Join the Scotiabank StartRight® Program designed for Newcomers‡ and get up to $2,200* in value in the first year.

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Are you currently living in Canada?

Opening a bank account before you arrive in Canada offers many benefits including transferring funds before you travel to Canada. Also, when you land in Canada, immigration officials may ask you to show proof of funds. When you open a bank account before you arrive, you can easily prove that you have available funds.

Canadian banks are among the most solid, secure financial institutions. The Canada Deposit Insurance Corporation (CDIC) provides insurance to protect eligible deposits made to CDIC-member banks. And for Canadians, knowing their money is CDIC-protected is reassuring!

How to Choose a Bank in Canada

It’s necessary to open a bank account in Canada. Most Canadians rely on their bank to:

To select a bank, you can visit the bank’s website to compare services and fees. While many banks have national branches and automatic banking machines (ABM) networks, it’s best to select a bank that has branches in the community where you will live.

Also, when you open a bank account, you will receive a statement that includes your mailing address. You can use your statement as identification when you apply for:

Arrive in Canada Financially Prepared

Ready to take control of your financial journey in Canada? Join our expert-led online webinar! Learn essential banking tips to build a strong financial foundation. Hear from David Frattini, Managing Partner at Prepare for Canada, and Neil Dhanani, Financial Advisor at Scotiabank, as they guide you through everything you need to know.

REGISTER FOR THE WEBINAR

Open a Bank Account with the Right Features

Banks offer a wide range of accounts to choose from, and that can be overwhelming. But keep in mind that most newcomers will require a chequing account to deposit funds, write cheques, and pay bills. You will also need a debit card to deposit and withdraw funds from an ABM or branch. You may also want a higher-interest savings account and credit card.

Building Credit History in Canada as a Newcomer

How Much Money Will I Need to Move to Canada?

Move to Canada | Transferring Cash & Valuables

Types of Bank Accounts to Save for Your Future

Banks offer banking service packages at low-cost monthly fees. For example, the Scotiabank StartRight™ Program for Newcomers*¹ offers a number of low-cost options to meet your banking needs.  To help you make your important banking decisions, Scotiabank can explain your options in the language that you prefer and provide personal support at the bank branch. 

Feel free to ask for an explanation if there is anything you don’t understand. The role of the bank employee is to provide quality customer service and any questions you may have. So you don’t need to worry about asking questions or taking up too much of their time.

Most importantly, get answers to your questions and only sign a contract when you’re confident you understand the terms.

Documents You Need to Open a Bank Account

To open a bank account in Canada, you will require the following documents: 

International students require a letter of acceptance from a Canadian educational institution and a study permit. 

If you are a foreign worker, you will require a current valid passport and work permit.

To open a bank account, you need to go to a local branch in person and have two original pieces of identification. You will have an interview with a bank employee who will: