Banking Packages For New Immigrants In Canada: October 2025 Guide

Banking Packages for New Immigrants in Canada: October 2025 Guide

Moving to Canada means navigating many financial decisions, and choosing the right banking package is crucial for your settlement journey. As a newcomer, you have access to special bank account options designed specifically to help you establish your financial foundation in Canada. This guide explores the top banking packages available to new immigrants in October 2025.

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Summary Table for Banking Packages for New Immigrants in Canada: October 2025 Guide

What Newcomers Need to Know

• Most newcomer packages require proof of permanent residence or study/work permit
• Special offers typically last 12 months to 5 years after arrival
• Documents needed: immigration papers, passport, and secondary ID
• Many packages waive monthly fees for the initial period
• Credit cards may be available without Canadian credit history
• International money transfer benefits often included
• Some packages offer multilingual services and dedicated newcomer advisors

Our Top Recommendations

• Best Overall Value: TD New to Canada Package (longest fee waiver period)
• Best for Credit Building: RBC Newcomer Advantage (highest initial credit limit)
• Most Flexible: Scotiabank StartRight (multiple account options)
• Best for Quebec Residents: National Bank Newcomer Offer
• Best International Transfer Benefits: RBC Advantage Banking

Featured Banking Packages

1. TD New to Canada Banking Package

Category: Financial Service

The TD New to Canada Banking Package is specifically designed to help newcomers establish their financial foundation in Canada. This comprehensive banking solution offers valuable benefits worth up to $1,930 and includes essential services tailored to meet the unique banking needs of new immigrants.

What newcomers need to know:

• Package specifically designed for newcomers and international students
• Time-limited offer available for new immigrants to Canada
• Account must be opened as part of the New to Canada Banking Package
• No minimum balance requirements
• Available for both permanent residents and international students

Benefits for newcomers:

• No monthly account fee
• No TD ATM fees
• Up to $15,000 credit limit available
• International money transfer services
• Total value of up to $1,930 in banking benefits

How to apply:

• Visit official website to learn more

2. RBC Newcomer Advantage

Category: Financial Service

RBC Newcomer Advantage is a comprehensive banking package designed specifically for new Canadians, offering specialized financial solutions to help newcomers establish their banking presence in Canada. The program combines essential banking services with exclusive newcomer benefits to provide a strong financial foundation upon arrival.

What newcomers need to know:

• Must be a new immigrant to Canada
• Eligible for RBC No Limit Banking Account or RBC VIP Banking Account
• Need to qualify as an "Eligible Personal Client"
• Available for newcomers opening their first Canadian bank accounts
• Documentation requirements for identity verification and immigration status

Benefits for newcomers:

• Up to 12% cash back on new RBC Cash Back Mastercard for first 3 months
• Credit card limit up to $15,000 for qualified applicants
• Unlimited debit transactions
• Free Interac e-transfers
• Low monthly fee banking account options

How to apply:

• Visit official website to learn more

3. Scotiabank StartRight Program

Category: Financial Service Program

The Scotiabank StartRight Program is specifically designed for newcomers to Canada, offering comprehensive banking solutions for permanent residents, international students, and foreign workers. This program stands out by providing access to banking services and credit products even without Canadian credit history, helping newcomers establish their financial foundation in Canada.

What newcomers need to know:

• Available for Canadian Permanent Residents who arrived 0-5 years ago
• Open to International Students and Foreign Workers
• Must have proper documentation for online application
• Program includes banking, credit cards, and mortgage options
• Temporary residents can access specific mortgage solutions through StartRight

Benefits for newcomers:

• Up to $2,200 in value during the first year
• First-year monthly fee waiver on Preferred Package chequing account
• Credit card limits up to $15,000 without Canadian credit history
• Ability to build Canadian credit history from scratch
• Option to use existing credit history from home country through Nova Credit

How to apply:

• Visit official website to learn more

4. National Bank Newcomer Offer

Category: Financial Service

National Bank of Canada offers a comprehensive banking package designed specifically for newcomers who have arrived in Canada within the last 5 years. This program provides significant financial benefits and support services to help new immigrants establish their banking presence in Canada with up to $550 in cashback rewards.

What newcomers need to know:

• Must be a newcomer who arrived in Canada within the last 5 years
• Need to open a new chequing account with National Bank
• Must sign up for eligible banking products/services
• Available for permanent residents and newcomers to Canada
• Offer is time-limited and must be activated upon account opening

Benefits for newcomers:

• Up to $550 total cashback ($300 for chequing account, $100 for credit card, additional bonuses)
• No monthly banking fees for up to 3 years
• Free legal assistance service for 12 months
• Reduced fees on international money transfers
• Access to a Mastercard credit card

How to apply:

• Visit official website to learn more

5. RBC Advantage Banking Account

Category: Financial Service

The RBC Advantage Banking Account is a comprehensive chequing account that offers essential banking services for newcomers to Canada. It provides a balanced combination of everyday banking features and valuable savings opportunities, making it an accessible option for new immigrants establishing their financial presence in Canada.

What newcomers need to know:

• Monthly fee of $12.95
• No minimum balance required for basic features
• Option to waive fees by maintaining $1,000 in account
• Account can be opened online
• Available for both students and non-students

Benefits for newcomers:

• Unlimited debit transactions
• Free Interac e-Transfer® services
• Mobile cheque deposit capability
• Access to everyday banking transactions
• Interac® Debit card for purchases

How to apply:

• Visit official website to learn more

Final Words

Selecting the right banking package as a newcomer can significantly impact your financial success in Canada. Take time to compare the offerings, focusing on features that match your specific needs such as international transfers, credit building opportunities, and fee waiver periods. For a deeper dive into establishing your financial presence in Canada, explore our comprehensive guide to bank account options for newcomers, which provides additional insights and detailed comparisons.