Banking Guide for Mexican Immigrants to Canada 2025

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

Mexico is a significant source country for immigration to Canada through Express Entry, the Temporary Foreign Worker Program, and international student pathways. Mexican newcomers often maintain close financial ties with family back home. This guide covers practical banking steps in Canada for Mexican immigrants.

Opening a Bank Account as a Newcomer from Mexico

Canada's Big 5 banks offer newcomer packages requiring no Canadian credit history. Bring your Mexican passport and Canadian immigration document. Spanish-speaking staff are available at select branches in cities with larger Latin American communities.

• TD New to Canada Banking Package — Free chequing for 12 months, Visa card without credit history.
• RBC Newcomer Advantage — Pre-arrival account opening available online.
• Scotiabank StartRight Program — Free banking and a guaranteed credit card. Scotiabank has deep roots in Latin America and Spanish-language resources for newcomers.
• BMO NewStart Program — Free chequing and savings for 12 months.
• CIBC Welcome to Canada Banking — Free chequing for 12 months with newcomer support.

Sending Money to Mexico

• Wise — Competitive CAD to MXN rates. Transfers to Mexican bank accounts (BBVA Bancomer, Banamex, Santander Mexico) typically arrive within 1–2 business days.
• Western Union — Widely used for Mexico. Available for cash pickup at Elektra, OXXO, and thousands of other locations. Familiar to many Mexican families.
• Remitly — Competitive rates with fast transfer options for Mexico.
• Xoom (by PayPal) — Popular option for MXN deliveries with home bank deposit or cash pickup.
• Bank wire — SWIFT transfers from Canadian banks to Mexican banks. Slower and more expensive for regular remittances.

Building Credit as a Newcomer

Your Mexican credit history (Buró de Crédito) has no standing in Canada. Build Canadian credit from scratch:

• Start with a secured credit card from your newcomer bank package.
• KOHO's credit building feature adds positive Equifax entries without a credit check.
• After 6–12 months, apply for an unsecured rewards card.

Tax Obligations for Mexican Immigrants

• Worldwide income to CRA — Once a Canadian tax resident, report all global income including Mexican rental income, dividends, or business income.
• Canada-Mexico Tax Treaty — Canada and Mexico have a tax convention to prevent double taxation. Mexican taxes paid may be credited on your Canadian return.
• T1135 — File annually if your Mexican assets (bank accounts, property, investments) exceed CAD $100,000 in total value.

SIN, OHIP, and Settlement

Apply for your SIN at Service Canada upon arrival. In Ontario, the 3-month OHIP wait applies — purchase bridge health insurance. The Latin American community in Canada is active and growing. Organizations serving Mexican and Latin American newcomers include COSTI, the Latin American community centres in Toronto and Montreal, and provincial settlement service providers.

Practical Tips

• Scotiabank is often a first choice for Mexican newcomers given the bank's Latin American presence and Spanish-language resources.
• Open a TFSA for tax-free savings growth.
• Use digital remittance apps for money transfers to Mexico — they are far cheaper than bank wires for regular payments.
• If you are a Temporary Foreign Worker, ensure your pay is deposited directly to your bank account as required by your employment agreement.