Best Canadian banks for newcomers

Best Canadian banks for newcomers

What are the best Canadian banks for newcomers? What makes them unique? What type of financial services do they offer? Read Details Here!

Best Canadian banks for newcomers

There are numerous factors to consider when choosing the best bank for your financial activities. As a newcomer, you should focus on free accounts with no monthly fees and reduced transaction restrictions.

Choose a bank that allows you to set up your account without the hassle and provide you with a credit card. Today’s article will highlight the best banks for newcomers in Canada. Read on!

Royal Bank of Canada

The Royal Bank of Canada (RBC) is the best financial organization for newcomers because it offers various services, including mortgages, credit cards, and car loans. The good news is that RBC does not evaluate your credit history and provides you with loans and financial assistance.

So, this is one of the most significant benefits of opening a bank account in RBC. In addition, RBC offers a newcomer advantage program, allowing you to get a $100 opening bonus and free brand services. You also get 6,000 reward points with a visa credit card and a free deposit box for two years.

National Bank of Canada

The National Bank of Canada offers a wide range of advantages for newcomers. For instance, you can leverage the three-year offer for a checking account. At the same time, you can access various products, such as credit cards and loans.

The National Bank of Canada also provides unlimited digital transactions, telephone support, book-free checks, and safety deposit box rental to store your essential documents.

You can enjoy a free bank account for the first year, saving you a lot of money for the first twelve months. However, the bank will charge a small fee after twelve months. Signing up for the bank account will provide you with credit cards, online statements, payroll deposits, and electronic payment services.


BMO is another best bank in Canada for newcomers, offering the New Start Program that enables you to open a checking account without monthly fees for twelve months. In addition, you can access unlimited electronic transactions, e-transfers, and a free security deposit box.

The bank aims to provide newcomers with cutting-edge financial products, including loans, credit cards, mortgages, no annual fee cash back Mastercard, and low-interest rates of 1.99% on bank transfers.


Scotiabank enables newcomers to open an online bank account and transfer money from their home country to Canada before they arrive. The Start Right Program by Scotiabank gives you access to credit cards, savings, free international transfers, financial advice, products, and checking accounts without charging a single penny.

In addition, your checking account has no monthly fees for the first twelve months. You can also perform unlimited Interac transactions and optimize your local and international transfers. You can access a safety deposit box for about twelve months without paying fees.

Final Words

The Canadian government allows newcomers to open a bank account in any organization. However, you have to provide proper documents and proof of your identification. You can open a bank account even if you don’t have a job or money to deposit. These are the best banks to leverage financial products and streamline financial activities. Until Next Time!

  • Article based on personal opinion, experience and research.
  • Photos from Unsplash & canva.