How to Open a Canadian Bank Account as a Newcomer
The big five banks (RBC, TD, Scotiabank, BMO, CIBC) all offer newcomer packages. They come with fee waivers. Some even give you a credit card with no Canadian credit history. You can open an account before you have a job or credit history. You need your passport and your immigration document. Later, you add 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.
At a glance
- Cost:
- Free (newcomer packages waive fees for 1 year)
- Total time:
- 1–2 hours (same-day account)
- Steps:
- 6 steps
- Where to apply:
- canada.ca
Last reviewed October 2026 against official sources. Re-checked annually · next review due October 2027.
The Steps
Follow these in order
Each card shows the phase, expected time, and any cost. Data checked against official CAN sources(October 2026).
0 of 6 steps
- Before You Go 30 min
Compare newcomer packages
All five major banks run newcomer programs. Many credit unions do too. You typically get 12 months of waived monthly fees. You get a free safety deposit box year. And you get an unsecured credit card with no Canadian credit history. Compare the credit card limits and the international transfer fees. Those differ the most.
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- Go 1–2 hours
Book an appointment or walk in
Book a branch appointment online. Many banks let newcomers book before they land. Bring your passport and your immigration document. You can open the account the same day. You 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 as your main account. It covers day-to-day spending, debit, and e-Transfer. Add a savings account later. Ask for the newcomer chequing plan by name. Staff may not offer it unless you ask. Check that the fee waiver is applied when you open the account.
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- Submit & Pay
Add your SIN when it arrives
You can open an account without a SIN. But an account that earns interest needs a SIN, for tax reporting. Once your SIN arrives, add it in branch or through online banking. Do you have no SIN? Some temporary residents do not. Then 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. Your Canadian credit history starts the day the card reports. You will need that history for a phone plan, a car loan, or a mortgage. Put one small regular charge on the card. Pay it in full every month.
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- Receive
Set up the essentials
Register for online banking. Turn on Interac e-Transfer. This is how Canadians pay each other. Set up direct deposit with your employer. Download the bank app, so you can deposit cheques by photo. Keep a small buffer in your account. 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. You finish it in a branch after you land. You cannot get the debit card until you are in Canada. You must show your documents in person.
The bank refused to open an account. Can they do that?
Banks can refuse only for specific legal reasons. Examples are suspected fraud, or refusing to give the required ID. They cannot refuse you for having no job. They cannot refuse you for having no credit history, or for being a newcomer. Were you wrongly refused? Complain to the bank's ombudsman, or to the Financial Consumer Agency of Canada.
Should I use a bank or a credit union?
Banks are CDIC-insured; provincially regulated credit unions are covered by provincial deposit insurance instead (only federally continued credit unions are CDIC members). Credit unions often have lower fees. They are often more flexible when they lend to newcomers. But the big banks have better international transfer networks and more branches. This helps when your family sends money from abroad.
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