Banking Guide for Colombian Immigrants to Canada 2025

Updated March 2025 — bremo.io Canadian Finance Guides for Newcomers

Colombia is a growing source country for Canadian immigration, with thousands of Colombians arriving through Express Entry, refugee programs, and family reunification. This guide provides practical financial guidance for Colombian newcomers starting their financial life in Canada.

Opening a Bank Account as a Newcomer from Colombia

All Big 5 Canadian banks offer newcomer packages with no Canadian credit history required. Scotiabank is a particularly familiar name to Colombians, as Scotiabank has extensive operations throughout Latin America.

• Scotiabank StartRight Program — Free banking for 12 months and a guaranteed credit card. Spanish-language resources available.
• TD New to Canada Banking Package — Free chequing for 12 months.
• RBC Newcomer Advantage — Pre-arrival account opening online.
• BMO NewStart Program — Free chequing and savings for 12 months.
• CIBC Welcome to Canada Banking — Free chequing for 12 months.

Sending Money to Colombia

• Wise — Competitive CAD to COP rates with transparent fees. Transfers to Colombian banks (Bancolombia, Davivienda, BBVA Colombia) within 1–2 business days.
• Western Union — Widely used for Colombia, with cash pickup available across the country.
• Remitly — Popular option for Colombia with fast transfer capabilities.
• Bank wire — SWIFT transfers available but more expensive than digital services.

Building Credit as a Newcomer

• Apply for a secured credit card through your newcomer bank package.
• KOHO's credit building feature adds positive entries to your Canadian Equifax file.
• After 6–12 months, apply for an unsecured rewards card.

Tax Obligations for Colombian Immigrants

• Worldwide income to CRA — Report all global income including Colombian rental income or business income once you become a Canadian tax resident.
• Canada-Colombia Tax Treaty — Canada and Colombia have a tax convention. Colombian taxes paid may be credited on your Canadian return.
• T1135 — File annually if foreign assets exceed CAD $100,000.

SIN, Provincial Health Insurance, and Settlement

Apply for your SIN at Service Canada on arrival. In provinces with health insurance waiting periods, purchase bridge coverage. Latin American community centres across Canada offer settlement services in Spanish.

Practical Tips

• Open a TFSA for tax-sheltered savings and investment growth.
• Use Wise or Remitly for regular transfers to Colombia — they offer far better rates than bank wires.
• Scotiabank's existing presence in Latin America can be an advantage — staff familiarity with Colombian banking is common.