Opening a Canadian bank account as a new immigrant is a crucial step in settling in Canada. Most major banks offer newcomer packages, making the process easier. Here’s how you can open a Canadian bank account as a new immigrant:
1. Choose a Bank Offering Newcomer Services
Several Canadian banks have tailored services for newcomers, including free banking for the first year and no-fee international money transfers. Some of the top banks include:
- RBC (Royal Bank of Canada)
- TD Canada Trust (Toronto-Dominion Bank)
- Scotiabank
- BMO (Bank of Montreal)
- CIBC (Canadian Imperial Bank of Commerce)
- HSBC Canada
2. Check Eligibility
To open a bank account in Canada, you usually need:
- To be physically present in Canada
- A valid immigration status (e.g., permanent resident, work permit, study permit)
- At least one or two forms of identification
3. Gather Required Documents
Most banks require the following documents:
- Passport
- Confirmation of Permanent Residence (COPR) or PR Card
- Work or Study Permit (if applicable)
- Canadian Address (even temporary, like a hotel or a friend’s place)
- Social Insurance Number (SIN) (optional but recommended for credit applications)
4. Visit a Bank Branch or Apply Online
- Some banks allow you to start the process online before arrival, but you will need to visit a branch in person to verify your identity.
- Once in Canada, visit the branch with your documents.
5. Choose the Right Account
Newcomers can choose from different types of accounts:
- Chequing Account (for daily transactions)
- Savings Account (for earning interest on deposits)
- Credit Card (to build credit history)
6. Consider a Credit Card for Credit History
- Banks offer secured or unsecured credit cards to newcomers to help build credit history.
- A good credit history is essential for renting apartments, getting loans, and even some jobs.
7. International Money Transfers
- Many banks offer free international transfers for a limited time as part of their newcomer packages.
- Compare exchange rates and transfer fees before sending money abroad.