Arriving in Canada without a bank account, a credit history or a SIN can feel like a lot at once, but the banking system is set up for it. Each of the five big banks runs a newcomer program that waives the monthly fee on a full-service chequing account for a set period and helps you get a first Canadian credit card. Many newcomers start with one of these programs for branch help and credit, then move everyday banking to a no-fee account before the waiver ends.
This page compares the newcomer programs and how to use them. It belongs to the Canadian bank account guides, which also cover opening an account and moving between banks.
Big 5 newcomer programs
| Bank | Program | Account it covers | Credit card | Open before arrival |
|---|---|---|---|---|
| RBC | Newcomer package | RBC Advantage Banking with the monthly fee waived for a set period | Credit card available | Yes |
| TD | TD New to Canada Banking Package | TD Unlimited Chequing with the fee waived for a set period | Credit card available | Yes |
| Scotiabank | StartRight program | Chequing with the fee waived for a set period | Credit card available | Yes |
| BMO | NewStart program | Performance Plan with the fee waived for a set period | Credit card available | Yes |
| CIBC | Newcomer offer | Smart Account with the fee waived for a set period | Credit card available | Yes |
Each bank sets the length of its fee waiver and how recently you must have arrived to qualify, and it changes both from time to time, so the program terms on the bank’s site are the place to check. The programs often come with a welcome offer as well; those change often, so check the bank’s current offer, and see chequing account sign-up bonuses for how such offers work.
After the waiver ends, a newcomer account becomes a regular paid plan. A no-fee chequing account at Simplii, Tangerine or EQ Bank costs nothing at any point, and the best online banks page compares them.
A three-phase approach for newcomers
Phase 1: the first three months
| Action | Why |
|---|---|
| Open a Big 5 newcomer account | Branch help, ATM access and a path to a credit card |
| Apply for a SIN at Service Canada | Needed for work and for accounts that pay interest |
| Get a first credit card (secured or newcomer card) | Starts a Canadian credit file |
| Set up direct deposit with your employer | Pay arrives in the account automatically |
Phase 2: after six to twelve months
| Action | Why |
|---|---|
| Open a no-fee chequing account | Everyday banking with no monthly fee once the waiver ends |
| Open a high-interest savings account | Savings earn more than in chequing |
| Open a TFSA | Tax-free growth on savings and investments |
Phase 3: year two and after
| Action | Why |
|---|---|
| Switch everyday banking before the waiver ends, if fees would start | Avoids a monthly plan fee |
| Open an investment account | Long-term investing |
| Consider other credit products | A longer credit history widens your options |
When the waiver is close to ending, the checklist for switching banks covers moving pay and pre-authorized payments.
Building credit as a newcomer
A credit history from another country doesn’t carry over: you start with no Canadian credit file, and that affects renting, phone plans and, later, a mortgage. Newcomer credit cards and secured cards are the usual starting point, and paying the full balance on time each month builds the file. How to build credit from scratch covers the steps and timelines, and first credit cards for newcomers compares the cards.
Documents to open a bank account as a newcomer
| Document | Needed? | Notes |
|---|---|---|
| Passport | Yes | Primary government ID |
| Work permit, PR card or study permit | Usually | Shows your immigration status and qualifies you for the newcomer program |
| SIN | For accounts that pay interest | Apply at Service Canada after you arrive |
| Proof of address | Varies | A lease, utility bill or temporary address |
| Canadian phone number | Helpful | Used for online banking and e-Transfers |
The full list of ID banks accept, and your rights when opening an account, is in how to open a bank account in Canada. International students have a separate guide: banking for international students.
Moving money to Canada
Bringing savings from your home country is often one of the first transactions. Banks usually add a markup to the exchange rate, so the method you use can change the cost noticeably on a large transfer; how to transfer money to Canada compares banks, wire transfers and specialist services.
Common newcomer banking mistakes
| Mistake | Alternative |
|---|---|
| Paying a monthly plan fee after the newcomer waiver ends | Switch to a no-fee account before it ends |
| Converting currency at the bank without comparing | Compare the exchange rate and fees with a transfer service |
| Waiting to apply for credit | Start with a newcomer or secured card early |
| Carrying a credit card balance | Paying in full each month avoids interest |
| Keeping all savings in chequing | A high-interest savings account pays more |
| Leaving a TFSA unopened | Check how much TFSA room you have |
The bottom line
The newcomer programs give you a full-service account, branch help and a first credit card at no monthly cost for a while. Paired with a no-fee account for the long term, a high-interest savings account and a TFSA, they cover the basics of a new financial life in Canada.