The BMO Performance Chequing Account for Newcomers is part of BMO’s NewStart Program, designed to make your transition to life in Canada smoother and more convenient. Available to permanent residents and foreign workers who have arrived in Canada within the last 5 years, this newcomer chequing account comes with two years of no monthly fees, unlimited transactions, including INTERAC e-Transfer®§ transactions, plus no-fee BMO Global Money Transfers, helping you feel financially at home right away.
While there may be some fees for non-BMO ATM withdrawals, the account’s core features make it a strong option for newcomers looking for reliable and affordable day-to-day banking. Take a closer look at what the BMO newcomer account offers below.
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BMO Performance Chequing Account for Newcomers features
Here we take a look at the features of the BMO Performance Chequing Account for Newcomers.
Verified on August 29, 2025
Why You Want It
Get a $700 welcome bonus + a Walmart Delivery Pass subscription of up to 12 months.
Special Features
- No monthly fee for two years
- Earn up to $40 rebate on annual fees for eligible credit cards
- No-fee BMO Global Money Transfers
- Valuable welcome bonus
Eligibility
- Permanent residents and foreign workers arriving in Canada within last 5 years
- Proof of immigration status required
Provinces
AB, BC, MB, NB, NL, NS, NT, NU, ON, PE, QC, SK, YT
Features
Minimum Balance To Waive Fee
$4,000
# Of Free Monthly Transactions
Unlimited
# Of Free Monthly Interac E-Transfers
Unlimited
Monthly Fee
$17.95
Excess Transaction Fee
N/A
Excess Interac E-Transfer Fee
N/A
Maximum Credit Card Annual Fee Waiver
$40
Maximum Welcome Bonus
$700
Promo End Date
March 02, 2026
Physical Locations
Automatic Budgeting System
Minimum Interest Rate
N/A
Earn Rewards On Debit Purchases
Free Cheques
Free Bank Drafts
Max Rebates For Other Accounts
N/A
Discounts For Seniors
Discounts For Youth
Other Discounts
Terms
The 2025 Winter Everyday Banking Offer (“Everyday Banking Offer”) is available from November 4, 2025 – March 2, 2026. You can earn up to $700.00 in total cash bonuses plus up to a twelve (12) month subscription to Walmart Delivery Pass (“Delivery Pass Offer”), three (3) months provided by Walmart and nine (9) months from Bank of Montreal (“BMO”), when you open a new Canadian Dollar Primary Chequing Account (“Chequing Account”) with an Eligible Bank Plan (defined below), open a new Savings Amplifier Account (“Savings Account”) at any BMO branch in Canada or online at bmo.com/cash, and setup a savings goal in My Financial Progress (“My Financial Progress Cash Offer”). Full offer details can be found here.
BMO Performance Chequing Account for Newcomers product rating: 3.9 stars
BMO has a whole suite of offers in its NewStart Program, with its Performance Plan chequing account at the centre. This newcomer's chequing account has the features you would expect as a new immigrant to Canada – low fees, BMO Global Money Transfers, and unlimited transactions. The monthly plan fee waiver expires after two years.
The BMO Performance Chequing Account for Newcomers has a few extra fees in the fine print. When you look at the newcomers account as a part of the whole BMO newcomers program, it feels like BMO has thought through the financial needs of newcomers.
Rating methodology
To assess chequing accounts, we examine more than 30 data points to provide a reliable Genius Rating. We take into account all aspects of the account, such as fees, benefits, interest rates, customer satisfaction, accessibility, and promotions, to determine its overall value. The features of the account are then rated in comparison to other available options.
Learn more about our rating methodology.
The pros of BMO Performance Chequing Account for Newcomers
The BMO newcomer account has its benefits, which we cover below.
Pros
Get up to $700 as a welcome bonus
You'll get up to $700 when you open the account and complete some specified actions, including $150 if you also open a Savings Amplifier Account and complete some actions, plus a final $50 bonus if you sign in to BMO Online or Mobile Banking to access 'My Financial Progress' and complete some tasks. You can also earn a Walmart Delivery Pass Subscription for up to 12 months.
No monthly fee for two years with BMO newcomers chequing account
The BMO Performance Chequing Account for Newcomers is the only BMO newcomers chequing account that offers no fee for two years. The $17.95 monthly fee starts up automatically after the 24-month period ends.
No-fee BMO Global Money Transfers on newcomers program
Typically, BMO charges $5 per Global Money Transfer transaction. But for BMO Performance Chequing Account for Newcomers holders, the fee is waived. BMO newcomers can send money to nearly 70 destinations, and the transfer arrives within 2 - 5 days. What’s more is that recipient information is saved so you can send future transactions quickly.
BMO newcomers can enjoy unlimited transactions
Another perk of the Performance Account is that you get unlimited transactions (debit purchases, ATM, telephone banking, online banking, mobile banking, and pre-authorized debits) and INTERAC e-Transfer transactions. As the account you use the most often (or for some of us, everyday), not worrying about the extra transaction charges can be a big relief when we get our monthly statements.
The cons of BMO Performance Chequing Account for Newcomers
Nothing’s perfect, and the BMO Performance Chequing Account for Newcomers is no exception. See some things to look out for below.
Cons
BMO newcomers account has non-BMO withdrawal fees
The BMO Performance Chequing Account for Newcomers has charges on non-BMO ATMs, meaning that if you take money out of an ATM that isn’t Bank of Montreal, you’ll be charged. The newcomers account comes with 1 Canadian withdrawal per month, but after that it’s between $2 - $5 per transaction (depending if it’s in Canada or elsewhere). This is something to keep in mind if you’re travelling abroad and need to pull out some cash.
Pricey monthly fee after the first two years
While the monthly plan fee for the BMO Performance Chequing Account is waived for the first two years, every month after that will cost you. It's quite a jump from paying $0 per month to $17.95 every month – unless you keep a minimum of $4,000 in the account, you're looking at $215.40 per year just to hold the account.
BMO Performance Chequing Account for Newcomers alternatives
The BMO Performance Chequing Account for Newcomers is one of many chequing accounts in Canada. Here’s a helpful comparison chart to review the differences:
 |  |  | |
|---|---|---|---|
| Account | BMO Performance Chequing Account for Newcomers | National Bank Newcomer Banking Package | Simplii No Fee Chequing Account |
| Genius Rating | |||
| Why You Want It | Get a $700 welcome bonus + a Walmart Delivery Pass subscription of up to 12 months. | $0 monthly fees for up to 3 years + Dedicated advice for newcomers. | Earn $300 and a $50 Skip gift card + Unlimited free transactions for no monthly fee. |
| Minimum Balance To Waive Fee | $4,000 | N/A | $0 |
| # Of Free Monthly Transactions | Unlimited | Unlimited | Unlimited |
| # Of Free Monthly Interac E-Transfers | Unlimited | Unlimited | Unlimited |
| Monthly Fee | $17.95 | $15.95 | $0.00 |
| Excess Transaction Fee | N/A | N/A | N/A |
Show More | |||
| Open an account See more BMO products Compare | Open an account See more National Bank products Compare | Open an account See more Simplii Financial products Compare |
Comparison to other BMO products
Once you’re done with your two years of no monthly plan fees, here’s some of the other BMO accounts you can transfer to:
| | | |
|---|---|---|---|
| Account | BMO Premium Chequing Account | BMO Plus Chequing Account | BMO Practical Plan |
| Genius Rating | |||
| Why You Want It |  $50 GeniusCash + $700 in cash + a Walmart Delivery Pass Subscription for up to 12 months*. *T&Cs apply. | Get a $100 welcome bonus + 25 transactions per month. | Get 12 transactions/month for a low monthly fee + No monthly fee for seniors. |
| Minimum Balance To Waive Fee | $6,000 | $3,000 | N/A |
| # Of Free Monthly Transactions | Unlimited | 25 | 12 |
| # Of Free Monthly Interac E-Transfers | Unlimited | Unlimited | Unlimited |
| Monthly Fee | $30.95 | $11.95 | $4.00 |
| Excess Transaction Fee | N/A | $1.25 | $1.25 |
Show More | |||
| I Want This Deal See more BMO products Compare | Open an account See more BMO products Compare | Learn More See more BMO products Compare |
FAQ
What is the BMO Newcomers Program?
The BMO newcomers program is called the BMO NewStart Program. The program has a bunch of savings for permanent residents, foreign workers, and international students. From bank accounts and credit cards to global money transfers and helpful resources, BMO makes it easy to get set up financially as a newcomer to Canada.
What are the BMO chequing account fees?
BMO waives the monthly fee for the Performance Chequing Account under its newcomers program for two years. Newcomers can get free transactions as part of this account. Account holders may have to pay fees on non-BMO ATM withdrawals and overdraft protection.
What are some BMO offers for newcomers?
BMO has several offers for newcomers under its NewStart Program. To name a few, BMO offers the BMO Performance Chequing Account for Newcomers, no annual fee credit cards, mortgage and investment offers, and the option for China and India residents to apply for a bank account before they move to Canada.
Editorial Disclaimer: The content here reflects the author's opinion alone, and is not endorsed or sponsored by a bank, credit card issuer, rewards program or other entity. For complete and updated product information please visit the product issuer's website.
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