Banking in Canada

Opening an account before your credit history exists, and the fastest way to build one from zero.

Opening your first account

Every major bank runs a "newcomer" package — waived fees for a set window, a starter credit card issued without any Canadian credit history, and the option to open the account from abroad so a debit card is waiting when you land. The fine print varies more than people expect:

Building credit from nothing

Canadian credit history doesn’t travel with you — everyone starts at zero, scored 300–900 by Equifax and TransUnion. The standard on-ramp is a secured credit card: you put down a refundable deposit (as low as $50) that becomes your limit, use it lightly, pay it off in full every month, and expect to graduate to an unsecured card within 12–18 months. Several banks’ newcomer packages skip the secured step entirely and issue a real card on landing.

A parallel option worth knowing about: rent-reporting services can feed your on-time rent payments into your credit file, since rent is often a newcomer’s biggest recurring bill and otherwise invisible to the bureaus.

Sending money and everyday banking

Bank wires are the expensive default — about $45 CAD to send internationally, plus a hidden 2–3% exchange-rate markup most people never notice. A transfer app (Wise is the common recommendation) usually costs a fraction of that on the same transfer. For everyday banking, EQ Bank and Wealthsimple are the two digital-first names Canadians reach for — no monthly fees, and interest on savings that beats the Big Five’s standard accounts by a wide margin.