How do I open a bank account in Canada for newcomers?

If you have not yet arrived in Canada, you can apply for a bank account online at most major Canadian banks. At BMO, you can apply through our online application portal to apply for a bank account online quickly and securely. If you don’t have a SIN or a Canadian address, most banks recommend booking an appointment to set up your bank account in person. Book an appointment online at your nearest BMO branch to get started.

Can I open a bank account without going to a bank in Canada?

Yes, some banks allow you open a bank account online instead of in person at the bank depending on your status as a newcomer. At BMO, we offer the BMO NewStart® Program, which makes it easy for newcomers to open a bank account online. Apply through BMO’s online application portal before you arrive in Canada. If you’ve already arrived in Canada, apply online with your Social Insurance Number (SIN), and a Canadian address using BMO's online application tool .

Is a SIN number required to open a bank account in Canada?

At BMO, if you have not yet arrived in Canada and are opening a bank account online, you do not need to provide a Social Insurance Number (SIN) number to complete the online application . If you have arrived in Canada and would like to open your bank account online, you will need to provide your SIN number and a Canadian address as part of the online application . If you would prefer to open your bank account at a BMO branch in person, you don’t need to provide your SIN number as part of the application. Book an appointment online to apply in person at a BMO branch.

How much money do I need to open a bank account in Canada?

If you have not yet arrived in Canada and you are opening a BMO Chequing account, there is no minimum amount of money required for you to open the account. However, you have the option of transferring up to $75,000 CAD into your BMO account to help you get started in Canada. If you are opening a student Guaranteed Investment Certificate (GIC) in addition to a bank account, you will need to transfer a minimum amount of $10,200 CAD into your new bank account. This will cover the cost of the GIC ($10,000 CAD), plus all applicable fees. Learn more about international student GICs.

We’ve enhanced our BMO NewStart^® program to meet the immediate banking needs for newcomers from Ukraine. Learn more

Newcomers to Canada

If you’re new to Canada or moving here soon, we’ll help you feel right at home. With the BMO NewStart^® Program we offer banking products and services that can help you make real financial progress – and make starting your new life here a little easier.

Get up to $2,200^§ in value!

This includes up to a $700^* cash bonus for new customers plus a $100^** Walmart Canada eGift card with our current newcomer offers.

Learn more

The NewStart^® Program

Opening a bank account in Canada has never been easier thanks to The BMO NewStart^® Program. In addition, you can find options for access to credit with no credit history, savings accounts, safety deposit boxes, mortgages, investments and worldwide money transfers to get your finances set up.

Which status best describes you?

family of permanent residents talking online to family back home

Permanent resident or foreign worker

We’ve got what you need to help you get established in Canada. Whether you’re already here or are still planning your move, we’ve got you covered with bank accounts, credit cards and more.

Learn more

Foreign student enjoying her new life in Canada

International student

As you start your studies in Canada, we want to welcome you to this exciting time of your life. We have what you need to help you get started, settled and prepare for your future.

Learn more

Send money home with B M O Global Money Transfer

Send money overseas quickly and securely through the Mobile Banking App. Enjoy unlimited transfers with no fee as part of the NewStart Program. Transfers usually take just two to five business days to arrive,^*97 and you’ll be notified as soon as the money is received.

Learn more

Canadian banking basics

Not familiar with Canadian banking? You’re not alone! Let’s help you get a better understanding of our banking basics with this quick guide.

There are two main types of banking accounts in Canada — chequing accounts and savings accounts.
A chequing account is used for daily transactions. A transaction is anything from buying a coffee to paying a bill to depositing money to sending a worldwide transfer.
A savings account is used for saving your money while maintaining easy access to it. Savings accounts sometimes have higher interest rates than chequing accounts, which means you earn more money on the money you’ve saved.
EXPLORE BANK ACCOUNTS
Your credit history is a record of how responsible you are with borrowing money – such as whether you make your payments on time. As a newcomer, you should start building a credit history in Canada.
By building a credit history, you’ll get a credit score, which is a number that represents how creditworthy you are. Banks check your credit score when deciding to lend you money for loans, mortgages, insurance and credit cards.
In Canada, your credit score is a number between 300 and 900, with 900 being the highest possible credit score. The higher your credit score, the more likely a bank is to lend you money — so, the higher the credit score, the better.
We’ve got the right tools to help you get started building a credit history, such as a no annual fee credit card. Plus get tips on how to improve your credit score.
Learn more
Worldwide transfers let you send money to friends and family almost anywhere in the world. Send money back home easily and quickly with a BMO Global Money Transfer or a wire transfer.
B M O Global Money Transfer is a secure way to send money abroad directly to a recipient’s bank account. Transfer funds to up to 50 countries in multiple currencies, with no fee under the B M O NewStart^® Program.
Wire transfers are accepted almost anywhere in the world and can be sent quickly and securely from any BMO branch.
Western Unionfootnote registered star^®* money transfer is another secure way to send money within Canada and abroad to more than 200 countries and territories.
Learn more
In Canada, certain bank accounts and products have fees. For example, some credit cards have an annual fee and some chequing accounts have a monthly fee. Fees are standard for Canadian banks and are sometimes waived if you meet certain requirements. As a newcomer to Canada, we’re offering you a chequing account and savings account with no monthly fees for one year, and a no fee credit card.
Learn more
Any time you move money out of your account, it counts as a transaction — like buying groceries or paying your bills. Money coming into your account — like payroll direct deposits or cash deposits at an A T M — doesn’t count as a transaction.
Transaction fees^*52 apply to your B M O debit card. If you have a credit card with us, you don’t have to worry about the number of transactions you make — they’re unlimited!
Learn more

There are two main types of banking accounts in Canada — chequing accounts and savings accounts.

A chequing account is used for daily transactions. A transaction is anything from buying a coffee to paying a bill to depositing money to sending a worldwide transfer.

A savings account is used for saving your money while maintaining easy access to it. Savings accounts sometimes have higher interest rates than chequing accounts, which means you earn more money on the money you’ve saved.

EXPLORE BANK ACCOUNTS