Banking for Newcomers to New Brunswick

Step-by-step banking guide for newcomers settling in New Brunswick — from opening your first account to building credit. 2025 edition.

Welcome to New Brunswick's Banking System

New Brunswick welcomes thousands of newcomers each year through the Provincial Nominee Program (NBPNP), federal Express Entry, family sponsorship, and student visa pathways. The Canadian banking system is stable, well-regulated, and among the strongest in the world. As a newcomer in NB, you have access to the same banks, credit unions, and digital banking options as any Canadian resident.

Step 1 — Get Your SIN

Your Social Insurance Number (SIN) is essential for banking, employment, and tax filing in Canada. Apply at a Service Canada office in Moncton (77 Vaughan Harvey Blvd), Fredericton (570 Queen St), or Saint John (1 Portage St) as soon as you arrive. Bring your passport, immigration document (PR card, work permit, or study permit), and proof of NB address.

Step 2 — Open a Bank Account

Canadian banks are legally required to open a basic account for any resident with valid ID — even without a credit history or employment. You need two pieces of ID (passport + immigration document is sufficient). Newcomer banking programs are offered by:

Bank	Newcomer Program	Fee Waiver Duration
RBC	RBC Newcomer Advantage	Up to 1 year free
TD	TD New to Canada Banking	Up to 6 months free
Scotiabank	StartRight Program	Up to 1 year free
BMO	NewStart Program	Up to 1 year free
CIBC	Welcome to Canada Package	Up to 1 year free
KOHO	No newcomer program needed	Free forever

Step 3 — Start Building Credit

Your credit history from your home country does not transfer to Canada. You start fresh. Building Canadian credit quickly is important for renting, getting a mortgage, or qualifying for loans. Effective strategies:

• Apply for a secured credit card immediately — deposit $300–$500, use it for small purchases, pay in full monthly
• Scotiabank and Home Trust offer secured cards specifically designed for newcomers
• Report rent payments through services like Landlord Credit Bureau to build credit without a credit card
• Avoid missing any payment — payment history is the most important factor in your credit score

Step 4 — Understand Canadian Banking Fees

Most traditional bank accounts charge $15–$30/month. Newcomers on tight budgets should avoid these fees by using KOHO (permanently free) or qualifying for a newcomer fee waiver. After the waiver period ends at traditional banks, switch to KOHO or maintain a minimum balance to keep the account free.

Sending Money Home (Remittances)

For newcomers sending money abroad, avoid bank wire transfer fees ($15–$50/transaction). Services like Wise, Remitly, and Western Union typically offer better exchange rates and lower fees for international transfers from New Brunswick.

Key NB Settlement Resources

• MCAF (Multicultural Association of Fredericton): newcomer settlement services
• CAFI (Centre d'accueil et d'accompagnement francophone des immigrants): French-language settlement support in Moncton/Dieppe
• MAGMA (Multicultural Association of Greater Moncton Area): English settlement services
• IRCC: federal immigration support and SIN applications