Open a Bank Account
Description
A Canadian bank account lets you receive your pay, pay rent, and manage your money safely. It also makes it much easier to set up direct deposit, pay bills online, and start building a credit history in Canada.
some banks allow online opening
What to do
Warnings
Monthly fees add up fast
- Most accounts charge $10–20/month unless you keep a minimum balance
- Ask specifically about newcomer accounts — many banks waive fees for the first year
- After the free period ends, fees kick in automatically — check your account type in the app after opening so you're not surprised later
You do not need a SIN to open an account
- Banks may ask for it for tax reporting purposes, but it is optional when opening a basic account
- Banks cannot legally refuse you an account if you don't have a SIN yet
- You can provide your SIN later once you receive it — don't delay opening your account
Watch out for upselling
- Bank staff may push credit cards, insurance, or investment products during your visit
- You don't need any of these on day one — just a basic chequing account
- It's okay to say 'just the account for now, thank you'
Tips
Big 5 banks (TD, RBC, BMO, Scotiabank, CIBC)
Best if you want a physical branch nearby, newcomer programs, or plan to apply for a credit card soon. Most offer free accounts for the first year for newcomers. Easy to access with many branches across the country.
Credit unions (Vancity, Coast Capital)
BC-based, community-focused, and often have lower or no monthly fees. Good option if you want to avoid big bank fees long-term. Profits go back to members.
Online banks (Tangerine, EQ Bank)
No monthly fees at all and competitive interest on savings. Great for keeping costs down, but no physical branches — everything is done through the app. May not be ideal if you prefer in-person support.
Interac e-Transfer
In Canada, people rarely transfer money by card number. Instead, almost everyone uses Interac e-Transfer — an instant money transfer by email or phone number. It's free with most newcomer accounts and is how you'll pay rent, split bills, and buy things on Marketplace.
For students
Ask about student banking packages — most Big 5 banks offer free chequing accounts for full-time students with no minimum balance required.
For workers
Set up direct deposit as soon as you have your account details. Give your employer a void cheque or your account number and transit number so your first paycheck goes straight to your account.