Banking in Canada
Getting a bank account set up should be one of your first tasks in Canada. The good news: major banks actively court newcomers with special programs.
Opening a Bank Account
Requirements:
- Passport or government ID
- Immigration documents (PR card, work permit, study permit)
- Proof of address helpful but not always required
- Social Insurance Number (SIN) - get this first!
You can open an account without a SIN initially, but you'll need to provide it within a few weeks for tax reporting.
Top Banks for Newcomers (2026)
| Bank | Newcomer Offer | Credit Card |
|---|---|---|
| National Bank | No fees for up to 3 years (valid 5 years after arrival) | No credit history required |
| RBC | No fees for 12 months, up to $15,000 credit limit | Up to 12% cashback first 3 months |
| CIBC | Welcome to Canada package, 5 years eligibility | No income/deposit/history required |
| TD | No fees for 6 months | Newcomer credit cards available |
| Scotiabank | StartRight: free chequing 12 months | Credit score checks included |
Building Credit from Scratch
You arrive in Canada with no credit history - building it is essential:
- Get a credit card immediately - newcomer cards don't require history
- Use it for small purchases and pay in full monthly
- Report rent payments - services like Chexy report to Equifax
- Keep utilization low - use less than 30% of your limit
- Don't close old accounts - history length matters
Credit Score System
| Score | Rating | Impact |
|---|---|---|
| 800-900 | Excellent | Best rates everywhere |
| 720-799 | Very Good | Most approvals, good rates |
| 650-719 | Good | Generally approved |
| 600-649 | Fair | Higher rates, some denials |
| Below 600 | Poor | Difficulty getting credit |
Status Impact on Services
Your immigration status affects available services:
- Permanent Residents: Full access including mortgages, lines of credit, higher credit limits
- Work Permit Holders: Good access, credit limits may be lower
- Students: Basic accounts, lower credit limits ($1,000-2,000)
Online Banks
- Simplii Financial: No fees, good for everyday banking
- EQ Bank: High-interest savings, no fees
- Tangerine: Full service online, good credit card
Sending Money Internationally
- Wise: Best rates for international transfers
- Western Union: Wide availability
- Bank wire transfers: Higher fees but reliable
Pro Tips
- •Get your SIN first, then open bank account same day
- •Apply for a newcomer credit card immediately to start building credit
- •Compare newcomer packages - some are better than others
- •Use services like Chexy to report rent payments to credit bureaus
- •Don't carry a balance - pay credit card in full each month
Have questions about banking in Canada?