Newcomers to Canada
Whether you’re new to Canada or moving here soon, we’ll help you make real financial progress.
Get 2 years of no monthly plan fees*69Plus, get up to a $900* cash bonus and a Walmart+ membership for up to 12 months.‡
Where are you in your journey?
Your first step to Canada starts with us
Prepare for your arrival to Canada with the banking essentials.
Banking for permanent residents and foreign workers
Learn moreKickstart your Canadian financial journey with banking designed with your future in mind – all through our award-winning Footnote 1 BMO NewStart® Program.
Banking for international students
Learn MoreGet prepared for your arrival and explore our banking options for international post-secondary students studying in Canada.
Chat with us about your banking needs
Book an appointmentIf you’re coming from a country other than the or if you need additional support, visit us once you arrive to organize your Canadian finances.
Bank at over 850 branches across Canada
FIND A BRANCHExplore our network of branches in Canada to get support in your preferred language.
Settle into life in Canada seamlessly
From special banking offers to financial guidance, we’re here to help you make real financial progress.
Banking for permanent residents and foreign workers
LEARN MOREExplore the perks of the BMO NewStart® Program, including unlimited monthly *52, no monthly plan fee for two years*69, BMO Global Money Transfer with no fee and more.
Banking for international students
MORE DETAILSExplore our banking options for international post-secondary students studying in Canada.
Send money to over 70 destinations
More detailsBMO Global Money Transfer allows you to transfer funds to over 70 destinations in multiple currencies.
Build credit with a no-fee BMO credit card
MORE DETAILSApply for your first Canadian credit card to start building credit and enjoy the perks and convenience that come with one - no credit history required.
Apply for a mortgage
Talk to an expertGet great rates, personalized advice and a 130-day mortgage rate guarantee – the longest of any major Canadian bank.‡
Get the BMO Advantage
A bank you can trust
With over 200 years of experience in the financial sector, we help newcomers bank with confidence.
Bank when you want, where you want
We’ve got over 850 branches and 3,300 ATMs across Canada so you can bank at your convenience.
Personalized support in your language
Get tailored advice for your financial journey in your preferred language at your nearest local branch.
Canadian banking basics
Explore our quick guide to basic Canadian banking terms.
Bank accounts
There are two main types of banking accounts in Canada:
- A chequing account is used for day-to-day transactions. Money moves regularly in and out of this account. It’s ideal for everyday banking.
- A savings account is used for saving your money while maintaining easy access to it. This type of account generally pays interest on the money you deposit in it.
Global Money Transfers
BMO Global Money Transfer allows you to transfer funds to over 70 destinations in multiple currencies, for no fee with the BMO NewStart® Program.
Interac e-Transfer® Footnote double dagger
Interac e-Transfer® Footnote double dagger is a funds transfer service that allows you to send money to a person or business with an email address or mobile and a bank account at a Canadian financial institution.
Fees
Fees are standard for Canadian banks and are sometimes waived if you meet certain requirements. For example, some credit cards have an annual fee, and some chequing accounts have a monthly fee.
Credit history
Your credit history is a record of how responsible you are with borrowing money – such as whether you make your payments on time. Building credit history in Canada is important, as this will help you apply for a loan, a mortgage, insurance, and credit cards.
Transactions
Any time you move money out of your account, it counts as a transaction, such as buying groceries or paying your bills.
Money coming into your account, such as payroll direct deposits or cash deposits at an ATM, don’t count as a transaction.
Transaction fees*52 apply to your BMO debit card. With a BMO credit card, you get an unlimited number of transactions.
Make real financial progress with our digital tools and resources
Learn about homebuying, credit scores, saving, and more with BMO SmartProgress™- Set goals, manage your finances and get personalized guidance online or from our mobile app with My Financial Progress
- Monitor your credit score with BMO Credit Coach®, no fees and no impact to you.
Mobile
Easy, secure digital banking
Explore employment opportunities at BMO
The BMO Newcomer Talent Program can help you find open roles at BMO and grow your professional career in Canada.
Newcomers to Canada FAQs
Yes, you can open a bank account before you arrive in Canada.If you’re moving from a , you can open a Canadian bank account within minutes*62 through the BMO NewStart® Program before you even arrive. That way, you can send money to Canada and have your banking in order when you arrive to your new home.
You can also use our branch locator to find Canadian locations for support in your native language.
There are a few steps you can take to build your credit history in Canada:
- Get a credit card and use it regularly for things like groceries and entertainment
- Pay your bills on time, including your credit card bill
- Pay your bills in full if you can afford too
- Check your credit score every few months
Once you’ve opened a bank account with BMO, you can transfer money overseas quickly and easily in three ways:
- Send money to over 70 destinations with BMO Global Money Transfer. Transfers take just two to five business days.*97
- Our wire payment service is a quick, convenient and secure way to send and receive money. Available at BMO branches.
- Use Western Union® Footnote star money transfer service through BMO Online Banking which lets you send money safely and quickly to more than 200 countries and territories connected to the Western Union network.
Yes, a Social Insurance Number (SIN) is required to open a bank account in Canada. This is a unique, nine-digit number issued to you by the Canadian government and is used to identify you for employment and programs, so you can be paid, and receive any benefits. If you haven’t yet arrived and are applying online with BMO, you don’t need to provide one to complete the BMO online application.
If you’ve already arrived in Canada and would like to open your bank account online, you’ll need to provide your SIN number and a Canadian address.
If you prefer to open your bank account at a BMO branch, you don’t need to provide one. Book an appointment online to apply.
Yes, some banks allow you to open a bank account online instead of in person 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, visit our Newcomers Bank Accounts page to learn about your options and open an account online using your Social Insurance Number (SIN) and Canadian address.
What is BMO Newstart® Program?
The BMO NewStart® Program offers banking products and services for newcomers to Canada such as foreign workers or permanent residents for their first five years in Canada. If you’re an international student, you can also open a bank account and a student GIC (if needed) before arriving to Canada within a single online application. You’ll need to ensure that you’re from a qualifying country, apply online, then get your bank account details in minutes.*62
Am I eligible for two years of no‑fee banking as a newcomer to Canada?
Yes! Through the BMO NewStart® Program, you may be eligible for up to two years of no‑fee banking if you’re a permanent resident or foreign worker who has arrived in Canada within the last five years.
How can I send money without the other person’s email or bank account?
You can send money to someone without another person’s email or bank account through Western Union® Footnote star money transfer service. They can collect their money at Western Union locations globally in as little as 30 minutes.
Can I get a credit card as a newcomer?
Yes, you can get a credit card as a newcomer. We offer several no-fee credit card options that reward you for your everyday spending, no credit history required. Plus, it’ll help you start building your credit as you get settled in Canada. To apply for one, you’ll need to visit your local BMO branch with these documents in hand:
- Proof of immigration status: Your Canadian Permanent Resident Card, confirmation of Permanent Residence (IMM 5292 or IMM 5688) or your work permit (IM 1442)- One piece of government photo ID: This can include your passport or a Canadian driver’s license. More information about valid photo identification.
Read our recent articles
What is a bank statement? Everything you need to know
Learn how to read, use and access your bank statement so you can manage your finances confidently.
What’s the difference between a chequing and savings account?
Compare chequing vs. savings accounts and learn how you can use them both to your advantage.
Ready to get started?
Come in and talk to us
Drop by your nearest branch to set up your new account.
Footnote 1 details BMO NewStart® Pre-Arrival account opening program won two global awards for Newcomer Digital Experience in 2023: BAI Global Innovation Award for embracing digital innovation to transform the customer experience, and Qorus-Accenture Banking Innovation Award as Gold winner in the Core Offering Innovation category; visit https://newsroom.bmo.com/2023-11-29-BMO-Wins-Two-Global-Awards-for-Newcomer-Digital-Experience for more details.
® Footnote double dagger Interac e-Transfer is a registered trademark of Interac Inc. Used under license.
® Footnote star details The Western Union is a registered trademark of Western Union Holdings, Inc. and are used with permission.