Opening a bank account is one of the first and most important financial steps you’ll take as a newcomer to Canada. It allows you to manage your money safely, receive payments, and pay bills.

Your Right to Open a Bank Account

In Canada, you have the right to open a bank account (chequing or savings) even if you:

  • Don’t have a job.
  • Don’t have money to put in the account right away.
  • Have been bankrupt.

Documents You Need to Open a Bank Account

To open a bank account, banks must be able to confirm your identity. You will generally need to provide original identification documents, not photocopies. The most common way to meet the ID requirements in most banks is to provide two forms of identification into a branch, these include:

If you’re a landed permanent resident, you need:

  • Your permanent resident card or your Confirmation of Permanent Residence (COPR) document
  • One additional piece of Canadian government-issued photo ID, like your driver’s licence

You can also apply for a credit card with these documents as well.

If you’re a foreign worker, you need:

  • Your work permit
  • One additional piece of Canadian government-issued photo ID, like your driver’s license

To apply for a credit card, you’ll need these documents, and a letter from your employer in Canada that states your annual income.

If you’re a student, you need:

  • Your study permit

If you’re a refugee or protected persons, you need:

Common Documents for Newcomers

  • Permanent Residents: Permanent Resident Card or Confirmation of Permanent Residence, passport.
  • Foreign Workers: Work permit, passport.
  • International Students: Student visa, proof of enrollment at a school, passport.

Some banks may allow you to start the process of opening an account online or even before arriving in Canada, but you will typically need to visit a branch in person to complete the process and verify your identity.

Choosing the Right Bank Account

Canadian banks offer various accounts with different features and fees. It’s crucial to compare options to find one that best suits your needs. Many major Canadian banks offer “Newcomer Packages” with special benefits.

Key Factors to Consider When Choosing a Bank Account

  1. Types of Accounts:
    • Chequing Account: For day-to-day transactions like receiving your salary, paying bills, and making purchases with a debit card. Most chequing accounts pay little to no interest.
    • Savings Account: For saving money and earning interest. Access to funds might be slightly more restricted than a chequing account, and transaction limits may apply.
  2. Monthly Fees:
    • Many accounts have a monthly fee, which can range from a few dollars to over $30.
    • Newcomer offers often waive monthly fees for the first 1-3 years.
    • Some accounts offer fee waivers if you maintain a minimum balance or have direct deposits.
    • There are also “no-fee” chequing accounts available, often from online-only banks.
  3. Transaction Limits and Fees:
    • Accounts may have a limited number of free transactions (e.g., debit purchases, Interac e-Transfers, bill payments).
    • Going over the limit can result in fees per transaction. Look for accounts with “unlimited transactions” if you anticipate frequent use.
    • International money transfers may or may not be free, even with newcomer packages.
  4. ATM Access:
    • Consider the bank’s ATM network. Using an ATM from a different bank can incur fees. Major banks (RBC, TD, BMO, Scotiabank, CIBC, National Bank) have extensive ATM networks.
  5. Digital Banking (Online and Mobile App):
    • Most banks offer robust online banking and mobile apps. Check reviews and features to ensure they meet your needs for managing your account, paying bills, and transferring money.
  6. Credit Card for Newcomers:
    • Many newcomer packages include an easy application for a credit card, even without a Canadian credit history. This is vital for building your credit score (see Section 3).
  7. Additional Perks:
    • Look for welcome bonuses (cash back, rewards points), free safety deposit boxes, or special rates on other banking products.

Major Canadian Banks with Newcomer Programs

  • RBC (Royal Bank of Canada): RBC Newcomer Advantage
  • TD (Toronto-Dominion Bank): TD New to Canada Banking Package
  • Scotiabank: StartRight Program
  • BMO (Bank of Montreal): BMO NewStart Program
  • CIBC (Canadian Imperial Bank of Commerce): Welcome to Canada Banking Package
  • National Bank of Canada: National Bank Offer for Newcomers
  • Simplii Financial (CIBC’s online division): New to Canada Banking Program (no-fee chequing)
  • Tangerine (Scotiabank’s online division): No-Fee Daily Chequing Account

Important Tip: Don’t hesitate to visit different bank branches, compare their newcomer offers, and ask questions about anything you don’t understand before making a decision.

Comparative Overview of Major Canadian Bank Newcomer Banking Packages

(As of Late August 2025)

Disclaimer: The information provided below is a general overview for typical newcomer packages and is subject to change by each bank. Eligibility criteria, specific offers, and terms and conditions apply. It is highly recommended to visit the bank’s official website or a branch to confirm the most current details before opening an account. Welcome offers often require specific actions (e.g., setting up direct deposits, making bill payments) within a certain timeframe.

Bank Name Account Type (Commonly Offered) Monthly Fee  Transaction Limits ATM Network Access Key Newcomer Benefits & Features Credit Building Support
RBC (Find a Chequing Account Tool) RBC Advantage Banking (often part of Newcomer Advantage); RBC Signature No Limit Banking  $0 for 1 year (then $12.95/month for RBC Advantage Banking Account; $16.95 for RBC Signature No Limit Banking Unlimited  debit transactions (with RBC Advantage Banking/Signature No Limit Account) RBC ATMs; No RBC fee to use another bank’s ATM in Canada (with Advantage Banking) Dedicated Newcomer Advisors; Multi-language support; No-fee international money transfers; Exclusive partner offers. RBC credit cards available with no Canadian credit history required
TD Canada Trust TD Unlimited Chequing Account (New to Canada Package; TD International Student Banking Package) $0 monthly fee for 1 year (then $17.95/month);

$0 Monthly Fee (until 23 years old or with proof of enrollment in full-time post-secondary education)

 Unlimited debit transactions TD ATMs; No TD ATM fee at any ATM in Canada. Personalized banking advice; Free Interac e-Transfers; Rebate on TD Global Transfer (international money transfer) fees for up to 12 months. Unsecured credit cards available with no Canadian credit history.
Scotiabank Preferred Package (StartRight™ Program) $0 for 1 year (then $16.95/month)

No monthly account fees on a student chequing account.

 Unlimited debit transactions Scotiabank ABMs; Free access to Global ATM Alliance ATMs worldwide. Free unlimited international money transfers; Specialized mortgage/car loan options for newcomers; Access to financial education resources; Higher credit limit with Nova Credit. Unsecured credit card with limits up to $15,000 available with no Canadian credit history.
BMO BMO Performance Chequing Account (NewStart® Program) No monthly Plan fees for 2 years with the Performance Plan (then $17.95/month) Unlimited  debit transactions BMO ATMs; Access to partner ATMs. Unlimited free BMO Global Money Transfers; Safety deposit box for 1 year; OnGuard Identity Theft Protection for 1 year. Unsecured credit card with annual fee rebate available (no Canadian credit history required).
CIBC CIBC Smart™ Account for Newcomers | CIBC Smart™ Start $0 for 12 months (afterwards, RBC advantage:$12.95/month) Unlimited transactions (pay no monthly fee for up to 2 years.

Monthly fee after your second year

$0 up to $16.95)

 CIBC Banking Centres & ATMs across Canada. No-fee international money transfers to 130+ countries; Digital access to account within minutes of online application; Exclusive offers (e.g., Koodo phone plan, Canoo Cultural Pass, Skip+ trial). Unsecured credit card available with no income or credit history required.
Simplii Financial No Fee Chequing Account- New to Canada Banking Program $0 (no monthly  fee) Unlimited transactions Free access to 3,400+ CIBC ATMs across Canada Online-focused banking for convenience; No-fee Global Money Transfer; Ability to apply up to 12 months before arrival or up to 5 years after. No annual fee Cash Back Visa Card available with no Canadian credit history needed (up to $10,000 limit). Awarded Best Credit Card for Newcomers 2024.
Tangerine No-Fee Daily Chequing Account $0 (no monthly fee with no minimum balance) Unlimited transactions Free access to 3,500+ Scotiabank ATMs nationwide. Online-focused banking; High interest on savings accounts (often promotional rates for new funds); Free Interac e-Transfers. Offers credit cards, but specific “no credit history required” benefits for newcomers are less explicitly emphasized. May have welcome offers for credit cards (e.g., 10% cash back up to $100 for Money-Back Credit Card).

Send and Receive Money on the go in Canada 

What is an Interac e-Transfer? 

An Interac e-Transfer is one of the most common and convenient ways to send money in Canada. It lets you transfer funds directly from your Canadian bank account to someone else’s bank account using just their email address or phone number.

It’s very popular because:

  • Fast – money usually arrives within minutes.
  • Secure – transfers are protected by your bank and Interac’s security system.
  • Widely accepted – almost all major Canadian banks and credit unions use it.

How it Works

  1. Log in to your online banking app or website.
  2. Select Interac e-Transfer.
  3. Enter the recipient’s email or phone number, the amount, and (sometimes) a security question/answer (recommended).
  4. The recipient will get a notification and deposit the money into their account.

Who Offers It?

Most Canadian banks include Interac e-Transfers in their everyday banking packages:

  • RBC, TD, Scotiabank, BMO, and CIBC all offer unlimited or low-cost e-Transfers with certain accounts.
  • Online banks like Simplii Financial and Tangerine also include free e-Transfers with their chequing accounts.

Things to Know

  • Fees: Some accounts include unlimited free e-Transfers (refer to , while others charge $1–$1.50 per transfer after a monthly limit (check your account details in our bank comparison table).
  • Canada only: Interac e-Transfers only work between Canadian bank accounts. For international transfers, you’ll need other services (like wire transfers or online money transfer apps).
  • Scams: Never send an e-Transfer to someone you don’t know or trust. Once accepted, the money cannot be reversed.

Reliable References for Banking for Newcomers