How do I open a Canadian bank account?

Opening a Canadian bank account is quick if you bring the right documents: usually under an hour, and you can use it the same day. All five big banks have newcomer packages, and some let you start before you leave the UK.

What you need

To open a personal account you must be 18 or over and live in Canada. Banks must see original government documents, not photocopies. RBC, for example, asks for your passport, your PR card or work permit and, if you have it, your driving licence and SIN.

• A job is not needed to open an account
• No permanent address yet? Many banks accept a letter from your employer, a settlement agency or the friend you are staying with, and sometimes a hotel booking. Ask the bank first
• A Canadian mobile number helps: banks use it for security codes. See Phones and internet
• Opening takes about 30 to 60 minutes with the right documents, and you can usually use the account the same day

Opening from the UK

Several big banks let newcomers start an account from abroad, online or by phone, so money can be waiting when you land. You then visit a branch after you arrive to show your documents and activate it. TD, for example, says you can open an account online, but to get its New to Canada package you must book an appointment in a branch. Digital-only banks usually want a Canadian address and phone number first, so they are less useful before you arrive.

Newcomer packages

Banks treat you as a newcomer for a few years after you arrive (TD says 5 years). Packages typically waive monthly account fees for a year or two, offer a credit card without Canadian credit history and cut fees on international transfers.

Offers change often and come with conditions. Compare what you pay once the free period ends, not just the welcome bonus. Unlike most UK current accounts, many Canadian accounts charge a monthly fee once the newcomer period ends. Check each bank’s current offer

Is my money protected?

The Canada Deposit Insurance Corporation (CDIC) insures eligible deposits if a member bank fails, up to C$100,000 (about £54,000) in each category, including interest. Categories include deposits in one name, joint deposits, and registered accounts such as a TFSA or RRSP, so you can have more than C$100,000 covered in total. Savings and chequing accounts and GICs (fixed-term deposits) count, in Canadian dollars or foreign currency. Shares and investment funds are not covered. In the UK the FSCS covers up to £120,000 per person per bank.

Paying people: e-Transfers and cheques

Interac e-Transfer is how Canadians pay each other: you send money from your banking app to someone’s email address or mobile number. If they haven’t set up Autodeposit, you add a security question. Share the answer separately, never in the message itself.

Cheques are still used in Canada, especially for rent, so order a chequebook with your account. Know your rights: in Ontario, a landlord can’t require post-dated cheques or automatic debits for rent, though you can choose to offer them. See Deposits and leases.

Your first credit card

Your UK credit history doesn’t follow you. Canada has its own credit bureaus, Equifax and TransUnion, and you start from nothing. A newcomer credit card from your bank, or a secured card backed by a deposit, is the usual first step. Pay it off in full every month. See How do I build a credit history?