If you are immigrating to Canada, plan to study in Canada or coming to work in Canada it will serve you to have a Canadian bank account so that you can do your everyday banking.
The big 5 Banks in Canada which are RBC Royal Bank, TD Canada Trust, BMO Bank of Montreal, Scotiabank and CIBC all have large branch networks in Canada with approximately 1,000 branches each. So it’s probably a good idea to set up an account with one of these banks. This way you, when you choose a bank, you will be able to use their bank’s ATM network and not incur additional fees for using another banks ATM.
HSBC is a bank you might want to consider opening an account with in Canada. It may be easier to open an account with HSBC because you may be able to open the account in advance of arriving in Canada if they already operate in your home country. Read more about opening Canadian Bank Accounts for Non Residents.
It pays to be a newcomer if you are opening a bank account in Canada. To attract your business many of the Canadian banks offer FREE day-to-day banking services for up to 1 year. Pay no monthly fee and no fees on an unlimited number of transactions like withdrawals at ATM’s or branches, writing cheques, paying bills, and pre-authorized payments.
Get more information for newcomer bank packages and plans for each Canadian Bank below:
CIBC Newcomers to Canada Plan
RBC – Immigrating to Canada
BMO Bank of Montreal – Newcomers to Canada
Scotiabank – Helping Newcomers to Canada
TD Canada Trust – Canada Bank Services for for new Canadian Immigrants
HSBC – Canadian bank accounts for newcomers.