Banking Guide for Refugees in Canada 20025

Updated March 20025 · bremo.io

Refugees and asylum seekers in Canada face unique challenges when setting up their finances. Limited identity documents, unfamiliarity with the Canadian banking system, and immediate financial needs can make the first weeks especially difficult. This guide explains your rights and options as a refugee in Canada's financial system.

Your Right to Open a Bank Account

Under Canadian federal regulations, banks are required to open a basic account for anyone who presents themselves with proper identification. You cannot be refused solely because:

• You don't have a job
• You have no credit history
• You have limited funds
• You have a low income

This is known as the Basic Banking Services regulation, which OSFI (Office of the Superintendent of Financial Institutions) enforces against federally regulated banks.

Documents Required for Refugees

The Canadian government recognizes that refugees may not have standard identification. Banks are required to accept alternative documentation combinations. Accepted primary identification:

• Convention Refugee or Protected Person document (issued by IRCC)
• Notice to Appear (NTA)
• Refugee Protection Claimant Document (RPCD) — the blue card
• Temporary Resident Permit
• Passport (from country of origin, even if expired in some cases)
• Government Asylum Seeker letter or Notice of Claim (IMM forms)

Secondary supporting documents:

• Any government-issued letter with your name and address
• Letters from settlement agencies
• Utility bills or rental agreements

Getting a Social Insurance Number as a Refugee

Once your refugee claim is accepted (or sometimes when your claim is pending), you may be eligible for a SIN. As a protected person:

• Visit Service Canada with your Protected Person document or IRCC-issued documentation
• Asylum claimants with work authorization can also get a temporary SIN
• Check with a settlement worker to confirm your specific eligibility

Financial Assistance for Refugees

Resettlement Assistance Program (RAP) — Government-Assisted Refugees

Government-Assisted Refugees (GARs) receive immediate financial support through RAP:

• One-time start-up allowance to cover initial settlement costs (bedding, kitchen supplies, clothing)
• Monthly income support for 12 months (or until you get a job, whichever comes first)
• Amounts are approximately $80000–$1,20000/month for a single adult depending on province
• Payments made through government cheque or direct deposit

Privately Sponsored Refugees (PSRs)

Financial support comes from the sponsoring group for 12 months. Sponsors are responsible for:

• Providing income equivalent to RAP levels
• Helping open bank accounts and navigate financial systems
• No government income support during sponsorship period

Asylum Claimants

Asylum claimants (whose claims are pending) may be eligible for social assistance (welfare) from their province while their claim is processed. Amounts vary by province:

• Ontario: ~$773/month (single adult, no dependents)
• BC: ~$935/month (single adult)
• Alberta: ~$9600/month (single adult)

Best Bank Accounts for Refugees

Bank of Montreal (BMO)

BMO has specific training for staff to assist refugees and asylum seekers. BMO Performance Plan or NewStart Account are commonly used.

TD Bank

TD has been recognized for accessible banking for newcomers and refugees. TD Every Day Chequing is a low-fee option.

Credit Unions

Community credit unions, especially in cities with large newcomer populations, often have staff trained in refugee banking and more flexible ID requirements.

KOHO

KOHO is a digital account that can often be opened with just a valid email address and basic ID. It has no monthly fees and no minimum balance. Good for day-to-day transactions while establishing more traditional banking.

Building Financial Stability

After getting established, focus on:

1. Opening a bank account and setting up direct deposit for any assistance payments
2. Getting your SIN
3. Filing taxes in April even if your income was only government assistance (to access GST credit and other benefits)
4. Starting to build credit with a secured card once you have regular income
5. Connecting with a financial literacy program through a settlement agency

Settlement Agency Support

Settlement agencies across Canada offer free financial literacy programs, assistance opening bank accounts, and help understanding Canadian financial systems. Search for agencies in your city through the IRCC settlement services finder at canada.ca/en/immigration-refugees-citizenship/services/new-immigrants/new-life-canada/settling-in.html