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Exploring Banking Options for Newcomers & Immigrants, Which Bank Should You Use?
For Canadian immigrants, choosing the right bank is a crucial step towards managing finances and settling into their new lives. However, as an international customer, it’s essential to consider banks that cater to the unique needs and offer perks specifically designed for newcomers. In this blog post, we will explore some of the top banking options available in Canada and highlight the perks and benefits they provide for international customers. Let’s dive in and discover the ideal financial partner for your journey in Canada.
TD Bank
TD Bank stands out as a popular choice among Canadian immigrants due to its extensive network and diverse services. Their New to Canada package is specifically tailored for newcomers, offering features such as a credit card with no credit history required, unlimited transactions, and access to a wide range of banking products. Moreover, TD Bank provides multilingual customer support, ensuring clear communication and assistance throughout your banking experience.
For newcomers, here is the link to view all TD Bank accounts which would suit you best: https://www.td.com/ca/en/personal-banking/solutions/new-to-canada
Their Basic plan includes:
- No monthly fees for 12 months on your TD Unlimited Chequing Account.
- 0.25% bonus interest rate on your savings in the first 6 months with an eligible TD savings account
- No annual fee on eligible TD Credit Cards.
Scotiabank
Scotiabank is another renowned financial institution that offers a dedicated program for international customers. With their StartRight Program, newcomers to Canada can enjoy several advantages, including a bank account with no monthly fees for the first year, a credit card, and access to credit-building opportunities. Additionally, Scotiabank provides resources and financial advice tailored to the unique needs of immigrants, empowering them to make informed financial decisions.
For newcomers, here is the link to view all Scotiabank accounts which would suit you best: https://startright.scotiabank.com/newcomers.html
Their Basic “Preferred Plan” plan includes:
- unlimited transactions
- no monthly fees if a balance of $4000 is maintained
- unlimited Interac e-transfers
- once a month get a free withdrawal with ABM that is not Scotia
- preferred Interest Rate Boost
- earning points everyday with Scene Program
RBC Royal Bank Of Canada
RBC Royal Bank has long been recognized for its commitment to supporting newcomers in Canada. Their Newcomer Advantage program offers newcomers the opportunity to establish credit history, secure a mortgage, and access various banking services. RBC also provides personalized advice on navigating the Canadian financial system, along with language support in multiple languages. Their focus on inclusive banking makes RBC an appealing choice for international customers.
For newcomers, here is the link to view all RBC accounts which would suit you best: https://www.rbcroyalbank.com/en-ca/new-to-canada/newcomers/
Their “RBC Newcomer Advantage” Plan includes:
- No-Monthly-Fee Banking for a year with an eligible chequing account
- You can get up to a $15,000 credit card limit—no credit history required
- 2 free International Money Transfers per Month for a Year
- Free Small Safety Deposit Box for 2 Years
- No RBC fee to use another bank’s ATM in Canada
- Specialized advice for newcomers from RBC Advisors
CIBC
CIBC understands the challenges faced by newcomers to Canada and offers tailored solutions to meet their banking needs. Their Welcome to Canada package includes a bank account, credit card options, and access to their mobile banking app. CIBC also offers financial advice and resources to help immigrants establish themselves financially and integrate into the Canadian banking system seamlessly.
For newcomers, here is the link to view all CIBC accounts which would suit you best: https://www.cibc.com/en/journeys/banking-offers-for-newcomers.html
Their “CIBC Smart Account for Newcomers” includes:
- Pay no monthly fee for up to 24 months
- Plus, get $350 after you open a CIBC SmartTM Account for Newcomers.
- Transfer money to friends within Canada with unlimited Interac e-Transfer® transactions
- Send money to more than 120 countries with $0 transfer fees
Bank Of Montreal (BMO)
BMO Bank of Montreal takes pride in assisting newcomers to Canada through their NewStart program. This program offers various banking solutions, including a bank account, credit card options, and personalized financial guidance. BMO understands the importance of building credit history and provides support and tools to help international customers establish credit in Canada.
For newcomers, here is the link to view all BMO accounts which would suit you best: BMO accounts details
Their “Performance Chequing Account” Plan includes:
- Save $203 with no monthly plan fees for one year
- Get $60 cash bonus with rental of a safety depositbox
- Earn up to $450 when you meet the qualifying criteria
- Send unlimited BMO Global Money Transfers with no fee
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