How To Open Your First Bank Account In Canada As A Newcomer | October 2025

How to Open Your First Bank Account in Canada as a Newcomer | October 2025

Moving to Canada marks an exciting new chapter, and setting up your first bank account is a crucial step in establishing your financial foundation. As a newcomer, you'll find several bank account options specifically designed to help you transition smoothly into the Canadian financial system, with features like fee waivers, credit card access, and specialized support services.

Jump to

• Summary Table
• Full Listing

Summary Table for How to Open Your First Bank Account in Canada as a Newcomer | October 2025

What Newcomers Need to Know

• Valid identification requirements:
• Government-issued photo ID from your home country
• Permanent resident card, work permit, or study permit
• Immigration documents or visa approval letters

• Basic account features to expect:
• Debit card for purchases and ATM access
• Online and mobile banking capabilities
• Interac e-Transfer services
• Multi-currency options

• Common newcomer benefits:
• Monthly fee waivers (typically 6-12 months)
• Special credit card options without Canadian credit history
• International money transfer benefits
• Multilingual banking services

Our Top Recommendations

• Best for Pre-Arrival Setup: TD New to Canada Package
• Can open account before landing
• Comprehensive support services
• Significant welcome bonuses

• Best for Student Newcomers: RBC Newcomer Advantage
• Student-specific benefits
• Extended fee waiver period
• Educational resources

• Best for Banking Package Value: Scotiabank StartRight
• Multiple account options
• Competitive welcome offers
• International banking connections

1. RBC Newcomer Advantage Account

Category: Financial Service

The RBC Newcomer Advantage Account is a specialized banking solution designed specifically for new immigrants to Canada who have arrived within the past 5 years. This comprehensive banking package helps newcomers establish their financial foundation in Canada with simplified requirements and valuable benefits not typically available to regular account holders.

What newcomers need to know:

• Must be a newcomer to Canada who arrived within the previous 5 years
• Valid passport required for identification
• Multiple account opening options available (online, mobile app, or branch)
• No minimum balance requirement
• Must show proof of date of entry into Canada

Benefits for newcomers:

• No monthly banking fees for the first year
• Unlimited debit transactions and free Interac e-transfers
• Credit card with up to $15,000 limit with no credit history required
• Up to 12% cash back for 3 months with RBC Cash Back Mastercard
• Access to RBC mobile banking services and nationwide ATM network

How to apply:

• Visit official website to learn more

2. Scotiabank StartRight Program

Category: Financial Service

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 banking services and credit opportunities 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 immigration documentation
• Available for both temporary and permanent residents
• Credit history from home country can be used through Nova Credit

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 available
• Ability to build Canadian credit history without prior credit history
• Access to StartRight Mortgage Program for home purchases

How to apply:

• Visit official website to learn more

3. 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 address the unique banking needs of new immigrants.

What newcomers need to know:

• Package designed specifically for newcomers and international students
• Exclusive banking offers and benefits for new Canadians
• Limited time offer available
• Special conditions apply to accessing benefits
• Available through TD Canada Trust branches

Benefits for newcomers:

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

How to apply:

• Visit official website to learn more

4. CIBC Newcomer to Canada Account

Category: Financial Service

The CIBC Smart™ Account for Newcomers offers a comprehensive banking solution that allows immigrants to start their financial journey in Canada even before arrival. This program combines essential banking services with valuable perks and cash rewards, specifically designed to help newcomers establish their financial presence in Canada.

What newcomers need to know:

• Must have received landed immigrant or permanent resident status within the past 5 years
• Can open account online before arriving in Canada through CIBC Smart™ Arrival
• Requires completing account funding through wire transfer before arrival
• Must visit a banking center upon arrival to complete the process
• Available to permanent residents, foreign workers, and international students from eligible countries

Benefits for newcomers:

• No monthly fee on chequing account for up to 24 months
• $500 cash reward after completing qualifying actions
• Credit card with cash back features and 2-year annual fee rebate
• Partner offers including free Skip+ trial and Koodo phone plan discounts
• Option to set up banking before arriving in Canada

How to apply:

• Visit official website to learn more

5. BMO NewStart Program

Category: Financial Service

The BMO NewStart® Program is a comprehensive banking solution designed specifically for newcomers to Canada within their first 5 years of arrival. This program offers tailored banking products and services worth up to $2,300 in value, making it easier for newcomers to establish their financial foundation in Canada.

What newcomers need to know:

• Must be new to Canada within the last 5 years
• Available for newcomers looking to establish banking services in Canada
• Can apply pre-arrival through BMO's partnership with ApplyBoard
• No credit history required for certain services
• Valid for permanent residents and newcomers to Canada

Benefits for newcomers:

• No monthly plan fees for two years on Performance Plan chequing account
• Up to $700 cash bonus for new accounts
• $50 Walmart Canada eGift card
• Free safety deposit box for 12 months (63 small size)
• Access to credit cards with limits up to $5,000 with no credit history

How to apply:

• Visit official website to learn more

Final Words

Starting your financial journey in Canada doesn't have to be overwhelming when you choose the right banking partner. Take time to compare the bank account options available to newcomers and consider which features matter most for your specific situation. Remember to gather all required documentation before visiting your chosen bank, and don't hesitate to ask about additional newcomer services that might benefit your transition to Canadian banking.