Best Banks In Toronto For Newcomers
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Best Banks In Toronto For Newcomers

Now that you finally obtained a Canadian permanent resident visa to immigrate to Canada and wish to settle in Toronto. You might want to consider opening a bank account, which obviously should be one of the first things you ought to do after landing in Toronto, Canada.

Opening a Canadian bank account is very essential as a newcomer. Canada has some of the best banks in the world that are reliable and convenient. You need not worry about your money when you deposit your hard-earned money with any of these banks because of their high level of security.

Some of these banks listed below also have programs for newcomers and these comes in form of special packages or incentives. So be sure to look out for the ones that best suit your specific needs.

Best Banks In Toronto For Newcomers

These ‘Big Five’ banks (RBC, BMO, HSBC, National bank, and Scotiabank) have programs for newcomers who are coming to live and settle in Canada.

Special Notices: You will need to get your Social Insurance Number before going to open an account in these banks. These are the best banks in Toronto for newcomers


The Scotiabank allows you to open a bank account online, and transfer up to $50,000 into it before you arrive in Toronto.

For those living and working in Canada, you will receive a $100 bonus when you open an eligible chequing account. You can also take advantage of a variety of products and services such as credit facilities designed for newcomers.

Bank Of Montreal (BMO)

BMO is Canada’s oldest financial institution, with over Two hundred years of experience in helping immigrants get settled quickly in Canada.

Their NewStart program offers newcomers and foreign workers who arrived in Toronto within the last five years 12 months free banking with no minimum balance required plus free safety deposit box, Interac E-transfers, unlimited electronic and other kinds of financial services.


Another bank with reputable bank services to immigrants to Canada is HSBC. The bank has it footprint across Canada, including Toronto and in many countries across the world.

HBSC offer a service called “HBSC Canada Newcomer program” which offers wide range of services and savings specifically designed for immigrants and is valued up to $700.

National Bank

It has its head office in Montreal and has branches in almost all Canadian provinces, including Toronto. The National Bank of Canada allow immigrants or newcomers to open a Canadian bank account wherever they are in as much as they have the required documents to come to Canada.

For international students who have secured admission into a Canadian educational institution, this bank is your best bet, as you can deposit in Canadian dollar to your bank account in Canada from your home country.

Royal Bank of Canada (RBC)

RBC is the popular and largest Canadian bank, with great packages for newcomers and temporary residents to Canada. For the past 4 years, it has been rated as the “Best Trade Finance Bank” as well as the “Highest In Customer Satisfaction Among The Big Five Retail Banks” in Canada.

With these achievements, we believe that RBC has some of the best financial services to offer during your stay in Canada.

We hope this article “best banks in Toronto for newcomers” was helpful to you. We wish you the best as you settle in Canada.

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