How to Open a Bank Account in Canada as a Foreigner (2026)

Canada has some of the most foreigner-friendly banking in the world. The “Big Five” Canadian banks all offer Newcomer Programs specifically designed for new immigrants and temporary residents — many with no monthly fees for the first year. This 2026 guide covers what you need and which bank fits your situation.

Required documents

Passport
Canadian visa or proof of legal entry (work permit, study permit, PR, IRCC confirmation)
SIN (Social Insurance Number) — strongly preferred, sometimes required
Proof of Canadian address (utility bill, lease, IRCC confirmation letter)
Second form of ID (driver’s license from home country, etc.)
Initial deposit of CAD 0–100

Step 1: Get your SIN

The SIN is Canada’s tax/social ID. Apply at any Service Canada office:

Same day for most applicants
Required: Passport + visa/work permit/study permit
Cost: Free

Without a SIN, banks may still open an account but it is more limited.

Step 2: Choose the right bank

RBC (Royal Bank of Canada)

Largest Canadian bank, strong newcomer program.

Newcomer Program: No fees for 1 year
Foreigner-friendliness: Excellent
English support: Universal

TD Bank

Major Canadian bank, also operates in the US — useful for cross-border users.

Newcomer Program: Yes, fee waivers for newcomers
Cross-border: TD US accounts available

Scotiabank

Strong international presence, good for newcomers from Latin America and Caribbean.

StartRight Program: Specifically for newcomers
International transfers: Strong

BMO (Bank of Montreal)

Major bank with Newcomer Program, foreigner-friendly.

NewStart Program: Fee waivers, credit card eligibility

CIBC

Big Five member with Newcomer Banking Package.

Tangerine

Online-only Scotiabank subsidiary, no fees, foreigner-friendly.

Setup: Online
Monthly fee: Free

Wealthsimple Cash

Free, app-based, EQ Bank-style. Good complement to traditional bank.

Wise

Real CAD account capabilities. Useful before arriving.

Common mistakes

Skipping the Newcomer Programs

The Big Five all offer 1 year of free banking + waived fees + sometimes free safety deposit boxes for newcomers. Always ask about the newcomer/StartRight/NewStart program when opening.

Forgetting the SIN

Without SIN, you cannot earn interest officially or get tax slips. Apply on day 1.

Using a hotel address

Banks want a Canadian utility bill, lease, or IRCC confirmation letter with your address.

Not building credit early

Get a Canadian credit card immediately — even a secured one. Canadian credit history matters for renting, mortgages, and many other things.

Costs to expect

Item	Typical Cost
Account opening	Free
Monthly maintenance	Free with conditions or under Newcomer Program; CAD 4–17/month otherwise
Debit card	Free
Interac e-Transfer	Free at most banks
International wire	CAD 15–35
ATM withdrawal (own bank)	Free
ATM withdrawal (other)	CAD 1.50–5

Frequently asked questions

What is Interac e-Transfer?

Canada’s universal peer-to-peer payment system, free at most banks. Email/phone-based. Essential for daily Canadian life.

How long does it take?

Major banks: same-day account opening with all documents. Cards arrive in 5–10 business days.

Can I open an account before arriving in Canada?

RBC, TD, and Scotiabank allow pre-arrival account opening from many countries. Funds are deposited and accessible upon arrival.

Can I get a credit card as a newcomer?

Yes — all Big Five offer secured or low-limit credit cards as part of newcomer programs, even with no Canadian credit history.

What about cryptocurrency?

Canadian banks have varied policies. Wealthsimple Trade integrates crypto. Some major banks have closed accounts of high-volume crypto users.

Next steps

Apply for SIN on your first day in Canada.
Set up Wise for immediate CAD capability.
Open at RBC, TD, or Scotiabank with their Newcomer Program.
Add Tangerine for fee-free online banking.
Get a credit card to start building Canadian credit.

For more on Canada, see our Canada country guide, Moving to Canada, and the bank account guide.