Are you a newcomer in Canada? You are probably thinking about many things right now, but trust me when I tell you that your banking needs should come first.
Finding the best bank for newcomers will determine how well you manage your transition.
My team and I took the liberty to research different banks that will best serve New Comers’ banking needs.
Our research looked at a number of factors. The key factors including but not limited to accessibility before landing, special programs designer for newcomers and the fees
Summary of best banks for newcomers in Canada
Royal Bank of Canada is our chosen best bank for newcomers for 2020
The Royal Bank of Canada takes the cup. Before we go to their banking facilities, their website provides great resources for newcomers. Including a moving to Canada checklist and a month by month guide to-do list before moving to Canada.
What more can you want from a bank?
“Moving to a new country isn’t easy, but with the RBC Newcomer Advantage Account, you can get everything you need for a great financial start in Canada. So, settle in faster and take advantage of banking, credit and investment solutions created specifically with newcomers in mind!”
- Open your first Canadian bank account with no monthly fees for 12 months
- Send two no-fee international money transfers per month for your first 6 months on select accounts
- Get your first Canadian credit card with no credit history
- Receive a $50 credit when you open an eligible business bank account for your first business in Canada
- Buy your first car in Canada with an RBC Royal Bank car loan—no credit history required
- Buy your first home in Canada with an RBC Royal Bank mortgage—no credit history required
- Receive help in up to 200 languages—by phone or in-branch
You can check out our best bank for newcomers 2020 here
Bank of Montreal
As weird as it may sound, the Bank of Montreal is a multinational bank, it services the whole of Canada, not Montreal only. You don’t need to be moving to Montreal to use this fantastic bank. It has branches all over the country and none are inferior to the branches in Montreal.
In our best bank for newcomers 2020 list, it comes second to the Royal Bank of Canada. It has some awesome offers.
“Your new life in Canada is filled with opportunities as well as more than a few unknowns. The BMO NewStart™ Program includes special offers on accounts and services to help save you money and establish your financial future.”BMO
- Start by saving over $240 with FREE unlimited chequing in your Performance Plan
- Get free small safety deposit box for 12 months!
- For a limited time get $300 cash* and access to an exclusive savings rate of 2.75%4 on your Smart Saver Account with the NewStart discounted banking program and set up a recurring direct deposit and make bill payments – offer ends May 31, 2020!
- Welcome offer: Get up to 5% cashback in your first 3 months and a 1.99% introductory interest rate on Balance Transfers for 9 months with a 1% transfer fee.
- Get Guaranteed Investment Certificates:
- Guaranteed Investment Certificates (GICs) are safe, secure investments that offer a wide range of options to suit your needs.
- What makes them so safe? They have a guarantee to protect 100% of your principal, which means that no matter what happens with the market, you’ll never lose your initial investment.
You can check out what is on offer here
HSBC Bank Canada
Who doesn’t know HSBC Bank? They probably have a branch in your country. If you have dealt with them before, you know that they have class. It, therefore, should come as no surprise that they have a presence in Canada. And that there are one of the best banks for newcomers in Canada is something that goes without a saying. It Canada they dish out sign up bonuses like cakes at a wedding.
“Wherever life is moving you and your family, HSBC is here to help welcome you to Canada.”HSBC Canada
- Get a $500 welcome bonus: When you open an eligible HSBC chequing account, sign up for Online banking and make a minimum deposit
- Receive a $100 cash bonus: When you set up your recurring payroll within 6 months of opening your HSBC Chequing Account.
- Get a one-time $50 bonus: When you open a new HSBC Investment Funds22 View footnote non-registered account and set up a Pre-Authorized Contribution Plan.
- Receive a $50 cash bonus: When you sign up for a safety deposit box33 View footnote to keep your valuable documents and keepsakes safe.
- No monthly banking fees for 12 months for HSBC chequing accounts.
- With no credit history in Canada, you could get an HSBC Mastercard®® View registered footnote with up to a $2,000 credit limit44 View footnote 4
- Get a 1% Bonus Interest rate on a 1-year Guaranteed Investment Certificate (GIC)55 View footnote 5
Find out more about banking with HSBC in Canada here
The Canadian Imperial Bank of Commerce (CIBC)
Talk of large banks with attractive offers to newcomers, it would be a mistake to leave out CIBC from the list of best banks for newcomers in Canada. It has numerous discounts for newcomers.
- No monthly fee everyday banking for one year. Get a bank account with no monthly fee for one year.
- You can also get up to $60 cashback on a safety deposit box.
- Help build your credit history in Canada with a CIBC credit card. There is no security deposit, income or credit history required. You just need to have another eligible CIBC banking product.
- Maximize your family’s savings with their friendly savings rate and an account for your child. Choose a Tax-Free Savings Account and from a range of investment options including GICs and mutual funds.
- Own your first home in Canada sooner. You may qualify for lower down payment options, with no Canadian credit history required.
- If you are new to Canada and want to buy a car but do not want to use your own money, you can get a car loan from CIBC. No Canadian credit history is necessary.
You can check out what is on offer here
By deposits, they are the third-largest bank in Canada. However, it is number 5 on our Best Bank for Newcomers 2020. Don’t let the position fool you. They have some of the most interesting offers for newcomers.
“The StartRight® program can help you start banking in Canada by providing access to credit, savings, and help from Financial Advisors. It’s all part of why Scotiabank is the bank for newcomers.”Scotiabank
- No monthly account fees on the Preferred Package chequing account for one year
- Unlimited e-transfers and transactions
- Free small safety deposit box for a year
- Credit cards designed for newcomers
- Get a new vehicle loan with only 10% down