Banking in Canada for newcomers
A Canadian bank account is one of the first things you need — to receive pay, pay rent, and build a financial history. Here is what to know before you walk into a branch.
Find verified banking resourcesOpening an account
You can open an account at most banks with your passport and immigration document (permit or PR card). Some banks offer newcomer packages with reduced or waived fees for your first year. You do not need a job or a permanent address to open a basic account.
Building credit
A Canadian credit history helps you rent, get a phone plan, borrow, and sometimes get a job. A secured credit card or a small credit-builder loan can start your history. Pay the full balance on time each month.
Protect yourself
Canadian banks will never call, text, or email asking for your password or one-time code. Hang up and call the number on the back of your card. Be cautious of "newcomer special offers" from people or companies you did not contact yourself.
Official sources
Always confirm current details on the official page. This guide is general information, not legal or immigration advice.