Are you a new immigrant in Canada? If yes, you may be confused about choosing the right bank for you. There are so many banks in Canada. Choosing the right bank can save you a lot of stress or frustration.
Do not worry, as we are here to make things simple for you. Here are the five best banks in Canada that you can trust as a new immigrant;
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1. National Bank of Canada
The National Bank of Canada is one of the largest commercial banks in Canada. It was founded in 1979. Its headquarters is found in Montreal and it has branches in most Canadian provinces. The National Bank of Canada offers new immigrants a 3-year offer for a chequing account, access to financial products like loans and credit cards, unlimited electronic transactions, a book of free cheques, and telephone support. The National Bank brush aside its account fees which are about $15.95 for 12 months. The bank would is ready to waive its account fees for the second and third year if you sign up for a National Bank personal credit card, online bank statements and either two electronic bill payments or online payroll deposit per month. If you are not able to sign up for these options, the bank will charge you a reduced account fee for the remaining 2 years.
2. Royal Bank of Canada (RBC):
The Royal Bank of Canada (RBC) has a branch in probably every bank in Canada. With this bank, you do not need a credit history to use most of their financial services like mortgages, credit cards, and car loans.
This is a big advantage to you as a new Canadian immigrant. RBC usually gives newcomers or new immigrants, a $100 opening bonus and branch service offered in most languages in the country. The bank would also give you up to 6000 RBC Rewards points with an RBC Rewards Visa credit card, a free security deposit box for 24 months and 2 free international transfers per month for 12 months.
You can take advantage of this big offer by signing up for an RBC No Limit Banking account, where you pay no fees for one year, get unlimited debit transactions in Canada, and unlimited Interac e-Transfer transactions.
3. TD Canada Trust:
Only permanent residents or temporary residents of Canada for 5 years or less are allowed to use the TD New to Canada package. TD Canada Trust offers new immigrants advantages which include; 12 – unlimited transactions depending on the account, $150 cash offer if you do two of the following: pay your salary into the account; set up a pre-authorised debit; make an online bill payment.
Scotiabank is one of the largest banks in Canada and one of the best banks in Canada for new immigrants that you can take advantage of. With Scotiabank, you can open an account online and transfer the money to your account before you reach Canada. Scotiabank chequing account for newcomers offers several advantages: no monthly fees for the chequing account for one year, unlimited Interac transactions and transfers and access to a small safety deposit box free of charge for one year. Scotiabank offers a program called the Scotiabank’s StartRight which allows having access to credit, savings, free international money transfers, and advice.
You are eligible for the CIBC Welcome to Canada Package, if you received landed immigrant status in the last 5 years. This package comes with the following advantages: fees waived for the first year, unlimited transaction limits, and a $300 cash offer if you set up at least one eligible direct deposit or at least two different eligibles pre-authorized debits. I can, therefore, recommend this bank as one of the best banks in Canada for new immigrants.
6. Bank of Montreal (BMO):
This is the last bank on our list of the best banks in Canada for new immigrants; however, it is certainly not the least. The BMO NewStart Program offers you the following advantages; unlimited transaction limits, your fees would be waived for one year, and a $300 cash offer if you set up a recurring direct deposit and make bill payments.
Do you have any questions about the best banks in Canada for new immigrants, please let’s know in the comment section below.