How to Open a Bank Account as a Newcomer to Canada
One of the most important steps in settling into your new life in Canada is opening a bank account. From receiving your first paycheck to paying rent, tuition, or groceries, having access to a Canadian bank account is essential for managing your finances and establishing credit.
If you’re new to the country, the process might feel unfamiliar — but with the right documents and a bit of guidance, it’s easier than you think. Here’s what you need to know.
Why You Need a Canadian Bank Account
Having a Canadian bank account allows you to:
Get paid by Canadian employers
Safely store and access your money
Pay for rent, tuition, utilities, and daily purchases
Transfer funds locally and internationally
Start building your Canadian credit history
Without a local account, you may face expensive fees, delays, or difficulty accessing basic services — especially as more transactions move online.
What You Need to Open an Account
As a newcomer, you’re eligible to open a bank account in Canada even if you don’t yet have a job, permanent address, or local credit history. Most banks require you to apply in person, though some now offer remote onboarding.
To open a personal chequing or savings account, you typically need two pieces of valid identification. This can include:
Your passport
Confirmation of Permanent Residence (COPR) or IMM 1000/IMM 5292 forms
Study permit or work permit
Social Insurance Number (SIN)
Government-issued photo ID (from your home country or Canada)
Some banks also ask for proof of address — such as a lease agreement or utility bill — but this isn’t always mandatory for newcomers.
Best Banks for Newcomers in Canada
Most major banks offer newcomer packages, which include free banking for up to 12 months, no-fee international transfers, and credit card options without requiring Canadian credit history.
Here are a few to consider:
RBC (Royal Bank of Canada): Offers a newcomer bundle with free banking for 12 months, a credit card, and financial advice in multiple languages.
Scotiabank: Their StartRight® program is popular among international students and newcomers, with no-fee accounts and up to $1,300 in welcome bonuses.
TD Canada Trust: Offers accounts tailored to newcomers, with access to advisors who specialize in settlement banking.
BMO (Bank of Montreal): Their NewStart® program includes banking, credit card access, and help with budgeting and saving.
CIBC: Known for a strong international student program, with free global money transfers and flexible credit options.
Each institution has slightly different requirements, so it’s a good idea to research your options or speak to a representative before visiting a branch.
Can You Open an Account Before You Arrive?
Yes — some Canadian banks allow you to start the process from abroad. You can begin the application online and finalize it once you arrive in Canada with your immigration documents.
This can be especially useful if you’re an international student or worker who wants to send money ahead of your arrival or receive your first paycheck without delay.
Tips for Managing Your Finances as a Newcomer
Choose an account with no monthly fees during your first year
Set up online banking to manage your money easily
Apply for a secured credit card to start building Canadian credit
Use Interac e-Transfers for easy local payments
Keep track of international transfer fees if you send money home