Opening your first Canadian bank account

You have the right to an account

• You don't need a job, a credit history or money to deposit to open a personal bank account.
• You don't need to be a Canadian citizen or permanent resident, but you may need to go to a branch in person.
• A bank can refuse only for specific reasons, such as fraud. If it refuses, it must tell you in writing and explain how to complain.

The ID you need

• Option 1: two original documents from the bank's list, for example your passport and your Confirmation of Permanent Residence or permit.
• Option 2: one document with your name and date of birth, plus a person in good standing (for example an existing customer) who confirms who you are.
• Bring originals, not copies. Your Social Insurance Number (SIN) is needed for accounts that earn interest.

Choosing an account

• Most big banks and many credit unions offer newcomer packages, often with no monthly fee for the first year and a starter credit card.
• Check what happens after the first year: the monthly fee, the number of free transactions, and e-transfer charges.
• A chequing account is for daily spending. A savings account earns a little interest.
• Online banks often have no monthly fees, but may have fewer services for newcomers.

Your money is protected

• Deposits at member banks are insured by the Canada Deposit Insurance Corporation (CDIC) up to $100,000 per category, per bank.
• Categories include accounts in your own name, joint accounts, TFSAs and RRSPs. Credit unions are protected by provincial insurers.
• Never share your PIN, online banking password or one-time codes. Banks never ask for them by phone or text.

Sending money home

Bank wire transfers can be expensive. Compare the total cost, including the exchange rate, with money transfer services before you send. Always use a licensed company and never send money to someone you only know online.