
Banking fees. You may be charged monthly or yearly fees for certain products such as chequing accounts and credit cards. Consider how much these fees will cost you and if they are offset by any rewards or special benefits.
ATM fees. Using your debit card to withdraw money from an ATM outside of your bank will likely cost you a small fee. To avoid this fee, use an ATM that belongs to your banks network. You’ll also want to make sure your bank has plenty of branches and ATMs in the location that you’ll be living in.
Cheques. Do cheques come free of charge with your bank account or will you have to pay for them? Cheques are often used in Canada to pay for rent and other expenses.
Products on offer. Does the bank offer a range of products that will suit your needs? Not every welcome package will offer access to all the products that will help you on your financial journey in Canada.
Customer service. Does the bank provide customer service in your native language? This can be a helpful feature when you have issues with accounts and products. Many banks have services in up to 20 languages or more.

What to watch out for

Time restrictions. You’ll likely need to be in Canada for less than 3-5 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 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, chequings accounts, savings accounts, investments and more.
Are all the products suitable for your needs? Not all banks 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.

Bottom line

Newcomer packages can help you get on your feet when you arrive in Canada, with banks offering access to chequing, savings and investment accounts, car loans, mortgages, complimentary international money transfers, safety deposit boxes and much more. But while these packages can be helpful for a few years, you’ll want to consider your options once you’ve built up a decent credit score.

Before applying for a welcome to Canada banking package, carefully compare all the offers on the market to find the package that best suits your needs.

Frequently asked questions

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.

Thank you for your feedback!

Written by

Emma Balmforth

Producer

Emma Balmforth is a producer at Finder. She is passionate about helping people make financial decisions that will benefit them now and in the future. She has written for a variety of publications including World Nomads, Trek Effect and Uncharted. Emma has a degree in Business and Psychology from the University of Waterloo. She enjoys backpacking, reading and taking long hikes and road trips with her adventurous dog. See full bio

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Banking packages for newcomers in Canada

Set yourself up for a successful financial future by taking advantage of a welcome banking package.