Banking in Canada for newcomers from Nigeria and Sri Lanka

Can you open an account before you arrive?

We checked each bank’s pre-arrival program on October 10, 2026. Our general guide covers pre-arrival accounts in more detail.

BMO’s current page says “qualifying countries” but gives no list. If you want a pre-arrival account, ask CIBC, BMO and National Bank directly before you rely on it. Students should read student GICs for other providers.

The arrival-first plan

1. Before you fly: book a branch appointment online for your first week. Choose a branch near where you will stay.
2. Bring: your passport, your COPR, work permit or study permit, and your Canadian address. If you only have a temporary address, ask the bank what it accepts when you book.
3. Carry enough to start: a card from home that works abroad, or a modest amount of cash. Cash worth $10,000 (CAD) or more must be declared when you land.
4. Day 1 to 7: open a chequing account. You do not need a job, a deposit or a SIN for a basic account.
5. Week 2: send the rest of your money from your home bank to your new Canadian account number.

Under the federal low-cost account commitment, newcomers in their first year can ask for a $0 a month account with at least 18 debit transactions a month. Bank newcomer packages give more, but monthly fees start when the free period ends. Compare them in best bank accounts for newcomers.

Online banks may not work on day one. FCAC notes that some online-only banks require you to already have an account at another institution. Open a branch account first, then add an online account later if you want one.

Which account fits your situation?

• You arrive as a permanent resident with savings: a big-bank newcomer package usually includes branch service, a newcomer credit card option and a monthly fee waiver for a set period. Compare them in Big 5 newcomer offers.
• You arrive on a work permit: most big banks accept foreign workers. Scotiabank asks workers for a letter from their Canadian employer confirming income before it issues a credit card.
• You arrive as a student: your school may point you to a student account. Bring your study permit and proof of enrolment.
• You want low costs from day one: ask for the $0 a month newcomer account in your first year, or look at online banks with no monthly fee.

Moving money from Nigeria

The Central Bank of Nigeria (CBN) sets the rules for buying foreign currency and sending it abroad. These rules have changed several times in recent years. We could not confirm current limits on a CBN page, so we do not quote amounts here. Before you move:

• Ask your Nigerian bank what it needs to send money from your domiciliary (foreign currency) account to a Canadian account in your name.
• Ask which currencies it can send, and ask your Canadian bank which currencies it accepts by wire. Conversion costs differ.
• Keep statements that show where the money came from. Canadian banks may ask.

Our full guide explains bringing money from Nigeria.

Moving money from Sri Lanka

The Central Bank of Sri Lanka’s Department of Foreign Exchange (DFE) sets the rules under the Foreign Exchange Act, No. 12 of 2017.

• Migration allowance: the DFE FAQ (checked October 10, 2026) says a first-time emigrant may remit up to USD 100,000 during the effective period of the current Order under section 22. The current Order was published in the Gazette and is valid for six months from June 20, 2026.
• Limits change. Each Order lasts a set time. The Order from June 2023 set the first-time limit at USD 50,000. Ask your bank which Order applies on the day you send.
• Travel money: withdrawals from personal foreign currency accounts for travel are up to USD 10,000. Money changers can sell up to USD 5,000 per person per trip.

Read bringing money from Sri Lanka for the forms and steps.

Your credit history from home

Canadian credit bureaus do not hold your Nigerian or Sri Lankan history. Two points to know:

• Nigeria: Scotiabank’s 2024 Nova Credit announcement named Nigeria among the countries it supports. This may help you get a higher limit on a first card. Check the current list in transferring your foreign credit history.
• Sri Lanka: no Canadian bank program we found names Sri Lanka. You can get your own report from the Credit Information Bureau of Sri Lanka (CRIB) through its MyReport service or the MyCRIB mobile app. A Canadian lender does not have to consider it, but you can offer it.

Either way, start building Canadian credit early. Most big banks give newcomers a card with no Canadian history. If you are refused, a secured credit card is another option, because your own deposit sets the limit.

Sending money home later

Many newcomers support family at home. Bank fees and exchange-rate margins vary a lot. Before you choose, compare the full cost in sending money to Nigeria or sending money to Sri Lanka.

Common questions

Sources

• RBC: Open an account before you arrive
• TD: Banking offers for newcomers
• BMO newsroom: Digital pre-arrival account opening (April 6, 2023)
• BMO: NewStart newcomer bank account offers
• CIBC: Smart Arrival
• National Bank: Bank account for newcomers
• Scotiabank: Student GIC Program
• FCAC: Opening a bank account
• FCAC: Commitment on low-cost and no-cost accounts
• Central Bank of Sri Lanka, Department of Foreign Exchange: FAQ
• Sri Lanka Gazette 2493/38: Order under section 22 of the Foreign Exchange Act (valid six months from June 20, 2026, PDF)
• Central Bank of Sri Lanka: Order relaxing limits on outward remittances (July 24, 2023, PDF)
• Credit Information Bureau of Sri Lanka (CRIB)
• CBSA: Travelling with CAN$10,000 or more? Declare it
• Nova Credit: Scotiabank partnership announcement (September 26, 2024)

Checked against these sources on October 10, 2026. Spotted something out of date? Tell us.