How do I open a bank account in Canada as a newcomer?
Bring two pieces of original ID, such as your passport and your permanent resident card or study or work permit, plus proof of your Canadian address if you have it. Federally regulated banks must let you open an account even if you have no job, no money to deposit yet or no credit history. Most big banks also offer newcomer packages that waive the monthly fee for the first months.
What to bring
Banks must confirm your identity with original documents (not photocopies). The usual way is two documents from reliable sources: one with your name and address and one with your name and date of birth. A foreign passport counts. Bring your immigration document too, because newcomer offers depend on your status. You can open an account before you have a Social Insurance Number, but the bank will ask for it later for accounts that earn interest.
Choosing an account
Newcomer packages: RBC, Scotiabank, TD, BMO and CIBC waive the monthly fee on a chequing account for several months up to a year and often add a credit card with no Canadian credit history required. Check what the fee becomes after the offer ends.
Students: most big banks have no-fee student chequing accounts while you are enrolled.
Online banks such as EQ Bank, Simplii and Tangerine have no monthly fees, but some ask you to have an existing Canadian bank account first.
Deposits at CDIC member institutions are protected up to $100,000 per eligible category.
Before you arrive
Some banks let you open an account online before you land and pick up your card at a branch. That can help you show proof of funds or receive your first transfer, but compare the exchange rate before sending large amounts.
Can I open a bank account without a job?
Yes. Under federal rules, banks cannot refuse to open an account because you have no job or no money to deposit, as long as they can confirm your identity.
Do I need a SIN to open a bank account?
No. You can open an account without one, though the bank will ask for it if the account earns interest.
Official sources
- Financial Consumer Agency of Canada: opening a bank account
- RBC: new to Canada banking
- CDIC: deposit insurance
Compare chequing accounts · Bank newcomer packages · All newcomer & student guides