Top 5 Best Bank Accounts for Newcomers to Canada

Immigrants, student visa holders, and newcomers will have a hard time adjusting to the new culture when going to a new country. They need to figure out housing, education, employment, and utilities, among other things. This also includes the difficulties that come with learning a new banking system!

Aside from the differences in processes, finding information can be tricky. This is especially common in Canada, where banking is convenient but still confusing and not entirely free.

To pick the finest bank for you, you'll need to do some research. Don't look far, though! Here are Canada's top 5 bank accounts to help you get started on your financial journey.

CIBC Welcome To Canada Banking Package

The Canadian Imperial Bank of Commerce (CIBC) prides itself on being one of the best banks in Canada for new immigrants. If you received landed immigrant status in the last five years, the newcomer package from CIBC might be right for you.

This bank's Welcome To Canada Banking Package offers no monthly fees for one year, unlimited debit and Interac e-transfer transactions, and free safety deposit box for a year.

You can maximize its perks by getting a $300 cash offer when you meet specific requirements. You can also acquire travel or cashback rewards when buying school items, groceries, or other daily needs.

Scotiabank StartRight Program

International students, foreign workers, and permanent residents who have lived in Canada for less than three years should take advantage of Scotiabank's offer. It's no surprise that ScotiaBank is one of the top banks in Canada, serving nearly 24 million people through 3,500 ATMs across the country while delivering exceptional financial stability and newcomer-friendly products and services.

Scotiabank offers six different bank accounts, but its StartRight program is ideal for newcomers. It provides perks such as waived fees for the first 12 months, unlimited debit and Interac e-Transfer transactions, free credit scores, cumulative Scotia Rewards program points for every debit transaction, and even up to a $300 bonus when you meet eligibility requirements.

TD New To Canada Banking Package

The Toronto-Dominion Bank makes banking for newcomers to Canada easy. As the country's second-largest bank, it has 1,100 branches and an ATM network of 2,800 machines!

Whether you are a temporary resident who has been in Canada for less than two years, TD's New to Canada Banking is an excellent option to build your bank account.

Under the program's unlimited chequing account, you will get loads of benefits and advantages. You are sure to get zero monthly fees for six months, unlimited transactions, and no TD fee on any ATMs. Its bonus perks include a $20 discount off select TD credit cards for the first year and a $150 cash offer for meeting required transactions.

With TD, you can also get one free international money transfer per month for six months and access to a wide range of credit cards, investments, and loan products.

RBC Newcomer Advantage

Operating since 1864, the Royal Bank of Canada has the largest network of bank branches and ATMs in Canada. For newcomers, banking in Canada has been made easy by RBC's package, whether they are preparing to move, just arrived, or settling into life in Canada. Its Newcomer Advantage program can be availed with two options: an RBC No Limit Banking account or an RBC VIP Banking account.

RBC No Limit Banking account is the most recommended account for having no fees for one year and unlimited debit and Interac e-Transfer transactions. Its additional perks and benefits include a $100 opening bonus and branch service, a free security deposit box for 24 months, two free international transfers per month for 12 months, and broad access to credit cards, mortgages, car loans, business bank accounts, and investments. You can even get no monthly fees at Petro-Canada to help you save on gas money!

Features:

• FREE Interac e-Transfer transactions
• Unlimited debit transactions in Canada
• $0 monthly fee for one year for newcomers
• No RBC fee to use another bank’s ATM in Canada
• Tap to pay with your mobile phone
• Virtual Visa Debit for safe online shopping
• Save 3¢/L on gas at Petro-Canada with every fill-up using your linked RBC card.

Key RBC Differentiators:

Earn Avion points on debit - Enroll your account in the Value Program then shop online and in-store with your enrolled account to earn Avion points on debit.

Here you can check How to open a Canadian Bank Account

BMO NewStart Program

Known for its proficiency in personal and commercial banking and wealth management, the Bank of Montreal (Canada) stays true to its commitment to being a champion for progress and a catalyst for change.

Through the BMO NewStart Program, you are guaranteed its one-year free banking under its Performance Plan. Moreover, you can also make use of its other benefits, like no monthly account fees for one year, unlimited debit and Interac e-transfer transactions, one free non-BMO ATM withdrawal per month, and a small safety deposit box for one year for free.

BMO also offers an SPC Card, credit score calculation, and U.S. dollar savings account for free. You can take advantage of the bank's perks, such as a $300 cash offer after creating a recurring direct deposit and making bill payments and getting 5% cashback on credit card purchases for the first three months.

Easiest Way to Send Money From Canada to Home

As you can see, moving to Canada is a lot of work. At Remitbee, we help Canadian immigrants and newcomers alike by providing low-cost online money transfer services. You can now send funds to friends and relatives in your home country using your new Canadian bank account smoother and better!

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