Money

Banking in Canada for working holidaymakers

You need a Canadian bank account to get paid, and the big banks run dedicated newcomer programs you can often start before you arrive. This guide covers which banks offer the best newcomer accounts, what documents you need, the monthly fees Canada is known for (and how to avoid them), and how to bridge the gap before your account is live.

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The short version

Canada's "Big Five" banks (RBC, TD, Scotiabank, BMO, CIBC) all run newcomer packages, several of which you can apply for before you arrive and finalise in a branch after landing. They typically waive their monthly account fee for a year or more. App-based options like EQ Bank and Wealthsimple skip fees entirely but usually need your SIN first. You can be paid via a multi-currency account in the meantime.

Newcomer accounts at the big banks

Canadian banks compete hard for new arrivals, so most have a "newcomer" or "new to Canada" chequing account with perks (waived monthly fee for a period, sometimes a small cash bonus or a no-fee credit card to start building Canadian credit history). The five major banks:

Canadian newcomer bank accounts

Bank	Newcomer program	Start before arrival?	Official page
RBC	Newcomer Advantage	Yes, apply online pre-arrival	[rbc.com/newcomers](https://www.rbc.com/newcomers/)
Scotiabank	StartRight	Yes	[startright.scotiabank.com](https://startright.scotiabank.com/ca/en/banking-in-canada.html)
CIBC	Smart Account for Newcomers	Yes, fund before arrival	[cibc.com new to Canada](https://www.cibc.com/en/personal-banking/new-to-canada.html)
BMO	NewStart	Yes	[bmo.com newcomers](https://www.bmo.com/main/personal/newcomers/)
TD	New to Canada	Apply online, finalise in branch	[td.com new to Canada](https://www.td.com/ca/en/personal-banking/solutions/new-to-canada)

RBC, Scotiabank, CIBC and BMO generally let you start the application before you arrive; TD typically asks you to finish in a branch. All five have huge ATM networks and strong apps, and day-to-day Canadian banking is heavily card- and app-based.

App-based options

If you'd rather skip monthly fees and branches, app-based providers are an option once you're set up:

EQ Bank: no monthly fees, good interest, fully digital. Generally needs a SIN and that you've reached the age of majority in your province.
Wealthsimple: app-based chequing-style account with no monthly fee, plus investing.

These are excellent for low-cost everyday banking, but because they usually need your SIN to open, most working holidaymakers open a big-bank newcomer account first (for the pre-arrival head start and a debit card to get paid), then add an app account.

Documents you'll need

To open a newcomer account, expect to provide:

Your passport
Your IEC work permit (or your port-of-entry letter, then the permit once issued)
Proof of a Canadian address where you can (your hostel or short-stay is usually fine to start)
Your SIN, for tax-reporting purposes; a bank can't refuse you an account solely for not having a SIN yet, but most accounts and any interest-bearing products want it

Once open, note your transit number, institution number and account number (the three numbers on a cheque or in the app). Those are what employers ask for to set up direct deposit of your pay.

Fees to watch

Canada is notorious for monthly bank fees, so this matters:

Monthly account fees. Standard chequing accounts often charge around CAD 10 to 17 a month, but newcomer packages typically waive this for the first 6 to 12 months, and some accounts waive it permanently if you keep a minimum balance. Check when the waiver ends so you're not surprised later.
Other banks' ATMs. Use your own bank's ATMs to avoid fees; other machines charge, shown before you confirm.
Foreign transaction fees. Standard debit/credit cards add a percentage on foreign-currency spending, relevant if you travel beyond Canada.
International transfer margins. Moving money in or out of CAD through a bank usually carries an exchange-rate margin on top of any fee. Compare the CAD amount that actually arrives.

Watch the fee waiver clock

Newcomer accounts usually waive the monthly fee for 6 to 12 months only. Diarise when yours ends, then either meet the minimum-balance condition, switch to a no-fee app account (EQ Bank, Wealthsimple), or downgrade, so you're not quietly paying CAD 150+ a year.

Getting paid before your account is ready

If you land work before your account is fully set up, bridge the gap:

A multi-currency account. Wise gives you Canadian account details that can receive a salary like a local account, set up from home before you fly, converting at the mid-market rate with a transparent fee. Revolut offers a similar app-based account. Most people still open a Canadian bank account too, since employers set up direct deposit and some landlords prefer a local bank.

Start a newcomer account before you fly. Because RBC, Scotiabank, CIBC and BMO let you begin pre-arrival, you can often have an account ready to finalise the week you land.

Sending money home

To move savings back to your home currency, a bank's exchange-rate margin usually costs more than a specialist's fee. Wise and OFX are established options for CAD transfers. Compare the destination amount on the day.

Scam warning

Never let a "job" or "landlord" use your account to receive and forward money, and never share your SIN to "confirm" a job offer. Money-mule and SIN-theft scams target newcomers, and the consequences land on you.

Frequently asked questions

Can I open a Canadian bank account before I arrive?

Yes. RBC, Scotiabank, CIBC and BMO let you start a newcomer account application before you land and finalise it in a branch after arrival. TD generally requires the final step in person.

Do I need a SIN to open a bank account?

You can open a basic account without a SIN, but most accounts and any interest-bearing products want it for tax reporting, and app banks like EQ Bank and Wealthsimple usually require it. Get your SIN early either way.

Which Canadian bank is best for a working holiday?

The big five newcomer packages are similar; pick on the pre-arrival head start and the fee waiver. Add a no-fee app account (EQ Bank or Wealthsimple) once you have your SIN to cut ongoing costs.

How do I avoid Canadian bank fees?

Use a newcomer account's fee waiver while it lasts, then either keep the minimum balance, switch to a no-fee app account, or downgrade. Always use your own bank's ATMs.

How do I get paid before my account is active?

A multi-currency account like Wise or Revolut gives you Canadian account details to receive pay immediately, then you switch to direct deposit into your local bank.

Sources: rbc.com · startright.scotiabank.com · cibc.com · bmo.com · td.com · eqbank.ca · wealthsimple.com. Last verified 2026-06-11.