Last verified: July 6, 2026 · Official sources: RBC · TD · Scotiabank StartRight · BMO · CIBC
General information, not financial advice. For advice on your situation, consult a licensed advisor.
Why open a Canadian account fast
You need a Canadian bank account to get paid, pay rent, and start building a Canadian credit history from zero — see First 90 Days for the full settlement checklist. Every major bank runs a "newcomer" or "new to Canada" program designed to remove the usual barriers (no Canadian credit history, no local address yet) for people who've recently arrived.
How newcomer packages are structured (not what they pay)
All five major banks — RBC, TD, Scotiabank, BMO, CIBC — offer some version of the same shape of newcomer package:
- A chequing account with reduced or waived monthly fees for a set introductory period (commonly framed as "no monthly fee for up to 1–2 years").
- Unlimited or high-volume everyday transactions (debit purchases, Interac e-Transfers) during that period.
- Reduced-fee or fee-free international money transfers, useful if you're still sending money home or receiving it from family.
- A path to a starter secured or newcomer credit card, often issued without a Canadian credit history — see First 90 Days for how to use one to start building credit.
- A cash welcome bonus for opening an account and setting up direct deposit, at some banks.
⚠️ We're deliberately not quoting a specific dollar bonus here. Every bank runs time-limited promotional offers that change often — a number that's accurate today may be gone or replaced by the time you read this. Always confirm the current offer directly on the bank's official newcomer page (linked above) before choosing, and compare at least two or three, since the "best" offer changes throughout the year.
What counts as "newcomer" for these programs
Most banks define eligibility by how recently you arrived (commonly within the last 1–5 years, thresholds vary by bank and program) and by immigration document type — typically permanent residents, work permit holders, and study permit holders all qualify, though the exact list varies by bank. Confirm your specific status qualifies before booking an appointment.
What to bring to open an account
- Passport (and PR card or Confirmation of Permanent Residence, if you have it, or your study/work permit).
- Proof of Canadian address, if you have it — a lease, a utility bill, or sometimes a letter from your school. Some banks will open an account before you have a permanent address and let you update it later.
- Your SIN, if you already have one (not always required to open the account itself, but you'll need it soon after for tax purposes).
Many banks let you start the newcomer application online or from abroad before you land, then finish in person at a branch — this can save you a trip in your first week. See our First 90 Days checklist for the order to do this in.
Big banks vs. credit unions
The "Big Five" (RBC, TD, Scotiabank, BMO, CIBC) run the dedicated newcomer programs and have the widest branch/ATM networks — convenient for your first year. Credit unions (e.g., Meridian in Ontario, Vancity in BC, Desjardins in Quebec) are often cheaper for everyday banking long-term and worth comparing once you're settled, though they don't typically run comparable large newcomer promotions.
Where this fits
Banking connects directly to building your first 90 days and to your broader move — see Cost of Living by City for what you'll actually be budgeting for, and Renting Basics for the first big recurring payment most newcomers set up through their new account.