Starting your financial journey in Canada? Opening a Canadian bank account should be your first step! It’s how you receive your pay, pay for essentials, build your financial record, and safely keep your money. Scotiabank offers specific advice for newcomers on banking in Canada.
Types of Canadian Bank Accounts
Chequing Accounts
Everyday transactions—salary, rent, groceries, bills.
Savings Accounts
Best for storing emergency funds and earning interest.
Hybrid & Digital Bank Accounts
Newcomers increasingly use digital banks, such as EQ Bank, for better rates and convenience.
Top Canadian Banks & Newcomer Programs
| Bank | No-Fee Period | Welcome Bonus | Newcomer Program | More Info |
|---|---|---|---|---|
| RBC | 12 months | Up to $350 | Yes | RBC Newcomer |
| TD | 12 months | ~$300 | Yes | TD Newcomer |
| Scotiabank | 12 months | Up to $350 | Yes | Scotiabank StartRight |
| BMO | 12 months | $250 | Yes | BMO NewStart |
| CIBC | 12 months | $350 | Yes | CIBC Newcomer |
| EQ Bank | N/A | None | Digital Only | EQ Bank |
Tip: Most banks offer no monthly fees plus perks for up to 1 year if you’re new to Canada.
What Documents Do You Need?
Passport or travel document
Permanent Resident Card/Immigration papers
Proof of address (rental, hotel, friend’s confirmation)
SIN (Social Insurance Number; for tax-related accounts)
Some banks let you open an account before you arrive—check official newcomer programs for more info!
How to Build Your Credit in Canada
Get a secured credit card – Most banks issue these to newcomers to help establish history fast.
Pay bills on time – Rent, phone, and internet payments are increasingly considered by some agencies.
Avoid too much debt! Only use what you can pay back.
“Building credit is key to qualifying for a mortgage or car loan, and getting the best rates.”
For more, see Credit Canada’s guide.
Banking Fees Breakdown (2025)
| Service | Fee Range |
|---|---|
| Monthly fee | $0–$20 |
| E-transfers | Free–$1.50 |
| Wire transfer | $10–$30 |
| ATM (non-bank) | $1.50–$3.00 |
Digital banks like Simplii and EQ Bank often have zero monthly fees.
Digital vs. Traditional Banks
Digital banks: Higher interest, lower/no fees, great for tech-savvy users (no branches)
Traditional banks: Extensive branches, multilingual support, integrated newcomer help
Pro Tips for Managing Your Money
Set up direct deposit for salary and benefits
Join newcomer finance communities, e.g. Savvy New Canadians
FAQ: Banking for New Immigrants
Can I open an account before moving to Canada?
Yes, major banks like Scotiabank and CIBC offer pre-arrival setup programs.
Are my deposits safe?
Yes, deposits are insured (CDIC coverage up to $100,000 per account).
How quickly can I get a credit card?
Many banks offer secured or newcomer credit cards when opening your account.
Real Stories
“Scotiabank’s Mandarin service made the process easy for my family and I.” — Ming, moved from China
“I use EQ Bank for higher savings rates and e-transfers—it’s digital-only but super simple.” — Fatima, moved from Morocco
5 Mistakes to Avoid
Failing to compare newcomer package details
Ignoring digital bank options
Waiting too long to build credit
Not tracking spending with a budget app
Not asking about referral bonuses (often $50–$100!)
Helpful External Resources
Conclusion
Finding the right bank and understanding your options gives you a strong foundation in Canada. Compare offers, use digital tools, and build your credit early to set yourself up for financial success!
Want deep dives on more topics? Check the sidebar for:
Financial mistakes to avoid, remitting money home, building credit fast, best budgeting tools, investing as a newcomer, and more!
