How Do Canadian Newcomers Know Which Bank to Choose?
Arriving in a new country is exciting—but it can also feel overwhelming, especially when it comes to managing finances. One of the first and most important decisions newcomers to Canada must make is choosing the right bank.
With so many options, offers, and account types available, how do you know which Canadian bank is the best fit for you?
In this guide, we’ll walk you through the key things to look for in a newcomer bank account, what different banks offer for newcomers, and how to avoid common mistakes when choosing your first Canadian financial institution.
Why Choosing the Right Bank Matters for Newcomers
When you're just starting life in a new country, your bank plays a vital role in helping you build a strong financial foundation. From receiving your first paycheque to paying rent, transferring money abroad, or starting to build credit in Canada, your bank account is more than just a place to store cash—it's the backbone of your new life.
The right bank account can help you save on fees, access helpful services, and even earn perks tailored for newcomers. On the flip side, the wrong one might come with hidden fees, limited support, or missed opportunities to build your financial future.
What Are the Best Bank Offers for Newcomers in Canada?
Many major Canadian banks offer special banking packages for newcomers. These are tailored accounts designed specifically for individuals who have recently immigrated or moved to Canada. These packages often include:
No monthly fees for the first year (or more)
Free international money transfers
Credit cards without credit history requirements
Guidance on building credit in Canada
Access to financial advisors who specialize in helping newcomers
Some of the top banks that offer these types of accounts include:
RBC (Royal Bank of Canada) – Offers a newcomer package with no monthly fees for up to 12 months, and a credit card with no credit history required.
Scotiabank – Their StartRight Program includes a chequing account, credit card, and options for international money transfers.
TD Canada Trust – Provides newcomers with a welcome package, banking support in multiple languages, and flexible banking products.
BMO (Bank of Montreal) – Their NewStart program features a chequing account with no monthly fee for 12 months and other financial tools.
CIBC – Offers a Smart Account with no monthly fee for one year, plus help with credit and mortgages for newcomers.
When comparing Canada bank offers for newcomers, be sure to ask about expiry dates, fine print, and whether you’ll be eligible for the offers based on your immigration status.
Types of Accounts Newcomers Should Consider
When you walk into a bank or visit their website, you might feel overwhelmed by the variety of account options. Here are the most common types of accounts you’ll encounter:
1. Chequing Accounts
This is your everyday account for transactions like paying bills, buying groceries, or receiving income. Look for a chequing account with low or no fees, unlimited transactions, and easy access through online or mobile banking.
2. Savings Accounts
Savings accounts allow you to earn interest on money you don’t plan to use right away. They're great for building emergency funds or saving for a car, travel, or education.
3. Credit Cards
Many banks offer secured or starter credit cards for newcomers. These are essential for building your credit score in Canada, which will be important when you want to rent an apartment, buy a car, or apply for a mortgage.
What to Look For in a Newcomer Bank Account
Here are some key features you should consider when choosing your newcomer bank account:
✔ No Monthly Fees
Avoid paying fees while you're still getting settled. Many banks waive fees for the first 12 months—just make sure you know what happens after that period ends.
✔ Unlimited Transactions
You don’t want to be charged extra every time you tap your card or pay a bill. Look for accounts that offer unlimited debit transactions, Interac e-Transfers, and ATM access.
✔ Good Customer Support
Is there help available in your language? Does the bank have accessible locations? Can you easily reach someone online or by phone?
✔ Credit-Building Opportunities
A good bank will help you start building your Canadian credit history, whether through a starter credit card or access to loans when you're ready.
✔ Easy Money Transfers
If you plan to send money to family abroad, check if the bank offers free or low-cost international transfers as part of its newcomer program.
Mistakes to Avoid When Choosing a Bank
Choosing a bank is a big decision—especially when you're new to the country. Avoid these common mistakes:
Signing up without comparing offers – Not all banks are equal. Make sure to compare at least 3 before choosing.
Ignoring long-term fees – A no-fee offer for 12 months sounds great, but what are the fees after that? Is the account still worth keeping?
Not asking about credit options – Even if you don’t need a credit card now, building credit is essential.
Skipping financial advice – Many banks offer free consultations for newcomers. Take advantage of this!
Financial Tips for Newcomers to Canada
Getting your banking sorted is just the beginning. Here are a few more financial tips for newcomers in Canada:
Start budgeting early – Track your expenses and set limits while you adjust to the cost of living in your new city.
Begin saving immediately – Even small amounts can build your emergency fund or help you reach future goals.
Watch out for scams – Newcomers are often targets for phishing scams or fake investment offers. When in doubt, check with your bank.
Use your bank’s online tools – Most Canadian banks offer mobile apps, budgeting tools, and educational resources.
