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If you are a new international student or immigrant in Canada, you need to open an account with the best banks in Canada to gain the most benefits. When you open an account with a Canadian bank, you will be opportune to carry out domestic and international transactions.
These transactions include online fund transfers, access to loans,s, and overdrafts; moreover, your savings and deposits are safe and covered by an insurance policy in the bank. These are a few reasons to open an account with the best Canadian bank.
Due to the large number of Canadian banks, finding the best one is difficult and time-consuming for new students and immigrants. If you are yet to get so involved with the community, this article can guide you in searching for the best bank to open an account in Canada for students and immigrants as it demands urgency.
In addition, the Canadian banking system will usually not be the same as your country of origin, reading this article can give you insights into the financial services banks in Canada offer.
Top 5 Banks in Canada for international students and immigrants
The following are our list of the five “5” best banks in Canada for new immigrants and international students;
- Royal Bank of Canada (RBC)
- Scotiabank
- National Bank of Canada
- Bank of Montreal (BMO)
- Canadian Imperial Bank of Commerce (CIBC)
1. Royal Bank of Canada (RBC);
As one of the best Canadian banks, RBC has branches in almost all cities in the thirteen (13) Canadian provinces and territories; moreover, RBC is one of Canada’s most preferred banks for international students and immigrants.
RBC is the best choice for a bank because of the availability of several financial services, such as credit cards, car loans, and mortgages without a credit history. Therefore, you can apply for a car loan and access other credit services even with a poor credit score.
Benefits of opening an RBC bank account
The following are the advantages of opening an account with RBC;
- RBC Newcomer Advantage offers CAD 100 opening bonus
- Two (2) international transfers monthly at no cost for one year
- Access to a free security deposit box for two years
- RBC serves customers using almost all languages of the world
- Up to 6000 RBC Rewards points with an RBC Rewards Visa credit card
When you open an RBC No Limit Banking account, you will enjoy free fee banking for one year. In addition, you will also have limitless Interac e-Transfer transactions, as well as debit transactions in Canada.
You will get a credit card even without a credit history; moreover, the credit card has zero yearly fee and 2500 bonus points. In addition, you can get extra 3500 bonus points for performing online transactions within 60 days of getting the card.
2. Scotiabank;
If you intend to open a Canadian bank account in a foreign country, Scotiabank can help you fulfill your desire. Additionally, you can sign up for a Scotiabank account online and transfer funds to the account, enabling you to have savings in Canada upon arrival.
Furthermore, Scotiabank’s StartRight program is helpful to immigrants and students who have just arrived in Canada. The program has numerous advantages, including the availability of credit services, free international fund transfers, counseling, etc.
Benefits of signing up for a bank account with Scotiabank
Below are the enjoyable benefits of opening a Scotiabank account;
- Scotiabank’s chequing account is specifically for new immigrants and international students.
Besides, the chequing account offers limitless Interac transactions and transfers, zero fees per month for 12 months, and a free small safety deposit box for 12 months.
- Scotia iTRADE account makes provision of ten (10) free transactions yearly.
- Access to a specialized mortgage loan
- Free international fund transfers without limits
- Access to a car loan with a 10% deposit
3. National Bank of Canada;
Ranked as the 6th largest Canadian commercial bank, the National Bank of Canada has millions of customers in various provinces and territories.
Moreover, students and immigrants get a wide range of benefits for opening an account with the National Bank of Canada.
These benefits include;
- As a new international student or immigrant in Canada, you need to open an account with the National Bank of Canada to get a 3-year offer for a chequing account, free checkbook, limitless online banking transactions, telephone support, loans, and credit cards, among others.
- No fee banking in Canada for one year
- Access to a small safety deposit box for storing valuable documents on rental
- In addition, you will get no account fee for the 2nd and 3rd years if you apply for a credit card and subscribe to their online bank statements.
- You must also sign up for an online payroll deposit or make two (2) online bill payments monthly.
- If you cannot fulfill the above conditions, you will not get a zero account fee for the 2nd and 3rd. Instead, you must pay a lower account fee throughout the period.
4. Bank of Montreal (BMO);
If you are looking for the best bank in Canada for personal banking, you can opt for the Bank of Montreal (BMO). Indeed, BMO avails of a large selection of personal banking services, such as home loans, credit cards, etc.
Advantages of opening a Bank of Montreal (BMO) account
Here are the advantages of opening a bank account with BMO.
- Through the BMO NewStart program, you can sign up for a chequing account with no monthly charge for 12 months.
More so, you can perform Interac e-transfers and electronic transactions without restrictions. BMO NewStart program offers bank customers a free safety deposit box for 12 months.
- BMO No Annual Fee Cash Back Mastercard provides about 5% cashback for three months. It also offers a 1.99% interest rate on nine-month balance transfers.
Another advantage of the MasterCard is that it allows you to gain a 0.25% interest subsidy on eligible 1-year Guaranteed Investment Certificates (GICs) regarding your savings.
- Access to home loans without having a credit history in Canada
- You can transfer funds internationally to many countries via BMO Online Banking and Western Union Money Transfer.
5. Canadian Imperial Bank of Commerce (CIBC);
In Toronto, Ontario, CIBC mainly operates in central Canada’s flourishing and industrialized province. Besides, you will enjoy cheaper and unrestricted banking when you open an account with the Canadian Imperial Bank of Commerce (CIBC).
Other advantages are also derivable for opening a bank account with CIBC.
Advantages of Canadian Imperial Bank of Commerce (CIBC) accounts
Below are the advantages of opening a bank account with CIBC;
- Limitless transactions
- Access to a CIBC Credit Card, which helps in generating a credit history, as well as having anexcellent credit score
- Taxless savings account
- Free banking every month for 12 months
- About CAS $60 cashback on a safety deposit box
- Access to a home loan with a lower deposit and no credit history requirement
- Buy a car via CIBC Auto Finance car loan.
Features of the best banks in Canada
Their available financial services determine the best Canadian bank for investing, personal banking, and loans. You can get the following financial services for banking with the best Canadian bank.
- Savings account with unlimited transactions, no fee banking Canada, etc.
- Checking accounts
- Insurance
- Home loans/mortgages
- Car loan
- International fund transfers at no charge
- Counseling regarding funds and investment
- Safety deposit box, and so on
Best Banks to Work for in Canada 2023
If you are an immigrant intending to work in a Canadian bank, the following are the best banks for employment in Canada.
- RBC
- Bank of Montreal
- Scotiabank
- Canadian Imperial Bank of Commerce (CIBC)
Also Read: Best Banks In Toronto For Newcomers
FAQ’s
What is the number 1 bank in Canada?
Royal Bank of Canada
Can I open a bank account in Canada from my country?
Yes, but not all banks allow the opening of accounts outside Canada. Thus, you need to log on to the bank’s official website to check their account opening procedures and contact them for assistance.
Do I need an ID to open a bank account in Canada?
Yes, you need to provide a means of identification before you can open a bank account in Canada.
Which Canadian bank is the best for mortgages?
Bank of Montreal
What is the easiest bank to get a mortgage in Canada?
Royal Bank of Canada
What is the best Canadian bank for international transfers?
Scotiabank
Which Canadian bank is best for investing?
Royal Bank of Canada
What is the best Canadian bank for student loans?
Royal Bank of Canada
What is the best bank for small businesses in Canada?
Trust-Dominion Bank (TD Canada Trust)
What is the best bank account for seniors in Canada in 2023?
CIBC Smart for Seniors Account (provided by the Canadian Imperial Bank of Commerce)
What is the best bank in Canada for students in 2021?
Bank of Montreal (BMO)
What are the best bank stocks in Canada in 2023?
Trust-Dominion Bank (TD)
What is the best bank account in Canada?
EQ Bank Savings Plus Account
What are the best online banks in Canada?
Equitable (EQ) Bank, Koho, Simplii, Tangerine, etc
What is the best student bank account in Canada?
Scotiabank Student Account
Can I find Indian banks in Canada?
Yes, they include SBI Canada Bank.
Are there Halal banks in Canada?
Yes, they include Habib Canadian Bank, Ijara Canada, etc.
Is the Hong Kong Bank of Canada in Canada?
Yes. HSBC also operates in Canada
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