Opening a bank account is one of the first steps when you arrive in Canada. Most major banks offer special newcomer packages that include free banking for 1-2 years, no credit history required, and help building your Canadian credit score. You can often open an account from abroad before you arrive.

What Newcomer Packages Include

Typical newcomer bank packages include: free chequing for 12-24 months, a no-fee credit card to build credit, free international money transfers, and dedicated newcomer advisors. CIBC, BMO, Scotiabank, and RBC all have strong newcomer programs.

FAQ

Frequently Asked Questions

1Can I open a bank account before arriving in Canada?

Yes! CIBC, BMO, RBC, and Scotiabank all let you open an account online from abroad. You’ll complete identity verification at a branch once you arrive.

2Do I need a Canadian credit history?

No. Newcomer packages are designed for people with no Canadian credit history. After 6-12 months of banking, you’ll start building a credit score.

3Which bank is best for newcomers?

CIBC and Scotiabank are often recommended for their comprehensive newcomer programs. BMO’s NewStart program and RBC’s newcomer package are also excellent.

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