There are various steps involved and documents required for a newcomer to setup a bank account in Canada. Continue reading to grab details on bank accounts for new immigrants in Canada.
Bank Account for Newcomers in Canada
People keep migrating to Canada for studies, business, employment opportunities or travel. These people cannot keep carrying lump sum cash or an international debit card until they are well settled and have all the documents in place like a Canadian citizen does, to open a bank account.
Let’s see what steps newcomers to Canada must follow to open their bank account.
What accounts can a newcomer to Canada open?
A newcomer to Canada can open:
1. Chequing Account:
This account is basically your transactional account that helps you receive your salary, pay utility bill, house rent advances, transportation costs etc.,
2. Savings Account:
After completing your day-to-day transactions, if you feel you have surplus cash flow left and if you would like to park it in cash for income returns, then you can use a savings account. This will help you meet any short-term mini capital expenditure or emergencies.
How to open a Bank account in Canada as a newcomer?
Step1: Research and find a suitable Canadian bank
There are a number of banks in Canada. You must do complete research of all the banks available to find out their features such as – minimum balance to be kept, fees, online banking facilities, customer support etc.
In addition, some banks in Canada have exclusive accounts for newcomers. These newcomer bank accounts include:
- TD Bank Financial New to Canada
- Scotiabank Straight Program for New Canadians
- BMO New to Canada
- CIBC New to Canada
- HSBC New to Canada
- RBC Newcomers to Canada
- National Bank of Canada Newcomers to Canada
Step 2: Contact the service provider
The account opening process of every bank differs. It is important that you call one of the branches of your desired bank and get to know the complete process.
Step 3: Get your documents ready
- Download the application form and fill up relevant details.
- Your passport
- Stamped Visa
- Student permit (If you are a student)
- Proof of Enrolment (If you are a student)
- Temporary Resident Visa
- Confirmation of Permanent residence
- Work Permit
Step 4: Book an appointment
Once you have all the documents ready and have arrived in Canada, book an appointment with the bank manager and submit your documents. He’ll activate your account and provide you with net banking details and debit card details. Do not forget to activate your secret PINs.
Bank Account for New Immigrants in Canada
If you are a newcomer to Canada, a bank account in an alien land is very important, to help manage your personal finances and work your way out, when you are beginning a journey in a new place.
Whether you immigrate to study, work or settle in Canada, you must have access to good banking. Hence, it is important that you start making arrangements for it before you land in Canada.
Have you opened a Bank Account as a new immigrant in Canada? What Newcomers bank offers did you avail? Do share your feedback and experiences. Or drop in any queries you have regarding opening a Canadian chequing or saving bank account.