Opening a bank account in Canada as a newcomer

Why open an account quickly

From arrival you need an account to: receive pay, pay rent by transfer, handle daily purchases and build Canadian credit history.

Without a Social Insurance Number (SIN), some banks still open accounts with passport and immigration permit. SIN can be added later.

Documents typically required

Prepare originals and digital copies before your branch appointment or online application.

• Valid passport.
• Permanent resident card, work permit or study permit.
• Proof of Canadian address (lease, welcome letter, bill) — sometimes within 30 days.
• Social Insurance Number (SIN) if already obtained.
• Immigration status proof (Confirmation of Permanent Residence, etc.).

Banks and newcomer programs

The big five — RBC, TD, BMO, Scotiabank and CIBC — offer Newcomer packages: 12 months fee-free, credit card without Canadian history, preferential international transfer rates.

Neobanks (Tangerine, Simplii Financial) provide no-fee accounts with online opening — good complements to traditional banks.

Compare international transfer fees if moving savings from your home country — rates and commissions vary significantly.

Credit cards and credit score

Canadian credit scores (Equifax, TransUnion) start at zero on arrival. Newcomer programs ease first credit card approval, often with modest limits.

Using the card and paying on time builds history — essential for renting, mobile plans or car financing later.

Avoid multiple simultaneous credit applications: each check can temporarily affect your file.

Practical tips

Book a branch appointment in your first week if possible. Wait times spike during university intake and summer.

IR Conciergerie can support your first trips and logistics while you finalize settlement — including orientation to banking services in your neighbourhood.