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January 27, 2025

Opening Your First Bank Account in Canada

Even with a perfect understanding of English and French, money can sometimes speak greater volumes for you than any language. Immigrants have an especially vital need to set up a bank account as soon as possible. It’s the first step in countless other processes, from receiving your first paycheque to setting up automatic bill payments. This guide will walk you through everything you need to know about opening your first bank account in Canada as a new immigrant.

Opening Your First Bank Account in Canada? Here are Your Options.

Canada is home to a rather diverse banking system, with both traditional brick-and-mortar institutions and modern digital-only banks. While the big banks dominate the landscape, credit unions and online banks exist, too.

Here’s an overview of the biggest names to be aware of when initially exploring options:

The Big Four Traditional Banks

These institutions have extensive branch and ATM networks across the country, with most locations in major cities and regional centres. Each offers comprehensive banking services, from basic chequing accounts to investment products and mortgages.

  • Royal Bank of Canada (RBC)
  • Toronto-Dominion (TD) 
  • Bank of Montreal (BMO) 
  • Scotiabank Canadian Imperial Bank of Commerce (CIBC)

Alternative Banks

Digital alternatives like Tangerine and Simplii Financial provide no-fee banking options with full online and mobile functionality, though they lack physical branches. Credit unions serve local communities with personalized service and competitive rates, often catering to specific professional or cultural groups.

Bank Accounts for Newcomers

All major banks in Canada offer specialized newcomer packages. These plans are different from regular ones in that they include features that could be helpful to someone with limited financial resources. No monthly fees for the first year, unlimited transactions, and access to credit-building products are commonplace.

In any case, be sure to read the fine print before signing anything. The institution you choose when opening your first bank account in Canada will ideally be the one you use for as long as you live here. Accounts with multiple banks are allowed – it’s just that managing

them all can be complicated and time-consuming. When selecting your first Canadian bank, look for one that aligns with your long-term financial goals and lifestyle needs.

Consider factors such as:

  • Branch and ATM locations near your home and workplace
  • Online and mobile banking capabilities
  • Integration with digital payment systems
  • International money transfer fees and exchange rates
  • Available credit products and qualification requirements
  • Customer service in your preferred language
  • Future banking needs like mortgages or investments

Take time to compare different institutions’ offerings, as switching banks later can be time-consuming. Many newcomers find that larger banks provide the most comprehensive services initially, though smaller institutions may offer more personalized attention.

Branch and ATM locations

The Process of Opening Your First Bank Account In Canada, Explained

Canadian banks follow a set of laws called the Access to Basic Banking Services Regulations. It requires financial institutions to open accounts for eligible individuals who provide proper identification, regardless of whether they’re employed or have money to deposit right away.

So, ID is really the most important thing you’ll need to start the process of opening your first bank account in Canada – and multiple forms of ID. Banks are allowed to ask for various documents to validate your identity and address. See a breakdown of standard types of identification below. 

Primary ID (you’ll need at least one):

  • Valid passport
  • Permanent Resident card
  • Canadian driver’s license
  • Provincial or territorial ID card

Secondary ID (you may need one or two):

  • Foreign driver’s license
  • Employee ID card with photo
  • Credit card
  • Birth certificate
  • Social Insurance Number (SIN) card

Address Verification (at least one):

  • Utility bill
  • Lease agreement
  • Letter from employer
  • Letter from an educational institution
  • Government-issued correspondence

Most banks will also want to know:

  • Your occupation and employer
  • Source of funds for initial deposits
  • Purpose of the account
  • Expected transaction patterns

How Long Does It Take to Open a Bank Account In Canada?

The actual appointment to open your first bank account in Canada typically takes 30-60 minutes. You’ll meet with a banking representative who will guide you through the paperwork, explain account features, and help set up online banking access.

Once your account is opened, you’ll receive:

  • A debit card (usually arrives within 5-10 business days)
  • Account numbers and transit information for direct deposits
  • Online banking credentials
  • Welcome package with account details and terms

Remember to set up automatic bill payments, download your bank’s mobile app, and keep your banking information in a secure location. It doesn’t hurt to schedule a follow-up appointment after a few weeks to address any questions that arise while using your new account.

Canadian banks follow a set of laws called the Access to Basic Banking Services Regulations.

Get to Opening Your First Bank Account In Canada Sooner

Interested in Canadian Permanent Residency or Citizenship? Oro Immigration Services can help. We specialize in helping newcomers navigate the Canadian immigration system. Our experienced team can guide you through the permanent residency process and help you understand your options for citizenship. While you focus on setting up your new life in Canada – including opening that first bank account – we’ll handle the complex paperwork and requirements for your immigration journey.

Contact our immigration experts today to schedule a consultation

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