How can new immigrants open a bank account?
Full process guide for Canadian new immigrants to open a bank account
1、 Preparation before account opening
Choose a suitable bank
Mainstream banks recommend: Royal Bank of Canada (RBC), Toronto Dominion Bank (TD), Bank of Montreal (BMO), Scotiabank, etc., all of which offer exclusive benefits for new immigrants (such as free monthly account fees and relaxed credit card approvals).
Factors to consider: branch distribution, Chinese service support, account fees (monthly/transaction fees), new immigrant benefits (account opening rewards, credit card points).
Prepare necessary materials
Proof of identity: passport, immigration paper (COPR), permanent resident card (PR card) or work/study visa.
Proof of Address: Rental contract, utility bill or bank statement of Canadian address (some banks accept temporary address declaration).
Other documents: Social Insurance Number (SIN, if available), School Admission Notice (for international students), Employer Letter (for work visa holders).
2、 Detailed explanation of account opening process
Appointment processing
Method: Make an appointment through the bank's official website, phone, or directly at the branch (it is recommended to make an appointment in advance to avoid queuing).
Special Reminder: Some banks (such as BMO) allow pre opening accounts within China, but account activation is required after entering Canada.
On site processing steps
Fill out the application form: provide personal information (name, address, contact information) and a declaration of tax residency status.
Material review: The staff verifies the original passport, immigration documents, and address proof.
Select account type:
Chequing Account: Used for daily expenses, transfers, and bill payments (there may be monthly fees, which can be waived for new immigrant packages).
Savings Account: Used for earning interest on deposits (interest rates vary by bank).
Sign agreement: Confirm account terms, set withdrawal password and online banking login information.
Deposit initial amount: Some banks require an initial deposit (such as CAD 50-100).
Obtain account information
Temporary debit cards: Some banks issue temporary debit cards on the spot (which can be used immediately).
Official cards and check books: Physical cards and check books will be mailed to the registered address within 5-10 working days.
3、 Precautions after account opening
Activate account
If you pre open an account overseas (such as BMO China branch), you need to go to the local branch in Canada to activate the account and lift the access restrictions after entering the country.
Binding financial services
Online banking/mobile banking: Download the banking app, bind your account to manage transfers, bill payments, and query transaction records.
Credit Card Application: It is recommended to apply for a Secured Credit Card simultaneously, deposit the deposit as a credit limit, and gradually accumulate a credit score.
Cost management
Pay attention to monthly account fees, excess transaction fees, and cross-border remittance fees, and make full use of the new immigrant discount period (such as free monthly fees for the first 6 months of TD).
4、 Frequently Asked Questions and Answers
Q: Can I open an account without a fixed address?
A： You can provide a temporary address (such as a family or friend's address) or negotiate with the bank to use other proof (such as a letter from an immigration resettlement agency).
Q: Can I open a tourist visa account?
A： Sure, but some banks may limit account functionality (such as deposit only).
Q: Do I need to provide a SIN number?
A： It is not mandatory to open an account, but providing a SIN can help simplify tax related processes.
Summary: The account opening process for new immigrants in Canada is convenient, and it is recommended to prioritize large banks that provide Chinese language services and abundant benefits. By preparing all necessary materials, making an appointment in advance, and planning the account type reasonably, one can efficiently open an account and enjoy subsequent financial services.