Opening a bank account is one of the first things you need to do when you arrive in Canada. This guide walks you through the process step by step, with the exact English vocabulary and phrases you will need.
Before You Go: Documents to Bring
You will need at least two pieces of identification. The most common combination is your passport plus one of the following: a provincial ID, a Canadian driver's license, or your immigration documents (work permit, study permit, or PR card).
Some banks also ask for proof of address. A lease agreement, utility bill, or even a letter from your landlord will work. If you just arrived and do not have proof of address yet, tell the banker: "I just arrived in Canada and I am still setting up my address."
Choosing a Bank
Canada has five major banks, often called the "Big Five": TD (Toronto-Dominion), RBC (Royal Bank of Canada), Scotiabank, BMO (Bank of Montreal), and CIBC (Canadian Imperial Bank of Commerce). All of them offer newcomer banking packages with no monthly fees for the first year.
There are also online banks like Simplii Financial and Tangerine that have no monthly fees permanently. The trade-off is that they have no physical branches.
At the Bank: Key Phrases
When you walk in, approach the front desk and say: "Hello, I would like to open a new bank account. I am a newcomer to Canada."
The banker will likely ask you several questions. Here are common ones and how to respond:
"What type of account would you like?" - Say: "I would like a chequing account for everyday transactions, and possibly a savings account as well."
"Do you have any ID with you?" - Say: "Yes, I have my passport and my [work permit / PR card / study permit]."
"Would you like to set up online banking?" - Say: "Yes, please. Could you walk me through how to set it up?"
"Would you like a debit card?" - Say: "Yes, please." In Canada, debit cards (Interac) are used everywhere. Credit cards are separate and require a credit history.
Important Banking Vocabulary
Chequing account: your everyday spending account. Money goes in and out frequently.
Savings account: for money you want to set aside. Usually earns a small amount of interest.
Debit card: linked directly to your chequing account. Used for purchases and ATM withdrawals.
E-transfer (Interac e-Transfer): sending money to someone using their email or phone number. This is extremely common in Canada and often replaces cash.
Direct deposit: having your employer send your paycheck directly to your bank account. Most Canadian employers use this.
NSF (Non-Sufficient Funds): a fee charged when you try to spend more money than you have in your account. Avoid this by monitoring your balance.
After Opening Your Account
Set up online banking right away. Download your bank's mobile app. Set up e-transfer. Register for direct deposit with your employer. Consider setting up automatic bill payments for rent, phone, and utilities.
Your bank account is the foundation of your financial life in Canada. Take the time to understand how it works, and do not hesitate to ask your banker questions. They are there to help you.