Best banks in Canada for new immigrants in 2023

I moved from New Zealand to Canada in 2018. Banking experience was similar but there are a number of differences. In this post, I will explain the basics of how banking works in Canada, share the details and make suggestions for the best bank for newcomers to Canada in 2023.

Overview of banking in Canada

Let’s start with basic overview of banking in Canada:

1. Canada has a well-developed banking system, with a mix of domestic and foreign-owned banks.
2. The main regulatory body for banks in Canada is the Office of the Superintendent of Financial Institutions (OSFI), which is responsible for ensuring that banks operate in a safe and sound manner.
3. Most Canadians have a bank account, which they use to deposit their paychecks, pay bills, and make purchases.
4. There are two main types of bank accounts in Canada: chequing accounts and savings accounts. Chequing accounts are used for everyday transactions, while savings accounts are used to save money and earn interest.
5. In addition to traditional banks, there are also credit unions and online-only banks in Canada. Credit unions are member-owned financial institutions, while online-only banks do not have physical branches.
6. Canadians can also use credit cards and debit cards for financial transactions. Credit cards allow users to borrow money from the credit card company, while debit cards are linked to a bank account and allow users to spend money that they have already deposited.

Criteria for choosing a bank as new immigrant

Location:

Look for a bank that has branches or ATMs near your home or work. This will make it convenient for you to access your accounts and conduct transactions.

Fees:

Different banks charge different fees for services such as account maintenance, transactions, and using ATMs. Consider these fees when selecting a bank to ensure that you are getting the best deal.

Services:

Consider what services you will need from your bank. For example, do you need a bank that offers online and mobile banking, or do you prefer to do your banking in person? Do you need a bank that offers investment or insurance products?

Customer service:

Good customer service is important when you are new to a country and may have questions about banking and financial products. Consider the reputation of the bank for customer service and whether they have bilingual staff or resources available to assist you.

Promotions:

Some banks offer promotions to new customers, such as waived fees or bonuses for opening a new account. These promotions can be a good way to save money or get started with a new bank.

Big 5 banks

When it comes to banking you have your big, legacy, established entities – known as the the Big 5 banks.

The Big 5 banks very much dominate the banking landscape in Canada.

• Scotiabank
• TD Canada Trust
• CIBC (Canadian Imperial Bank of Commerce)
• Royal Bank of Canada (RBC)
• Bank of Montreal (BMO)

Royal Bank of Canada

The Royal Bank of Canada (commonly known as RBC) is a Canadian multinational financial services company and the  largest bank in Canada by market capitalization. The bank serves over 16 million clients and has 86,000+ employees worldwide. The bank was founded in 1864 in Halifax, Nova Scotia, although its legal and official headquarters are located at Place Ville Marie in Montreal, Quebec

RBC offers following two personal accounts for new immigrants

Premier, All-Inclusive Banking Account

RBC VIP Banking

• Monthly Fee: $30.00
• Unlimited debit transactions
• Up to $120/year credit card annual fee rebate
• Up to $60 discount per year on a safe deposit box (lockbox)
• Pay no monthly fee for 12 months and get 3 no-fee international money transfers per month for 12 months
  

Featured Chequing Account

RBC No Limit Banking

• Monthly Fee: $10.95
• Unlimited debit transactions
• Unlimited free Interac e-Transfer transactions (send money to anyone in Canada with an email address or Canadian mobile phone number and a bank account with a participating Canadian financial institution)
• Pay no monthly fee for 12 months and get 2 no-fee international money transfers per month for 12 months.

To see more details information, please visit RBC’s Personal Bank Accounts for Newcomers

Related post: http://immigrants101.com/top-7-mobile-apps-for-immigrants/

Toronto-Dominion Bank

The Toronto-Dominion Bank is a Canadian multinational banking and financial services corporation headquartered in Toronto, Ontario. Commonly known as TD and operating as TD Bank Group. In 2017, according to Standard & Poor’s, TD Bank Group was the largest bank in Canada by total assets, the second largest by market capitalization, a top-10 bank in North America.

My personal with TD has been go so far. I think is one of the best banks in Canada for immigrants. TD offers The TD Unlimited Chequing Account is ideal for your convenient day-to-day banking. Enjoy a special offer only for newcomers to Canada of no monthly fees for 6 months¹ with $150² when you open a new account:

• unlimited transactions
• no TD fees to use ATMs in Canada
• free money transfers with Interac e-Transfer

Please visit TD’s Banking products for newcomers for details

I personally bank with TD and believe it is one best bank for immigrants due to convenience. It is most branches in GTA area.

Bank of Nova Scotia

he Bank of Nova Scotia operating as Scotiabank is a Canadian multinational banking and financial services company. It is the third largest Canadian bank by deposits and market capitalization. It serves more than 25 million customers around the world and offers a range of products and services including personal and commercial banking, wealth management, corporate and investment banking.

Bank of Nova Scotia or Scotiabank offers following to new immigrants :-

• No monthly account fees on the Preferred Package chequing account for one year. A value of $191.
• Unlimited no-fee international money transfers
• Free small safety deposit box for a year. A value of $55.
• Credit cards designed for newcomers.
• Specialized mortgagefor newcomers to Canada
• Get a new vehicle loan with only 10% down

Please visit Scotiabank’s Newcomers banking package for details.

Bank of Montreal

The Bank of Montreal is a Canadian multinational investment bank and financial services company. Founded in Montreal, Quebec, in 1817 as Montreal Bank, its head office remains in Montreal, with its operational headquarters and executive offices in Toronto, Ontario, since 1977. It is the fourth-largest bank in Canada by market capitalization and assets, as well as one of the ten largest banks in North America.

For newcomers, The BMO NewStart Program includes special offers on accounts and services to help you save money and establish your financial future. Start today with our Performance Plan chequing account with no monthly fees and a free¹ small safety deposit box for 12 months – that’s more than $240 in savings!

Plus, for a limited time earn a $300^* cash bonus with the BMO NewStart discounted banking program when you open a Performance Plan Chequing Account, make a deposit of any amount by January 4th, 2021, and complete two of the following by February 28th, 2021:

• Set up a recurring direct deposit which will recur for a least two consecutive months^*
• Make a bill payment of at least $50 (through online banking or the BMO Mobile app) which will recur for at least two consecutive months^*
• Set up a pre-authorized debit payment of at least $50 which will recur for at least two consecutive months^*

Learns about BMO’s NewStart Program

Canadian Imperial Bank of Commerce

The Canadian Imperial Bank of Commerce (CIBC), is one of the “Big Five” banks in Canada. The bank is headquartered at Commerce Court in Toronto, Ontario.CIBC’s Institution Number (or bank number) is 010, and its SWIFT code is CIBCCATT. It is also one of the two major banks originally founded in Toronto alongside Toronto-Dominion Bank.

• No monthly fee everyday banking for one year
  Get a bank account with no monthly fee for one year. You can also get up to $60 cash back on a safety deposit box.

• Everyday purchases with a credit card
  Help build your credit history in Canada with a CIBC credit card. There is no security deposit, income or credit history required. You just need to have another eligible CIBC banking product.

• Saving and investing for the future
  Maximize your family’s savings with our best savings rate and an account for your child. Choose a Tax Free Savings Account and from a range of investment options including GICs and mutual funds.

• Buying a home
  Own your first home in Canada sooner. You may qualify for lower down payment options, with no Canadian credit history required.

• Buying a car
  If you are new to Canada and want to buy a car but do not want to use your own money, you can get a car loan from CIBC. No Canadian credit history is necessary.

Learn about CIBC Welcome to Canada Banking Package

My of my friends had their first house mortgage done through CIBC and it would be best banks in Canada for immigrants as they offer very competitive interest rates on home mortgage.

How to open a bank account in Canada

Gather the necessary documents

To open a bank account in Canada, you will need to provide proof of your identity and your address in Canada. Acceptable forms of identification include a passport, driver’s license, or permanent resident card. You may also need to provide proof of your address, such as a utility bill or a rental agreement.

Visit a bank branch in person

Make an appointment if necessary, as some banks may require you to meet with a bank representative in order to open an account.

Fill out an application form

The bank will provide you with an application form to fill out, which will ask for your personal and financial information. You may also be asked to provide your employment information and the reason for opening the account.

Provide your identification and proof of address

Make sure to bring the original copies of your identification and proof of address documents with you to the bank. The bank may also ask for copies of these documents.

Fund your account

You will need to deposit money into your new account in order to open it. This can be done by writing a cheque, making a cash deposit, or transferring money from another bank account.

Activate your account

Once your account is open, the bank will provide you with a bank card and personal identification number (PIN) that you can use to access your account at ATMs and make purchases. Be sure to keep your bank card and PIN safe and secure.

Online/Mobile banking

Set up online banking and mobile banking, if available. Many banks in Canada offer online banking and mobile banking services, which allow you to manage your account and make transactions online or through a mobile app. This can be convenient for paying bills, checking your account balance, and more.

Conclusion

Most of the banks have similar offers. I would highly recommend if you are unsure which bank is best for you, you can always book an appointment with a bank representative. This will help you evaluate customer service, learn about their products on details and/or ask questions if you have any concerns. Thanks for joining to learn about best banks in Canada for immigrants and their offers