Top Banks For Newcomers to Canada
Scotiabank, Canada’s largest bank, is one of the country’s most popular credit institutions with a wide selection of credit cards, checking accounts and savings accounts, including special offers for young people, students and seniors. There are two account options in the United States Dollar and plenty of cashback and rewards credit cards for New Brunswick residents to choose from. In addition, Canada Trust offers many checking accounts, basic and premium savings accounts with a range of interest rates, and options for students, youth and senior banking.
In your first year, you will receive a bank package for a fixed fee that includes a checking account, unlimited electronic transactions, access to money for cars, mortgages and credit cards and a book of free checks in a small safe. In the second and third years, you can sign up for their credit card, online bank statements, paychecks, electronic payments and two bills monthly, and you can still save $14.95 a month in fixed costs.
Plans such as the checking account are flexible overdraft accounts for basic banking needs, offering up to 25 transactions per month and a free contribution rate to savings accounts. Premium checking accounts offer unlimited transactions, unlimited withdrawals from ATMs outside BMO worldwide, free checks and other perks.
All Canadian Imperial Bank of Commerce (CIBC): All Canadian banks and newcomers to Canada, including CIBC, have a smart newcomer account with no monthly fees and paperless records (the monthly fee is $1 per year).
A single bank or financial institution will not offer you the best product in every category. However, there are many banks in Canada from credit cards, loans, savings accounts and mortgage subsidies that offer the welcome to Canada newcomers bank package for permanent residents, international students and temporary workers. Find out how to use this package, save money and prepare for a successful financial future in Canada.
When comparing packages, I have written about the important banking products to you, be it money orders, credit cards, mortgages, auto loans or free monthly international transfers. However, we do not recommend them as the best banking option for newcomers to Canada if none of the accounts above satisfy your needs or if any other options have undesirable terms.
You don’t have to sigh about personal credit cards, online bank statements, electronic deposits, online payments or $2 bills per month before you can start paying monthly fees into your account.
There are options for mortgages, loans, investments and international money transfers. However, it offers no special interest packages for newcomers to Canada. It’s mortgage and investment options mean that you need a second bank account for interest accounts and opportunities for financial growth.
Canada’s largest bank offers the RBC Newcomers Advantage program for permanent residents and international students. The program allows you to open an RBC Limited Banking Account or RBC VIP Banking Account and to pay a monthly fee for up to 12 months for each of these accounts. Note that the account will cost you $10.95 per month or $30 per month for your first year.
The bank will tell you what documents you need to open an account, whether your passport, your confirmation of permanent residence documents, other immigration documents or your social security number. At RBC, for example, if you are already a permanent resident, you do not need a letter from your employer if you already have a work permit but need to get another one. In addition to the required documents, you may also have to open a simple bank account first, and if you plan to apply for a credit card (we recommend that you create your credit history first ), you will also need this letter.
Canada’s banking industry is one of the world’s most welcoming to newcomers, and you’ll find it straightforward. There are five large and influential banks in Canada and some smaller banks, online banks, and credit unions. Choosing one of these five big banks is advantageous as they have all branches in every Canadian province, making it convenient if you need customer service or banking with cash.
HSBC and Bank of Canada are an international bank that understands the challenges of moving to a new country and offer banking accounts and services that are well-suited for newcomers, including multi-currency savings accounts, access bank accounts and 0% transfer2 up to $10,000. HSBC is one of the largest banks in the world, and HSBC Bank Canada is the leading international bank in Canada.
A dedicated relationship manager is your single point of contact for all your banking needs. Having gone through the learning curve myself, I remember being confused the first time I arrived, so I put together a full guide to banking in Canada. I will explain the basics of banking in Canada, give you our recommendations for the best bank for newcomers to Canada and guide you through the process of opening a new bank account.
We believe that a significant stationary presence is an important consideration for a newcomer’s first Canadian bank account, especially if there are no paid online bank account options. National Bank and HSBC are the most competitive newcomers to Canada in terms of their bank account plans, and they are worth considering if you live in an area where they have a significant presence.
A fee-free online account as a secondary option offers added convenience, not to mention a ready-made option when the big banking deal comes to an end. In retrospect, one of my friends got 300% CAD back into her newcomer check account. However, she had to pay a fixed monthly fee to maintain the account.