No Canadian credit history required. Open your account before or on the day you land.
Affiliate disclosure: Some bank links below may be affiliate links.
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Why opening a bank account is your first financial priority
A Canadian bank account is the foundation of your financial life in Canada. You need it to receive your paycheque, pay rent, set up utility bills, make online purchases, and receive government benefit deposits like the GST/HST credit and Canada Child Benefit (if applicable).
The good news: Canada's major banks all have dedicated newcomer programs that allow you to open an account without a Canadian credit history and often with fee waivers for the first year. Some banks even let you open your account before you land in Canada.
Newcomer banking programs at the Big Six banks
All major Canadian banks offer newcomer programs with free or discounted banking for the first 12–24 months. Here is a quick comparison:
RBC (Royal Bank of Canada)
RBC Newcomer Advantage
Free chequing for 1 year + free incoming international wire transfers. Can open before landing.
TD Bank
TD New to Canada Banking Package
Free chequing for 6 months, free credit card with no Canadian credit history required.
Scotiabank
Scotia StartRight Program
Free chequing for 1 year, free Scotiabank credit card, free international money transfers for 2 years.
CIBC
CIBC Newcomer Banking Offer
Free Smart Account for up to 2 years, complimentary safety deposit box for year 1.
BMO
BMO NewStart Program
Free chequing for 1 year, credit card available without Canadian credit history.
National Bank
National Bank Newcomer Offer
Free chequing for 6 months, free international wire transfers for 3 months.
Documents you need to open an account
Most banks accept a combination of the following. Requirements vary slightly by institution — always call ahead or check the bank's website.
Primary identity document
Passport, Permanent Resident card, or COPR (Confirmation of Permanent Residence)
Proof of address in Canada
Utility bill, lease agreement, or bank statement (some banks waive this for newcomers)
Social Insurance Number (SIN)
Not always required but speeds up the process. Bring it if you have it.
Immigration document
Work permit, study permit, or PR card
Online-only banks: a cheaper alternative
If you want to avoid monthly fees entirely — even after the newcomer promotional period ends — consider an online-only bank or neobank. These have no physical branches but offer free everyday banking.
→EQ Bank
No monthly fees, high interest savings account, free Interac e-Transfers. Best savings rate among online banks.
→Tangerine
No monthly fees, no minimum balance, free chequing and savings. Owned by Scotiabank.
→KOHO
Prepaid Visa + spending account. No minimum balance, optional credit building. Great for newcomers who want to start immediately.
Frequently asked questions
Can I open a bank account before I arrive in Canada?▼
Yes. RBC, TD, and Scotiabank all allow pre-arrival account opening for select newcomers. You apply online using your foreign address and immigration documents.
Do I need a SIN to open a bank account?▼
Not always. Most banks will open an account with your immigration documents. However, some services (like registered accounts) require a SIN. Read our guide on banking without a SIN for more detail.
Which bank is best for newcomers?▼
It depends on your priorities. RBC and Scotiabank have the most comprehensive newcomer programs. If fee savings matter most, EQ Bank or KOHO are fee-free options.
How do I receive money from abroad?▼
Use an international wire transfer (SWIFT) to your Canadian account, or services like Wise or Remitly which are often cheaper. Scotiabank's StartRight program offers free international transfers for 2 years.