Canada welcomes thousands of refugees every year, both through government-sponsored programs and private sponsorship. Setting up a bank account is one of the first practical steps after arrival — you'll need it to receive IRCC financial assistance, RAP payments, and eventually employment income. This guide covers your banking rights and the best options for refugees in Canada.
KOHO is the most accessible banking option for refugees. Open with basic ID, no credit history needed, no fees. Use code 45ET55JSYA to get $100 when you start spending.
Get $100 with KOHODepending on your status in Canada, different documents apply:
If you don't have a passport, most banks will accept the above refugee documents as primary ID.
KOHO is the most accessible option for refugees because it accepts a wide range of government-issued ID, doesn't require a passport specifically, and doesn't require a SIN to open. You can start using a virtual Visa card the same day. KOHO has no monthly fees and provides cashback on spending. This is particularly valuable while you're establishing yourself.
Under FCAC rules, all major banks (TD, RBC, Scotiabank, BMO, CIBC) must open a basic account for eligible customers with acceptable ID. Ask specifically for a "no-frills" or "basic" account if you face any resistance. Bring your refugee document, and if applicable, your SIN (refugees are eligible for a SIN as soon as they have status in Canada).
Many credit unions work closely with settlement agencies and may be more flexible and supportive for refugees. Some credit unions have settlement workers or community liaisons on staff. Look for credit unions partnering with organizations like COSTI, ACCES Employment, or your local settlement agency.
Government-assisted refugees receive financial assistance through the Resettlement Assistance Program (RAP) administered by IRCC. To receive RAP payments, you'll need a Canadian bank account. RAP payments are issued as cheques or direct deposit. Once you have a bank account, notify your settlement service provider so they can arrange direct deposit.
Refugees with status in Canada are eligible for a Social Insurance Number:
Banking is just the start of financial stability. Here's a roadmap:
If a bank refuses to open a basic account without valid reason, you have options:
KOHO welcomes newcomers and refugees — no credit history, no complicated requirements, no fees. Use code 45ET55JSYA to get a $100 bonus. Start banking the same day you arrive.
Open KOHO Account