Opening Your First Bank Account in Canada

Setting up a Canadian bank account is a key step to managing your money here.

How to Open an Account 🏦

You can open an account at a major bank or a smaller credit union. Canada’s five largest banks are RBC, TD, Scotiabank, BMO, and CIBC.

It is a good idea to research their websites first. You can often start the process online, but you will likely need to visit a branch in person to finish. Booking an appointment ahead of time can save you waiting.

What to Bring With You 📝

You will need to prove your identity. Banks usually ask for two different pieces of identification.

You can bring your:

• Permanent Resident (PR) card or Confirmation of Permanent Residence (COPR)
• Passport
• Work permit or study permit
• Canadian driver's licence or provincial photo ID card

They may also ask for your Social Insurance Number (SIN) and proof of your Canadian address, like a rental agreement or utility bill.

Look for Newcomer Packages 💰

Many banks have special offers for newcomers to Canada. These "newcomer packages" can give you benefits like no monthly bank fees for the first year, a free credit card, or even a cash bonus.

When you speak with a bank representative, ask them about any newcomer promotions. Also, ask if they have a referral program. If a friend refers you, you might both get a bonus.