Open Your First Bank Account in Ontario
It is one of the very first things to sort out after you land — and it is far simpler than it feels. Here is exactly what to bring, what to expect, and how to start building Canadian credit on day one.
Why this is your day-one task
A Canadian bank account is the hinge that everything else swings on. Your part-time job pays into it. Your rent comes out of it. Your phone plan, your tuition refunds, your tax return — all of it needs an account number. Until you have one, you are stuck juggling cash and foreign cards with ugly exchange fees. The good news for Ontario newcomers: the banks want your business, most have dedicated newcomer programs, and you can usually open an account within your first week.
The one-line version
Bring your passport and your study or work permit, walk into any major bank or open a low-fee account online, and ask for their newcomer account. You do not need a SIN, a job, or Canadian credit to start.
What to bring
- Your passport. Your primary photo ID.
- Your study permit, work permit, or PR confirmation. This proves your status in Canada.
- A Canadian address (if you have one). Your residence, homestay, or even your school's address can help. Not always required to open, but useful.
- Your SIN — only if you have it. You do not need it for a basic account. A bank may ask for it for an interest-earning account (for tax reporting), but it cannot refuse you a basic chequing account without one.
That's genuinely it. If a branch makes it feel more complicated than this, it is fine to thank them and try another bank — newcomer onboarding should be smooth.
A Canadian fintech account you can open from your phone — strong for everyday spending, budgeting, and building credit history from zero, which is the newcomer's biggest hurdle.
- Open in minutes, no Canadian history needed
- Built-in credit building reports to the bureau
- No monthly fee on the basic plan
- Budgeting and spending insights in-app
- App-only — no physical branches
RBC, TD, Scotiabank, CIBC and BMO all run newcomer programs — often with free chequing for a period and a starter credit card without Canadian history.
- In-person help in many languages
- Starter credit card for newcomers
- ATMs and branches across Ontario
- Monthly fees usually return after the promo period
Online-only banks such as EQ Bank, Tangerine and Simplii offer no-monthly-fee chequing and higher-interest savings — great as a second account.
- No or very low monthly fees
- Better savings interest than big banks
- Everything managed from your phone
- Limited or no branch access
Do these three things the same week
- Start building credit immediately. An empty credit file blocks apartments and phone plans. Ask about a newcomer credit card, or use a credit-builder tool — see our guide to building credit in Canada.
- Move your money in cheaply. Don't lose hundreds to bad bank exchange rates. Compare how to send and receive money across borders before you transfer your first big amount.
- Apply for your SIN. You'll need it to work and to file taxes. It's free, from Service Canada, and quick once you have your permit.
Planning your first month?
Use our budget calculator and currency converter in Smart Tools to map rent, groceries and transit before the bills land — and see a realistic first-month cost breakdown for Ontario.
Frequently Asked Questions
The questions Ontario newcomers ask most about their first account.
Can I open an account without a SIN?
What documents do I actually need?
Can I set it up before I arrive?
Big bank or fintech?
Get your Ontario banking sorted this week
Open a low-fee account you can start today, then compare newcomer bank programs to anchor it — and begin building credit from day one.