Canada's big five open accounts in-branch; digital banks are fully online. Documents for students, fee waivers, and remote options for non-residents.
Canadian accounts split into two camps: the big five (RBC Royal Bank, TD Canada Trust, Scotiabank, BMO Bank of Montreal) with branches and full services, and digital banks (Tangerine Bank, EQ Bank, Wealthsimple Cash) that are fully online and fee-free but require Canadian status or an address.
For students and newcomers the safest order is: open a basic big-five account in-branch after landing (card in hand), then add a digital bank once you have a SIN.
The big five are conditionally open to non-residents; in practice students and newcomers open with a passport plus study or work permit. Basic accounts run about CAD 0-17 a month, usually waivable with student status, direct deposit or a minimum balance.
Booking an appointment saves queuing; some branches serve newcomers in Mandarin. Ask about chequing, debit card and online banking activation while you are there.
Tangerine Bank (Scotiabank-owned), EQ Bank and Wealthsimple Cash have no minimum deposit and no monthly fee, opening in minutes in-app. The shared prerequisite is Canadian status or an address — the core reason non-residents cannot use them.
Once you have landed and hold status documents, they make good everyday spending and transfer accounts: fee-free, with common free interac and transfer allowances.
Standard documents: passport, study or work permit, proof of address (lease or a bill), and your SIN if you have one. For branch visits, book ahead and bring originals — copies are usually not accepted.
The most common failures: proof of address in the wrong language, permits with too little validity left, and ending up on a fee-charging tier — ask explicitly for the basic fee-free account.
Yes. With a valid study permit and passport, visit a big-five branch (RBC, TD, Scotiabank, BMO). Most offer student or newcomer packages with monthly fees waived on request.
Generally no. Digital banks like Tangerine, EQ and Wealthsimple are excellent but require Canadian status or an address; non-residents usually open in-branch after arriving.
Big-five basic accounts cost roughly CAD 0-17 per month, waivable with student status, a minimum balance or direct deposit. Digital banks are broadly fee-free.