Opening a Canadian bank account is one of the first financial steps for newcomers to Canada. A bank account is needed for direct deposit of employment income, CRA tax payments and refunds, and everyday expenses. Fortunately, Canada has strong newcomer banking programs at major banks alongside excellent free digital banking options.
TD's New to Canada Banking package waives monthly fees for the first 6 months (or longer for some programs). TD has multilingual banking support in Mandarin, Cantonese, Punjabi, Hindi, Arabic, and other languages at select branches. TD also offers credit cards to newcomers without Canadian credit history, using international credit history in some cases.
RBC's newcomer banking program waives fees for the first year and offers credit cards for new Canadians without established Canadian credit. RBC has strong international connections and multilingual digital banking support.
BMO's NewStart program waives banking fees for 12 months and offers credit cards and personal loans with flexible requirements for newcomers. BMO has multilingual services and a dedicated newcomer banking team.
Scotiabank's StartRight program is specifically designed for newcomers with fee waivers, credit card access, and financial planning resources. Available to permanent residents, international students, and temporary residents in some cases.
CIBC's newcomer program includes waived fees, credit card eligibility, and dedicated multilingual support. CIBC has strong relationships with Chinese-Canadian and South Asian communities through staff and services.
KOHO is an excellent first account for newcomers because it requires no credit history, no minimum balance, and approves almost everyone instantly. KOHO's prepaid Visa works immediately for online and in-store purchases while you establish banking relationships in Canada. KOHO's Credit Building feature ($7/month) can help newcomers start building Canadian credit from day one.
Simplii is a straightforward free chequing account with no monthly fees. Accessible to newcomers with valid ID.
Newcomer Banking Priority Checklist:
Canadian credit history starts from zero when you arrive. Build it through secured credit cards, newcomer credit cards, and KOHO's Credit Building feature. After 6–12 months of on-time payments, you'll have a meaningful Canadian credit score that opens doors to mortgages, car loans, and better credit products.
For newcomers to Canada, a two-track approach works best: open KOHO immediately for instant banking access, then apply for a Big 5 newcomer program for long-term full-service banking. The Big 5 newcomer fee waivers (up to 12 months) are genuinely valuable while you get established.
KOHO offers free banking with no monthly fees and no minimum balance. Use code 45ET55JSYA for a bonus.
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