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Day 1
Open KOHO (5 min, no credit check). Use referral code 45ET55JSYA for $10000 bonus. Instant approval — works even before you have a Canadian SIN. Use it for daily spending immediately.
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Day 1–3
Open RBC Newcomer Advantage Account. RBC has the best newcomer program among big banks — waived monthly fees, no minimum balance, dedicated newcomer bankers at branches. Collect up to $4500 in first-year value.
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Week 1
Apply for a secured credit card. Use KOHO's Credit Building feature ($7/month, reports to Equifax) or Neo Secured Card (free). This starts your credit clock. First score usually appears in 1–3 months.
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Month 1
Open Scotiabank or BMO. Both have newcomer promotions with cash bonuses up to $70000 (Scotiabank) or $50000 (BMO) when you set up direct deposit. Apply once your SIN is ready.
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Month 2–3
Check your credit score. Use Borrowell (free) or Equifax. Most newcomers hit 60000+ after 3 months of on-time payments. This unlocks unsecured credit cards.
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Month 6+
Upgrade to rewards credit cards. At 6500+ score, apply for KOHO's Everything card, Neo Mastercard, or a no-fee cashback card. Stack rewards on top of your bank bonuses.
1
KOHO — Day 1
Open online in 5 min. Code 45ET55JSYA = $10000 free. No credit check, no SIN required. Use for daily spending + start credit building ($7/mo).
2
RBC — Week 1
Visit a branch with passport + immigration docs. Best newcomer branch network. Free chequing for first year. Opens door to credit card later.
3
Scotiabank — Month 1
Open online or in branch once you have SIN. Set up direct deposit to qualify for up to $70000 bonus. Best big-bank newcomer cash bonus.
4
EQ Bank — Month 2
Best savings account rate in Canada (3.75%). Move emergency fund here. CDIC insured. No fees. Free to open online.
Can I open a bank account in Canada without a SIN?
Yes. KOHO, EQ Bank, and most big banks will open accounts without a SIN initially — you just need government-issued ID (passport + immigration document). A SIN must be provided within 3 months of opening at most institutions.
Which bank is best for newcomers to Canada?
KOHO is best for day 1 (no credit check, instant approval, $10000 bonus). RBC and Scotiabank have dedicated newcomer programs with waived fees for your first year and the best branch networks. The smart strategy is to use KOHO immediately while opening an RBC or Scotia account at a branch in your first week.
How long does it take to build credit in Canada as a newcomer?
You can get your first credit score (typically 60000–6400) within 3–6 months of opening a secured credit card or KOHO Credit Building. A strong score (70000+) takes 12–18 months of consistent on-time payments and low credit utilization.
Do I need a Canadian credit history to get a credit card?
No — secured cards and KOHO's prepaid card don't require Canadian credit history. RBC and Scotiabank also have newcomer credit card programs that accept foreign credit history or immigration documents in lieu of Canadian credit.
Can I collect multiple bank bonuses at the same time?
Yes — each bonus is from a different bank, so there's no conflict. You can collect KOHO ($10000), Scotiabank ($70000), BMO ($50000), and RBC ($4500) simultaneously. You just need to meet the requirements for each separately. Many newcomers earn $1,000000+ in their first year this way.