One of the first things you'll need after landing in Canada is a bank account. You'll need it to receive your first paycheque, pay rent, build a Canadian credit history, and manage everyday expenses. The good news: every major Canadian bank offers special newcomer programs with fee waivers, no Canadian credit history required, and often a welcome bonus.
This guide compares every major option and helps you pick the right one.
You can open an account before you arrive
Most of Canada's big banks let you start your application from outside Canada — sometimes up to a year before you land. This is worth doing because:
- You can transfer funds to your Canadian account before arrival
- Your debit card may be ready to pick up when you land
- You skip the branch lineup during your first hectic week
- Some banks offer a GIC (Guaranteed Investment Certificate) service bundled with account opening, which study permit applicants need
Open your bank account before you arrive if possible. RBC, Scotiabank, CIBC, TD, and BMO all support pre-arrival applications. Start the process 2–4 weeks before your travel date.
The Big 5 newcomer programs compared
Canada's five largest banks all have dedicated newcomer programs. Here's how they compare:
| Bank | Free Banking | Welcome Bonus | Credit Card | Pre-Arrival |
|---|---|---|---|---|
| RBC | 12 months | Up to $300 | Up to $15K limit, no credit history | Yes |
| Scotiabank | Up to 3 years | Up to $350 | StartRight credit card | Yes (StartRight) |
| TD | 6 months | Up to $500 | TD Minimum credit card | Yes |
| BMO | Up to 2 years | Up to $800 | BMO Cashback card | Yes (NewStart) |
| CIBC | Up to 2 years | Up to $500 | CIBC Dividend card | Yes (Smart Account) |
RBC Newcomer Advantage
RBC's program is one of the most popular newcomer options in Canada.
Key features:
- No monthly fee for 12 months on select accounts
- Credit card with up to $15,000 limit without Canadian credit history
- No minimum balance required
- Pre-arrival account opening available
- Dedicated newcomer advisors at many branches
- Free international money transfers for the first year
Best for: Newcomers who want a high-limit credit card to start building credit fast.
Scotiabank StartRight
Scotiabank offers the longest free banking period of any Big 5 bank.
Key features:
- No monthly fee for up to 3 years (the longest of any major bank)
- Welcome bonus up to $350
- StartRight credit card without Canadian credit history
- Free international money transfers through the Scotiabank app
- Pre-arrival account opening
- Dedicated newcomer support line
Best for: Newcomers who want the longest fee-free period to settle in without worrying about banking costs.
TD New to Canada
TD has one of the largest branch and ATM networks in Canada, particularly in Ontario.
Key features:
- No monthly fee for 6 months
- Cash bonus up to $500 (with conditions)
- TD Minimum credit card without Canadian credit history
- Pre-arrival account opening
- Largest branch network in urban Ontario
- TD app consistently rated as one of the best banking apps
Best for: Newcomers settling in Ontario who value branch access and a strong mobile app.
BMO NewStart
BMO has been increasing its newcomer offerings with competitive bonuses.
Key features:
- No monthly fee for up to 2 years
- Welcome bonus up to $800 (one of the highest, with conditions)
- BMO Cashback Mastercard without Canadian credit history
- Pre-arrival account opening
- Strong presence in Western Canada and Ontario
- Free Interac e-Transfers
Best for: Newcomers looking for the highest welcome bonus and cashback rewards.
CIBC Smart Account
CIBC rounds out the Big 5 with a solid newcomer package.
Key features:
- No monthly fee for up to 2 years
- Cash reward up to $500
- CIBC Dividend Visa without Canadian credit history
- Pre-arrival account opening
- Competitive GIC rates for study permit holders
- CIBC Global Money Transfer for sending money internationally
Best for: Study permit holders who need a GIC, and newcomers who want cashback rewards.
Digital-only alternatives (permanently free)
If you don't need branch access, these banks offer permanently free chequing accounts — no newcomer program needed:
Simplii Financial (owned by CIBC)
- $0/month forever — no fee, no minimum balance
- Free unlimited transactions
- Free Interac e-Transfers
- No newcomer program needed — it's just always free
- CIBC ATM network for cash withdrawals
- Limited branch access (use CIBC branches for some services)
Tangerine (owned by Scotiabank)
- $0/month forever — no fee, no minimum balance
- 2% cashback credit card (one of the best no-fee cashback cards in Canada)
- Free Interac e-Transfers
- Scotiabank ATM network for cash withdrawals
- Strong mobile app
- Savings account with promotional high-interest rates
Many newcomers open two accounts: a Big 5 newcomer account (for the credit card and branch access) plus a free Simplii or Tangerine account (for everyday banking after the newcomer promo expires). This way you get the best of both worlds.
Documents you'll need
To open a newcomer bank account, bring:
- Valid passport
- Confirmation of Permanent Residence (COPR), study permit, or work permit
- Canadian address — even a temporary one (hotel, Airbnb, friend's address) works for most banks
- Social Insurance Number (SIN) — you can add this later if you don't have it yet, but you'll need it for interest reporting
Some banks may also ask for:
- Proof of funds from your home country (recent bank statement)
- Employment letter or job offer (if applicable)
- Proof of enrollment at a Canadian institution (for study permit holders)
Building credit in Canada
Your Canadian credit history starts at zero when you arrive — regardless of your credit history in your home country. Building Canadian credit is critical because it affects your ability to:
- Rent an apartment (landlords check credit)
- Get a phone plan without a large deposit
- Qualify for a car loan or mortgage
- Get better credit card offers
How to build credit fast
- Get a credit card immediately — even a secured card with a $500 limit works. The newcomer credit cards from Big 5 banks are ideal because they don't require Canadian credit history
- Use it for small recurring purchases — groceries, phone bill, streaming subscriptions
- Pay the full balance every month — this is the most important factor. Never carry a balance if you can avoid it
- Set up automatic bill payments — phone, internet, and utility bills reported to credit bureaus build your profile
- Don't apply for too many products at once — each application creates a "hard inquiry" that temporarily lowers your score
Most newcomers can reach a credit score of 650+ within 6–12 months of consistent credit card use and on-time payments. A score of 700+ is achievable within 12–18 months.
Never miss a credit card payment, even by a day. A single missed payment can drop your credit score significantly and stays on your record for years. Set up auto-pay for at least the minimum payment as a safety net.
International money transfers
You'll likely need to transfer money from your home country to Canada. Your bank can do this, but there are often cheaper options:
| Method | Exchange Rate | Fees | Speed |
|---|---|---|---|
| Bank wire transfer | 2–3% markup | $15–$45 per transfer | 1–5 business days |
| Wise (TransferWise) | Mid-market rate | ~0.5–1.5% | 1–2 business days |
| Remitly | Near mid-market | Low fees | Same day to 3 days |
| Your bank's transfer service | Varies | Often free for newcomers | 1–3 business days |
For large transfers (like moving your savings), the exchange rate difference between a bank and a service like Wise can be hundreds of dollars on a $10,000+ transfer.
For your initial large transfer of savings, compare rates on the same day across your bank, Wise, and Remitly. Even a 1% difference on $20,000 CAD is $200. After that, use your bank's free transfer service (if included in your newcomer package) for smaller amounts.
Common mistakes newcomers make
- Waiting too long to open an account — do it before or immediately after arrival
- Not getting a credit card — this delays your credit-building by months
- Using only cash or debit — neither builds credit history
- Keeping all money in chequing — open a savings account for emergency funds (most newcomer packages include one)
- Not comparing transfer rates — the difference on large international transfers can be significant
- Closing your newcomer account too early — keep it open for the full free banking period
- Ignoring the welcome bonus conditions — some bonuses require direct deposit setup or minimum transactions
Quick decision guide
- Want the longest free period? → Scotiabank (3 years)
- Want the highest welcome bonus? → BMO (up to $800)
- Want the highest credit limit? → RBC (up to $15K)
- Want the best app? → TD or Tangerine
- Want free banking forever? → Simplii or Tangerine
- Need a GIC for study permit? → CIBC or Scotiabank
- Want branch access in Ontario? → TD or RBC
- Want branch access in Western Canada? → BMO or Scotiabank