Selecting the best bank account and credit card as an newcomer in Canada is an important step towards establishing your financial identity and accessing banking services. in below Newcomer Banking Programs guide , we will discuss the banking benefits offered by Top 5 banks in Canada where. We will see different types of the bank accounts and credit cards, their fee and bonus points, as well as the bonuses that each bank is offering to newcomer.
What is Newcomer banking programs ?
Newcomer banking Programs are designed to help the newcomer in Canada set up their finances and get started with their financial journey. All of the Top 5 bank in Canada have their own individual programs. in these programs, every bank offers customer well-designed bank accounts , credit cards, global money transfer offers and many more.
Choosing a Bank
The first step in opening a bank account in Canada is to select a bank that meets your needs. Major banks in Canada include RBC Royal Bank, TD Canada Trust, BMO Bank of Montreal, CIBC, and Scotiabank. Each bank offers different account options, fees, and services, so it’s important to research and compare them to find the best fit for you.
Gathering Required Documents
To open a bank account in Canada, you’ll need to provide personal identification and documents. These may include:
- Proof of identification, such as a passport, driver’s license, or permanent resident card
- Proof of address, such as a utility bill or lease agreement
- Proof of legal status in Canada, such as a Confirmation of Permanent Residence (COPR), work permit, or study permit
- Social Insurance Number (SIN), if you have one
Note that some banks may require additional documents, so it’s important to check with the bank you choose to find out what they require.
Visiting a Bank Branch or Applying Online
Once you’ve selected a bank and gathered the required documents, you can either visit a bank branch or apply online to open your account. If you choose to visit a bank branch, bring your identification and documents with you. A bank representative will assist you in opening your account. If you prefer to apply online, most banks have an online application process that is easy to use.
Choosing the Right Bank Account
When opening a bank account in Canada, you’ll have several options to choose from, such as a checking account, savings account, or a combination of both. Each account has its own fees and features, so it’s important to choose the one that best fits your needs.
Understanding Banking Fees and Services
Before opening a bank account in Canada, it’s important to understand the fees and services associated with your account. Banks charge fees for various services, such as ATM withdrawals, overdraft protection, and wire transfers. Be sure to read the terms and conditions and understand all of the fees associated with your account.
RBC is offering exciting program for newcomers in Canada called is RBC newcomer Advantage.
in this offer newcomer get better options for Credit Card and Bank account. for Credit Card, Newcomer Get up to 12% cash back on new RBC Cashback Mastercard for the first 3 months also you can get up to $ 15000 credit card limit* when you start banking with RBC and for bank account , they offer a RBC advantage banking account. on this account as well customer get a lot of benefits like No monthly fee banking for a year, unlimited debit transactions in Canada,
2 free International money transfers per month (offer ends oct 31, 2023), free small safe deposit box for 2 years (offer ends Dec 31. 2023) and many more.
There are lot of benefits are offering by RBC for newcomers. you want to open an bank account then click on the below link.
Cibc offering a Newcomer banking bundle for Newcomers in Canada, in that newcomer no need to pay monthly banking fee for 2 years for CIBC Smart account for Newcomers ,means you are saving $400 in 2 years. $400 is a great saving as a newcomer. as well as there is an opportunity to earn $350.
for earning $350 bonus ,
- you need to provide your email address when you open a newcomers account within 2 months
- you need to set up ongoing monthly deposits for $500 and more. example of direct deposits
payroll from your employer, government and private pension payment.
- you need to complete one of these 3 transactions withing same calendar month-
i) 2 ongoing pre-authorized debits – hydro bills , mortgage bills
ii) 2 online bill payments of $ 50 or more each ( online bill payment guide)
iii) 5 visa* debits purchases (Visa* Debit allows you to use the money in your bank account using the Visa network when you shop: online, in-app, by phone, in-store in the U.S. and internationally. Purchases made in-store in Canada are not Visa Debit purchases.)
BMO is offering Newstart Program for newcomers in Canada , in that newcomer will get lot of benefits through bank account and credit card.
in NewStart Program you get Performance Chequing account with up to a $450* welcome bonus.
here is more information on welcome bonus please review the full terms and conditions.
you don’t no need to pay monthly plan fee for 1 year, you get $60 cash bonus with rental of a safety deposit box. also you can send unlimited BMO Global money transfers with no fee
Scotiabank is offering a STARTRIGHT program for newcomers in Canada, scotia offering lot of benefits through the bank account, credit card and also in their benefits list they have included mortgages and vehicle loan for newcomers as well.
In STARTRIGHT program you get a 2 types of bank account i) Preferred Package and Basic Plus Bank account, with no monthly account for a year, unlimited no-fee international money transfers, free small safety deposit box for a year a value of $60 and most important you get up to $15000 credit limit credit card as soon as you arrive.
They also have specialized mortgages program for newcomers to Canada an also you can get a new vehicle loan with only 0$ down.
TD is offering a TD NEW TO CANADA BANKING PACKAGE , In this program you are getting benefits with Chequing account , international money transfer and one of the best credit card in canada that is aeroplan credit card.
in this program , you will save monthly bank account fee for a year, you will get a chance to earn in interest on the saving account and also newcomer will get lot of rewards through the TD Aeroplan platinum credit card and enjoy unlimited international money transfers with no fee for up to 12 months.
In this program they offering a TD unlimited chequing account with up to 203$ value and plus , you could get $300 bonus please review the full terms and conditions , if you open a savings account you can earn up to 0.25% interest rate for 6 months and plus, you could get $100 cash when open the new account by October 31,2023. in this offering one of the best credit card in Canada, Aeroplan Visa Platinum credit card. On this credit they are offering a customer a no annual for the first year and also offering a chance to earn 20,000 Aeroplan points on this card.
on International money transfer , you don’t need to pay fee for up to 12 months and also there is chance to earn up to 360$
these was the all NEWCOMERS PROGRAMS from the top 5 banks in Canada,. Canada Banking is really good for newcomers as every banks offers exciting programs to help customer to build up good credit history in Canada, they don’t charge fees on the account for up to 2 years and most important some of the banks offer unlimited international money transfers without fee up to 2 years. this one will really help the newcomers when they will send money back home.
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In conclusion, opening a bank account in Canada as a new immigrant can be a manageable process. By selecting the right bank, gathering the required documents, choosing the right account, and understanding the fees and services associated with your account, you can start managing your finances and accessing banking services in Canada.