Canadian Banking Guide for Filipino Immigrants
Moving from Philippines to Canada means starting fresh with a new banking system. While familiar apps like GCash/bank transfer and home banks like BDO, BPI, Metrobank won't work in Canada, the Canadian banking system is robust, well-regulated, and newcomer-friendly once you know how it works.
Filipino immigrants are one of Canada's largest newcomer communities, with large Filipino communities in Winnipeg, Calgary, Toronto, and Metro Vancouver. This guide is tailored specifically to your journey from Philippines to Canada.
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KOHO is available to Filipino newcomers with no credit history required. Get a free Visa prepaid card and start building your Canadian credit profile immediately.
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First Steps: Setting Up Your Banking
- Open a newcomer bank account — Visit TD, RBC, or Scotiabank within the first week. Bring your passport, permit/PR card, and any proof of Canadian address.
- Open a KOHO account — For fee-free everyday spending and credit building. Can be done before you arrive.
- Transfer money from Philippines — Western Union, Remitly, and GCash International all serve Philippines corridors well
- Apply for a newcomer credit card — Your bank will offer you one as part of the newcomer package. This starts your Canadian credit history.
- Get your SIN number — Visit Service Canada with your documents. Required for employment and taxes.
Sending Money Between Canada and Philippines
Most Filipino newcomers send money home regularly or bring savings from Philippines. Here are your options:
| Service | Speed | Fees | Best For |
|---|
| Wise | 1–3 days | 0.4–1% | Large amounts, best rates |
| Remitly | Minutes–1 day | $0–$4 | Fast small transfers |
| WorldRemit | Minutes–1 day | $2–$5 | Mobile money, bank deposit |
| Bank Wire | 3–5 days | $15–$40 | Large, secure transfers |
| Western Union | Minutes | $5–$15 | Cash pickup in Philippines |
Tip: Always compare rates on the day of transfer — exchange rates fluctuate daily. A 1% difference on a $5,000 transfer is $50.
Building Canadian Credit as a Filipino Newcomer
Your Philippines credit history does not transfer to Canada. You start with no Canadian credit score, which affects renting, car loans, and eventually a mortgage. The fastest path to building credit:
- Apply for a newcomer credit card through your bank (no credit check required for newcomer programs)
- Use KOHO's credit building feature — reports to Equifax and TransUnion monthly
- Make all payments in full every month
- Keep your credit utilization below 30%
- Check your score for free on Borrowell or Credit Karma Canada
Most Filipino newcomers reach a credit score of 650+ within 12 months of responsible use. See our full guide: Building Credit as a Newcomer to Canada.
Banking in PHP vs. CAD
Canada uses the Canadian dollar (CAD). There is no need to maintain a PHP account in Canada. If you have savings in Philippines, the best approach is to transfer funds to Canada using a low-fee service like Wise and hold them in CAD or USD in an EQ Bank account that earns high interest.
Avoid keeping large amounts in foreign currency in Canada — Canadian banks charge conversion fees typically around 2.5% for foreign currency transactions.
Philippines-Specific Banking Note
Philippines-specific tip: Many Filipino newcomers work as caregivers or healthcare workers. Make sure your employer correctly deducts CPP and EI premiums — you're entitled to full employment benefits.
Frequently Asked Questions
Which Canadian bank has Tagalog, Cebuano, Ilocano service? +
TD Bank, RBC, Scotiabank, and CIBC all have multilingual service and dedicated newcomer advisors. Call ahead to request a Filipino-speaking advisor at your local branch. Many branches in major cities have staff who speak Tagalog, Cebuano, Ilocano.
Can I use my Philippines debit/credit card in Canada? +
Yes, but expect a foreign currency conversion fee of 2–3% on every transaction plus potential international ATM fees. This gets expensive quickly. Open a Canadian account as soon as possible to avoid these costs.
How much money can I bring from Philippines to Canada? +
There is no limit to how much money you can bring or transfer to Canada. However, you must declare amounts over CAD $100 when crossing the border. Bank transfers over $100 are automatically reported to FINTRAC (Canada's financial intelligence agency) — this is routine, not an issue if funds are legitimate.
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