Banking in Canada: Guide for Ukrainian Newcomers (2026)

Since 2022, Canada has welcomed over 200,000 Ukrainians through the Canada-Ukraine Authorization for Emergency Travel (CUAET) program and other pathways. If you've arrived from Ukraine — whether fleeing the conflict or coming through other immigration pathways — this guide helps you set up banking in Canada quickly and access financial support programs.

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KOHO is perfect for Ukrainian newcomers — open with your Ukrainian passport, no SIN needed to start, no fees, no credit history required. Get $100 with code 45ET55JSYA.

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CUAET Support: If you arrived under the Canada-Ukraine Authorization for Emergency Travel program, you may be eligible for one-time financial support of up to $3,000. You'll need a Canadian bank account to receive this. Open one as soon as possible through KOHO (immediate, no SIN needed) or a bank branch.

Ukrainian Banking vs. Canadian Banking

Banks You Know from Ukraine

Major Ukrainian banks include PrivatBank (the largest, with over 20 million customers), Oschadbank (state savings bank), Ukrsibbank, Raiffeisen Bank Aval, and Alfa-Bank Ukraine. None of these have Canadian branches. However, some Ukrainian banks maintained online banking throughout the conflict, and your Ukrainian accounts may still be accessible online for checking balances or making local Ukrainian transactions.

Monobank and Digital Banking

Monobank (mono) is a popular Ukrainian fintech with no physical branches — similar to KOHO in Canada. If you were comfortable with Monobank's mobile-first approach, you'll find KOHO familiar in terms of UX. Both are digital, app-based, and designed for convenience.

Euro and Hryvnia to CAD

Many Ukrainian refugees brought EUR or USD cash to Canada, having converted hryvnia (UAH) before leaving. Canadian banks accept foreign currency exchange, as do currency exchange services (better rates than banks). Wise is a good option for converting remaining EUR or UAH to CAD at fair exchange rates.

Getting Banking Set Up as a Ukrainian Newcomer

Day 1: Open KOHO with your Ukrainian passport — no SIN needed. Get a virtual Visa card immediately to make purchases and access CUAET financial support payments.
Week 1: Apply for your SIN at Service Canada (bring your passport + immigration document). Get it the same day in person.
Week 1-2: Visit TD, RBC, or Scotiabank for a full bank account. Mention you're under CUAET if applicable — some banks have special processes for Ukrainian newcomers.
Month 1: Apply for a secured credit card to start building Canadian credit.
Month 2-3: Set up Interac e-Transfer to pay rent and receive payments.

Documents Ukrainian Newcomers Need for Banking

Ukrainian biometric passport (закордонний паспорт) — blue international passport, primary ID
CUAET authorization or work permit/study permit — if applicable
SIN — get from Service Canada
Canadian address — temporary accommodation letter works

If your passport was damaged or left behind in Ukraine, IRCC and Service Canada have special procedures — contact them directly or work through a settlement agency.

Financial Support Programs for Ukrainians in Canada

CUAET transitional financial assistance: One-time support payment from IRCC
Provincial emergency support: Several provinces (Ontario, Alberta, BC) offered additional support — check provincial websites
Employment Insurance (EI): If you worked in Canada and lost a job, you may qualify for EI
Canada Child Benefit: If you have children and become a Canadian resident, you may qualify — file your taxes to access
Settlement agencies: Organizations like Ukrainian Canadian Congress, COSTI, and local welcome centres provide support for housing, employment, and financial literacy

Sending Money to Ukraine from Canada

Many Ukrainian-Canadians send money to family members who remain in Ukraine. Options:

Wise: Good rates for CAD to UAH, delivers to Ukrainian bank accounts
Remitly: Ukraine service available with competitive rates
Western Union/MoneyGram: Cash pickup available at Ukrposhta and other locations in Ukraine even during conflict
PrivatBank international transfer: Some options for sending to PrivatBank accounts

Banking Access in Ukraine: PrivatBank and Oschadbank have largely maintained operations during the conflict. Ukrainian bank accounts may still be accessible via app from Canada. Your Ukrainian credit history stays in Ukraine — it does not affect your Canadian credit profile (starting fresh is normal).

Related Guides

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KOHO is the easiest way for Ukrainian newcomers to start banking in Canada. Open with your passport, no SIN needed, no fees. Get $100 with code 45ET55JSYA.

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