Banking for permanent residents and foreign workers in Canada
If you’ve arrived within the last five years*69, you can take advantage of exclusive banking offers and support to help make your transition to Canada as smooth as possible.
No monthly Plan fees for two years*69
Earn up to a * cash bonus, enjoy no monthly plan fee for two years*69, and a Walmart+ membership for up to 12 months‡
LEARN MORE
Where are you in your journey?
Get ahead of your move with us
Moving to a new country can be daunting. Let us help you prepare for your arrival to Canada with support from our award-winning Footnote 1 BMO NewStart® Program.
Open an account online before you arrive
LET'S GET STARTEDPermanent residents and foreign workers from can open a BMO online within minutes*62 and send up to $75,000 CAD before arrival.
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.
Prepare for Canadian weather
It can be a shock! Canada has four seasons, and it can get very cold in the winter and hot in the summer.
Begin your journey with trusted banking
Enjoy exclusive banking offers, tailored advice and services to set you up for financial success.
Build your credit history with a no annual fee BMO credit card
More detailsApply for your first Canadian credit card to start building credit and enjoy the rewards that come with it - no annual fees footnote Footnote 8 footnote and no credit history required. Footnote 9
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.‡
Try BMO InvestorLine Self-Directed
Learn moreDouble your bonus and get up to a $10,000 + 150 $0 commission trades* with a new BMO InvestorLine Self-Directed account. Use promo code SDCASHFT to get started.
Invest for real financial progress with a GIC
Book an appointmentGet $275 in bonus interest when you invest in a 1-year GIC Footnote 12 , and enjoy a bonus interest rate on select 1-5 year BMO GICs with the BMO NewStart® Program.*69
Become a business owner in Canada
More detailsStarting a business is exciting but can come with lots of surprises and hidden costs. We can help you get started with a BMO eBusiness Bank account - no monthly fee, unlimited e-transactions Footnote 15 and Moneris transactions. Footnote 16
Send money to over 70 destinations
More detailsBMO Global Money Transfer allows you to transfer funds to over 70 destinations in multiple currencies.
Mobile
Easy, secure digital banking
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 Credit Coach®, no fees and no impact to you.
Support every step of the way
If you’re looking to study in Canada, here are a few things that can help.
Banking for international students
Learn moreLet us help you get set up for success on your Canadian student journey.
Studying in Canada
Learn MoreLearn more about what it takes to become an international student in Canada.
Permanent residents and foreign workers FAQs
If you haven’t 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.If you have arrived in Canada as a permanent resident or foreign worker, you can apply online with your Social Insurance Number (SIN), and a Canadian address. Visit our Newcomers Bank Accounts page 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.
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.
If you’re a foreign worker looking to transition your Canadian immigration status, you can apply for permanent residency in a number of ways, including:
- A skilled workers program such as Canadian Experience Class (CEC) or the Federal Skilled Worker Program
- Through family or employer sponsorship such as the Family Sponsorship, Self Employed Persons Program, Canadian Family Visa
- Provincial nomination programs, based on the province you currently live in
You can learn more about the pathways to permanent residency from the Immigration, Refugees and Citizenship Canada (IRCC).
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. It’s designed to help set up your new life in Canada a little easier, and includes perks such as credit-building options, mortgages, investments and opening a bank account online in minutes.*62
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 mortgage in Canada as a permanent resident or foreign worker?
Yes, you can. We can help you get a great rate that works for you and lock it in with our 130-day mortgage rate guarantee - the longest of any major Canadian bank. You can reach out to one of our expert Mortgage Specialists to get started on your mortgage journey at BMO.
Who is eligible for the BMO NewStart® Performance Plan Chequing account offer?
Our BMO NewStart® Performance Plan Chequing account offer is open to permanent residents and foreign workers who have arrived in Canada within the last five years. You’ll need the following on 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
If you already have your Social Insurance Number and a Canadian address, you can open your account online.
Everyday banking made easier
BMO Savings Goals
Save sooner for your next vacation, school or big financial purchase with our newest mobile banking feature.
Deposit your money online
Skip the trip to the bank - instantly deposit your cheques by phone and automatically receive paycheques with direct deposit.
The BMO Family Bundle
Enjoy no-fee daily banking for your family - all the benefits and privacy of separate chequing accounts for only one monthly fee.
Ready to get started?
Come in and talk to us
Drop by your nearest branch to set up your new account.
Open an account online
Apply for a Performance Chequing Account online in as little as 7 minutes.
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 8 details Ongoing interest rates, interest-free grace period, annual fees and all other applicable fees are subject to change. Cash advances include balance transfers, cash-like transactions and Mastercard cheques. For current rates and fees, visit your branch; or, for Mastercard products call the Customer Contact Centre at 1-800-263-2263, for the BMO eclipse Visa Infinite* Card call 1-833-256-7136, for the BMO eclipse Visa Infinite Privilege* Card call 1-833-265-7137. To review current rates and fees for the BMO Prepaid Mastercard, visit bmo.com/rates-fees-prepaid, for all other credit cards visit bmo.com/rates-fees.
Footnote 9 details Subject to credit approval. To be eligible for the BMO NewStart® Program, you must be a permanent resident or foreign worker who arrived in Canada within the last five (5) years, and you must be at the age of majority in your province or territory of residence at the time of account opening. Proof that status was obtained within the last five (5) years is required as evidenced by their Canadian Permanent Resident Card, Confirmation of permanent residency or work permit (IMM 1442). A credit history in Canada is not required in order to be eligible for a credit card under the BMO NewStart® Program. If you don’t qualify for an unsecured BMO credit card, you may still be eligible for a credit card provided you give us a security deposit and meet BMO’s eligibility criteria.
Footnote 12 details Calculation assumes the following:
- A balance of $50,000 is deposited into a 1-year BMO Guaranteed Investment Certificate at a 3.00% interest rate where regular rate is 2.45% and the Newstart program applies a special bonus interest of 0.55% to total rate.
- Note that the regular and bonus interest listed for New Canadians is subject to change or be withdrawn at any time without notice. This bonus rate is as of July 22, 2026.
- Interest rates are calculated on a per annum basis. Any interest is calculated on the deposit amount and redeemed at the end of the term. Interest is paid in the same currency as the account.
Footnote 15 details Electronic transactions exclude client-initiated transfers between Business Bank Accounts, Interac e-Transfers, account transaction histories completed through BMO Online Banking for Business, BMO Online Banking, BMO Mobile or BMO Tablet Banking, and cheques deposited through Mobile Cheque Deposit.
Footnote 16 details Moneris payment processing fees still apply. Applies to all deposits posted by Moneris to your BMO business account in connection with your acceptance of Mastercard, Visa*, Interac*, Discover* or Union Pay* branded cards and American Express transactions that are settled by Moneris - including deposit of settlement funds, terminal rental fee, and any other fees. American Express credit card transactions that are not settled through Moneris are not included in unlimited Moneris transactions, and are subject to separate terms and conditions. Standard transaction fees apply. Refer to Moneris Solutions for complete details. All other debit or credit transactions posted to your BMO account related to any other brand of card processed using Moneris services, are not included and may be subject to transaction limits associated with your Plan and/or excess per-item transaction fees. (* Visa, Discover, American Express and Union Pay are trademarks of their respective owners.)
®* The Western Union is a registered trademark of Western Union Holdings, Inc. and are used with permission.
®§ Interac e-Transfer is a registered trademark of Interac Inc. Used under license.