Banking offers for Indian newcomers moving to Canada
Moving countries is a big step. B M O can make it easier and help you:
Open a chequing account online in minutes1
Get an international student G I C
Transfer up to $75,000 C A D before you arrive in Canada

New beginnings made simpler with B M O
Wherever you are in your journey to Canada, we've got the banking products you need.
What you can do with our app
Once you arrive, you can set up our award-winning mobile banking app and:
- Pay your monthly bills
- Lock and unlock your debit card
- Set savings goals
- Send money to loved ones
- Manage your spending and more

Resources to help you with a smoother transition
FAQs
A chequing account is a bank account that's used for day-to-day transactions in Canada. In India, this is known as a current account or checking account.
A Guaranteed Investment Certificate (G I C) is a secure investment that protects your principal. In India, it’s known as a fixed deposit. A G I C can be used as proof of financial support to facilitate a study permit application.
At B M O, you can open a bank account in Canada from India online through our online application portal. Permanent residents, foreign workers and international students from India can open a B M O chequing account online within minutes1 and send up to $75,000 CAD before arrival.
If you have not yet arrived in Canada and you are applying to open a B M O account, there is no minimum amount of money required for you to open a pre-arrival account. However, you have the option of transferring up to $75,000 CAD into your B M O pre-arrival account to help you get started in Canada. When you get to Canada, just visit a B M O branch to activate your account.
If you are also opening a student Guaranteed Investment Certificate (G I C), you will need to transfer a minimum amount of $20,785 CAD9 into your new bank account. This will cover the cost of the G I C plus all applicable B M O fees. Learn more about international student GICs. Permanent residents, foreign workers and international students from India can open a B M O chequing account online within minutes1 and send up to $75,000 CAD before arrival.
The B M O NewStart® Program offers banking products and services for permanent residents and foreign workers for their first five years in Canada. This program is designed to help make setting up your new life in Canada a little easier. Learn how the BMO NewStart® Program can help you.
1 More time may be required for processing the application for applicants from China. This is because additional documents may be required for the application.
2 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 B M O eclipse Visa Infinite* Card call 1-833-256-7136, for the B M O eclipse Visa Infinite Privilege* Card call 1-833-256-7137. To review current rates and fees for the B M O Prepaid Mastercard, visit bmo.com/rates-fees-prepaid, for all other credit cards visit bmo.com/rates-fees.
3 A fee of $5 per transaction will be charged unless the transaction is completed from an account with the Premium Plan, or Performance Plan. Transfer limits apply. Fees charged on U . S . dollar accounts are charged in U . S . dollars. There is no charge when sending funds from your B M O Canada account to a B M O U . S . bank account. Bank Plans that do not include unlimited transactions may be subject to excess transaction fees in addition to the transfer fee when you exceed the number of transactions in your Bank Plan.
4 Students at a full-time university, college or registered private vocational school are eligible to receive the Performance Plan with no monthly Plan fee or receive a discount equivalent to the Performance Plan fee from the Premium Plan fee. Recent Graduates from a full-time university, college or registered private vocational school are eligible to receive the Performance Plan with no monthly Plan fee or receive a discount equivalent to the Performance Plan fee from the Premium Plan fee for up to one year after graduation. You are responsible for all fees relating to any transactions, services, and products not included in your Bank Plan. Proof of eligibility is required.
For the Students discounted banking program, you must provide proof of registration. We may require proof of expected program completion, up to a maximum of four years, otherwise you may be required to provide annual proof of eligibility. Program benefits will end in the year in which you are scheduled to graduate (maximum of four years). To continue your eligibility for the Program, you must provide proof of expected program completion date or proof of registration by November 30 of the year in which your Program benefits end. Plan and other fees paid prior to confirming eligibility may not be refunded.
5 Includes everyday banking transactions at a B M O branch, B M O A T M, B M O Telephone Banking, B M O Online Banking, B M O Mobile Banking, debit card purchases, cheques drawn on your account and Pre-Authorized Debits.
6 INTERAC e-Transfer® transactions are subject to maximum send and receive dollar amounts. For Bank Plans that do not include unlimited transactions, excess transaction fees may apply if you perform an INTERAC e-Transfer® transaction over and above the number of transactions allowed for the Plan. A cancellation fee may still apply when you cancel the transaction.
7 To qualify for any special offer pertaining to the B M O NewStart® Program as set out above, a customer must be a permanent resident or foreign worker who arrived in Canada within the last five (5) years. 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 (I M M 1442). The Bank Plan offer included in the B M O NewStart® Program applies to the Performance Plan only. Other Bank Plans are available but are not included in the free banking offer. You are eligible to receive the full monthly Plan fee rebated for a twelve (12) month period and are responsible for all transaction, service and product fees not included in your Bank Plan. After the twelve (12) months of being enrolled in the B M O NewStart® Program, eligibility for the monthly Bank Plan fee waiver ends and the full monthly Bank Plan fee ($16.95/month) will be applied to your account automatically.
8 We guarantee your interest rate for the selected fixed rate mortgage type and term for up to 130 days from the rate guarantee start date. If the mortgage is not funded within the 130-day period, the interest rate guarantee expires. Applicable to residential mortgages only and subject to Bank of Montreal standard lending criteria for residential properties. Longest rate guarantee of any major Canadian bank as of February 1, 2024.
9 At present the B M O International Student G I C program offers a G I C in the amount of $20,635, which reflects the financial requirements for study permit applicants who intend to study outside the province of Quebec. For details, please refer to the IRCC website.
10 B M O NewStart® Pre-Arrival account opening program won two global awards for Newcomer Digital Experience in 2023: B A I G l o b a l I n n o v a t i o n A w a r d f o r e m b r a c i n g d i g i t a l i n n o v a t i o n t o t r a n s f o r m t h e c u s t o m e r e x p e r i e n c e , a n d i s t h e G o l d w i n n e r i n t h e Q o r u s B a n k i n g I n n o v a t i o n A w a r d s 2 0 2 3 f o r ‘ C o r e O f f e r i n g I n n o v a t i o n ’ . V i s i t https://newsroom.bmo.com/2023-11-29-BMO-Wins-Two-Global-Awards-for-Newcomer-Digital-Experience for more details.
®* Mastercard is a registered trademark, and the circles design is a trademark of Mastercard International Incorporated. Used under license.
* Trademark of Visa International Service Association and used under license.