Newcomer bank account offers in Canada

Having a functional bank account opens up opportunities and experiences in Canada. It is, in fact, one of the first priorities for a student, temporary visitor or permanent resident in the country. 

While the task may seem daunting, setting up a new Canadian bank account is a breeze. Especially now that banks are directing their attention toward this growing segment.  

The article will help you with your first steps into the Canadian financial system- one of the more stable and reliable systems ranked 9th globally in the World Economic Forum’s Global Competitiveness Report 2019. So, get ready to breathe easier as we take you through the basic requirements to set up your first Canadian bank account and some available offers for newcomers. 

Requirements to open a new bank account in Canada 

The documents required to open a bank account will vary slightly with the type of account and your status, whether that of a permanent resident, a temporary worker or a student. 

Some basic requirements include the following: 

• A valid passport 
• Confirmation of Permanent Residence (CoPR) or Social Insurance Number (SIN) 

International students will also require a: 

• Study permit or Temporary Resident Visa (TRV) 
• Proof of enrollment 

Bank account offers for Newcomers in Canada 

Scotiabank 

As part of its StartRight program for newcomers, Scotiabank allows you to open an International account before arriving in Canada. This account can be used to prove you have enough money to cover your expenses in Canada. Upon arrival, Scotia Bank can help you set up a chequing account to fulfil your basic needs like withdrawing cash and paying bills. As a newcomer, you can transfer all or part of your funds from the International account into the new chequing account once you come over. 

Chequing accounts available under Scotiabank’s StartRight program and their features are detailed in the table below: 

Scotiabank’s Welcome bonus 

Scotiabank offers newcomers a $350 welcome bonus when opening a Preferred or Ultimate package account. The offer will remain valid until July 31, 2023. 

To get the Welcome bonus, the account holder must fulfil any two of the following conditions: 

1. Set up an eligible automated recurring direct deposit (payroll, pension etc.) that recurs for 3 months in a row. 
2. Set up 2 eligible separate recurring pre-authorized transactions worth $50 or more for 3 months. 
3. Make a minimum eligible bill payment of  $50 with online or mobile banking. 

Once the conditions are fulfilled, the $350 welcome bonus will be directly deposited into the new account within 6 months. 

HSBC 

HSBC offers newcomers the chance to earn rewards as part of their Newcomers program. Their Premier Chequing and Advance Chequing accounts have welcome bonuses of $500 and $400, respectively. The conditions to earn rewards with each of these are as follows: 

BMO 

BMO charges no monthly fees for newcomers opening a Performance Chequing Account for a year. Newcomers can also earn up to a $400 welcome bonus by following the given steps below: 

1. Open a new BMO Performance or Premium Chequing account with a deposit of any amount by April 30, 2023 
2. Receive the first $350 by completing any two of the following tasks: 
3. Setting up a recurring direct deposit 
4. Making two online bill payments of a minimum of $50 to different billers 
5. Set up two eligible pre-authorized debits of at least $50 
6. The last $50 bonus can be earned by Inviting a family member as part of a BMO Family bundle  

Royal Bank of Canada 

As one of Canada’s biggest banks with an international presence, RBC offers several products for newcomers under their RBC Newcomer Advantage program. 

Their RBC Advantage Banking Account is tailormade for newcomers with benefits including 

• No banking fees for a year. $11.95 monthly fee after a year. 
• Unlimited debit transactions in Canada 
• No RBC fees on using another bank’s ATM in Canada 
• Free Interac e-Transfer transactions 
• 1 book of 50 cheques free 
• Account holders also get a free small safe deposit box for 2 years and 
• 2 free international money transfers per month for 12 months 

CIBC Bank 

CIBC helps newcomers set up their Canadian bank account, credit card and resources to manage their finances. Their offers for newcomers and their features are as follows: 

CIBC Welcome offer 

CIBC offers newcomers the chance to get up to $400 when opening their first CIBC Smart account by following the steps below: 

1. Open your first CIBC Smart Account 
2. Get $350 by maintaining an ongoing direct deposit  for a year and completing one of the following three transactions: 
3. 2 ongoing pre-authorized debits 
4. 2 visa debits 
5. 2 online bill payments of a minimum of $50 
6. The last $50 can be earned by transferring $200 from the CIBC Smart account to a CIBC eAdvantage Savings Account within 2 months of opening the Smart account. 

TD Bank 

TD Bank offers Chequing Accounts at no monthly fees for 12 months for newcomers. Their Unlimited Chequing account offers benefits such as: 

TD Bank Welcome bonus 

TD Bank offers newcomers the chance to earn up to $400 when opening an Unlimited Chequing Account or their All-Inclusive Banking Plan. The offer is valid up to July 26, 2023. 

To get the first $300 bonus, you must open their Unlimited chequing or an All-Inclusive Banking account and complete two of the following tasks: 

1. Set up a Recurring Direct Deposit from an employer, pension provider or Government 
2. Set up a Recurring Pre-Authorized Debit Payment of at least $50 
3. Make an Online Bill payment of at least $50 online or on the TD app 

To earn an additional $50 bonus, you must add a TD Savings Account and complete one of the following tasks: 

1. Set up a pre-authorized Transfer service with the first transaction processed before the July 26, 2023, deadline 
2. Set up Simply Save with your first transaction processed before the deadline 

The last $50 can be earned by adding a Monthly Overdraft Protection Plan or Pay As You Go Overdraft Protection Plan by May 31, 2023. 

Conclusion 

The article covers the offers of some of Canada’s most prominent banking houses. It should give you a brief idea of what to expect as a newcomer and how to set up an account before or after you immigrate here.