Banking Guide for Korean Immigrants to Canada 2025

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

South Korea is a consistent top-10 source country for Canadian immigration, with many Koreans arriving through Express Entry, the investor immigrant program, international student pathways, and the Working Holiday Visa. Vancouver and Toronto both have established Korean communities. This guide covers practical banking steps for Korean newcomers in Canada.

Opening a Bank Account as a Newcomer from Korea

All Big 5 banks offer newcomer packages with no Canadian credit history required. Korean-speaking staff are available at many branches in Metro Vancouver, Burnaby, and Toronto's Koreatown and North York areas.

• TD New to Canada Banking Package — Free chequing for 12 months. TD has Korean-language services at select branches.
• 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 from Korea to Canada

• Wise — Competitive KRW to CAD rates. Transfers to Canadian bank accounts typically within 1–2 business days.
• Hana Bank Global Transfer — Korean bank offering international transfers with competitive rates for Korean diaspora.
• KB Kookmin Bank international transfers — Another major Korean bank with international wire capability.
• Western Union / MoneyGram — Available but generally less competitive on rates than digital services.
• Bank wire (SWIFT) — Standard option for larger transfers. Korean banks can wire to Canadian accounts with appropriate documentation.

Building Credit as a Newcomer

Your Korean credit history (NICE or KCB scores) has no standing in Canada. Build from scratch:

• Secured credit card from your newcomer bank package.
• KOHO's credit building feature for passive Equifax reporting.
• After 6–12 months, apply for a standard unsecured rewards card.

Tax Obligations for Korean Immigrants

• Worldwide income to CRA — Report all global income including Korean rental income, dividends from Korean companies, or business income once you are a Canadian tax resident.
• Canada-Korea Tax Treaty — Canada and South Korea have a comprehensive tax convention. Korean taxes paid may be credited on your Canadian return to prevent double taxation.
• T1135 — File annually if your Korean bank accounts, investments, or property exceed CAD $100,000 combined.
• Korean departure considerations — Korea's National Tax Service has its own residency rules. Consult a Korean-Canadian tax advisor before finalizing your move.

SIN, OHIP, and Settlement

Apply for your SIN at Service Canada on arrival. In Ontario, a 3-month OHIP wait applies. Korean communities across Canada are well-organized with Korean-language churches, community centres, and professional organizations that can assist newcomers with settlement and financial referrals.

Practical Tips

• Open a TFSA for tax-sheltered savings and investment growth in Canada.
• Kakao Pay and Naver Pay do not work in Canada. Set up Interac e-Transfer and a Canadian credit card early.
• Many Korean-Canadian accountants and lawyers specialize in Korea-Canada cross-border tax — seek community referrals.
• Korean international students should understand that study permit holders can work up to 20 hours per week during school and full-time during breaks — set up a bank account before your first paycheque arrives.