Updated: April 2025  |  bremo.io financial guides

How to Open a Bank Account as a Newcomer to Canada 2025

Opening a Bank Account as a Newcomer to Canada

A Canadian bank account is essential infrastructure for your life in Canada. You need it to receive your salary, pay bills, transfer money, build credit, and access financial services. The process is generally straightforward — most banks have specific programs for newcomers and will open accounts for recent arrivals even before they have a SIN or permanent address.

What You Need to Open a Bank Account

To open a basic chequing account, most banks require two pieces of identification:

• Primary ID: Passport (always accepted), PR card, Canadian driver's licence
• Secondary ID: Work permit, study permit, visa document, foreign driver's licence, or foreign passport as supporting ID

You generally do NOT need a SIN to open a basic chequing account, though you will need one to open registered accounts (TFSA, RRSP) or interest-bearing savings accounts (required for CRA tax reporting).

If you don't yet have a Canadian address, most banks will accept your hotel address or the address of a friend/family member where you're staying temporarily.

Newcomer Programs at Major Banks

All five major Canadian banks offer newcomer programs that waive monthly fees for 1-2 years:

• Scotiabank StartRight: Free for 2 years, includes a credit card, free unlimited transactions. Best for those who want credit building included.
• RBC Newcomer Advantage: Free for 1 year, free international money transfers for 6 months. Good if you'll be sending money internationally.
• TD New to Canada: Free for 6-12 months depending on account tier. TD has wide branch/ATM network across Canada.
• BMO NewStart: Free for 1 year with Everyday Banking bundle. Good BMO credit card offer included.
• CIBC Smart Account for Newcomers: Free for 2 years. CIBC has strong newcomer-specific staff in major centres.

No-Fee Alternatives: Always Free

If you don't want to deal with fee waiver periods that eventually expire, several Canadian financial institutions offer permanently free banking:

• KOHO: Free prepaid Visa account, no credit check, no minimum balance, no monthly fees — ever. Excellent for newcomers from day one.
• EQ Bank: Free savings account with competitive interest rates. No monthly fees, high interest. Good for saving while you settle in.
• Tangerine: No-fee chequing with interest, part of Scotiabank. Fully online/mobile bank.
• Simplii Financial: No-fee chequing, part of CIBC. Free unlimited transactions.

In-Person vs. Online Account Opening

You can open accounts in person at a branch or online (for some banks and most online banks). For newcomers, in-person is often easier for the initial setup — staff can verify documents and help with any issues. Once your account is open, everything can be managed via the mobile app.

Some banks allow you to open an account before you arrive in Canada. RBC, TD, and Scotiabank have pre-arrival programs you can initiate from your home country with just a passport — the account is ready when you land.

Understanding Canadian Payment Systems

• Interac e-Transfer: Canada's primary person-to-person payment method. Instant, free at most banks. Used to pay rent, split bills, receive payments from friends.
• Direct Deposit: How employers pay salaries. Provide your employer with a void cheque or your account/institution/transit numbers.
• Bill Payment: Pay utilities, phone bills, and credit cards through your bank's online bill payment system.
• Pre-Authorized Debit (PAD): Automatic monthly payments for rent, subscriptions, etc.