How to open a Canadian bank account as a newcomer

Step by step

The 6 steps, in order

1. 01

   Decide between the Big Five and an online-first bank

   Greater Vancouver branch coverage favours RBC, TD, and CIBC — they each have 80+ branches in Metro Vancouver, including downtown, every SkyTrain hub, and most major shopping centres. Scotiabank and BMO have fewer but well-distributed branches. Online-first banks like Tangerine and Simplii usually have lower fees but no in-person service for foreign-currency wires or notary needs — fine if you only need a chequing account, harder if you'll need a mortgage in two years.

   For most newcomers, picking one of the Big Five via their newcomer program is the lowest-friction path because the credit card included gives you Canadian credit history immediately.

2. 02

   Pick a newcomer program that matches your status

   RBC's Newcomer Advantage covers permanent residents, international students, foreign workers, and refugee claimants for up to 5 years after arrival. TD's New to Canada Banking Package and BMO's NewStart cover similar groups for 12 months free, then standard fees. Scotiabank's StartRight is open up to 3 years post-arrival and is the most popular among international students for its broad campus presence. CIBC's Smart Account for Newcomers is open up to 5 years.

   Don't overthink the choice — they're all roughly equivalent. Pick whichever bank has a branch closest to where you'll live or work. Switching banks later is easy.

   Source:VanCityGuide research· 2026
3. 03

   Gather your documents

   Bring your passport (mandatory) and one of: a valid permanent resident card, a Confirmation of Permanent Residence (IMM 5292/5688), a study permit, a work permit, or a refugee protection claimant document. You do not need a SIN to open the account, but the bank will ask for it later when interest accrues. You also do not need a Canadian address yet — the bank will mail your debit card to a temporary address (a friend's place, your hotel, the bank branch for pickup).

   If you're opening the account before you arrive in Canada (some banks allow this from your home country), you'll need to provide passport scans and your immigration paperwork via secure upload, then complete identity verification within 90 days of landing.

4. 04

   Walk into the branch (or pre-book)

   Pre-booking via the bank's website lets you skip the wait and get a dedicated newcomer specialist. Without a booking, larger downtown Vancouver and SkyTrain-adjacent branches will usually see you within 30 minutes on a weekday morning. Use the bank's branch locator to confirm hours and whether new-account openings need an appointment.

   The meeting takes 45–90 minutes. The advisor opens your chequing account, sets up online banking, issues a debit card on the spot, and walks you through applying for the secured/newcomer credit card. Take the credit card application — Canadian credit history is built one month at a time and starting now matters more than the credit limit.

5. 05

   Set up direct deposit and bill-pay

   Once your account is active, give the void cheque (the bank generates one for you in the app) to your employer for direct deposit. Add your landlord as a Bill Payee for rent (most BC landlords accept e-Transfer or pre-authorised debit; some still want cheques). Set up TransLink Compass auto-load if you'll be a regular transit rider.

   If you sent yourself money from your home country via wire transfer, it usually takes 2-5 business days to clear. The bank may temporarily limit your access to those funds for security reasons; ask for the hold to be released early if you can show the source.

6. 06

   Activate the credit card and use it lightly every month

   Canadian credit history is built on three things: time (how long an account has been open), utilisation (what percentage of your limit you carry), and on-time payments. Use the newcomer credit card for one or two routine purchases each month (groceries, transit, a coffee), pay it off in full when the statement arrives, and after 6 months you'll have a real Canadian credit score that unlocks better cards, car loans, and eventually mortgages.

   The single biggest mistake newcomers make is not using the credit card at all — "to be safe". An unused card builds zero history.