You've just landed in Canada, passport and immigration papers in hand—what's the next step?
Open a bank account. That's the top priority.
It's not because you're short on cash, but because in Canada almost everything has to be tied to a bank account -- paying rent, getting your salary, filing taxes, getting a phone. Without a Canadian bank account, you're like a person who doesn't exist.
The basics of Canada's banking system
The Big Six Banks
Canadian banks are far more stable than those in Taiwan. The six big banks are tightly regulated by the federal government, and deposits are CDIC (Canada Deposit Insurance Corporation) protection, up to a maximum of CAD $100,000 per institution.
- TD(Toronto-Dominion Bank) -- the densest branch network, with wide Chinese-language service
- RBC(Royal Bank of Canada) — the most flexible new-immigrant plan, with lenient credit card approval
- CIBC(Canadian Imperial Bank) — the longest newcomer free period (24 months)
- BMO(Bank of Montreal) — free e-Transfer, ideal if you transfer money often
- Scotiabank(Bank of Nova Scotia) — multilingual service, Chinese, Cantonese, and Mandarin
- National Bank -- mainly in Quebec, with fewer branches elsewhere
Account type: be sure to open a Chequing Account
Chequing Accountis the account you use day to day—receiving your salary, paying rent, swiping your card and withdrawing cash from the ATM all run through here.
A savings account is only suitable for parking emergency funds, not for everyday use.
? Pitfall: many new immigrants open a Savings Account and think they're done, only to find their salary has nowhere to go and they can't make everyday payments.You must open a Chequing Account.
Comparison of the Big Five Banks' Newcomer Plans (Latest for 2026)
TD — New to Canada Banking Package
| project | content |
|---|---|
| Free period | 6 months |
| Eligibility | In Canada for less than 2 years |
| 2026 account-opening offers | Complete the specified conditions to receive $500 cash(account must be opened before 2026/10/1) |
| Monthly fee (regular) | $10.95–$16.95/month |
| International remittance | First 12 months free and unlimited |
| Chinese-language service | Available at most branches in Vancouver and Toronto |
| Who is it suitable for? | For those who want a cash bonus and value branch density |
RBC — Newcomer Advantage Account
| project | content |
|---|---|
| Free period | 12 months |
| Credit Card | No credit history needed, apply directly, limit up to $15,000 |
| International remittance | 2 free transactions per month |
| Who is it suitable for? | People who want a long free period and to build credit as fast as possible |
CIBC — Welcome to Canada Banking Package
| project | content |
|---|---|
| Free period | 24 months (the longest!) |
| Eligibility | Permanent residents within 5 years; work-permit holders for 12 months or more |
| International remittance | Global Money Transfer, free in some regions |
| Who is it suitable for? | For those who want the longest free period and also need to send money to and from Taiwan/Hong Kong |
BMO -- NewStart Program
| project | content |
|---|---|
| Free period | 12 months |
| Eligibility | In Canada for less than 5 years (the most lenient!) |
| e-Transfer | Free and unlimited |
| Who is it suitable for? | People who value the ability to transfer between accounts |
Scotiabank — StartRight Program
| project | content |
|---|---|
| Free period | 12 months (or permanently free if you keep a $4,000 balance) |
| Eligibility | In Canada for less than 3 years |
| Language services | Cantonese, Mandarin and many other languages |
| Who is it suitable for? | People who value native-language service and plan to maintain an account balance |
Free account alternative: online banking
After the big banks' free period ends, there are a few options with no monthly fee at all:
- Simplii Financial (a CIBC brand)：No monthly fee ever, access to CIBC's ATMs, and occasional $300 account-opening bonuses
- EQ Bank: Permanently no monthly fee, an interest rate higher than the big banks (about 3%), entirely online
- Tangerine Bank (a Scotiabank brand): free everyday account, with access to Scotiabank ATMs
? Most common strategy：First build credit with RBC or CIBC's free newcomer plan, while opening an everyday account with Simplii. The two accounts split the duties to maximize the benefits.
開戶所需文件與流程
Permanent Resident (PR)
- ✅ Passport
- ✅ PR Card or COPR (Confirmation of Permanent Residence)
- ✅ A Canadian address (a temporary address works too)
：First build credit with RBC or CIBC's free newcomer plan, and at the same time open an everyday account with Simplii. Divide the work between the two accounts to maximize the benefits.
- ✅ Passport
- ✅ Work Permit or Study Permit
- ✅ A Canadian address
? FAQ: just landed and haven't rented a place yet, so what do you put for "Canadian address"? Put wherever you're currently staying -- an Airbnb or a friend's place is fine. Once you have a permanent address, update it at a branch or online.
? A SIN is not required to open an accountWork permit / study permit
申請流程（約 30–45 分鐘）
- Bring all your documents and walk into any branch
- Tell them: "I’m a newcomer to Canada and I’d like to open a bank account under the Newcomer Program"
- Choose an account plan and fill in the form
- Get a temporary debit card on the spot (the debit card arrives by mail in about 7-10 days)
- Apply for a credit card at the same time (strongly recommended to do it together on the same day)
Why you should apply for a credit card the same day you open your account
What newcomers struggle with most is “no credit history, so it's hard to apply for anything.” Newcomer programs let you apply for your first credit card without a credit history—the sooner you start using it, the sooner you build up your credit score. Your credit score matters a great deal later on for renting and buying a car.
Pay off the balance in full each month (not just the minimum payment), and after 3–6 months your credit score will start to show a meaningful number.
國際匯款與推薦工具
Sending money from Taiwan or Hong Kong to Canada via bank wire transfer comes with high hidden costs:
- Fee: $10–$25 per transaction
- Exchange-rate spread: banks' rates are 2-3% worse than the market (Every NT$300,000 you remit loses you about CAD 500）
Wise Uses the real mid-market exchange rate with transparent fees, usually 60–80% cheaper than banks, with funds arriving in 1–2 business days.
? Open a free Wise account(First transfer free of charge)
推薦工具一覽
| Tools | Purpose |
|---|---|
| Wise | International remittances, save on transfer fees |
| Borrowell | Check your credit score for free (a soft inquiry that doesn't affect your score) |
| Credit Karma CA | Free credit-score check + financial advice |
| Simplii Financial | Permanently free account, CIBC ATMs |
| EQ Bank | High-interest savings + free everyday account |
常見踩雷與 FAQ
- ? Opening only a Savings Account: You can't use it day to day, and there's nowhere for your paycheck to go
- ? Don't apply for a credit card: wasting the chance new immigrants have to apply without a credit history
- ? Assuming you need a SIN first：Not required—open the account first and provide your SIN later
- ? Choosing an unsuitable plan: After the free period ends you discover the monthly fee is high—switch quickly
- ? Send money by bank wire transfer: large losses on the exchange rate, switch to Wise instead
FAQ
Q: Can I open accounts at multiple banks at the same time?
Yes, and it's recommended. For example: a TD main account + a free Simplii everyday account + an EQ Bank backup savings account. As long as you can keep on top of them, there are no restrictions at all.
Q: What if my credit card application is rejected?
Apply for a Secured Credit Card, depositing $300–$500 as collateral. After using it for 6–12 months, your credit score will rise, and you can upgrade to a regular credit card.
Q: How long after opening an account can I use e-Transfer?
You can receive funds the same day. Outgoing wire transfers may require the account to be active for a while (about 1-2 weeks) before they post instantly.
Q: Does a bank have to have a physical branch?
Not necessarily. Simplii, EQ Bank, and Tangerine are all purely online banks that can be set up entirely online. But if you need to deposit cash or have in-person service, you'll still need a major bank with physical branches.
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