How to Open a Canadian Bank Account as a Newcomer
The big five banks (RBC, TD, Scotiabank, BMO, CIBC) all offer newcomer packages with fee waivers and even credit cards without Canadian credit history. You can open an account before you have a job or credit history — you need your passport, immigration document, and eventually your SINSocial Insurance Number — Your 9-digit Canadian work and tax number. You need it to work, open accounts, and receive benefits.Click for official info ↗ for interest reporting.
The Steps
Follow these in order
Each card shows the phase, expected time, and any cost. Data checked against official CAN sources(2025-Latest).
0 of 6 steps
- Before You Go 30 min
Compare newcomer packages
All five major banks plus many credit unions run newcomer programs: typically 12 months of waived monthly fees, a free safety deposit box year, and unsecured credit cards with no Canadian credit history. Compare the credit card limits and international transfer fees — those differ most.
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- Go 1–2 hours
Book an appointment or walk in
Book online for a branch appointment (many banks let newcomers book before landing). Bring your passport and immigration document. You can open the account the same day and get a debit card on the spot or within a week.
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- Fill / Prepare
Choose your account type
Take the chequing account (day-to-day spending, debit, e-Transfer) as the core; add a savings account later. Ask specifically for the newcomer chequing plan — staff may not offer it unprompted. Confirm the fee waiver is applied at opening.
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- Submit & Pay
Add your SIN when it arrives
You can open without a SINSocial Insurance Number — Your 9-digit Canadian work and tax number. You need it to work, open accounts, and receive benefits.Click for official info ↗, but accounts earning interest require it for tax reporting. Once your SINSocial Insurance Number — Your 9-digit Canadian work and tax number. You need it to work, open accounts, and receive benefits.Click for official info ↗ arrives, update it in branch or through online banking. If you have no SINSocial Insurance Number — Your 9-digit Canadian work and tax number. You need it to work, open accounts, and receive benefits.Click for official info ↗ (some temporary residents), the bank opens a non-interest account instead.
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- Follow Up
Build Canadian credit early
Accept the newcomer credit card even if you do not need it — Canadian credit history starts the day the card reports, and you will need it for a phone plan, car loan, or mortgage. Put one small recurring charge on it and pay it in full monthly.
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- Receive
Set up the essentials
Register for online banking, enable Interac e-Transfer (how Canadians pay each other), set up direct deposit with your employer, and download the bank app for depositing cheques by photo. Keep a small buffer — overdraft fees are steep.
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FAQ
Frequently Asked Questions
Can I open an account before I arrive in Canada?
Some banks (RBC, Scotiabank, TD) let you start a newcomer application from abroad and finish it in a branch after landing. You cannot get the debit card until you are in Canada and show your documents in person.
The bank refused to open an account. Can they do that?
Banks can refuse only for specific legal reasons (suspected fraud, refusing to provide required ID). They cannot refuse you for having no job, no credit history, or being a newcomer. If wrongly refused, complain to the bank's ombudsman or the Financial Consumer Agency of Canada.
Should I use a bank or a credit union?
Both are CDIC/insured deposit-takers. Credit unions often have lower fees and more flexible lending to newcomers, but the big banks have better international transfer networks and more branches — useful when your family sends money from abroad.
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