Updated: April 2025  |  bremo.io financial guides

Newcomer Banking Guide Quebec 2025

Quebec is distinct from other Canadian provinces in language, culture, and even its banking ecosystem. Most newcomers to Quebec settle in Montreal, though Quebec City, Laval, Longueuil, and Gatineau also receive significant immigrant populations. If you've arrived under the Quebec Skilled Worker program (PEQ), the Regular Skilled Worker Program, or as a student or temporary worker, this guide explains everything you need to know about banking in the province.

Banking in French: What You Need to Know

Quebec's Charter of the French Language (Bill 101) means that businesses — including banks — must serve you in French. In practice, all major banks offer service in French, and most can also accommodate English. At Desjardins caisse populaires (the Quebec-based cooperative bank), French is the primary language. If you arrive not speaking French, you will find English service at all big bank branches in Montreal, though English may be harder to find in smaller Quebec cities.

Documents Required to Open a Quebec Bank Account

• Valid passport
• Quebec immigration document: CSQ (Certificat de sélection du Québec), PR card, work permit, or study permit
• Quebec address — a lease or accommodation confirmation
• SIN is helpful but not mandatory on day one

Desjardins: Quebec's Unique Banking Institution

Desjardins is unlike anything in other provinces. It is a cooperative financial group — a network of caisses populaires — and it is the dominant financial institution in Quebec. Over 7 million members use Desjardins. As a newcomer, you should strongly consider Desjardins for several reasons:

• It has the broadest branch network in Quebec, including many rural areas the big banks don't serve
• Membership gives you a say in the cooperative's direction and access to dividend returns
• They have a dedicated newcomer banking program with multilingual support in Montreal
• Desjardins offers competitive mortgage rates and has specific products for newcomers with limited Canadian credit history

To join, you become a member of your local caisse populaire by purchasing a membership share (typically $5–$35). This is not a fee — it's equity in the cooperative that you get back if you ever leave.

Big Bank Options in Quebec

RBC Newcomer Advantage

RBC has a strong presence in Montreal with bilingual staff and the Newcomer Advantage program offering one year of free everyday banking. RBC is a good option if you plan to later move to another province, as your account and credit history will carry over seamlessly.

National Bank of Canada

National Bank (Banque Nationale) is headquartered in Montreal and is more Quebec-focused than the other big five. They offer competitive everyday banking, a newcomer banking offer, and excellent mortgage products. National Bank is worth considering if you plan to stay in Quebec long-term.

TD and Scotiabank

TD and Scotiabank both operate in Quebec with their standard newcomer programs. Their Montreal branches serve English-speaking newcomers well, but their Quebec City presence is thinner.

Building Credit as a Quebec Newcomer

Quebec uses the same national credit bureau system as the rest of Canada (Equifax and TransUnion). Your path to a credit score in Quebec is identical to other provinces: get a credit card, use it responsibly, pay in full each month. Desjardins and National Bank both offer secured credit cards for newcomers without Canadian credit history.

Quebec-Specific Financial Considerations

• Quebec has its own provincial tax return (Revenu Quebec) in addition to the federal return — you'll file two tax returns each year.
• Quebec has the highest income tax rates in Canada but also provides more social services (subsidized daycare at $10–$15/day, generous parental leave through RQAP).
• If you have children, the Quebec Family Allowance (Allocation famille) provides provincial child benefits on top of the federal Canada Child Benefit — you'll receive both.
• Quebec's pension plan is the QPP (Quebec Pension Plan), not the CPP — your employer will deduct QPP contributions from your paycheck.

Sending Money from Quebec

Montreal has large Haitian, North African, Lebanese, and Sub-Saharan African communities. Money transfer services like Wise, Western Union, and MoneyGram are available throughout Montreal. For transfers to Haiti, specific operators like CAM Transfer and Unitransfer offer competitive rates.