Are you a new immigrant in Canada or planning to become one soon? So, you are probably searching for a good bank to open your account? If yes, this post is for you. We are here to discuss some of the Best Bank for New Immigrants in Canada: Newcomers Bank Accounts in specific. Additionally, you’ll also learn crucial factors to consider while opening a bank account.
Every year a large number of people migrate to Canada from different countries. May it be India or any other country for that matter. Immigration is growing at a much faster pace especially to Canada. And, if you are also amongst this migrating bunch, you need to stay updated on the personal banking system of your new home. Right!
Through this post, we shall be specifically highlighting the list of top banks in Canada. The most popular and the best ones that offer attractive account opening offers for newly landed immigrants.
Newcomers Bank Accounts in Canada
Moving from one’s homeland is not that easy. It brings with it a fresh set of challenges to face. You are likely to experience a varied set of struggles as well as opportunities to settle down in a new country.
What are your topmost priorities at your new place of living? Of course, you wish to:
- Transfer adequate money for your initial survival at an entirely new location.
- Manage the money you bring and the money you earn in the best possible manner.
- Hold a safe deposit locker to store some of your valuables.
After all, it takes some time to get a good job, start a decent earning and understand your fresh surroundings.
So, this is when opening a personal bank account puts you in a better and stronger position. At least, you have a secure place to hold your money. You don’t need to carry cash with you, and you can’t carry much of it. You already know that! And, things get more easier if you can grab interesting newcomer account opening offers.
Remember, bank accounts are a convenient way to place your funds. However, you won’t always get the choice of opening a free bank account. But, you can surely hunt for a fairly good deal.
Let’s analyze and learn ways to have a great financial start at your new hometown
Best Bank for New Immigrants: Factors to Consider
These factors can be considered not only in Canada, but any other place where you moved.
1. Easy Access:
Make sure to open a bank account at a nearby branch. Somewhere near your residence or office, it is fine both ways. Initially, you might not have a vehicle of your own, so choose the branch that’s most convenient to visit even if through public transport.
No doubt, you’ll get access to internet banking with your bank account. But, having a branch near your location can surely be an added advantage. What’s your take on this?
As an immigrant from India, you may also like to discover the List of Indian Banks with Branches in Canada.
2. Account Opening Incentives:
Look for a complimentary offer or initial account opening incentives. These can save you a lot in the form of cashback. Yes, that’s completely true! Banks usually provide such lucrative offers to attract new immigrants. After all, you’ll become their long term customer, if dealt properly.
Just like other businesses banks also wish to increase their customer base by providing good account opening offers. And, why not enjoy these great services aligned to your bank account?
Therefore, if you are a recently landed Permanent Resident, or a foreign worker, you can avail exclusive benefits of a wide range of Newcomers Programs.
The numerous incentives may be in the form of, but not limited to:
- Monthly fee Waiver offers.
- Cashback Credit to your account.
- Special offers and bonus rewards.
- A complimentary Credit Card.
- Free Small Safety Box.
- Free Interac e-transfers.
- A complete banking package.
You may also like to explore: Can new immigrants buy house in Canada?
3. Savings Account vs Chequing Account:
Know the difference between a Savings account and a Chequing Account. In India, we are used to having a saving account. But, in Canada there are different implications of holding a Savings or a Chequing account.
Saving account has slightly higher interest rate. And, this is generally used to store money. You have a monthly limit on withdrawal also.
Whereas Chequing account, typically earns lesser or no interest. And, this is mostly used for day to day transactions, like purchases and paying bills etc.
You also have a High Interest Savings accounts, but that might be subject to certain conditions like minimum monthly balance. So, this can be your choice, may be a bit later, once you start earning and saving.
However, the bank interest rate on any of the saving or checking account seems to be quite less. What do you think?
4. Fees & Charges:
Do analyze the charges and fees for maintaining a bank account. Different countries have different norms for keeping your bank account active. You may not get a free account, but as told earlier, you can check for newcomer incentives.
You need to bear a monthly account maintenance fee based on the type of account you select. So, just be careful in choosing an affordable one.
Look, one of my friends got a 300 CAD cashback on her Newcomer Chequing bank account. Although, she had to bear a monthly fixed fee to maintain the account. But, that indirectly got compensated with the cashback incentive. This sounds really interesting!!
You may even get a better deal if you meet the eligibility conditions and based on the offer that’s running. Remember, as a newcomer you must also have a financial checklist handy with yourself to guide you at the new place.
Let’s gather more details on the Top 5 banks in Canada, also referred to as the “Big Five Banks”.
Best Bank Accounts in Canada: Top 5 Banks
Some of the highly popular banks that are generally referred as the “Best banks in Canada” are:
- Bank of Montreal or BMO
- RBC Royal Bank
- Canadian Imperial Bank of Commerce or CIBC
- TD Canada Trust Bank
The is a random list of best banks in Canada and not in any sequential order.
Moreover, the positioning may vary as you move from one Province to another in this vast and beautiful country.
Newcomer Bank Accounts Programs for Immigrants:
So, here are the current Newcomers Programs that these top banks in Canada are offering:
BMO or Bank of Montreal New Start Program
RBC Royal Bank The RBC Newcomer Advantage
Scotiabank StarRight Program for Newcomers
CIBC Welcome to Canada Banking Package
TD Bank New to Canada Banking Package
Adding to the above, HSBC Canada also provides attractive Newcomers Program.
Important: Make sure to check all the details of the program with the respective banks. Don’t forget to ask for any other additional newcomer banking packages or ongoing offers when you open a bank account.
Newcomers Bank Account: The Bottom Line
Having a bank account is a necessity irrespective of the place where you live. It not only gives you security for your funds, but you can explore various benefits associated with opening a bank account.
Not only this, you can also open a bank account before arriving in Canada. Isn’t that great? However, do verify all your particulars and check all the formalities before sending any big amount to the new account. Since its your hard earned money and you must be doubly sure it reaches at the correct destination.
Looking to buy a house, this piece of information will surely help you, Is New Construction a Good Investment in Canada?
Have you moved to Canada or are thinking to move there? Anyways, there’s no harm in making yourself aware of any important banking tips that come your way.
Above all, this useful piece of information shall help to make your transition easier and comfortable.
Cheer up! Get Started and Get Settled!! If you wish to get more information the best alternatives for banking, stock trading in Canada, do explore the following:
Best Online Stock Brokers in Canada
Best Credit Cards for New Immigrants to Canada
Feel free to give your feedback on any of the best banks in Canada. Have you opened a Newcomers Bank Account or are already using one? If yes, don’t forget to share your opinions on these or any other Newcomer bank accounts. This can help a number of recently landed immigrants and make banking a much simpler task for them. You can ask any related query in the comments section.