Opening a bank account as a newcomer to Canada is a straightforward process. Here’s a step-by-step guide to help you get started.
Step 1: Choose a Bank
Select a bank that offers a newcomer program with benefits like waived fees, welcome bonuses, and credit-building options. Some of the best banks for newcomers include Scotiabank (StartRight Program), BMO (NewStart Program), CIBC (Smart Account for Newcomers), RBC (Newcomer Advantage), and National Bank of Canada (Newcomers Package).
Step 2: Prepare the Required Documents
Most banks require at least two pieces of identification and proof of your immigration status. Common documents include a passport, immigration documents (e.g., work permit, study permit, or permanent resident card), proof of address (e.g., rental agreement, utility bill, or letter from an employer), and a Social Insurance Number (SIN) if applying for a credit card or interest-bearing account. Some banks allow you to open an account before arriving in Canada, so check if pre-arrival services are available.
Step 3: Visit a Bank Branch or Apply Online
You can either visit a branch in person or apply online. If visiting in person, schedule an appointment at a nearby branch where a representative will assist you. If applying online, some banks allow newcomers to start the process digitally and finalize it in person by verifying their identity.
Step 4: Choose the Right Type of Account
A chequing account is ideal for daily transactions, debit card purchases, and bill payments. A savings account helps you earn interest on deposits, with some banks offering high-interest options. Many banks also offer credit cards without requiring a Canadian credit history, helping you build your credit score.
Step 5: Set Up Your Banking Services
Once your account is open, deposit funds to activate it, set up online banking for easy transactions, enroll in Interac e-Transfers for sending and receiving money, link your account to a mobile banking app for convenient access, and apply for a credit card to start building your credit history in Canada.
Step 6: Understand Bank Fees & Promotions
Some banks offer zero fees for the first year, but fees may apply afterward. Ask about monthly account fees, ATM withdrawal fees, foreign transaction fees, and bonus offers such as cashback or free transfers.