Ontario is Canada's most populous province and home to the country's largest financial hub — Toronto. Whether you've just landed in Ottawa, Mississauga, Hamilton, or a smaller city like London or Windsor, setting up a bank account is one of your most urgent first tasks. This guide walks you through everything you need to know about banking in Ontario as a newcomer in 2025.
Without a bank account, you cannot receive a direct deposit paycheck, pay rent electronically, set up utilities, or build the Canadian credit history you'll need for a phone plan, car loan, or eventual mortgage. Ontario landlords typically require post-dated cheques or e-transfers, both of which require a bank account. The sooner you open one, the sooner you can function financially in Ontario.
Ontario banks follow federal banking regulations, so the requirements are fairly standardized. Most banks accept the following combination of documents:
All five of Canada's big banks — RBC, TD, Scotiabank, BMO, and CIBC — have dedicated newcomer banking programs, and Ontario branches are the best staffed for handling these. Here's what each offers:
RBC offers free everyday banking for up to one year for new permanent residents, along with a free international money transfer and access to credit products designed for people without Canadian credit history. RBC has one of the largest branch networks in Ontario, with locations in most shopping malls and major intersections.
TD offers free everyday chequing for newcomers for up to 12 months. They also offer a secured credit card to help you start building credit immediately, even with no Canadian history. TD is known for extended hours at many Ontario locations, which is helpful if you work standard business hours.
Scotiabank's StartRight program gives newcomers free banking for up to two years, which is the most generous offer among the big banks. They also offer a credit card with no Canadian credit history required. If you send money internationally, Scotiabank's rates through their network are competitive.
BMO offers a year of free everyday banking and a starter credit card. Their Ontario footprint is strong in the GTA and Ottawa regions. BMO also has multilingual service in many branches, which can ease the transition.
CIBC offers 12 months of free everyday banking and includes a safety deposit box at no charge — useful if you've brought important documents from home. CIBC also has strong ties to the South Asian community in Ontario and offers service in many languages.
If you want to avoid monthly fees entirely and don't need the newcomer program perks, there are excellent options:
KOHO is a no-fee spending account available to anyone in Canada, including newcomers on temporary visas. It requires no minimum balance and no credit check. You can open it online in minutes. KOHO also has a credit-building feature that helps newcomers establish Canadian credit history without taking on debt.
Tangerine is an online-only bank (owned by Scotiabank) with no monthly fees and a high-interest savings account. It's ideal for newcomers who are comfortable managing finances digitally.
Simplii (backed by CIBC) offers no-fee chequing and is known for a strong digital experience. They frequently offer cash bonuses for new customers.
Your Social Insurance Number (SIN) is not required to open a basic bank account in Ontario. You can use your passport and immigration documents. However, you'll need your SIN before you start earning income so that taxes can be properly deducted. You can apply for a SIN at a Service Canada location, which exist in every major Ontario city.
Opening a bank account doesn't build credit — you need a credit product for that. The fastest paths to a Canadian credit score in Ontario include:
Once you have a credit card, use it for small purchases and pay the full balance every month. Within 6 to 12 months, you'll have a credit score and can start qualifying for better products.
Ontario has a large immigrant population, and many newcomers send remittances home regularly. Your big bank will offer wire transfers, but fees are typically $15–$25 per transfer plus exchange rate markups. Better options include Wise (formerly TransferWise), Remitly, and Western Union, all of which operate in Ontario and offer lower costs. Wise in particular is popular for its transparency.
Avoid these pitfalls that cost newcomers money in their first months:
KOHO gives you a free account with no monthly fees and no minimum balance — available to anyone in Canada regardless of credit history or how long you've been here. Perfect for newcomers. Use code 45ET55JSYA for a bonus when you sign up.
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