Open a Bank Account
After new immigrants arrive in the country, opening a bank account as early as possible is a crucial step. Whether it's for daily expenses, paying rent, getting a mobile phone service, or applying for a job, a bank account is almost essential. Here is a step-by-step guide to opening an account.
Why Open an Account Early?
Opening a local bank account can help you:
Receive salaries or government benefits.
Pay rent and daily bills.
Build a credit record (preparing for future loans).
Enjoy local payment convenience (such as Interac e - Transfer).
Recommended Common Banks
The "Big Five" banks in Canada have extensive service networks and are suitable for new immigrants to open accounts:
TD Bank
Suitable for：Comprehensive services, fast account opening
New Immigrant Benefits：12 - month monthly fee waiver + gifts
RBC Royal Bank
Suitable for：High - quality wealth management services
New Immigrant Benefits：Monthly fee waiver + first - year credit card annual fee waiver
Scotiabank
Suitable for：Popular among international students/young people
New Immigrant Benefits：1Abundant Scene point rewards
Canadian Imperial Bank of Commerce
Suitable for：Friendly for new arrivals
New Immigrant Benefits：Exclusive programs for new immigrants
BMO (Bank of Montreal)
Suitable for：Standard services
New Immigrant Benefits：More favorable offers in some areas
Documents Required for Account Opening
Each bank has slightly different requirements, but generally, you need to prepare the following documents:
Passport.
Valid visa or immigration status documents (such as COPR, study/work permit, etc.).
Entry stamp (some banks need to check the entry date).
Proof of local address (such as a rental contract, utility bill, etc.; some banks allow using a friend's address temporarily for the first account opening).
Note: If you are under 18 years old, you may need to be accompanied by a guardian when opening an account.
Account Opening Process
Make an Appointment (Recommended): Although some banks accept walk - in customers, it is recommended to make an appointment online or by phone to save waiting time.
Go to the Bank Branch: Bring the above - mentioned documents and go to the bank branch at the appointed time.
Choose the Account Type:
Chequing Account: For daily use.
Savings Account: For saving money and earning interest.
Obtain a Bank Card: You can get a debit card on the spot when opening an account. Some banks allow the card to be activated and used on the same day.
Set Up Online Banking and App: The counter staff will assist you in registering for an online banking account and binding it to your mobile app.
Should You Apply for a Credit Card?
New immigrants can try to apply for entry - level credit cards (no credit history required), such as:
TD Cash Back Visa.
RBC Avion Visa.
Scotiabank Scene Visa.
Recommendations:
Choose cards with "no annual fee" or "first - year annual fee waiver".
Repay the bill on time every month to build a credit score.
Using a credit card is a key step in building a credit record in Canada!
Common Bank App FunctionsEach bank has its own mobile app, which can be used for:
Transferring money (e - Transfer).
Checking balances and bills.
Setting up automatic payments (such as rent, utility bills).
Finding nearby ATMs and bank branches.
Tips
When opening an account, ask if there are new - immigrant packages (such as card - opening rewards, gift cards).
Initially, it is recommended to open an account with "no monthly fee", and upgrade it after you have settled down.
Don't trust strange phone calls or emails asking for account information. Be cautious about fraud.
If you are not proficient in English, you can ask the bank to arrange a Chinese - speaking financial advisor.