Every one of Canada’s five biggest banks now runs a dedicated newcomer program, and on paper, they look nearly identical: a fee-free chequing account, a welcome bonus, a credit card without Canadian credit history, and some form of discounted international transfers. The details underneath those headlines vary more than most comparison charts let on, and those details are exactly what decide whether an account actually saves money in the first year or just looks like it does.
This comparison breaks down RBC, TD, Scotiabank, CIBC, and BMO across the five things that matter most when opening a first Canadian account: monthly fees, welcome bonuses, international transfer options, credit card eligibility, and how easy the account is to open, including from outside Canada.
A quick note before diving in: bank promotions in Canada change often and carry specific expiry dates and conditions. The figures below reflect each bank’s current published offers, but it’s worth confirming exact terms directly with the bank before applying, since offers can be adjusted or replaced without much notice.
Overview of Each Bank
RBC (Royal Bank of Canada) runs the RBC Newcomer Advantage program, built around its Advantage Banking or VIP Banking chequing accounts. It has the largest combined branch and ATM network in Canada and offers service in up to 200 languages.
TD (Toronto-Dominion) offers New to Canada Banking through its Unlimited Chequing Account. TD has more branches and longer hours, including evenings and weekends, than any other Canadian bank, which matters for newcomers still settling into a new city.
Scotiabank runs StartRight, a program specifically built for newcomers, international students, and foreign workers, centred on its Preferred Package chequing account. Ratehub.ca has named it the top newcomer banking offer in Canada.
CIBC (Canadian Imperial Bank of Commerce) offers the Welcome to Canada Banking Package, anchored by the CIBC Smart Account for Newcomers, and includes Simplii Financial, CIBC’s no-fee digital banking arm, as an alternative option.
BMO (Bank of Montreal) runs the NewStart Program, centred on its Performance Plan chequing account, with a particular focus on pre-arrival account opening for people still outside Canada.
Feature-by-Feature Comparison
Monthly Fees
RBC waives the monthly fee on Advantage Banking for the first 12 months, after which it’s $12.95 per month.
TD waives its Unlimited Chequing fee for 12 months, reverting to $17.95 per month afterwards, or $0 with a $4,000 daily balance.
Scotiabank‘s Preferred Package follows the same pattern: no fee for 12 months, then $16.95, again waivable with a $4,000 balance.
BMO‘s Performance Plan mirrors this closely, with a standard 12-month waiver and the same $16.95 fallback fee, though some current promotional bundles extend the free period further.
CIBC stands out here. Its Smart Account for Newcomers waives the monthly fee for a full 24 months, twice as long as its competitors, before settling at $16.95, or $0 with a $4,000 daily balance.
Welcome Bonuses
Scotiabank currently advertises the largest headline number, up to $2,300 in combined first-year value when stacking the StartRight program with a chequing, savings, and Passport Visa Infinite+ credit card bundle, though that figure includes points and fee savings rather than cash alone.
BMO‘s current promotion offers up to $800 to $900 in cash bonuses plus a Walmart+ delivery pass.
TD offers a more straightforward $500 cash bonus for opening an account and completing two qualifying activities.
CIBC also offers bonuses in the $500 range through its Smart Account bundle offers.
RBC‘s welcome bonus is structured differently: instead of a flat cash amount, it offers up to 12% cash back on a new RBC Cash Back Mastercard during the first three months, capped at $2,000 in spending.
Because these bonuses use different structures (cash, cash back, or bundled value), the size of the headline number isn’t a clean apples-to-apples comparison. A newcomer who won’t spend much on a credit card in the first three months, for instance, gets less real value out of RBC’s cash-back structure than the number implies.
International Transfer Options
Scotiabank and CIBC offer unlimited transfers with no service fee (standard foreign exchange rates still apply), making them the strongest options for anyone sending money home regularly. Scotiabank also lets newcomers open an International Account before arriving in Canada and transfer up to $50,000 CAD ahead of the move.
BMO offers unlimited free Global Money Transfers, but only for the first year.
TD‘s Global Transfer program refunds transfer fees for up to a year when sending money through Western Union, which is a narrower benefit than a blanket fee waiver.
RBC promotes competitive exchange rates and, per some current offers, a limited number of free transfers per month for the first year, rather than unlimited free transfers.
Credit Card Eligibility
All five banks offer a credit card to newcomers without requiring Canadian credit history, which is one of the more genuinely useful newcomer benefits since building credit from zero is otherwise slow.
TD and Scotiabank both advertise credit limits up to $15,000 without a Canadian credit history, the highest among the group.
CIBC doesn’t require an income threshold, security deposit, or credit history for its newcomer credit card approval.
BMO‘s NewStart credit cards, including its CashBack Mastercard, skip the credit check entirely for eligible newcomers.
RBC‘s Cash Back Mastercard is available to the same newcomer group as its bank account, with eligibility tied to how recently the applicant arrived in Canada.
Ease of Opening an Account
All five banks support opening an account before arriving in Canada, though the process and how much can be done online vary.
Scotiabank and BMO both emphasise digital, pre-arrival account opening, with BMO specifically recognised for its pre-arrival digital onboarding.
CIBC offers a dedicated “Smart Arrival” pathway for people applying before they land.
RBC and TD both support pre-arrival applications as well, though RBC’s Cash Back Mastercard specifically still needs to be applied for in a branch.
Across all five, the same core documents are required once in Canada: proof of entry, such as a permanent resident card, landing papers, or work permit, plus one piece of government-issued photo ID.
For a full walkthrough of that process, InsightWire’s complete guide to opening a bank account in Canada as a foreigner covers the documentation and timing in more detail.
Who Should Choose RBC?
Newcomers who want the widest branch and ATM footprint and multilingual in-person support, and who plan to put meaningful spending on a cash-back credit card early on, get the most out of RBC’s structure.
Who Should Choose TD?
Anyone who values extended branch hours and in-person access, especially in the first few months while still learning how Canadian banking works day to day, tends to do well with TD.
Who Should Choose Scotiabank?
Newcomers who send money internationally on a regular basis, or who want the largest combined first-year value from bundling accounts and a premium credit card, are the best fit for StartRight.
Who Should Choose CIBC?
Anyone who wants the longest fee-free runway, two full years instead of one, and doesn’t want to worry about renegotiating fees again after twelve months, will likely prefer CIBC.
Who Should Choose BMO?
Newcomers still outside Canada who want to get an account fully set up before they land, and who want a strong credit card cash-back bonus, are well suited to BMO’s NewStart Program.
Comparison Table
| RBC | TD | Scotiabank | CIBC | BMO | |
|---|---|---|---|---|---|
| Fee waiver period | 12 months | 12 months | 12 months | 24 months | 12 months (some promos longer) |
| Fee after waiver | $12.95/mo | $17.95/mo (or $0 with $4,000 balance) | $16.95/mo (or $0 with $4,000 balance) | $16.95/mo (or $0 with $4,000 balance) | $16.95/mo (or $0 with $4,000 balance) |
| Welcome bonus | Up to 12% cash back (3 months, capped at $2,000 spend) | $500 cash bonus | Up to $2,300 combined first-year value | Around $500 cash bonus | Up to $800 to $900 cash bonus |
| International transfers | Limited free transfers per month (varies by offer) | Fee refunds via TD Global Transfer (1 year) | Unlimited, no service fee | Unlimited, no service fee | Unlimited, free for 1 year |
| Credit card without Canadian credit history | Yes | Yes, up to $15,000 limit | Yes, up to $15,000 limit | Yes, no income/deposit/history required | Yes, no credit check |
| Pre-arrival account opening | Supported | Supported | Supported, plus pre-move transfers up to $50,000 | Supported (Smart Arrival) | Supported, strong digital process |
Closing
There isn’t a single best answer for every newcomer. CIBC’s two-year fee waiver gives the longest runway before any account fee applies. Scotiabank and CIBC both stand out for unlimited, fee-free international transfers, which matters most for newcomers regularly supporting family abroad. TD and RBC offer the most extensive in-person branch networks for those who prefer face-to-face banking early on, and BMO’s pre-arrival process is the most built-out for people who want their account ready before they land. The right choice comes down to which of those five factors, low ongoing fees, transfer costs, credit card terms, branch access, or pre-arrival convenience, matters most for an individual situation.
Frequently Asked Questions
Do these newcomer programs require permanent residency? No. Most cover permanent residents, international students, and temporary foreign workers, though the exact eligibility window (commonly 12 months to 5 years since arrival) varies by bank and by product within that bank.
Can I open an account before I arrive in Canada? Yes, all five banks support some form of pre-arrival application, though how much can be completed fully online versus in person after landing differs by bank.
Is the cheapest bank automatically the best choice? Not necessarily. A newcomer who transfers money abroad every month may value Scotiabank’s or CIBC’s unlimited free transfers over a slightly lower monthly fee elsewhere, while someone who won’t use international transfers much may care more about the length of the fee waiver or the credit card terms.
