When it comes to new bank offers, you have your choice between online banks and larger banks. The big 6 banks also have some great offers. Let’s take a look at some of the best bank accounts for newcomers, as well as some things you should know about finances in Canada.
Top 5 Banks for New Immigrants
In Canada, there are 5 top banks. Each of these banks is considered one of the largest in Canada and one of the best for newcomers. While these banks do charge monthly fees for their accounts, they also offer special offers to new customers and newcomers to Canada.
RBC
If you’re a newcomer to Canada, there are quite a few different offers that you can take advantage of, including no banking fees for a whole year. You may also be eligible for RBC credit cards.
With RBC, international students can take advantage of the RBC student accounts to save on fees and interest. Permanent residents and foreign workers can take advantage of the RBC Newcomer Advantage as one of the Royal Bank of Canada banking packages, which includes the offer listed above, as well as a safety deposit box for one year and no charge on international money transfers. You can also sign up for the RBC VIP banking account, which has unlimited transactions in Canada.
TD
TD is another bank that offers some great options for newcomers to Canada. With the New to Canada Banking Package, you can get up to $2,400 back when you sign up. You can do this by opening a TD Unlimited Bank Account, opening an Eligible Savings Account, and applying for an Eligible Credit Card.
When you open the TD Unlimited Chequing Account, you can pay no monthly fee for up to a year, which is a $2400 value, and you could also get $700 cash. This account includes unlimited transactions, no ATM fees, and free Interac e-Transfers.
When it comes to credit cards, you can get approved for up to $15,000 with no credit history. The 3 credit card options available to you are the TD Cash Back Visa Card, or the TD Aeroplan Visa Platinum Credit Card (20,000 points). These offers are available until March 3, 2027.
CIBC
With CIBC (Canadian Imperial Bank of Commerce), you can open a new chequing account online in just a few minutes. As a newcomer to Canada, you can open the CIBC Smart Account for Newcomers. When you get the newcomer banking bundle, you pay no monthly fees for 24 months. You can also earn up to $500 when you open a chequing account.
With CIBC, you can also apply for credit cards as a permanent resident or as a foreign worker. There are different banking offers for international students, which include no-fee student banking and a no-fee cashback credit card. You can also receive a Costco Gold Star Membership.
When you set up your account, you can receive your $500 by completing two actions. These include setting up recurring deposits of $500 or more per month from your employer, government or pension, as well as one of the following 3 actions. You can complete 2 recurring preauthorized debits, 2 online payments of $50 or more each, or 5 online Visa debit purchases.
Scotiabank
With Scotiabank, you can earn up to $1,000 in cash bonuses. You also don’t pay any monthly fees on the preferred package account for the first year. There are no fees for international money transfers. You can also get 10 free trades with a Scotia iTRADE account.
If you have a permanent resident card or are a foreign worker, this is a great way for you to open a Canadian account. Scotiabank can also help you get your first mortgage in Canada, even if you have no Canadian credit rating.
BMO
BMO offers a variety of services to those who are new to Canada. You can open a performance plan chequing account with the following:
- No monthly fees
- Unlimited transactions
- Free e-transfers
- Free global transfers
- No-fee daily banking for family members
You can also get a no-annual-fee credit card where no credit history is required, as well as savings amplifier accounts. They even offer mortgages with a 130-day mortgage rate guarantee. If you’re looking to invest in GICs, then you can even get a bonus interest rate.
Another great thing about BMO is that they offer business banking for newcomers. Plus, you can even open a new bank account before arrival. You can open your account in minutes and even send up to $75,000 CAD before you even come to Canada.
If you sign up right now, you can get up to $2,600 in value. This includes up to a $1,100 cash bonus for new customers.
Other Bank Offers
If you don’t want to go with one of the Big 6 banks, there are also a bunch of alternative banks offering deals for newcomers. Let’s take a look and compare bank accounts.
National Bank of Canada
When you open a bank account with the National Bank of Canada, you can have no fixed monthly fees for up to 3 years. You can open your account online, and the offer is valid for up to 90 days before you arrive in Canada and for up to 5 years after you arrive.
Along with the bank account, you can also get a National Bank of Canada Mastercard with no credit history. International transfers cost $5.95 each, your first book of cheques is free, and there will be no fees on paper bank statements for the first year.
Simplii Financial
With Simplii Financial, you can apply for a newcomer account with their New to Canada Banking Program. Their everyday banking account has no daily banking fees, no fee for overseas banking transfers, and credit cards with a $10,000 limit and no annual fee.
Meridian Credit Union
Meridian Credit Union is one of the credit unions that offers a full range of banking services to help you get your Canadian finances started. The first perk of opening an account with Meridian is no bank fees for the first 3 years. You can also get a Meridian Visa Card with no fees for the first 36 months.
Meridian Credit Union also offers great interest rates, free wire transfers and a $500 rebate on a new or transferred mortgage to Meridian. You can also get free cheques and a free safety deposit box for the first 36 months.
Best Bank in Canada for International Students
While we have reviewed some of the best bank account offers for foreign workers and permanent residents, we haven’t discussed bank accounts for international students. Here’s a look at a few.
RBC
Just like their other offers, RBC has offers specific to international students. You can get up to 12% cashback with the RBC Cash Back Mastercard.
To qualify for this offer, you must be a full-time student who’s at least 13, currently live in Canada and open an RBC student account. Included are no monthly fees, $0 international money transfers, unlimited debit transactions and free Interac e-transfers. You can also get a credit card limit of up to $2,000, and you don’t need a Canadian credit history.
TD
With TD, if you sign up for the International Student Banking Package, you could get up to $1,055 in value. This includes:
- $125 for opening a TD Student Chequing Account
- $100 in value for opening a TD Cash Back Visa Card
- No monthly fees on a TD Everyday Savings Account
- $50 Amazon gift card for opening the 3 products above
- Up to $200 in value when opening a TD Direct Investing Account
- No fees on monthly overdraft protection
- Fees are rebated for up to 12 months of TD Global Transfers
Scotiabank
Scotiabank offers the StartRight account and the Student Banking Bundle to international students. This includes:
- No monthly account fees
- Scene rewards on everyday banking purchases
- Scotia Smart Money budgeting tool
- 4,000+ ABM and branch locations
- Personalized advice
This is just with the Scotia chequing account. You can also open a savings account and get the Scotiabank Scene+ Visa Card. Even without a Canadian credit history, you can get up to a $5,000 credit limit.
BMO
With BMO, you can get a Student Chequing Account as well as a Student GIC. These accounts are sometimes needed to obtain a study permit, and many banks offer them. With BMO, you can sign up and transfer funds to a Student GIC from your home country before you move to Canada. Same with the chequing account.
If you’re already in Canada, then you can sign up for the performance chequing account. With this account, there are no monthly fees, and you can send free Interac e-transfers. You could also qualify for a student credit card that offers 5% cash back and no annual fees. Your choice is between the Student BMO Cash Back Mastercard and the Student BMO AIR MILES Card. If you’re a medical or dental student, then BMO has different student offers for you.
CIBC
CIBC offers the best student life bundle. You can apply directly online for either the CIBC International Student GIC program if you’re applying for an SDS Permit, or if you’re applying for a non-SDS permit, you can open and fund an account before you arrive with CIBC Smart Arrival.
Once you apply, you can open a CIBC Smart Start account. With this account, you can get $100 and $50 for each student you refer. This account includes:
- No monthly fees until you turn 25
- Unlimited free transactions
- Free Interac e-transfers
- No minimum balance requirements
As an international student, you can also get the CIBC Dividend Visa Card for Students. This card has:
- A limit of up to $2,000
- No annual fees
- A purchase interest rate of 20.99%
- A cash interest rate of 22.99%
- 2% cash back on eligible groceries
- 1% cash back on gas, recurring payments, transportation and EV charging
- Up to 10% cash back for the first 4 statements on purchases up to $1,000
Simplii Financial
Simplii Financial offers a GIC program account to help students meet their Study Direct Stream study permit requirements. You don’t even have to be in Canada to open it; you can do it all online. Once your Guaranteed Investment Certificates are open, you can then send up to $50,000.
Once the funds have been sent, you should also set up a deposit account. 70% of the funds will be invested in the GIC, and the rest will be available in your day-to-day account.
National Bank of Canada
The National Bank of Canada offers different products for students and international students, depending on the field of study they’re entering. Without selecting your field of study, though, you can still get up to $300 when you choose to bank here.
You start by opening a Connected Chequing Account. This account allows you to deposit funds and make daily transactions without any monthly fees. If you’re a newcomer to Canada, you get this account for 3 years with no fees.
In addition to bank accounts, the National Bank offers credit cards and lines of credit. Once you’re of the age of majority, you can apply for a National Bank Mastercard or a line of credit to help with unexpected expenses. Like other banks, they offer GICs for international students.
Low-Cost and No-Cost Account Options
Instead of going with a traditional bank account, there are alternative options for international students. These options include many online banks with no-fee accounts that offer mobile and online banking. These banks often have just one account instead of chequing and savings accounts. They do, however, offer high-interest savings accounts.
| Banks | Special Offers | Monthly Fees | Number of Transactions | Credit Cards |
| Tangerine | $250 | $0 | Unlimited | Yes |
| EQ Bank | None | $0 | Dollar limits | Yes |
| PC Financial | $100 value | $0 | Unlimited | Yes |
| KOHO | None | $0-$14.75 | Dollar limits | Secured |
| Neo | None | $0-$4.99 | Dollar limits | Yes |
Types of Bank Accounts in Canada
When it comes to opening an account in Canada, there are many types to choose from. Here’s how they work.
Chequing Account
A chequing account is also considered an everyday account. It is used to make everyday transactions, set up pre-authorized payments, and set up recurring direct deposits. Many people also use this account to make online bill payments and transfer money online. You can even request money using Interac e-transfer.
When you use a chequing account, your funds are easily accessible with a debit card and a book of cheques for making transactions and paying bills. That said, these types of accounts aren’t ideal for saving money since no interest is earned. This type of account is recommended for daily spending only. Depending on which bank you choose to bank with, you may have to pay a monthly fee.
Savings Account
Savings accounts are not meant for daily spending. These are meant to store your money for a long period of time, and you earn interest on these funds. Plus, you can access these funds without any penalties.
If your funds are in an account with a registered financial institution, they are protected by the Canada Deposit Insurance Corporation. The CDIC provides deposit insurance to depositors who place their funds with registered Canadian financial institutions. Deposits of up to $100,000 are protected against most loss.
High-Interest Savings Account
High-interest savings accounts are used similarly to traditional savings accounts; they’re used to store funds you don’t need to use immediately while earning interest. That said, high-interest savings accounts earn interest differently than traditional savings accounts.
Which high-interest savings account you choose determines your interest rate. This rate will vary based on inflation and the Bank of Canada interest rates. Just like with traditional savings accounts, you can access these funds whenever you like, but making too many transactions out of these accounts can incur charges.
Registered Accounts
Registered accounts are different from the non-registered accounts we’ve discussed. These accounts are tax-deferred or tax-sheltered by the government. Anything you earn in these accounts is tax-deferred until it’s withdrawn. Here are a few of the different registered accounts in Canada and how they work.
First Home Savings Account
First Home Savings Accounts (FHSAs) are accounts that allow you to save to purchase or build your first home. That said, there are limits on how much you can save. You can contribute up to $8,000 per year to this account, tax-free, with a lifetime limit of $40,000. As long as the funds are used to purchase a home in the allotted time period, you won’t have to pay taxes when you withdraw either.
Tax-Free Savings Account
Tax-Free Savings Accounts (TFSAs) are accounts that allow you to invest up to a certain amount per year while earning tax-free interest income. You aren’t even taxed when you withdraw the funds. Unlike other registered accounts, this account isn’t locked.
There are annual limits to how much you can deposit into a TFSA without being penalized. If you don’t use this limit, it can be carried forward to the next year. The annual limit for 2026 is $7,000. If you turned 18 in 2009, then your lifetime limit is $109,000.
Registered Retirement Savings Plan
Registered Retirement Savings Plans (RRSPs) are registered accounts used to save money for retirement. These accounts are tax-deferred, meaning that you don’t have to pay any tax on funds you deposit until you withdraw or retire.
If you withdraw funds from an RRSP before you retire, then you will have to pay withholding taxes. The idea behind this account is to draw on your RRSP for income in retirement. This is because your taxable income will be lower in retirement, so your annual taxes will be lower.
Just like with TFSAs, there are annual limits you can contribute before you’re subject to a penalty. Currently, the 2026 annual limit is 18% of your annual income, up to $33,810.
Registered Retirement Income Fund
Registered Retirement Income Accounts, known as RRIFs, are accounts that you transfer your RRSP to when you’re ready to retire. Once your funds are in an RRIF, you can set up withdrawals. Keep in mind that you don’t have to have just one RRIF either; you can have more than one.
Registered Education Savings Plan
Registered Education Savings Plans, also referred to as RESPs, are registered accounts that people can contribute to on behalf of another person. These accounts are meant to save money for post-secondary education.
Since 2007, there haven’t been any annual limits on what you can contribute to RESPs. That said, there is a lifetime limit of $50,000 on RESPs. While these accounts can also be set up for anyone, they’re usually set up for family members.
Are Newcomers in Canada Able to Open a Bank Account Without a SIN?
In Canada, you don’t need a Social Insurance Number to open a bank account. The main reason that financial institutions ask for it is to report interest income to the Canada Revenue Agency, so it isn’t necessary for standard chequing and savings accounts.
Instead of your SIN, alternative ID may be required to verify your identity. This includes a valid foreign passport, permanent resident card, or even a work/study permit. You will also need to provide proof of address.
Is a Canadian Address Required to Open an Account?
While a Canadian address is normally required to open an account, there are some exceptions when you’re starting a new life in Canada. Major banks, such as the Big Six in Canada, will often accept temporary alternatives. This includes a hotel address, a relative’s or friend’s address, a shelter address, or even a letter from a settlement agency.
Opening a Bank Account as a Refugee in Canada
As a refugee, you have access to banking in Canada. Generally, all you need to open your first chequing account is your Acknowledgement of Claim document from Immigration, Refugees and Citizenship Canada. Some form of secondary documentation will also be required. This can be any of the following:
- Passport
- National ID card
- Alternative approved ID
In terms of proof of address, you can use a temporary address, a shelter address, or a letter from a settlement agency.
Opening an Account as a Newcomer Without a Job or Income
With Canadian banking, you don’t need to have a job, an income, or an initial deposit. There is also no credit history required. However, if you’re looking to use other banking products and services, this and other documentation may be required, including confirmation of permanent residence.
Are Visitors or Non-residents Able to Open a Canadian Account?
After your arrival in Canada, there are many reasons to open a bank account, including to send money in foreign currency. As a visitor or someone on a tourist visa, you’re still able to open a bank account. However, each bank has different requirements, so you’ll have to verify that you meet them.
The first thing you need to do is visit a branch in person. You must also provide original ID documents such as a valid foreign passport and secondary ID that includes proof of address. The best way to find out if your local branch allows visitors to open bank accounts is to ask.
Fees That Apply After Newcomer Offers End
As a newcomer to Canada, you can get a lot of banking perks with your account. This includes a variety of features, such as transaction limits, money transfer services, digital banking, and more. Once the newcomer offer ends, though, you will need to pay monthly plan fees, since many offers waive them.
The fees you pay after the offer ends will depend on which bank you’re with. Other things will determine your monthly fees, including:
- Your minimum daily balance
- Global money transfers
- Currency conversion fees
- Monthly transactions made
When it comes to fees, different types of accounts are available through the Canadian banking system, which will impact the fee amount. Here’s a look at the fees for some of the everyday banking accounts.
| Bank Account | Fees after the first year |
| RBC Advantage Banking account | $12.95/month |
| RBC VIP Banking account | $30.00/month |
| BMO NewStart Program/Performance Chequing | $17.95/month |
| CIBC Smart Account | $17.95/month with a minimum daily balance below $4,000 |
| Scotiabank Preferred Package | $16.95/month with a minimum daily balance below $4,000 |
How Newcomers Can Send Money Affordably
If you want to send money to family after moving to Canada, there are plenty of different options available to you. These include:
- Western Union
- Wise
- Remitly
- Specialized newcomer programs
- CIBC Global Money Transfer
- ATB Global Transfers
- Canada Post
- TD Global Transfer
- Scotiabank International Money Transfer
- RBC International Money Transfer
- BMO Global Money Transfer
What Happens When Your Newcomer Status Ends?
With most newcomer programs, your fees start after one to two years. Any unlimited transfer perks you had may also end; your products will be transferred to traditional ones. For example, if you have a newcomer credit card, it will transition to a standard credit card.
Building a Canadian Credit Score
Having no credit history in Canada can become an issue, so it’s important to build one. One of the best ways to do this is to open a newcomer banking package. Even though everyday banking with branches and ATMs won’t influence your score, you can get credit cards with these packages that allow you to use your international credit history.
Another option to go along with, or instead of, getting a bank account is to get credit-building products. While you may have to go with a secured option at first, it won’t take long to transition. It only takes 3 to 6 months to become scorable, and 1 to 2 years to build a good credit score.
Your Right to Open a Bank Account in Canada
Under the Bank Act and regulations enforced by the Financial Consumer Agency of Canada, you have a legal right to open a basic personal bank account. You can be a newcomer, have no job, or have no initial deposit, and still have the right to open a bank account.
A bank can only refuse to open a bank account for specific reasons, including:
- The bank has reasonable grounds to believe that the account is going to be used for illegal or fraudulent purposes
- The applicant has a history of fraudulent activity within the past 7 years
- The applicant provided false information knowingly
- The applicant poses a safety risk to bank staff
- The applicant refuses to let the bank verify their identity
Multilingual Customer Support for Newcomers
When you don’t speak English, it can be difficult to determine how to navigate a new country. For this reason, Canada has a variety of resources available online in many different languages. On the Government of Canada website, you can find a variety of information in multiple languages.
Newcomer Bank Account Offers
Here’s a look at all the current bank account offers for newcomers.
| Bank Account | Offer |
| BMO New Start Program | Up to $2,600 in total value |
| Scotiabank StartRight | Up to $580+ in core value |
| TD New to Canada Banking Package | Up to $2,400 in total value |
| CIBC Smart Account for Newcomers | Up to $600 in bonus earnings |
| RBC Newcomer Advantage | No-fee monthly banking for the first year |
