Best Banks for Newcomers to Canada
Opening a Canadian bank account is one of the first things you'll do as a newcomer. Most major banks offer special newcomer packages with no monthly fees, free international transfers, and starter credit cards even without Canadian credit history.
Top Picks for Newcomers
RBC Newcomer Advantage
Free chequing for 12 months, $300 welcome bonus, credit card with no Canadian credit history.
Scotiabank StartRight
Free chequing for 1 year, free international money transfers, starter credit card up to $15K limit.
TD New to Canada
No-fee chequing, free Interac e-Transfers, Canadian credit card without credit history required.
CIBC Smart Account for Newcomers
Up to 24 months no fees, free unlimited transactions, US dollar account included.
BMO NewStart Program
Free chequing for 1 year, $400 cash bonus, line of credit up to $15K with no credit history.
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Frequently Asked Questions
Can I open a Canadian bank account before arriving in Canada?
Yes — RBC, Scotiabank, TD, BMO, and CIBC all let you start your application online from your home country and finish in-branch within days of arrival.
Do I need a SIN to open a bank account?
No. You can open a chequing or savings account with just your passport and proof of arrival. A SIN is only required to earn interest income.
Which bank gives the best welcome bonus to newcomers?
BMO ($400) and RBC ($300) typically have the highest cash bonuses, but Scotiabank often wins on long-term value with free international transfers.