For many newcomers, opening a bank account is one of the first things you do when landing in Canada. Between the Big 5 banks in Canada (RBC, TD, CIBC, BMO, and Scotiabank) and other financial institutions, many banks offer a specialized “newcomer banking package” that is designed for new immigrants. Arrive, powered by RBC Ventures Inc., a subsidiary of RBC, is here to help you learn about the Royal Bank of Canada Newcomer’s product offering.
For starters, when you open an account in Canada, you’ll typically get a chequing account and a credit card at the same time. In our overview titled Feel Safe and Secure Banking in Canada, we explore everything you need to know about setting up your finances, as well as learning about the Canadian banking system. One of the core areas we focus on is the importance of credit cards in Canada; they’re an essential means to building your credit profile and credit score, which helps you when it comes to renting/owning a home, leasing a car, and accessing other financial products in the future. Additionally, credit cards have the added convenience of allowing you to pay for things easily, without having to carry cash. Keep in mind that credit cards can carry very high interest rates, and your balance should be managed and paid down promptly. Once you are approved for a credit card, get started by making payments for small expenses such as phone bills or groceries. This will help you gradually build your credit history.
Ensure you have one of the following pieces of identification to open an account:
- A driver’s license issued in Canada
- A Canadian or foreign passport
- Permanent Resident card
- Immigration Canada Form IMM 1000 or IMM 1442
Note: Permitted identification documents may vary with province
Most financial institutions also offer other services, such as investments, mortgages, safety deposit boxes and general financial planning. Talk to a financial advisor about your specific goals and needs, or even get started by browsing through some of our past Arrive webinars, on finances covering a wide variety of topics for your financial wellbeing.
*Based on market capitalization.
Working with RBC, we can help you get your financial life in Canada started – right now. Learn about your banking options in Canada and be prepared. Click here to be contacted.