Banking Guide for Greek Immigrants to Canada 2025

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

Greece has sent immigrants to Canada for over a century, with Greek-Canadians building strong communities in Montreal, Toronto, and Vancouver. The Hellenic community in Canada is well-established and welcoming to new arrivals. This guide covers practical banking for Greek newcomers to Canada, including modern digital transfer options and Canadian tax obligations.

Opening a Bank Account as a Newcomer from Greece

All Big 5 banks offer newcomer packages requiring no Canadian credit history. Bring your Greek passport and Canadian immigration document.

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

Sending Money Between Greece and Canada

• Wise — Excellent EUR to CAD rates. The most cost-effective option for Greece-to-Canada transfers.
• Revolut — Popular in Greece. Competitive EUR-CAD rates with a strong app.
• Bank wire — Greek banks (National Bank of Greece, Piraeus Bank, Alpha Bank) can SWIFT transfer to Canadian accounts.
• Currencies Direct — Good for larger transfers.

Building Credit as a Newcomer

• Your Greek Tiresias credit bureau history has no standing in Canada. Start with a secured credit card.
• KOHO's credit building feature for passive Equifax reporting.
• After 6–12 months, apply for a standard unsecured rewards card.

Tax Obligations for Greek Immigrants

• Worldwide income to CRA — Report all global income once a Canadian tax resident, including Greek rental income or investment income.
• Canada-Greece Tax Treaty — Canada and Greece have a tax convention. Greek taxes paid may be credited on your Canadian return to prevent double taxation.
• Greek departure considerations — Notify the Greek tax authority (AADE) of your change in residence. If you retain Greek property generating income, you may still have Greek filing obligations.
• T1135 — File annually if Greek assets exceed CAD $100,000.

SIN, OHIP, and Settlement

Apply for your SIN at Service Canada upon arrival. In Ontario, the 3-month OHIP wait applies. Hellenic community organizations, Greek Orthodox churches, and cultural centres across Canada provide settlement support, social connections, and community referrals for newcomers.

Practical Tips

• Open a TFSA for tax-sheltered savings growth in Canada.
• Use Wise or Revolut for EUR-CAD transfers between Greece and Canada.
• Greek driving licences may be exchangeable for provincial licences in some provinces — check your destination province's requirements.
• The Montreal Greek community (Parc-Extension, NDG) and Toronto Greek community (Danforth) have well-established resources for newcomers.