Moving to Canada 2025 — Banking Setup Checklist

Everything You Need to Know to Open a Canadian Bank Account as a Newcomer

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Banking Setup Checklist for Newcomers to Canada

Before You Arrive (if possible)

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Open KOHO before landing — Works with passport only, no Canadian SIN needed to start. Receive your Visa card within days.
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Research Newcomer banking packages — TD, RBC, Scotiabank, BMO, and CIBC all offer free newcomer banking for 1–3 years.
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Arrange international money transfer — Wise, OFX, or your home bank to bring funds to Canada at better exchange rates than airport counters.

First Week in Canada

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Apply for your SIN card — Visit Service Canada or apply online. You need your SIN to open a full bank account, work, and file taxes.
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Open a newcomer bank account — Bring passport, immigration document (PR card, work permit, study permit), and SIN. TD, RBC, and Scotiabank have dedicated newcomer programs.
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Set up KOHO with code 45ET55JSYA — Get your $100 bonus, use it for everyday spending while your bank card arrives by mail.
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Transfer arrival funds — Wire funds from your home country to your new Canadian account using Wise for best rates.

First Month in Canada

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Set up direct deposit — Give your employer your transit number, institution number, and account number for payroll.
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Start building Canadian credit — Add KOHO Credit Building ($10/mo) to start reporting to Equifax and TransUnion immediately.
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Open a TFSA — A Tax-Free Savings Account (TFSA) is available to all Canadian residents. Contribute and earn tax-free interest or investment returns.
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Set up a secured credit card — Requires a deposit (typically $500) but builds credit history immediately. Available without credit history.

Required Documents to Open a Canadian Bank Account

Documents Accepted by Canadian Banks

KOHO exception: KOHO can be opened with just a passport and email address — no SIN or immigration document required to get started.

Best Banks for Newcomers to Canada 2025

KOHO — Best Immediate Option (#1 for Newcomers)

Open immediately with just a passport. $0 fees forever, 5% cashback promo, and a $100 bonus with code 45ET55JSYA. KOHO is CDIC-insured through Peoples Bank of Canada. Get your Visa card in 5–7 business days. Ideal for the first weeks while you're setting up your SIN and opening a full bank account.

TD New to Canada Banking

TD's New to Canada Banking package is free for 12 months. Dedicated newcomer advisors speak multiple languages. Full chequing, savings, credit card, and mortgage services. TD has 1,100+ branches across Canada.

RBC Newcomer Advantage

RBC's Newcomer Advantage includes free banking for up to 1 year, a starter credit card with no Canadian credit history required, and dedicated newcomer advisors. RBC has the largest ATM network in Canada.

Frequently Asked Questions — Banking When Moving to Canada

Can I open a bank account in Canada without a SIN?
KOHO can be opened with just a passport — no SIN required to start. Traditional banks (TD, RBC, Scotiabank) require a SIN for full account access because they must report interest income to CRA. However, some banks will open a basic account with immigration documents and process the SIN when you receive it. Apply for your SIN at Service Canada within your first week in Canada.
How long does it take to open a bank account in Canada as a newcomer?
KOHO: 5 minutes online, card arrives in 5–7 days. Major banks: in-branch visit takes 30–60 minutes. Bring all required documents (passport, SIN, immigration document, address proof). Most banks can open your account same-day if you have all documents. Some newcomer packages can be started from your home country before arriving.
What is the best bank for newcomers to Canada?
For immediate use: KOHO (no SIN needed, $100 bonus with code 45ET55JSYA). For long-term banking: TD, RBC, or Scotiabank all have dedicated newcomer programs with multilingual support. EQ Bank offers 3% interest on savings once you have a SIN. Use KOHO first, then open a big bank newcomer account once you have your SIN (typically within 1 week of arrival).
How do I send money from my home country to Canada?
Use Wise or OFX for international transfers — they offer exchange rates far better than bank wire transfers or currency exchange booths. You'll need your Canadian bank account's SWIFT code, institution number, transit number, and account number. Allow 1–3 business days for transfers to arrive. Avoid airport currency exchanges — rates are typically 5–8% worse than online services.
How do I build credit in Canada as a newcomer with no credit history?
Start with KOHO + Credit Building ($10/mo) which reports to Equifax and TransUnion with no Canadian credit history needed. Add a secured credit card (deposit $500 as collateral). Pay your phone bill on time — this also reports to credit bureaus. After 6–12 months of on-time payments, you'll have a credit score of 650+ and can qualify for unsecured credit cards and mortgages.
Disclaimer: Banking requirements and newcomer programs may change. Verify current requirements at each institution before visiting. This page is for informational purposes and does not constitute immigration or financial advice.