Open a Canadian bank account.
You can open an account in your first days here, often before you have a job. Here’s what to bring and what to ask for.
Bring these to the bank.
Requirements vary a little by bank. You can open a basic account without a SIN, but the bank will ask for it for interest-earning accounts.
- Passport
- Your status document: Confirmation of Permanent Residence, PR card, or work or study permit
- Your Canadian address, even a temporary one
- Your SIN, if you have it
- A phone number and email
What to open.
Compare a few banks and credit unions; we don’t recommend any single bank.
Chequing account
For everyday spending, salary and bills. Watch monthly fees and transaction limits.
Savings account
For your emergency fund. Interest is modest; online banks often pay more.
Newcomer packages
Many banks offer newcomers reduced fees for a period, a starter credit card, and perks. Read what happens when the offer ends.
Tax-free savings (TFSA)
Once you’re a resident with a SIN and 18 or older, a TFSA lets savings grow tax-free.
Starter credit card
Often available without credit history, sometimes secured by a deposit.
International transfers
Banks can send money abroad, but compare their fees and exchange rates first.
How everyday banking works here.
Interac e-Transfer
Send money to anyone in Canada by email or phone number. It’s how many people pay rent and split bills.
Debit cards
Tap to pay almost everywhere. Debit transactions don’t build credit.
Credit history
Equifax and TransUnion track how you use credit. Pay on time and keep balances low.
Direct deposit and pre-authorized debits
Your employer pays into your account; bills can come out automatically.
Your bank isn’t your only option.
Banks are convenient but often charge more for international transfers once the exchange rate is counted. Compare what arrives with our tool, then check a specialist such as our partner RemitBee.
RemitBee supports SettleCanada. We may earn a fee if you use it.