Best Canadian Banks for newcomers (Immigrants)
If you’re planning on relocating to Canada, then opening a Canadian-domiciled bank account will come to mind. In this post, we’ve put together list of best Canadian banks that have special package for newcomers.
The list of banks below isn’t an endorsement because every bank has its own peculiar package. “Best” is also relative. The kind of package you want on arrival in Canada determines your bank of choice.
You need not worry about your money when it’s deposited with any of the Banks in Canada, and you know why? There is high level of security.
Among the banks we’re featuring in this list, some of them allow you set up your bank account even before you leave your present country of residence.
Considering the fact that banking system in Canada is highly competitive as you would have in the US and UK, here are some of the tips for banking in Canada
Debit Cards vs Credit Cards
Some countries like Nigeria are majorly familiar with debit card, but in Canada spending is done through two financial tools for accessing funds: 1) debit cards and 2) credit cards.
Debit Card: A debit card is directly linked to a bank account, whenever a transaction is carried out on debit card, you account will be debited.
It is sometimes called Interac.
Credit Card: The difference between debit card and credit card is that with credit card you can make a borrowed transactions which you are required to pay back on a monthly basis, failure of which would negatively affect your credit score.
To make purchase with debit card, your account must be funded. These two tools are available for newcomers to Canada.
Anyone can open a bank account in Canada as long as they have proper identification.
Whether you’re already on Canada soil or you just planning to move, you can set up a bank account in as much you have a proper means of identification.
For instance, a student who has been offered an admission at a Canadian higher institution should be able to provide prove of his admission status plus his ID. This answers the question: “Can an American get a Canadian bank account?
This also resolve the question: “Can I open a bank account in Canada as a non resident?”
We cover this aspect in later part of this guide, listing some of banks that provide newcomer package banking services in Canada.
If you’re worried about going to Canada with physical cash, then we urge you to read on as there are some banks that allow you make deposit to your newcomer bank account right at your take off country.
How to have a good credit score in Canada?
Credit score is mostly peculiar to first-tier countries. Canada is one of them. You’ll have a credit score when you bank with any bank in Canada. How is credit score calculated?
Credit score is calculated by analyzing a person’s transaction history, “especially regarding the payment of bills and management of loans and credit cards.”
“A credit score, between 300 and 900, is used to assess a person’s likelihood to be a responsible financial consumer. The higher the score, the better a person’s credit, and the more likely they will be to remain in good financial standing and be approved for future loans.
“The lower the score, the worse a person’s credit, and the more likely they will be to fail to make payments, default on loans, and or declare bankruptcy.
“Once you have a Canadian bank account, a representative at your financial institution will be happy to give you one on one advice about earning and maintaining a high credit score,” Immigration expert at Canadim says.
Having let you know some of the things you need to know about banking services in Canada, check below banks for newcomers in Canada.
- Bank of Montreal (BMO)
- NATIONAL BANK
- Royal Bank of Canada (RBC)
- Scotia Bank
- TD BANK (TD Canada Trust)
To get the best financial services as an immigrant to Canada, the above banks will give you the newcomer package. Our list is base on thorough research and support of some friends who are already in Canada.
So be rest assured that your money is in safe hands banking with any of the aforementioned banks in Canada.
Even if you’re opening a Canadian bank account before arrival, note that most banks offer USD denominated accounts.
Get your Social Insurance Number before going to open a bank account.
Bank of Montreal (BMO)
As Canada’s oldest bank, BMO is one of the financial institutions that make provision for immigrants.
The process of opening a bank account with BMO is quite straightforward, and very easy with online support services ready to guide you.
With BMO you can get the performance plan free for one year (meaning you are not charged even if you do not have the minimum balance requirement).
Permanent Residents and Foreign Workers can conveniently bank with BMO.
With its NewStart program features, BMO get you covered with the kind of financial services that will let you plan for future.
CIBC is one of the banks that provide welcome to Canada baking package for immigrants.
It offers special discounts if you received permanent resident status within the past five years.
Packages for newcomers:
- CIBC gives you a bank account with no monthly fee for one year.
- You can also get up to $55 cash back on a safety deposit box
- With CIBC credit card you can build your credit history.
- No security deposit, income or credit history required.
Another bank that provides newcomer banking services to immigrants to Canada is HSBC.
With its no monthly banking fees on 12 months for HSBC chequing accounts, you could get 1% bonus interest rate on a 1-year Guaranteed Investment Certificate (GIC).
Get our reference below to get more information on how on how to set up a newcomer account with HSBC today.
Want to set up bank account with ICICI? Then you should on the look out for some of the features it offers. They include:
- No minimum balance required without account activation
- No monthly charges without account activation
- Remit funds into your CAD account and carry a Certificate of Balance as proof of funds
- Withdraw up to CAD 5,000 on arriving in Canada prior to account activation
- Instant account activation on reaching Canada
- Instant issuance of Debit Card on visiting ICICI Bank Canada branch
- Easy access – Convenient online, phone, Automated Banking Machine (ABM) and in-branch banking
- Money transfer service – Low cost Money Transfers to India and other countries
- Free and unlimited access to over 3,300 ABMs – Free and unlimited deposits, withdrawals and balance inquiries at any ABMs at our branches or on THE EXCHANGE
- Online bill payment – Free and unlimited
- Free cheque book – First cheque book free with 20 personalized cheques
- Earn interest – Competitive interest rates on Canadian Dollar accounts with a small balance
- Option to choose from three different types (HiVALUE PLUS, HiVALUE or Basic) of chequing account.
Holders of a Canadian visa that is valid for more than 6 months, in any of the following categories:
- Permanent Residency (immigration) visa
- Work visa
- Study visa
National Bank allows you to open a Canadian bank account wherever you’re in as much you have the required documents to come to Canada.
For foreign students who have already secured admission, this bank is your perfect match, as you can deposit in Canadian dollar to your account in Canada from your present country of residence.
- Open a bank account from another country
- Transfer funds before you go
- Access your money as soon as you arrive
- Save on banking fees
- Build your credit history
- Receive assistance for a smooth arrival in Canada
- Buy a car or home in Canada
- Save up to $600 on banking fees1
- Open a bank account online before you leave or when you arrive in Canada
This kind of banking services is most fit for temporary workers, international students or permanent residents
Royal Bank of Canada (RBC)
RBC is the largest Canadian bank, and has great package for immigrants and travelers to Canada.
Having been rated as the “Highest in Customer Satisfaction Among the Big Five Retail Banks” in Canada and named as “Best Trade Finance Bank” for the 4th consecutive year globally, we believe that RBC will give you exactly banking package that will make you enjoy financial services in Canada during your stay.
Its services are similar to National Bank’s because Scotial Bank also allows you to open an account online and transfer money before you arrive Canada.
- $100 cash when you open an eligible chequing account
- No monthly fees on an eligible chequing account for a year4. A value of $165
- Free small safety deposit box for a year5. A value of $55
- Credit cards designed for newcomers
TD Bank (TD Canada Trust)
At TD Bank you get any plan free for six months. Before the six months term you will be charged monthly fees unless you meet the minimum requirements.
You are free to change to a lower tier account which has a smaller balance requirement.
You can transfer money internationally in more than 150 currencies.
InfomediaNG Final thought:
The list above doesn’t directly or indirectly relegate other banks in Canada. We can confidently say that most banks in Canada are good, reliable, and abide by international standard.
This list is to guide, while you have the final decision to make as a newcomer to Canada in choosing the best bank for you.Make sure you seek financial advice and make sure you perfectly understand the packages, terms and conditions of whatever bank you will be settling with at the end.Click To Tweet
We hope this post, “banks for newcomer to Canada” helps you. We wish you the best as you relocate.
We’d be glad to read your thoughts.
- Newcomers banking services at BMO: https://www.bmo.com/main/personal/newcomers-to-canada/
- Welcome to Canada banking package at CIBC: https://newcomer.cibc.com/cibc-welcome-to-canada-banking-packag
- Welcome to Canada banking service at HSBC: https://www.hsbc.ca/1/2/personal/new-to-canada
- Hello Canada banking package for immigrants in Canada: https://www.icicibank.com/nri-banking/global-banking/hello-canada.page
- Newcomer account at National Bank: https://www.nbc.ca/personal/accounts/newcomers.html
- RBC’s bank account for newcomers to Canada:http://www.rbc.com/newcomers/
- Scotia Bank, Canada: https://startright.scotiabank.com/newcomers.html
- TD Banking solutions to newcomer: https://www.td.com/ca/en/personal-banking/solutions/new-to-canada/