Best Bank in Canada for Newcomers (2026): Offers, Fees and Credit Cards Compared

Opening a bank account is one of the easiest jobs on your list when you move to Canada, and one of the most useful. Get it right and you can avoid a year or more of monthly fees, start building a Canadian credit history and pay rent like a local.

This guide covers the newcomer offers from the five big banks, the cheapest everyday accounts, credit cards you can get without a Canadian credit history and the best way to move money over from home.

What you need to open a bank account in Canada

Opening an account is quick. It usually takes less than an hour in a branch, and some banks let you start the process online before you land.

As a newcomer, bring:

• Your valid passport
• Your immigration document: a work permit (for working holiday makers this is the permit you get at the airport), study permit or permanent resident card

Some banks will also ask for a Canadian address and a Canadian phone number, so it helps to sort out a SIM card first. If you plan to apply for a credit card at the same time, some banks ask for proof of income such as a letter from your employer.

The Government of Canada explains your rights and the ID rules on its opening a bank account page.

Our own experience with Canadian banks

When we first arrived in Vancouver on our working holiday visas, we opened accounts with TD. At the time their newcomer deal gave us six months with no fees.

After a few months we moved to CIBC, which back then gave us a year with no fees. All in all, that was a year and a half of free banking just by shopping around.

Back then TD would only give us a secured credit card, where you lock up a deposit to match your limit. When we moved to CIBC we got a credit card with no problems.

The offers have changed a lot since then (they are much better now), but the lesson hasn’t: visit more than one bank and compare the newcomer deals before you sign up.

Newcomer bank offers compared (October 2026)

These are the offers on each bank’s own website at the time of writing (October 2026). Banks change these packages several times a year, and cash bonuses always come with conditions such as setting up a direct deposit. Treat the details below as a guide and check the bank’s page before you open anything.

TD: New to Canada Banking Package

• The deal: no monthly fee for one year on TD Unlimited Chequing (normally $17.95 a month after that, unless you keep the minimum balance).
• Who can get it: permanent residents and temporary residents (work or study permit) who have been in Canada for 5 years or less. Visitors and tourists are not eligible.
• Extras at the time of writing: a cash bonus on the chequing account if you meet the conditions, and newcomer credit cards with a limit of up to $15,000 without Canadian credit history.
• Dates: the current package runs from 4 June to 2 November 2026.
• Check TD’s current newcomer offer

RBC: Newcomer Advantage

• The deal: no monthly fee for one year on RBC Advantage Banking, with unlimited debit transactions in Canada ($12.95 a month after that).
• Who can get it: newcomers who arrived in Canada in the last five years. Some parts of the offer have shorter windows, for example the credit card offer is for temporary foreign workers who arrived in the last 48 months and permanent residents or international students who arrived in the last 12 months.
• Extras at the time of writing: the RBC Cash Back Mastercard with a limit of up to $15,000 and no credit history required.
• Dates: the current credit card offer requires you to apply by 31 October 2026. The account offer can be changed or withdrawn at any time.
• Check RBC’s current newcomer offer

CIBC: Smart Account for Newcomers

• The deal: no monthly fee for up to 24 months on the CIBC Smart Account, with unlimited Interac e-Transfers and no CIBC transfer fee on international money transfers to 130+ countries.
• Who can get it: people who became permanent residents in the last 5 years, or temporary resident workers with a Canadian work permit issued for at least 12 months. A two-year working holiday permit qualifies; a shorter permit may not.
• Extras at the time of writing: a cash bonus for bundling the account with a credit card (conditions apply, including a monthly direct deposit), and credit cards with no security deposit or credit history needed.
• Dates: the bundle offer began on 22 January 2026. CIBC can end it at any time, so check the page.
• Check CIBC’s current newcomer offer

BMO: NewStart

• The deal: no monthly plan fee for 2 years on BMO Performance Chequing ($17.95 a month after that), with unlimited transactions and Interac e-Transfers.
• Who can get it: permanent residents and foreign workers who arrived in Canada in the last 5 years.
• Extras at the time of writing: a cash bonus if you meet the conditions, no-fee global money transfers through BMO, and a no-annual-fee credit card with no Canadian credit history required.
• Dates: BMO can change or withdraw the offer at any time. The newcomer credit card welcome bonus needs applications by 31 October 2026.
• Check BMO’s current newcomer offer

Scotiabank: StartRight

• The deal: no monthly fee for your first year on the Preferred Package chequing account (normally $16.95 a month after that, unless you keep a $4,000 minimum daily balance). It includes international money transfers.
• Who can get it: permanent residents for five years or less, international students and foreign workers.
• Extras at the time of writing: a package bonus if you set up a direct deposit and make a qualifying transaction (paid around 9 months after you open the account), and newcomer credit cards with limits of up to $15,000.
• Dates: the current offer runs from 3 July to 29 October 2026.
• Check Scotiabank’s current newcomer offer

So which is the best bank in Canada for newcomers?

There is no single winner, so pick the one that fits your plans:

• Longest free period: BMO (2 years) and CIBC (up to 24 months, if your work permit is 12 months or longer).
• On a working holiday: check the eligibility rules carefully. All five accept work permit holders in some form, but the details (permit length, time since arrival) differ.
• Branch near you: all five have branches and ATMs across Vancouver, Toronto and the other big cities. Using your own bank’s ATMs saves you fees, so convenience matters.
• What happens after the free period: monthly fees of $12.95 to $17.95 kick in unless you keep a minimum balance (often $4,000) or switch to a cheaper account. Put a reminder in your calendar.

Low-cost and no-cost bank accounts

If you don’t want to worry about fees at all, ask about the low-cost and no-cost accounts. Since 1 December 2025, 14 federally regulated banks, including TD, RBC, CIBC, BMO, Scotiabank and Tangerine, must offer:

• Low-cost accounts that cost no more than $4 a month and include a minimum number of debit transactions.
• No-cost accounts for certain groups, including newcomers to Canada in their first year, students and young people.

These accounts are basic, but they are a great option once your newcomer package ends. Banks don’t always advertise them, so ask in the branch. You can read the details in the Government of Canada announcement.

Fees to watch for

Monthly fees

Every newcomer deal ends eventually. After that, a full-service chequing account at a big bank costs roughly $12.95 to $17.95 a month unless you keep a minimum balance in the account (often $4,000 at the big banks). Move to a low-cost account if that doesn’t suit you.

Transaction fees

Cheaper accounts often limit how many debit transactions you get each month and charge for each one after that. Newcomer packages usually include unlimited transactions, so check what you will get once the offer ends.

ATM fees

Taking money out at your own bank’s ATMs is free. Using another bank’s ATM usually means a fee from that ATM’s owner, and sometimes from your own bank too. As a rough guide, expect a few dollars per withdrawal.

NSF (bounced payment) fees

If a payment bounces because there isn’t enough money in your account, the bank charges a non-sufficient funds (NSF) fee. Since 12 March 2026 this is capped at $10. There is no NSF fee if you’re short by less than $10, and you can’t be charged more than once in two business days for the same account. See the Department of Finance announcement for details.

International transfer fees and exchange rates

Some newcomer packages include free international transfers. That sounds great, but the bank’s exchange rate usually has a bigger margin built in than a specialist money transfer service. “No fee” doesn’t mean free, so compare the amount that actually arrives.

Interac e-Transfer: how Canadians pay each other

In Canada almost everyone pays friends, flatmates and often landlords by Interac e-Transfer. You send money from your banking app to someone’s email address or phone number, and it lands in their Canadian account.

It only works between Canadian bank accounts, which is one more reason to open one early. Most newcomer packages include unlimited e-Transfers, but check this on basic and low-cost accounts.

Online banks: Tangerine, EQ Bank and others

Canada also has online-only banks such as Tangerine (owned by Scotiabank) and EQ Bank. They are popular for no-fee everyday banking and savings.

There are some catches for newcomers:

• There’s no branch to walk into, so ID checks happen online and may ask for your SIN and Canadian ID or an existing Canadian bank account. That can be hard in your first weeks.
• The big newcomer packages and newcomer credit cards described above come from the big five banks, so check what an online bank offers newcomers before you rely on it.

Our advice: open your first account with a big bank to get set up, then add an online bank later for savings if you want one.

Credit cards for newcomers to Canada

Once your bank account is sorted, think about a credit card. In Canada you’ll need one more often than you might expect, for things like car hire, some online shopping and hotel deposits.

More importantly, using a credit card and paying it off in full every month builds your Canadian credit history. If you plan to stay, a good credit score helps with renting, phone contracts, loans and mortgages.

Secured vs unsecured cards

A secured card needs a deposit that matches your credit limit, so a $1,000 limit means locking up $1,000. This used to be the only option for many newcomers.

Today TD, RBC, CIBC and Scotiabank all advertise unsecured credit cards for newcomers with no Canadian credit history needed, and limits of up to $15,000 at some banks. Your actual limit depends on your income and documents, and you’ll usually need to show your work permit and sometimes a letter from your employer.

What to check before you apply for a credit card in Canada

• The annual fee and what you get in return. Many travel and rewards cards charge a fee, and some newcomer packages rebate it for the first year.
• The terms and conditions, including the interest rate if you don’t pay in full.
• What happens if you miss a payment, both fees and the effect on your credit score.
• When the welcome bonus ends and what you need to spend to get it.
• Whether a deposit is required.
• The card’s fraud protection if an unauthorised transaction appears.
• Foreign transaction fees if you plan to travel to the US or back home.

How to move money to your new Canadian bank account

Before you can use your new account, you’ll probably need to move savings over from home. This is where a lot of people lose money without realising it.

Banks usually add a margin to the exchange rate and may also charge a sending fee and a receiving fee. On a few thousand dollars that adds up quickly.

A specialist transfer service is usually cheaper. These are the two we recommend:

Wise

Wise (formerly TransferWise) uses the mid-market exchange rate and shows you its fee upfront, so you know exactly what will arrive. It’s good for everyday amounts.

Wise also offers a Canadian dollar account and card in Canada, which is handy if you’re paid in one currency and spend in another, or if you want to send money home later.

TorFX

TorFX charges no transfer fees; their margin is built into the exchange rate. It’s good for larger amounts, and you get a dedicated account manager rather than just an app.

Whichever you use, compare the final amount in Canadian dollars, not just the fee. For a full comparison, read our guide to sending money to Canada from abroad.

Steve and Sabina

Some links are affiliate links. If you use them we may earn a small commission at no extra cost to you. Rules, fees and rates change; always check the official government website before you apply.