Moving to a new country comes with many decisions, choosing the right bank is one of the most important. If you’re a newcomer to Canada, finding a trustworthy and accessible bank is essential for managing your money confidently. In this guide, we’ll walk you through some of the safest and most newcomer-friendly banks in Canada, based on reputation, security, fees, and settlement support.
1. RBC (Royal Bank of Canada)
RBC is Canada’s largest bank by assets and a top choice for new immigrants. Their “Newcomers to Canada” program offers a no-monthly-fee account for 12 months, international money transfers, and credit cards without credit history. RBC also has multilingual advisors to support you in your native language.
2. Scotiabank
Scotiabank’s StartRight program is designed for newcomers and international students. It includes a no-fee chequing account for up to 12 months, help with credit building, and free financial advice. Scotiabank has wide international reach and strong fraud protection systems, making it a reliable choice.
3. TD Canada Trust
TD offers a special New to Canada Banking Package, which includes a chequing account with no monthly fees for 12 months, support in multiple languages, and help setting up credit. Their large ATM network and extended branch hours are a big plus for newcomers adjusting to a new schedule.
4. BMO (Bank of Montreal)
BMO’s NewStart Program is another great option. Newcomers get a performance chequing account with no fees for a year, access to credit cards without credit history, and free financial workshops. BMO also offers assistance with home and car loans for newcomers.
5. CIBC
CIBC’s Welcome to Canada Banking Package includes a no-fee chequing account, a secured credit card, and the option to transfer money internationally at discounted rates. They also provide guidance for things like budgeting and building credit as a newcomer.
What Makes a Bank “Safe” in Canada?
Canada has one of the world’s most stable banking systems. All major banks are regulated by the Office of the Superintendent of Financial Institutions (OSFI) and insured by the Canada Deposit Insurance Corporation (CDIC), which protects eligible deposits up to $100,000 per account. Choosing a well-known bank ensures your money is secure and that you’ll have access to trusted financial services.
Tips Before Opening a Bank Account
- Bring your immigration documents (e.g., passport, PR card, work/study permit)
- Compare monthly fees, ATM access, and credit card eligibility
- Ask about language support and financial literacy services
- Check if they offer mobile banking apps in your language
My Thoughts
Opening your first bank account in Canada is a key step in settling in. The banks listed above are not only secure, but also offer services designed specifically for newcomers. Take your time to compare features and choose a bank that feels right for your needs. With the right support, you’ll feel more confident navigating your new financial life in Canada.
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