Open a Bank Account

银行账户及信用卡.jpg

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:
Bank Name
Suitable for
New Immigrant Benefits
TD Bank
Comprehensive services, fast account opening
12 - month monthly fee waiver + gifts
RBC Royal Bank
High - quality wealth management services
Monthly fee waiver + first - year credit card annual fee waiver
Scotiabank
Popular among international students/young people
Abundant Scene point rewards
CIBC (Canadian Imperial Bank of Commerce)
Friendly for new arrivals
Exclusive programs for new immigrants
BMO (Bank of Montreal)
Standard services
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

  1. 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.

  2. Go to the Bank Branch: Bring the above - mentioned documents and go to the bank branch at the appointed time.

  3. Choose the Account Type:

    • Chequing Account: For daily use.

    • Savings Account: For saving money and earning interest.

  4. 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.

  5. 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 Functions

  • Each 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

  1. When opening an account, ask if there are new - immigrant packages (such as card - opening rewards, gift cards).

  2. Initially, it is recommended to open an account with "no monthly fee", and upgrade it after you have settled down.

  3. Don't trust strange phone calls or emails asking for account information. Be cautious about fraud.

  4. If you are not proficient in English, you can ask the bank to arrange a Chinese - speaking financial advisor.

Summary

Opening an account is just a starting point, but it is related to every detail of your life in Canada. Bring all the required documents, follow the steps, and take this step with confidence. Your future life will be much smoother!
If you need me to shorten, split paragraphs, or add illustrations according to your website's layout style, please let me know.
Do you need me to polish the "Renting an Apartment" article next? You can just paste it here.