Best Banks for Newcomers to Canada

As you settle into your new life here in Canada, there are many things for you to consider.

You have immigration paperwork to do, a social insurance number (SIN) to sort out, and a new phone plan to set up – as well as many other items on a to-do list that only ever seems to grow.

Among these tasks, one of the most important is to open a new bank account because without one you’ll find it nearly impossible to earn and organize the money you need to enjoy your new life in Canada.

However, there are so many banks to choose from that the question on your mind is no doubt: which is the best bank for newcomers in Canada?

This is what we answer in this guide, sharing the different options available as well as the details you need to choose the right bank for you. Because although there is no universal best bank for newcomers to Canada, there is the best bank for you.

Let’s begin so you can clear this all-important task from your too-long list.

Why Do You Need a Newcomer Bank Account?

There are many reasons why you should sign up for a newcomer bank account as soon as you land in Canada.

For one, Canada has embraced electronic payments in everyday life. In fact, people in Canada use cash only around 10% of the time, according to Payments Canada.

A good bank and the right bank account is more than just a place to store your money; it’s an important tool to support your financial needs and goals, and to make it easy for you to use your money the way you want.

Canadians do most of their banking online or electronically, and the use of digital-only banks is becoming more widespread. These days, going to a bank in person is becoming less common since you can do most of your banking online.

In Canada, it’s common to use online banking to pay your bills, transfer money between accounts, receive your pay by direct deposit, and check your savings and investments.

Another popular feature of online banking is Interac e-transfers, which allow you to send money directly from your bank account to someone else, even if you don’t bank at the same institution.

Interac e-transfers are a common way to send money between family and friends and to pay for items purchased on the second-hand market.

When you arrive in Canada, it’s important to choose a bank that suits your current financial needs, with some consideration for what…