Moving to Canada is exciting — and one of your first financial tasks is setting up a bank account. The good news: Canada's banks have dedicated newcomer programs that waive credit history requirements for your first year. This guide covers everything you need to know about banking as a newcomer.
Open a Canadian Bank Account Today — No Credit History Required
KOHO is perfect for newcomers: no credit check, no monthly fees, instant approval, and a free prepaid Visa card. It's the easiest way to start banking in Canada. Use code 45ET55JSYA for a bonus.
Open KOHO Free — No Credit Check — Code 45ET55JSYAWhy Banking in Canada Is Different
Canadian banking is dominated by six major institutions known as the Big 6: TD, RBC, Scotiabank, BMO, CIBC, and National Bank. Unlike many countries, Canadians rarely use international banks for everyday banking. You'll need a Canadian bank account to receive your paycheck, pay rent, and access most financial services.
Credit history in Canada starts at zero when you arrive. Banks use Canadian credit bureaus (Equifax and TransUnion) — your excellent credit history from your home country does not transfer. This is why newcomer programs are so valuable: they give you access to banking products without requiring established credit.
The Big 6 Newcomer Banking Programs
| Bank | Program Name | Offer | Duration |
|---|---|---|---|
| TD Bank | TD New to Canada Banking Package | Free chequing + credit card | 12 months free |
| RBC | RBC Newcomer Advantage | Free chequing + credit card | 12 months free |
| Scotiabank | StartRight Program | Free chequing + credit card + safety deposit box | 12 months free |
| BMO | NewStart Program | Free chequing + SPC discounts | 12 months free |
| CIBC | Welcome to Canada Banking | Free chequing + credit card | 12 months free |
| National Bank | Newcomer Package | Free chequing + credit card | 12 months free |
All Big 6 programs require: valid government ID (passport), proof of arrival in Canada (landing document, work permit, study permit), and your SIN (Social Insurance Number) or a letter confirming application is in progress.
What Documents Do You Need?
- Passport — primary ID
- Immigration document — PR card, work permit (LMIA or PGWP), study permit, or refugee protection document
- SIN number — or proof you've applied
- Canadian address — utility bill, lease agreement, or letter from employer
- Initial deposit — typically $0–$100 depending on bank
Chequing vs. Savings Accounts
A chequing account is your primary everyday account for spending, e-transfers, and bill payments. A savings account earns interest and is used for storing money not needed immediately. Most newcomers open both — a chequing account first, then a high-interest savings account once they're settled.
Alternative: KOHO Prepaid Visa
If you want instant access to a Canadian bank account without visiting a branch, KOHO is an excellent option. KOHO is a fintech that offers a prepaid Visa card and spending account entirely online. There's no credit check, no monthly fee on the basic plan, and you can open it the day you land. It's ideal for newcomers who need immediate banking access before visiting a Big 6 branch.
Building Your Credit from Day One
Canada's credit system works through Equifax and TransUnion. Your credit score starts from scratch — typically 300–400 — and needs 3–6 months of activity before a score is calculated. To build credit quickly:
- Get a secured credit card or a newcomer credit card immediately
- Pay your full balance every month
- Never miss a payment
- Keep utilization under 30% of your credit limit
Next Steps After Opening Your Account
- Set up online banking and the mobile app
- Apply for a newcomer credit card (no credit history required)
- Register for Interac e-Transfer to send and receive money
- Set up direct deposit with your employer
- Explore TFSA and RRSP accounts for savings
Frequently Asked Questions
Can I open a bank account before getting my SIN?
Yes. Banks allow you to open an account with your passport and immigration document, even if your SIN application is pending. You'll need to provide your SIN as soon as you receive it.
Do I need to be a permanent resident to open a bank account?
No. Work permit holders, student visa holders, and even visitors can open basic bank accounts in Canada with the right documents.
What is the best bank for newcomers in Canada?
Scotiabank's StartRight program is widely regarded as among the most comprehensive. However, the "best" bank depends on your needs — branch proximity, language support, and features all matter. KOHO is best for immediate, no-hassle online account opening.
Open a Canadian Bank Account Today — No Credit History Required
KOHO is perfect for newcomers: no credit check, no monthly fees, instant approval, and a free prepaid Visa card. It's the easiest way to start banking in Canada. Use code 45ET55JSYA for a bonus.
Open KOHO Free — No Credit Check — Code 45ET55JSYA