Banking Guide for Spanish Immigrants to Canada 2025

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

Spain has seen increasing emigration to Canada in recent years, with Spanish professionals and young graduates arriving through Express Entry, Working Holiday visas, and skilled worker programs. This guide covers practical banking steps for Spanish newcomers to Canada.

Opening a Bank Account as a Newcomer from Spain

All Big 5 banks offer newcomer packages with no Canadian credit history required. Spanish-speaking staff are available at select branches. Scotiabank is familiar to many Spanish speakers given its Latin American operations.

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

Sending Money Between Spain and Canada

• Wise — Excellent EUR to CAD rates. The standard choice for Spain-to-Canada transfers.
• Revolut — Very popular in Spain. Strong EUR-CAD conversion with low fees.
• Bizum (Spain) + Wise combination — Some Spanish newcomers use Bizum to consolidate funds in Spain, then Wise to transfer to Canada.
• Bank wire — Spanish banks (Santander, BBVA, CaixaBank) can SWIFT transfer to Canadian accounts.

Building Credit as a Newcomer

• Your Spanish ASNEF or CIRBE credit 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 an unsecured rewards card.

Tax Obligations for Spanish Immigrants

• Worldwide income to CRA — Report all global income once a Canadian tax resident.
• Canada-Spain Tax Treaty — Canada and Spain have a tax convention. Spanish taxes paid may be credited on your Canadian return.
• Spain Modelo 720 — Spanish residents are required to declare foreign assets over EUR 50,000. Once you leave Spain and cease to be a tax resident, this obligation should end — but confirm with a Spanish advisor.
• T1135 — File annually with the CRA if Spanish 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. The Spanish-speaking community in Canada is growing. Latin American community organizations and Spanish-language resources in Toronto, Montreal, and Vancouver can assist with settlement.

Practical Tips

• Open a TFSA for tax-sheltered savings growth in Canada.
• Use Wise or Revolut for EUR-CAD transfers — both are widely used and cost-effective.
• Bizum does not work in Canada. Set up Interac e-Transfer and a Canadian credit card early.
• Spanish driving licences may be exchangeable for provincial licences in some provinces.