How to choose a Canadian bank
Exclusive benefits provided by major Canadian banks for new immigrants
1. Royal Bank of Canada (RBC)
Loose credit card approval: New immigrants or international students do not need to provide detailed Canadian credit records to apply for a credit card, with a lower initial limit but support for quickly establishing credit.
Comprehensive service support: As Canada's largest bank by assets, RBC has a wide coverage of branches, provides multilingual services, and has launched overseas asset guarantee functions for new immigrants.
2. TD Bank in Toronto
Account fee reduction: New immigrants can enjoy monthly fee free Chequing Account for the first 6 months, and permanent monthly fee free student account.
Convenient Chinese service: Some branches provide Mandarin customer service and have longer business hours (some branches are open on weekends).
3. Bank of Montreal (BMO)
New immigrant exclusive package: includes 12 months of free checking account and free annual credit card (MasterCard), and loan applications do not require a guarantor.
High interest savings account: suitable for new immigrants with savings needs, with interest income higher than the industry average.
4. Scotiabank
Consumption points reward: Scene debit/credit card consumption can be exchanged for movie tickets, dining discounts, etc., suitable for young families or students.
International remittance discounts: Introducing low transaction fees for cross-border remittance services for new immigrants.
5. Canadian Imperial Commercial Bank (CIBC)
Student and new immigrant support: Student account transactions are completely free, and new immigrants can apply for credit cards with SPC membership (enjoying merchant discounts).
The core difference between debit account and credit account
Category Debit Account Credit Account
The function allows direct use of account deposits for consumption, supporting daily payments, deposits and withdrawals, and transfers. Consume first and repay later, used to accumulate credit records and short-term capital turnover.
The account types include checking accounts (for daily expenses) and savings accounts (for earning interest). Only credit card accounts are linked to credit limits, and some cards offer cashback or points.
The checking account charges a monthly fee for the fee portion (which can be waived for new immigrant packages). There are many annual fee free credit cards, with overdue repayment interest rates as high as 19.99%.
Suitable for everyone, no credit record requirement. Credit verification is required (new immigrants can apply for a deposit credit card with their identity documents).
Risk consumption is limited to account balance and there is no liability risk. Excessive consumption may affect credit scores, and repayment should be carefully managed.
Practical advice for new immigrants to choose a bank
Priority should be given to large banks such as RBC and TD, which have dense branches and comprehensive services, making it easy to handle loans or investment business.
Combination account: Debit account manages daily income and expenses, credit card is used for small purchases to gradually establish credit records.
Utilize limited time discounts: Follow the bank's short-term benefits such as monthly fee free periods for new immigrants and cash rewards for account opening.
Prudent credit management: Repay on time to avoid late fees, and apply for a higher credit card limit after reaching the credit score standard.
Summary: Canada's five major banks have introduced differentiated benefits for new immigrants, and it is recommended to choose based on language support, fee reductions, and living needs. A debit account is the cornerstone of financial management, while a credit card is a tool for long-term credit building. The combination of the two can maximize convenience and financial equity.