Banking Guide for Vietnamese Immigrants to Canada 2025

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

Vietnam is a growing source of Canadian immigration through Express Entry, skilled worker programs, and family sponsorship. Vietnamese-Canadians have established communities in major cities, particularly in Toronto (Little Saigon, Mississauga) and Vancouver. This guide provides practical financial guidance for Vietnamese newcomers to Canada.

Opening a Bank Account as a Newcomer from Vietnam

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

• 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 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 to Vietnam

• Wise — Competitive CAD to VND rates. Transfers to Vietnamese banks (Vietcombank, Techcombank, VPBank) within 1–2 business days.
• Western Union — Widely available for cash pickup across Vietnam. Familiar to many Vietnamese families.
• Remitly — Competitive rates for Vietnam with fast transfer options.
• Ria Money Transfer — Another solid option for Vietnam remittances.
• Bank wire — SWIFT transfers from Canadian banks. More expensive than digital services for regular remittances.

Building Credit as a Newcomer

• Apply for a secured credit card through your newcomer bank package. Your Vietnamese credit history has no standing in Canada.
• KOHO's credit building feature adds positive entries to your Canadian Equifax file.
• After 6–12 months of on-time payments, apply for an unsecured rewards card.

Tax Obligations for Vietnamese Immigrants

• Worldwide income to CRA — Report all global income including Vietnamese rental income or business income once you are a Canadian tax resident.
• No comprehensive Canada-Vietnam Tax Treaty — As of 2025, Canada and Vietnam do not have a comprehensive income tax treaty. This may result in potential double taxation on Vietnamese income. Consult a cross-border tax advisor.
• T1135 — File annually if your Vietnamese assets exceed CAD $100,000.

SIN, OHIP, and Settlement

Apply for your SIN at Service Canada on arrival. In Ontario, a 3-month OHIP wait applies. Vietnamese community organizations across Canada offer settlement services in Vietnamese, including financial literacy workshops and referrals to community-trusted advisors.

Practical Tips

• Open a TFSA for tax-sheltered savings growth as soon as you have a SIN.
• Use digital remittance services for transfers to Vietnam — they are significantly cheaper than bank wires for regular payments.
• Many Vietnamese-Canadian community centres offer free financial literacy workshops in Vietnamese — valuable for newcomers unfamiliar with Canadian banking.