Best Banks for Newcomers in Ontario
All major Canadian banks operate throughout Ontario and have newcomer programs designed to help you bank from day one — with no Canadian credit history required.
Best for Newcomers
KOHO
- $100 sign-up bonus (code: 45ET55JSYA)
- No credit check
- No monthly fees
- Open online from anywhere
- Cash back on purchases
Best Big Bank
TD Bank
- Extensive Ontario branch network
- New to Canada program
- Free first year
- Pre-arrival account opening
- Secured credit card available
Best No-Fee
Simplii Financial
- $0 monthly fee forever
- Unlimited transactions
- Backed by CIBC
- Free Interac e-Transfers
- CDIC insured
Best Credit Builder
Scotiabank StartRight
- Free for newcomers year 1
- Secured credit card included
- Scene+ rewards
- Multilingual advisors
- TFSA/RRSP available
What You Need to Know About Banking in Ontario
- Ontario has Canada's largest banking hub — every major bank has extensive branch and ATM coverage
- Toronto (Brampton, Scarborough) has large South Asian, Filipino, and Caribbean communities with multilingual banking
- Ontario's Non-Resident Speculation Tax (NRST) is 25% — doesn't apply to permanent residents
- The Toronto Transit Commission (TTC) Presto card links to your debit card for easy transit payment
- OHIP (provincial health insurance) takes 3 months to activate — have private health insurance ready
Opening a Bank Account in Ontario
To open a bank account in Ontario, you typically need:
- A valid passport (primary ID)
- Your immigration document (PR card, study permit, or work permit)
- A Ontario address (your school, employer, or temporary accommodation)
- SIN is helpful but not required for a basic chequing account
Frequently Asked Questions
What is the best bank for newcomers in Ontario?
KOHO is the top choice for getting started quickly with a $100 cash bonus (code: 45ET55JSYA) and zero fees. Among traditional banks, TD Bank's New to Canada program and RBC's Newcomer Advantage are the most established options in Ontario, with large branch networks and dedicated newcomer advisors.
Can I open a bank account in Ontario without a SIN?
Yes. You can open a basic chequing account without a SIN using your passport and immigration documents. You'll need your SIN to open interest-bearing accounts, registered accounts (TFSA, RRSP), and to apply for credit products. Apply for your SIN at a Service Canada office as soon as you arrive.
How do I build credit as a newcomer in Ontario?
Start immediately: apply for a secured credit card, use it for regular purchases, and pay the balance in full each month. Most newcomers can reach a 650+ credit score within 12–18 months. Check your score monthly for free using Borrowell or Credit Karma.
Do I need a Canadian bank account before moving to Ontario?
It's strongly recommended. KOHO can be opened fully online from anywhere in the world. TD and RBC allow pre-arrival applications. Having a Canadian account before you land lets you transfer money in advance, receive your first paycheck immediately, and avoid carrying large amounts of cash.
What government benefits am I eligible for as a newcomer in Ontario?
As a permanent resident in Ontario, you may qualify for: Canada Child Benefit (if you have children), GST/HST credit, provincial health insurance (varies by province — some have waiting periods), and eventually Employment Insurance. File your Canadian tax return every year to receive benefit payments.