Opening a Canadian bank account within 48 hours of arrival is “the foundation of your entire Canadian financial life,” according to a comprehensive 18 June guide released by personal-finance site Money Abroad Guide. The 8,000-word review compares newcomer packages from the Big Five banks and leading digital challengers, highlighting fee waivers, credit-card options that require no domestic credit history, and pre-arrival account-opening services. For global mobility and relocation coordinators, banking is often an overlooked pinch-point; payroll cannot proceed without a direct-deposit account and newcomers cannot receive Canada Child Benefit or GST/HST credits without one. The guide notes that RBC, TD, Scotiabank, BMO and CIBC all waive monthly chequing fees for 6-12 months and routinely approve an unsecured credit card at zero Canadian credit history. Digital banks such as EQ Bank, Simplii and Tangerine provide permanent no-fee alternatives once the newcomer promotional period ends. Key take-aways for employers: • Advise incoming assignees to open accounts before landing where possible—RBC and Scotiabank allow full pre-arrival onboarding via video call. • Pair a big-bank package for credit-building with a digital bank for long-term low fees. • Set up CRA direct-deposit immediately; government benefits and tax refunds often form part of relocation-cost recovery. Although not an immigration policy change, the guide fills a practical knowledge gap and can shorten “settling-in” timelines by days, reducing corporate accommodation costs.
Source: Money Abroad Guide
