How to Open a Bank Account in Canada 2025

Documents Required to Open a Bank Account in Canada

Canadian banks must verify your identity under the Proceeds of Crime (Money Laundering) and Terrorist Financing Act. Here's what you'll need:

Primary ID (one of these)

Canadian passport

Driver's licence

Provincial ID card

Permanent Resident card

Citizenship card

NEXUS card

Secondary ID or Supporting Documents

Social Insurance Number (SIN)

Proof of address (utility bill, lease)

Work permit or study permit

Foreign passport (with visa if applicable)

Note: You do not legally need a SIN to open a basic bank account in Canada. However, banks will request it for interest income reporting to the CRA. KOHO allows you to sign up without a SIN initially.

How to Open a Bank Account Online in Canada

Choose your bank

Compare options at bremo.io. For no fees + $100 bonus: KOHO. For best savings rate: EQ Bank. For full online banking: Tangerine or Simplii.

Visit the bank's website or app

Click "Open an Account." Most banks offer a mobile app you can download from the App Store or Google Play before applying.

Enter your personal information

Full legal name, date of birth, address, phone number, and email address. This should take about 3 minutes.

Verify your identity

Most online banks use a digital ID verification tool. You'll take a photo of your government ID and a selfie. This takes about 2 minutes and is processed instantly or within 1 business day.

Fund your account

Link an existing bank account or use an Interac e-Transfer to make your first deposit. Some banks have a minimum opening deposit (usually $0–$25).

Receive your card

Your debit or prepaid card arrives in the mail within 5–10 business days. Some banks offer instant virtual card access while you wait.

Online vs In-Branch: Which Should You Choose?

Factor	Online Account	In-Branch Account
Time to open	5–15 minutes	30–60 minutes
Required presence	None (home)	Must visit branch
Monthly fees	Usually $0	$4–$30/month
Savings rate	2%–4%	0.01%–0.50%
Human support	Chat/phone	In-person
Complex banking needs	Limited	Full service
Best for	Most Canadians	Those needing in-person help or complex products

Opening a Bank Account as a New Immigrant to Canada

Canada's banking regulations allow newcomers to open bank accounts, even without a credit history or established residency. Here's what you need to know:

Newcomer Banking Programs

All Big 5 banks have newcomer programs that let you open an account before you land or within 90 days of arriving:

RBC Newcomer Advantage — Open before you arrive, get free banking for 1 year
TD Newcomer's Package — Free chequing for 6 months, open with foreign passport
Scotiabank StartRight — Dedicated newcomer advisors, free banking for 1 year
BMO NewStart — Apply from home country, no Canadian credit history needed
CIBC Smart Account for Newcomers — Free for first year

What You Need as a Newcomer

Foreign passport

Landing document or PR card

Work/study permit

Canadian address (can use a hotel initially)

SIN and banking: Apply for your SIN at a Service Canada centre as soon as possible after arriving. You'll need it to provide to your bank for tax reporting purposes, though most banks will let you open the account first and provide the SIN later.

Best Banks for New Immigrants

For newcomers who want to avoid monthly fees right away, KOHO is an excellent option — you can sign up with just your email and foreign ID, and start spending and saving immediately. Their no-fee plan is permanent, not just a promotional period.

Frequently Asked Questions

Can I open a bank account in Canada without a SIN?

Yes. You are not legally required to provide a SIN to open a basic bank account in Canada. However, the bank will ask for it for tax reporting purposes (CRA requires banks to report interest income). KOHO and some online accounts let you sign up initially without a SIN.

Can you open a Canadian bank account online from another country?

Several Canadian banks allow non-residents or newcomers to begin their application online before arriving in Canada. RBC, TD, Scotiabank, BMO, and CIBC all have international newcomer programs. Full account activation typically requires a Canadian address.

What is the easiest bank account to open in Canada?

KOHO is the easiest to open — it takes about 5 minutes, requires minimal documentation, and doesn't need a SIN to start. EQ Bank and Tangerine are also very easy to open online. Big bank accounts (RBC, TD, etc.) are easier in-branch but take longer.

Do Canadian banks do credit checks to open a bank account?

No. A standard chequing or savings account does not require a credit check. Banks only check your credit when you apply for credit products like credit cards, lines of credit, or mortgages.

How much money do you need to open a bank account in Canada?

Most online banks and neo-banks (EQ Bank, KOHO, Tangerine, Simplii) require $0 to open an account. Some big bank accounts require a minimum opening deposit of $25–$100, but many waive this for students or newcomers.