Prepaid No-credit-check Services for Newcomers in Canada: October 2025 Guide
As a newcomer to Canada, establishing your financial presence can be challenging without a credit history. While secured credit cards are one pathway, prepaid and no-credit-check services offer immediate solutions for managing your money upon arrival. This guide explores the best options available in October 2025 that require no credit checks and minimal documentation.
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Summary Table for Prepaid No-credit-check Services for Newcomers in Canada: October 2025 Guide
| Name | Type | Learn More |
|---|---|---|
| KOHO Prepaid Mastercard | Financial Service | Learn More |
| Stack Prepaid Mastercard | Financial Service | Learn More |
| EQ Bank Card | Financial Service | Learn More |
| Innovation Credit Union No-Fee Chequing Account | Financial Service | Learn More |
| Wealthsimple Chequing Account | Financial Service | Learn More |
What Newcomers Need to Know
- Most services require proof of Canadian residency and valid government ID
- Prepaid cards are not credit cards but function similarly for purchases
- No credit check means faster approval and less documentation
- Many options include features like direct deposit and bill payments
- Some services offer credit-building features as add-ons
- Digital-first solutions often provide better rates and lower fees
Our Top Recommendations
- KOHO Prepaid Mastercard for comprehensive banking features and cashback
- Stack Prepaid Mastercard for no foreign transaction fees
- EQ Bank Card for high-interest savings integration
- Innovation Credit Union for traditional banking without credit checks
- Wealthsimple for modern banking with investment options
1. KOHO Prepaid Mastercard
Category: Financial Service
KOHO offers a prepaid Mastercard that gives newcomers to Canada immediate access to the Canadian financial system without requiring a credit history. With over 1.5M Canadians using the service, it provides a safe and accessible way to manage money while building financial stability in a new country.
What newcomers need to know:
- Instant approval with no credit check required
- Must load money before using the card (prepaid format)
- Can be used anywhere Mastercard is accepted worldwide
- Includes virtual card option that's Canada Post strike proof
- Provides bank-level security for transactions
Benefits for newcomers:
- Instant cash back on everyday purchases
- Real-time spending insights and tracking
- No risk of debt or overspending
- No surprise fees
- Access to additional features like eSIM connectivity and travel insurance
How to apply:
- Visit official website to learn more
2. Stack Prepaid Mastercard
Category: Financial Service
The Stack Prepaid Mastercard was a popular financial solution that offered newcomers to Canada a no-fee, reloadable prepaid card option. While this service was valuable for immigrants seeking to build their financial presence in Canada without credit history requirements, it has been discontinued as of September 11, 2023.
What newcomers need to know:
- Service was completely discontinued as of September 11, 2023
- Was a reloadable prepaid card, not a credit card
- Partnered with Peoples Trust Company
- Required cardholders to withdraw or spend remaining balances before discontinuation
- No longer available to new or existing users
Benefits for newcomers:
- No annual fees or service charges
- No foreign transaction fees
- Instant cashback rewards at partner retailers
- Mobile app for easy finance management
- No credit history requirement as a prepaid card
How to apply:
- Visit official website to learn more
3. EQ Bank Card
Category: Financial Service
The EQ Bank Card is a versatile prepaid Mastercard that functions like a debit card, allowing newcomers to access cash and make purchases both online and in-store. As a product from Canada's ninth-largest Schedule I bank, it offers unique features that can help newcomers manage their finances while earning rewards.
What newcomers need to know:
- Card is powered by Equitable Bank, Canada's Challenger Bank™
- Works in more than 210 countries where Mastercard is accepted
- Functions as a prepaid card with debit card capabilities
- No maintenance fees or hidden charges
- Backed by a legitimate Canadian bank managing over $35 billion in assets
Benefits for newcomers:
- Earns 0.5% cash back on purchases
- High interest earned on loaded funds
- No foreign transaction fees
- Unlimited free transactions
- Refunds on third-party ATM fees
How to apply:
- Visit official website to learn more
4. Innovation Credit Union No-Fee Chequing Account
Category: Financial Service
Innovation Credit Union's No-Fee Chequing Account offers newcomers to Canada a truly free banking solution with no monthly fees or minimum balance requirements. This account is specifically designed to help new Canadians establish their banking presence while avoiding common banking fees and charges.
What newcomers need to know:
- Must be a Canadian resident
- Must be 18 years or older
- Cannot be a resident of Quebec
- No minimum balance requirement
- No monthly maintenance fees
Benefits for newcomers:
- $0 monthly account fees
- Unlimited free Interac e-Transfers®
- Free unlimited debit transactions
- Access to surcharge-free ding free® ATMs across Canada
- Free unlimited withdrawals
How to apply:
- Visit official website to learn more
5. Wealthsimple Chequing Account
Category: Financial Service
Wealthsimple's chequing account offers newcomers to Canada a modern, fee-free banking solution with high-interest earnings. This digital-first account provides essential banking services while helping newcomers grow their money through competitive interest rates, making it an accessible entry point into the Canadian banking system.
What newcomers need to know:
- Must be a Canadian resident to open and maintain an account
- Account balance is held in trust with CDIC members for security
- Registered with the Bank of Canada under Retail Payments Activities Act
- No minimum balance requirement
- Cannot maintain account if living outside Canada, even as a Canadian citizen
Benefits for newcomers:
- Earn up to 2.75% interest on all balances
- No monthly account fees
- No transaction fees
- Free Interac e-Transfers
- Average earnings of over $350 for clients who switch to this account
How to apply:
- Visit official website to learn more
Final Words
Starting your financial journey in Canada doesn't have to be complicated or dependent on credit history. These prepaid and no-credit-check services provide reliable alternatives to traditional banking, with many offering paths to credit building through their platforms. Consider starting with a prepaid service while simultaneously exploring secured credit cards to build your credit profile for the future, creating a strong foundation for your financial success in Canada.
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Frequently Asked Questions: Prepaid No-credit-check Service Newcomers Canada This October 2025
What are the best prepaid no-credit-check cards for newcomers in Canada 2025?
KOHO Prepaid Mastercard and Stack Prepaid Mastercard are the top options with no credit checks and instant approval for newcomers.
Which prepaid card is better for newcomers: KOHO or Stack Mastercard October 2025?
KOHO offers higher cashback (1-2%) and better savings features while Stack provides free international ATM withdrawals and no FX fees.
How do I apply for EQ Bank Card as a newcomer to Canada without credit history?
EQ Bank Card requires only government ID, proof of Canadian address, and SIN number with no credit check needed for October 2025 applications.
What documents do I need for no-credit-check prepaid cards in Canada 2025?
Most prepaid cards like KOHO and Stack require valid government ID (passport or PR card), proof of address, and SIN number for verification.