BEST BANK FOR NEWCOMERS TO CANADA
Top Banks for Newcomers to Canada
You’re lucky to be a proud new resident of Canada. You know why? Aside from the fact that Canada is an open, prosperous democracy that thrives on its diversity, that is.
Because we have one of the world’s – if not THE world’s – best banking systems. Our system of chartered banks combines the innovative range of products you would expect from a major bank in the USA, with the solid stability that our financial institutions have built up over the years. Canadian chartered banks weathered the 2008 financial crisis better than most. Are they as big as an HSBC or a Wells Fargo? No. But they’re every bit as good, and even more trustworthy, with solid financial structures that can weather most any event.
And Canadian chartered banks would love to have your business! All the major banks have special packages aimed at people exactly like you, who have recently arrived in Canada to start a new life with your families, or on your own. Here’s what they are offering:
6. HSBC
HSBC offers a variety of packages, but have fairly high requirements. HBSC Advance 1, for example, offers the following:
Chequing and Savings accounts;
HBSC MasterCard;
Personal Line of Credit;
Open your Canadian bank account from abroad before arriving;
Transfer your HSBC credit history to Canada;
View all your HSBC global accounts with one log-in;
Transfer funds instantly between your global HSBC accounts.
Sounds good, right? But wait. Here are the requirements: within 6 months of arriving in Canada, you must have a personal deposit or investment of at least CAD$25,000 or a Personal Mortgage Balance of CAD$150,000 or more, both with HSBC Canada.
5. SCOTIABANK
Scotiabank offers the following benefits:
$300 when you open a chequing account eligible for the cashback.
Monthly fee waived when you maintain a daily balance.
VCredit Card.
Small Safety Deposit Box free for 1 year.
Car loan.
Mortgage.
Scotia iTRADE account with $1,000 investment earns 10 free trades.
Be sure to bring the following documents to prove your:
PR Card or one of Form IMM 5202, IMM 5688;
Valid passport, or Canadian driver’s license, or other valid photo ID.
Note: Scotiabank offers accounts for study permit and work permit holders as well.
4. CIBC
CIBC offers the following benefits:
Everyday Chequing account with no fees for 1 year.
Unlimited Interac transfers
$55 cash back refund on a Safety Deposit box.
CIBC Advantage Debit Card.
3. TD BANK
TD offers the following benefits:
A chequing account with no monthly fee for the first 6 months.
Savings account with a bonus interest rate for the first six months.
Unsecured TD Credit Card with no credit history with credit limit of up to $5,000.
International Money Transfers by Visa Direct with 1 transfer per month free of charge for first 6 months.
Possibility of mortgage with no credit history.
Be sure to bring the following documentation to prove you are eligible:
PR Card or one of Form IMM 5292, IMM 1442, IMM 1208, IMM 1202;
Passport, or Canadian Driver’s License, or Canadian Government ID Card.
Be sure to bring the following documents to prove your:
PR Card or one of Form IMM 5202, IMM 5688;
Valid passport, or Canadian driver’s license, or other valid photo ID.
2. BMO BANK OF MONTREAL
BMO offers the following benefits:
Your Performance Plan Chequing Account will be free with no fees for the first year, including unlimited transactions.
BMO NewStart Program includes your choice of type of BMO MasterCard Credit Card: BMO Air Miles MasterCard, BMO CashBack MasterCard, or BMO SPC Air Miles MasterCard.
You can send money to your family back home several ways: By opening your online banking account you can access Western Union from your computer and send money directly back to your home country; you can wire money through your local branch; you can send an Interac e-transfer within Canada.
Additional 0.25% interest on your 1 – 5 year GIC’s with a minimum $1,000 investment.
Free small-size Safety Deposit Box, or 25% off a larger Safety Deposit Box.
If you are arriving from China, you may open your Canadian bank accounts through the local BMO China subsidiary’s branches in Shanghai, Guangzhou, or Beijing before you land in Canada.
Be sure to bring the following documents so that you can prove you qualify:
Landed Immigrants: PR Card, or one of Form IMM 1000, IMM 1442, IMM 5292, or IMM 5688. Foreign passport or Canadian driver’s license.
Foreign Workers: IMM 1442 (Work Permit), Passport, employee ID card with photo.
