How to Open a Bank Account in Canada for New Immigrants


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Opening a bank account is one of the first and most essential steps for newcomers to Canada. Whether you're landing as a permanent resident, international student, or temporary worker, having access to a reliable Canadian bank account helps you manage your finances, receive payments, and build your credit history from day one.

Canada’s banking system is secure, modern, and immigrant-friendly, with major banks offering specialized newcomer packages that include zero monthly fees, free international transfers, and credit card access without a prior credit score. Understanding the documents required, the types of accounts available (chequing vs savings), and the eligibility criteria will make the process smoother.

Steps to Open a Bank Account in Canada

  1. Prepare Required Documents:
    • Valid passport.
    • Permanent Resident Card or immigration documents.
    • Proof of address (e.g., utility bill, rental agreement).
  2. Choose a Bank:
    • Research and select a bank that offers services tailored to newcomers.
  3. Visit a Branch or Apply Online:
    • Schedule an appointment or apply through the bank's website.
  4. Set Up Your Account:
    • Choose account types (chequing, savings) and request additional services like credit cards.
  5. Deposit Funds:
    • Transfer money into your new account to activate it and meet any minimum balance requirements.

Essential Banking Details To Apply For Canada PR Visa

To progress further in your Canadian Immigration journey, you need an active Private Bank Account Debit/Credit card with an operational International Transaction Facility.

PAIC gets you a ONE-STOP SOLUTION for any of your Canadian Immigration requirements. You can check whether your current bank card has an active international transaction facility or not right here. In case your bank card currently doesn't have the international transaction facility, all you need to do is take those few extra clicks, and you are good to go. Please do the needful before you move ahead because an ACTIVE INTERNATIONAL TRANSACTION FACILITY on your private bank card is a MANDATE for you to progress.

If you have any of the mentioned bank account cards, ensure that they have an active international transaction facility. Click on the link, log in with your internet banking credentials and do the needful.

If you have any other Private Bank Card apart from the names mentioned. Make sure that the particular card has an active international transaction facility.

If you have a Government Bank Card, the process involves sending a bank wire to our accounts team based in Canada. You will be informed and guided for the same on the call with one of our immigration experts.


Necessary Bank Letters & Statements for Canada PR

When applying for Canada PRthrough Express Entry, particularly under the Federal Skilled Worker (FSWP) or Federal Skilled Trades (FSTP) programs, you’re required to show proof of settlement funds. This is done using official bank letters and account statements .

1. Official Bank Letter (Mandatory)

2. 6 Months of Bank Statements (Optional but Strongly Advised)

3. Additional Financial Documents (if applicable)

Paul Abraham Immigration Consulting (PAIC) is an immigration company based in Halifax, Nova Scotia, Canada. The company is led by Paul Abraham , a widely respected Registered Canadian Immigration Consultant (RCIC) who has a tremendous record of assisting a wide variety of global applicants through Canadian immigration programmes including Express Entry (EE) , Provincial Nomination Programs (PNPs) , Family Class Sponsorships , International Student programs , and Business Immigration programs .

Paul Abraham has a strong record of successful applicants. ITAs , PR , Study Permits as well as helping potential entrepreneurs to start their business in Canada, PAIC’s knowledge, experience and professionalism is the key to success for our clients.
Join the ever-growing client base at PAIC. PAIC is committed to providing all clients with accurate, honest, and ethical assessments for Canada’s immigration programs, as well as the USA EB5, and across the Caribbean, and EU.

How it works

PAIC offers  end to end support and services for Canadian Immigration, and is now in a partnership with government approved financial entities allowing to provide internationally recognized net worth determination for clients who wish to immigrate on the business pathway through many of the available programs in Canada, the Caribbean, the USA and the EU.  This includes but is not limited to EB5 for the USA, programs in the Caribbean, and the EU Citizenship R by Investment programs. In the partnership with carefully chosen professionals, RCIC Paul Abraham guides the applicants through the entire application process and ensures ethical and honest consultation while aiding with planning, documenting and paying careful attention to the many terms, conditions and formalities expected worldwide.

What people say

Clients Words

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Frequently Asked Questions: Banking for Newcomers in Canada

1. Can I open a bank account before arriving in Canada?
Yes, some banks like Scotiabank, CIBC, and RBC offer newcomer accounts you can start online before you land. You’ll need to verify your identity in person once you arrive.
2. What documents do I need to open a bank account in Canada?
Typically:
  • Passport
  • Confirmation of PR or COPR
  • Canadian address (or temporary hotel address)
  • SIN (optional, but helpful)
3. Do I need a job to open a bank account?
No. Newcomer accounts don’t require employment. Many banks cater to PR holders, international students, and work permit holders.
4. Are there fees for bank accounts in Canada?
Yes, but most banks waive monthly fees (up to 12 months) for newcomers. After that, standard fees range from $10 to $30/month unless waived by minimum balances.
5. Which is the best bank for newcomers in Canada?
Top banks for newcomers:
  • Scotiabank StartRight: Great for GICs and credit-building
  • RBC Newcomer Advantage: Free accounts + credit card options
  • CIBC Smart Arrival: Pre-arrival account setup available
TD New to Canada: Friendly onboarding, multi-language support
6.Can I get a credit card as a new PR?
Yes. Many banks offer secured or low-limit credit cards to help build credit history. You usually don’t need a Canadian credit score to get started.
7.How do I transfer money internationally?
Most banks offer global money transfer services. Alternatives include Wise, Remitly, and Western Union—often cheaper than bank transfers.
8. Is it safe to use mobile banking in Canada?
Yes. Canadian banks offer highly secure apps with encryption, fingerprint login, and fraud alerts.
9. Can I open a joint account with my spouse as a PR applicant?
Yes. Joint accounts are available for spouses. Both must provide valid IDs and immigration documents
10. What is a chequing vs. savings account in Canada?
  • Chequing: For everyday use—debit card, bill payments, transfers
  • Savings: For interest growth—limited withdrawals per month