All of the big banks have niche accounts and packages available that include specific perks and features tailored for newcomers – but the best newcomer bank account is the National Bank Newcomer Banking Package as it provides no-fee banking for up to 3 years.
Banking in Canada might seem complicated at first, but actionable steps can make all the difference. We know that Canadian newcomers already have plenty to think about, like their new city, new neighbourhood, new schools, and possibly a new language, so we've come up with a short, ordered list of tasks for you to consider and check off.
Here's an overview of the best bank accounts for newcomers and the basic steps to get your banking journey started here in Canada.
Key Takeaways
- The best newcomer bank account in Canada is the National Bank Newcomer Banking Package.
- This National Bank account waives the monthly fee for up to 3 years, provides access to credit cards without the need for credit history, and offers an exclusive phone line to assist Canadian newcomers.
- To open a newcomer bank account, you first need a SIN, then to choose a bank and individual account or package, and finish by transferring your money into the new account.
The best newcomer bank accounts in Canada
All of the big banks in Canada have some kind of banking package available for newcomers to Canada, each with its own features, perks, and welcome offers. This table outlines the main details of the best newcomer bank accounts available in Canada:
| Account name | Monthly fee waived for… | Details |
|---|---|---|
| National Bank Newcomer Banking Package | Up to 3 years | * Send international transfers to 19 countries ($5.95 per transfer) * First order of cheques is free * Exclusive phone line for assistance |
| BMO Performance Chequing Account for Newcomers | 1 year | * Unlimited BMO Global Money Transfers for no fee * Up to $125 credit card rebate for eligible BMO cards * Cash welcome bonus |
| Scotiabank StartRight Program | 1 year | * Unlimited free international money transfers * Specialized mortgage offers * Access to Scotiabank credit cards (no credit history necessary) |
| CIBC Smart Account for Newcomers | 2 years | * Access to CIBC credit cards (no credit history necessary) * Partnerships with Koodo and Canoo offer free and discounted services * No transfer fee for CIBC Global Money Transfer |
| TD New to Canada Banking Package | 1 year | * Bonus interest rate on savings account * Rebate on international money transfers for up to 12 months * TD Aeroplan Visa Platinum annual fee waiver |
| RBC Newcomer Advantage | 1 year | * No fee International Money Transfers * Access to RBC credit cards (no credit history necessary) * Online service available in 200+ languages |
How to open a newcomer bank account in 3 steps
There are 3 main steps for opening a newcomer bank account:
- Obtaining a social insurance number
- Choosing the right bank and bank account
- Transferring your funds into the new account
Each of these steps involves a small series of actions. Here, we'll go over these steps and the actions required to complete each one.
Step 1: Get your Social Insurance Number (SIN)
The very first thing you'll need to do is obtain a Social Insurance Number. This is a 9-digit number assigned to every resident of Canada for identification purposes, a number that won't change as you age, move, change names, etc.
Having a SIN is necessary for various purposes – here are a few examples:
- Obtaining legal work
- Paying taxes
- Contributing to pension plans
- Accessing government programs
While it's not always legally required that you provide a SIN for banking purposes, there may be occasions when it's necessary.
For your convenience, there are 3 different ways you can submit a SIN application form:
- Through the government's online service
- Sending it by mail
- Visiting your local Service Canada office
Step 2: Find the right bank and bank account for your needs
The overview table above shows that you have many choices for a newcomer bank account, but there are a few specific things you'll want to look for when choosing the best bank for your needs:
- Products and services available: Some banks offer specialized services for Canadian newcomers, while others offer more niche products for newcomers. What is most important to you?
- Sneaky fees: You may have to pay a standard monthly fee, transaction fees, statement fees, etc. Each bank has its own fee structure so be sure to look and weigh this information against the account features and other details.
- Accessibility: You'll want to choose a bank with branch locations and/or ATMs that are conveniently located. Looking at the bank's global presence can also be helpful.
After choosing a bank, browse through the account options for newcomers and choose the one that best suits your wants and needs. You should be able to apply either online or if you prefer a personal touch and/or require assistance, you can head into a branch location and fill out the application paperwork there.
Step 3: Move your money to your Canadian account
Once you've chosen the best bank account for newcomers and have opened one for yourself, you'll likely have to move a bunch of money from your home country to your brand-new Canadian account.
There are a few different ways to do this:
- Wire transfer: Contact the bank you used in your home country and request a wire transfer into your account. You'll likely need to pay a fee for this, so be sure to ask about the cost upfront.
- International money order: Before coming to Canada, request one or more of these money orders. There may be a max limit for each one, but you can get several. Be sure to deposit them in your new Canadian account as soon as possible.
- Cash: You can bring as much cash into Canada with you as you like, but the more you carry, the more risky it is. Remember that you're legally required to inform border officers when you're bringing more than $10,000 into the country.
- Send money to family/friends before arrival: If you don't open a Canadian bank account before leaving your home country, you could send a wire or other form of transfer to a trusted friend or family member living in Canada. Be sure to get their permission first.
Will you open a newcomer bank account in Canada?
Whether you're already here or are preparing to move, exploring options for newcomer bank accounts in Canada is an important part of settling into life in a new country.
Welcome to Canada!
What will you look for in a newcomer bank account? Let us know in the comments below.
FAQ
Which bank is best for newcomers in Canada?
The best account will be the one that suits your needs, but the National Bank Newcomer Banking Package waives fees for newcomers for up to 3 years along with other perks. Most other Canadian banks waive fees for just 1 year.
How can a newcomer open a bank account in Canada?
Newcomers to Canada can open a bank account here by following 3 steps. First, apply for and obtain a social insurance number. Second, choose a specific bank and bank account. Lastly, transfer funds into the account.
Are there bank accounts specifically created for Canadian newcomers?
Yes, all of the Canadian big banks have accounts and/or banking programs specifically designed for newcomers. The monthly fees are typically waived for these accounts and newcomers can apply for bank-branded credit cards even without a credit history.
Should newcomers to Canada have more than one bank account?
Newcomers should have at least 2 bank accounts, as should most Canadians: one chequing and one savings account. Chequing and savings accounts each serve a completely different purpose, so it's best to have one of each.
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