Canada (CA)
Canada is the world's second-largest country by land area and one of the most immigration-friendly nations on earth.
Banking in Canada
Recommended banks, payment culture and credit score basics.
Canada is a highly cashless society built on Interac — the national debit network. Contactless payments (tap) are accepted virtually everywhere. Interac e-Transfer is the standard way Canadians pay each other (rent, splitting bills, services), and most transactions are done without a PIN on amounts under $500 (Interac tap limit raised September 2025). The banking system is dominated by the "Big 6" banks (TD, RBC, Scotiabank, BMO, CIBC, National Bank), all of which offer dedicated newcomer banking packages with free chequing for the first year. Online and neobanks offer fee-free accounts with excellent savings rates. Your first priority on arrival: open a bank account and apply for a credit card to start building Canadian credit history from scratch.
Recommended banks
Scotiabank StartRight
EnglishMonthly fee: $0 for first year (then $16.95/month or waived with min. balance)
Requirements: Passport + immigration document (PR card, work permit, or visa). Can be opened in branch.
- + StartRight newcomer program specifically designed for immigrants — credit card with no Canadian credit history required
- + Eligible for Scotiabank Passport Visa Infinite credit card with no FX fees on first year
- + Fee waived for first year for new permanent residents
- + Branches in most major cities
- + Access to Scotiabank international money transfer network
- - Fee applies after first year — $16.95/month for Preferred Package; confirm exact conditions for ongoing waiver (minimum $4,000 monthly balance or specified recurring deposits required)
- - Not all branches equally knowledgeable about newcomer immigration documents — confirm branch experience with your visa category before visiting
- - International SWIFT fees: $15–25 CAD per outbound transfer — Wise or Remitly are considerably cheaper for regular international remittances
- - Initial credit card limit typically low ($500–1,000) — requires several months of responsible use before a meaningful limit increase is approved
TD Canada Trust New to Canada Banking
EnglishMonthly fee: $0 for first year (various plans; Unlimited Chequing $16.95/month thereafter)
Requirements: Passport + immigration document. Branch or online.
- + New to Canada package: free banking for first year + rebated safety deposit box
- + Unsecured credit card available to newcomers without Canadian credit history
- + Very large branch and ATM network across Canada
- + TD has strong presence in the US — useful for cross-border banking
- + French service available across Canada
- - Fee applies after first year — $16.95/month for Unlimited Chequing Plan; requires $4,000 minimum monthly balance for ongoing fee waiver
- - Credit card options for newcomers more limited than Scotiabank StartRight — TD Secured Card may be required initially; confirm current newcomer credit card offering
- - International SWIFT fees: $15–30 CAD per outbound transfer — considerably more expensive than Wise or Remitly for regular international remittances
- - Branch queues can be long in large cities — TD branches in Toronto, Vancouver, and Calgary consistently busy; online appointment booking strongly recommended for account opening
RBC Newcomer Advantage
EnglishMonthly fee: $0 for first year (RBC Advantage Banking $11.95/month thereafter)
Requirements: Passport + immigration document. Can apply online before arriving in Canada.
- + Can open an account BEFORE arriving in Canada (from abroad)
- + RBC Avion Visa Infinite credit card with no Canadian credit history required
- + RBC Global Transfer for competitive international transfer rates
- + Very large ATM network (6,700+ in Canada)
- + Multilingual service in major city branches
- - Fee applies after first year — RBC Advantage Banking $11.95/month; requires $4,000+ monthly balance or qualifying deposits for ongoing waiver
- - Pre-arrival account opening process not fully digital — requires follow-up steps in branch after arrival; initial account has limited functionality until in-person verification
- - International SWIFT fees: $15–25 CAD per outbound transfer — RBC Global Transfer is better than standard wire but still more expensive than Wise for most corridors
- - Credit limit on newcomer credit card typically starts low ($500–1,500) — building to a useful limit requires 6–12 months of consistent use
BMO NewStart Program
EnglishMonthly fee: $0 for first year (then $16.95/month Performance Chequing)
Requirements: Passport + immigration document. Branch or online.
- + Fee-free chequing for 12 months as a newcomer
- + Mastercard credit card available for newcomers without Canadian credit history
- + Multilingual customer service — French, Cantonese, Mandarin, Punjabi available
- + Access to BMO InvestorLine for self-directed investing
- - Fee applies after first year — $16.95/month for Performance Chequing; requires $4,000 minimum daily balance for ongoing fee waiver
- - International SWIFT fees: $15–25 CAD per outbound transfer — considerably more expensive than Wise or Remitly for regular international remittances
- - Branch network smaller than TD or Scotiabank — fewer BMO locations in some provinces; less convenient for expats in smaller cities or rural areas
- - Credit card credit limit starts conservatively for newcomers — initial limits typically $500–1,500; demonstrate 6+ months of responsible use before requesting a limit increase
EQ Bank
EnglishMonthly fee: $0
Requirements: Canadian SIN + government ID + selfie. Online only.
- + No monthly fees ever — no minimum balance
- + Among the highest savings interest rates of any Canadian bank (check current rate at eqbank.ca)
- + Free unlimited Interac e-Transfers and bill payments
- + TFSA Savings Account and GIC options with competitive rates
- + Free international transfers via Wise integration
- - No branches, no ATM network (can link to external bank for ATM access)
- - Cannot deposit cash (must transfer from another account)
- - No credit card product
- - Canadian SIN required for account opening — expats awaiting SIN after landing may face a gap in access; SIN is issued after IRCC documentation, typically 1–3 weeks after arrival
Tangerine
EnglishMonthly fee: $0
Requirements: SIN + government ID. Online or phone.
- + No monthly fees, no minimum balance
- + Free Interac e-Transfer
- + Tangerine World Mastercard: 2% cash back on 2 categories with no annual fee
- + RRSP and TFSA accounts available
- + Scotiabank subsidiary — deposits covered by CDIC
- - No branches (telephone + online only)
- - Cash deposits require using Scotiabank ATMs with a fee
- - Credit card approval harder without Canadian credit history
- - Customer service is telephone and online only — no in-person banking support; complex issues or fraud resolution may require extended phone wait times
Wise
EnglishMonthly fee: $0 (small fee per transfer)
Requirements: Passport + selfie. Online.
- + Exceptional exchange rates for sending money internationally (home country, family)
- + Multi-currency account — hold CAD, USD, EUR, GBP, AUD and 50+ currencies
- + Wise Mastercard debit card: low fees on international purchases
- + Fast international transfers — most arrive same day or next business day
- + Transparent fee structure — see exactly what you pay
- - Not a full Canadian bank — no chequing account, no Interac e-Transfer as a sender
- - Not covered by CDIC (deposits protected by e-money safeguarding rules)
- - Not suitable as a primary Canadian account
- - No CAD direct deposit capability for CRA tax refunds or government benefits — CRA direct deposit requires a Canadian bank transit number and institution number; Wise does not provide these
Simplii Financial
EnglishMonthly fee: $0
Requirements: SIN + government ID. Online only.
- + No monthly fees, unlimited debit transactions
- + Free Interac e-Transfer
- + CIBC ATM network access (3,400+ machines) for free withdrawals
- + Competitive savings rates on HISA
- + CIBC subsidiary — deposits covered by CDIC
- - No branches
- - Credit card approval difficult without Canadian credit history
- - International transfer fees higher than Wise
- - Customer service via phone and online only — no in-person support; wait times can be long during peak periods; complex issues may take longer to resolve than at Big 6 branch banks
Payment culture
Canada is among the world's most cashless societies. Interac Debit (chip-and-PIN or tap) is accepted everywhere including small businesses, farmers markets, and taxi services. Contactless (tap) payments up to $500 (no PIN, following the September 2025 limit increase from $250) are the norm — most Canadians tap for nearly all transactions. Credit cards (Visa, Mastercard, Amex) are widely accepted; Amex less so at smaller merchants. Interac e-Transfer is the universal peer-to-peer payment method — used for rent, splitting restaurant bills, paying tradespeople, and almost everything else between individuals. Cash is legal tender but increasingly refused by some businesses. Cheques are still used for rent payments but are disappearing rapidly.
Cash access
ATM withdrawals are free at your own bank's machines. Canada's major ATM networks: THE EXCHANGE Network (connected to most credit unions and smaller institutions) and Interac network (all major banks). Using another bank's ATM typically costs $1.50–$3.00 surcharge plus your bank's fee. International card withdrawals cost $3–5 + exchange spread. Supermarkets (Loblaws, Sobeys, Metro) and some pharmacies (Shoppers Drug Mart) offer cash back at point of sale — ask the cashier. No fees typically apply. Convenience store ATMs charge high fees ($2–4) and should be avoided.
Canadian Credit Score (Equifax & TransUnion Canada)
Both Equifax Canada and TransUnion Canada offer free credit reports and scores. Check Equifax at consumer.equifax.ca (free annual report; free monthly score via Equifax myEquifax). Check TransUnion at transunion.ca (free annual report; free score via CreditView Dashboard). Third-party services Borrowell (Equifax-based) and Credit Karma Canada (TransUnion-based) provide free weekly score updates.
Free annual check: consumer.equifax.ca (free annual full report, no credit card required) and transunion.ca — both are free by law under Canadian consumer protection regulations.
Canadian credit scores range from 300–900 (Equifax scale) or 300–850 (TransUnion). Above 760 is excellent; 660–759 good; 560–659 fair; below 560 poor. Scores are calculated from: payment history (35%), credit utilisation (30%), length of history (15%), new credit enquiries (10%), credit mix (10%). Your foreign credit history does NOT transfer — you start from zero. Build credit immediately: secured credit card → pay in full monthly → score improves within 3–6 months. Landlords, employers (with consent), and lenders all check your score. Protect it: missed payments show for 6 years; bankruptcies for 6–7 years depending on province.
International transfers
For sending money internationally: Wise offers the best exchange rates (typically 0.3–0.8% markup on mid-market rate, plus a small flat fee). Remitly, Western Union digital, and OFX are alternatives. Bank wire transfers are expensive (typically $15–30 flat fee + 2.5–3.5% hidden exchange rate markup). RBC Global Transfer and Scotiabank International Money Transfer are better than standard wire but still more expensive than Wise. For receiving money from abroad: share your Canadian bank SWIFT code and routing number. Large incoming transfers ($10,000+ CAD) trigger FINTRAC reporting by your bank — this is automatic and does not require action from you.