Best 5 Banks in Canada for New Immigrants

canada best banks for immigrants

Find out which bank will be best serving your personal interest as a new immigrant in Canada

After getting your Canadian Visa or Permanent Resident approval, you are now looking to open a personal or even a business bank account, Fortunately Canada is well known for its most advanced and secured banking system to make sure you are receiving the best service for your money.

It is important to keep in mind that Banking in Canada is reliable and convenient, however not at all times free.

Before choosing which is the most suitable bank in Canada for you, be sure to learn more about how your future bank deals with each of the following:

Banking fees, annual fees, loans, Debit and or Credit Cards, ATM fees, account limits and many other factors to make sure that you are being threated according to your satisfaction.

In this post we share some of Canada’s greatest banks to serve you best when you are about to start your new life in Canada.

Toronto-Dominion Bank – TD Bank

  • A Chequing account with no monthly fee for the first six months.
  • Savings account with a bonus interest rate.
  • Unsecured TD Credit Card with no credit history with credit limit of up to $5,000 CAD.
  • International Money Transfers by Visa Direct with 1 transfer per month free of charge for first 6 months.
  • Option to get mortgage with no credit history.

BMO-Bank of Montreal

  • Your Chequing Account will be free with no fees for the first 1 year.
  • BMO NewStart Program includes your choice of type of BMO MasterCard Credit Card: BMO Air Miles MasterCard, BMO CashBack MasterCard, or BMO SPC Air Miles MasterCard.
  • Additional 0.25% interest on your 1 to 5-year GIC’s with a minimum $1,000 investment.
  • Free small-size Safety Deposit Box, or 25% off a larger Safety Deposit Box.

RBC-Royal Bank of Canada

  • The first credit card you’ll have with the bank comes with no credit history required.
  • The first mortgage doesn’t require a credit history. You must still meet financial eligibility requirements in both cases.
  • If you open a certain all-inclusive VIP accounts with RBC, you may be eligible to receive a brand-new iPad mini 2.
  • Your first car loan with no credit history required at specified dealerships across Canada.
  • Preferred exchange rates on foreign transactions for first 1 year after signing up for an account.
  • Preferred interest rates on Guaranteed Investment Certificates (GIC).
  • Small-size Safety Deposit Box with fees waived for up to 2 years.
  • $50 CAD when you open up your first business account with RBC.



  • $100 CAD when you open a chequing account eligible for the cashback processing system.
  • Immediate Visa Credit Card.
  • Small Safety Deposit Box free of charge for 1 year.
  • First Car loan available with no credit history required.
  • Scotia iTRADE account with $1,000 CAD investment earns 10 free trades.

CIBC- Canadian Imperial Bank of Commerce

  • $4.95 per month for 12 transactions
  • Capped at $14.95 per month for unlimited transactions
  • Your monthly fee is completely waived
  • Up to 20,000 Aventura Point welcome bonus
  • Book a flight for as little as 10,000 points


Now that you have more information regards the Canadian banking system you are ready to go ahead and plan your bright financial future in Canada.

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