Open your first bank account in Canada

Your legal right to a bank account

Under the federal Bank Act (section 627.17), banks must open a personal deposit account for any individual presenting acceptable ID — regardless of:

• Whether you have a job
• Whether you have Canadian credit history
• Whether you can immediately deposit money

A bank can only refuse on narrow grounds (suspicion of fraud, prior loss, or threatening behaviour). If a bank refuses you for "no Canadian credit" or "no employment," that's not legal — escalate to the branch manager or file a complaint with the Financial Consumer Agency of Canada (FCAC).

What ID do I need?

You need two pieces of original ID from a reliable source. One must show your name and address; the other your name and date of birth.

Newcomer combinations that work:

• Valid passport + PR card or Confirmation of Permanent Residence (CoPR)
• Passport + Work Permit (IMM 1442) or Study Permit
• PR card + Canadian driver's licence
• Refugee Protection Claimant Document + a secondary ID

Photocopies don't count — bring originals. Your SIN is not required for a basic chequing account, but you'll need to give it for any account that earns interest (banks report interest income to the CRA via your SIN).

The Big 5 banks — newcomer programs

Every major Canadian bank has a newcomer-specific package. Most include free banking for the first year and a credit card with no Canadian credit history required.

Bank	Program	Free banking	Notable perk
RBC	Newcomer Advantage	12 months	Cash Back Mastercard up to $15K with no credit history
TD	New to Canada	6 months	Credit card without Canadian history; for residents under 2 years
Scotiabank	StartRight	12 months	Free credit-score check; no-history credit card
BMO	NewStart	12 months	Unlimited free Global Money Transfers for 1 year
CIBC	Smart Account for Newcomers	24 months	Unlimited Interac e-Transfer + free non-CIBC ATM/month

Online and digital alternatives

• Tangerine No-Fee Chequing — $0 monthly fee, unlimited debits and e-Transfers, often a $250 sign-up bonus with payroll deposit
• EQ Bank Personal Account — $0 fee, up to 2.75% interest with direct deposit, free international transfers via Wise integration
• Simplii Financial (CIBC subsidiary) — no-fee chequing, similar features

Local credit unions

Northern Credit Union (which merged with Copperfin in January 2025) operates branches across Northern Ontario — Thunder Bay (3), Kenora, Sudbury, North Bay, Timmins, and more. Membership requires a small share purchase ($5–$25). Deposits are insured by Ontario's FSRA (similar to CDIC at banks). Credit unions often beat banks on relationship banking and small-business support.

Chequing or savings — or both?

Both, ideally. Open a chequing account for daily transactions (paycheque, debit card, e-Transfer, bills) and a savings account for emergency funds (it earns interest). Most banks let you open both at once.

Building Canadian credit (start now)

Canadian credit history takes 6–12 months of on-time activity to register a score with Equifax or TransUnion. The fastest path:

• Apply for the credit card included with your newcomer banking package (RBC, Scotiabank, TD, BMO, CIBC all offer this)
• Or start with a secured credit card like the Neo Secured Mastercard ($50 minimum deposit, no fee, earns cash back)
• Use it for small purchases — groceries, phone bill — and pay the full balance every month
• Keep utilization under 30% of your limit
• Don't apply for multiple cards at once (each application dings your score)

Sending money home

The cheapest way to send money internationally is rarely your bank. Comparison for $1,000 CAD:

Method	Typical cost	Speed
Big-5 bank wire	$30–$50 fee + 2–4% FX markup ≈ $60–$90	1–3 business days
Wise	0.5–1% fee, mid-market rate ≈ $5–$10	Minutes to hours
Remitly	$0–$4 fee + ~1–2% FX ≈ $15–$25	Minutes (Express) or 3–5 days
Western Union	"$0 fee" advertised but 2–4% hidden FX markup ≈ $20–$40	Minutes
BMO Global Money Transfer	$0 for first 12 months with NewStart	1–2 days

Always fund digital transfers via Interac e-Transfer or bank account — never with a credit card, which treats it as a cash advance and starts charging ~22% interest from day one.

Direct deposit (mandatory in 2026)

Set up direct deposit for your paycheque, tax refunds, and CRA benefits (GST/HST credit, Canada Child Benefit, OAS, CPP).

Important update: as of January 5, 2026, the CRA has phased out paper cheques for most benefit payments. If you don't enrol in direct deposit, you may not receive your refunds or benefits. Set it up through your CRA My Account or your bank's online banking.

Avoiding fees

• Don't pay for a premium account as a newcomer — the free options cover everything you need
• If you do pay a monthly fee, most banks waive it if you keep a minimum balance (typically $3,000–$6,000)
• Use Interac e-Transfer (free at most banks) instead of cheques or wires for sending money inside Canada
• Avoid non-network ATMs — they can charge $2–$5 plus your bank's surcharge

Common newcomer pitfalls

• Paying for a premium chequing account when free options work fine
• Not building credit early — every month without a credit card is a month delayed on getting a car loan or apartment
• Falling for WhatsApp / Facebook "agents" offering cheap remittance — always use a regulated service
• Paying rent in cash — leaves no payment history (use bank transfer or cheque)
• Sharing your online banking password with anyone — even family. Banks treat this as negligence and may deny fraud claims
• The CRA never demands payment by Interac e-Transfer or gift cards. That's always a scam

Last reviewed: April 2026. Bank promotions change frequently — confirm current offers on each bank's newcomer page before applying.