Banking in Canada: Guide for Filipino Immigrants (2026)

The Philippines sends one of the largest numbers of newcomers to Canada each year — through the Caregiver program, TFW stream, Express Entry, and family sponsorship. If you're Filipino and newly arrived in Canada (or planning to come), this guide covers everything you need to know about banking, from how it compares to Philippine banks to how to send money back to your family.

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Philippine Banks vs. Canadian Banks

If you've banked with BDO Unibank, BPI (Bank of the Philippine Islands), Metrobank, or Landbank in the Philippines, you'll notice some key differences when banking in Canada:

Account Types

Philippines: Savings accounts with passbooks, ATM accounts, and current accounts are common. Many Filipinos have multiple accounts for different purposes.
Canada: Most Canadians have a single chequing account for everyday spending and a savings account for emergencies. TFSA (Tax-Free Savings Account) is a uniquely Canadian product for tax-free savings and investing.

Fees

Philippines: Banks like BDO charge minimal fees and maintaining balance requirements are relatively low.
Canada: Monthly fees can be $15-30 at big banks — but newcomer packages waive these for 1 year. No-fee options like KOHO and Tangerine exist. No maintaining balance requirements at most banks.

Transfers

Philippines: InstaPay and PESONet handle real-time and batch domestic transfers. Western Union and Remitly are used for international remittances from OFWs.
Canada: Interac e-Transfer handles person-to-person payments (like InstaPay for CAD). International transfers use wire transfers ($15-25 fee) or remittance services.

Credit System

Philippines: Credit scores are less formalized; relationships with your bank matter more. Credit cards from BDO/BPI typically require employment certificate and payslips.
Canada: Your credit score (300-900) determines almost everything — credit cards, mortgages, even some rentals. You start fresh in Canada and must build it from zero.

Documents Filipino Immigrants Need for Banking in Canada

Philippine passport — your primary ID, valid and with remaining validity
Immigration document: Work permit, study permit, PR card, or COPR
SIN — apply at Service Canada (bring your passport + immigration document)
Proof of Canadian address — if you have it (employer letter, lease, hotel)

Best Banks for Filipino Newcomers

KOHO: Open with passport only, no SIN needed, no fees — best for Day 1
TD Bank: Large branch network, newcomer program, Filipino-speaking staff at some GTA branches
Scotiabank: StartRight program specifically for newcomers; Scotiabank has operations in the Philippines making transitions smoother
RBC: Strong multilingual service, good newcomer credit card options

Filipino Communities in Canada — Where to Find Support

Filipino communities are large and well-established in:

Winnipeg: Manitoba has the largest Filipino population per capita in Canada
Toronto (GTA): Large Filipino community in Scarborough, Etobicoke, and Brampton
Vancouver: Significant Filipino community in Surrey and Burnaby
Calgary and Edmonton: Growing Filipino communities with many TFWs becoming PRs

Filipino community organizations often have financial literacy workshops and can help you navigate banking as a newcomer.

Sending Money to the Philippines from Canada

Filipinos in Canada send billions of pesos home annually. Compare your options:

Remitly: One of the best for PHP remittances — fast delivery, competitive rates, promotions for first-time senders
Wise: Excellent exchange rates for CAD to PHP, slightly slower than Remitly
Western Union: Cash pickup at SM Supermall, Palawan Pawnshop, etc. Great for recipients without bank accounts
BDO Kabayan Savings: If your family has BDO, some products are designed for OFW remittances
Canadian bank wire: $15-25 fee plus poor exchange rate — avoid for regular remittances

OFW Banking Tip: Set up Remitly or Wise for regular remittances. Many Filipino-Canadians send money home monthly. Pre-booking your remittance at a fixed rate can protect against PHP/CAD exchange rate fluctuations.

Building Credit in Canada as a Filipino Immigrant

Unlike in the Philippines where bank relationships matter more than a formal score, Canada's credit system is highly formalized. Start building credit immediately:

Open KOHO and activate the Credit Building feature
Get a secured credit card at your bank (deposit $300-$500)
Use it for SM, Jollibee (yes, there are Jollibees in Canada!), groceries, and daily spending
Pay the full balance every month
Check your score free on Borrowell after 3-6 months

Related Guides

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