Whether you're arriving as a permanent resident, skilled worker, or family class immigrant, choosing the right bank in Canada can save you hundreds of dollars and help you build a financial foundation faster. This guide covers every major banking option for immigrants, what to look for, and how to start on the right foot.
KOHO is perfect for immigrants: open with your passport, no SIN required initially, no fees. Get a $100 bonus with code 45ET55JSYA.
Get $100 with KOHOAs an immigrant to Canada, your banking needs are specific. You need an account that:
| Bank | Newcomer Program | SIN Required? | Monthly Fee | Credit Card Included? |
|---|---|---|---|---|
| KOHO | Yes (fintech) | No (optional) | $0 | Prepaid Visa |
| TD Bank | Yes | Yes | $0 first year | Available |
| RBC | Yes | Yes | $0 first year | Newcomer card |
| Scotiabank | Yes | Yes | $0 first year | Available |
| BMO | Yes | Yes | $0 first year | Available |
| CIBC | Yes | Yes | $0 first year | Available |
| Tangerine | No | Yes | $0 always | No |
KOHO is a fintech company (not a traditional bank) that offers a prepaid Visa account with features that rival a full bank account. For immigrants, KOHO is ideal because:
The main limitation: KOHO doesn't have physical branches, but for most immigrants who bank digitally, this isn't an issue.
TD's New to Canada Banking Package is one of the most comprehensive. It includes free chequing for one year, a secured credit card to start building credit, and no need for Canadian credit history. TD has the largest branch network in Canada (over 1,100 locations) and offers service in Mandarin, Cantonese, Punjabi, and other languages at select branches.
RBC offers one of the best newcomer programs, including a dedicated newcomer Visa card with no credit history required, free banking for one year, and advisors who speak over 200 languages via their telephone banking service. Particularly popular with South Asian and Chinese immigrants.
Scotiabank's StartRight program is specifically designed for permanent residents, international students, and foreign workers. It includes free banking for 1-2 years depending on your status, a secured credit card, and preferential rates on first-year investments.
Here's a practical roadmap for your first year of banking in Canada:
Canada Deposit Insurance Corporation (CDIC) insures eligible deposits at member banks up to $100,000 per category. This means your money at TD, RBC, Scotiabank, BMO, CIBC, and most other banks is protected up to $100,000 even if the bank fails. This is why Canadian banks are among the safest in the world.
KOHO is the easiest way for immigrants to start banking in Canada. No credit history required. Open with your passport in minutes. Get $100 with referral code 45ET55JSYA.
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