Choosing a bank and getting started with your finances

The financial system in Canada may be a little different from what
you’re used to back home. For instance, the Canadian economy is
credit-driven and newcomers often underestimate how important
having a good credit history can be for your financial success in
Canada. The types of bank accounts that are commonly used here
may also be different. Do your research to explore the various
newcomer banking products available to lay a strong financial
foundation even before you land.

Canada’s financial ecosystem is made up of banks, credit unions,
trusts, and other financial and insurance companies, and it is
considered to be one of the safest in the world.
The five largest banks in Canada are often referred to as the “big
five” in banking. They are:

Sometimes, you may hear the term “big six,” including the National
Bank of Canada – although note that its operations are primarily
focused in the provinces of Quebec and New Brunswick.
In addition to these banks, there are a couple of digital-only
banks, such as Tangerine (a subsidiary of Scotiabank) and Simplii
Financial (a subsidiary of CIBC).

As you choose your financial institution, it may be helpful to
know that the big five banks have newcomer banking packages
that specifically cater to permanent residents and international
students and are thus better positioned to assist you in your
unique situation. You may also benefit from having an advisor who
is familiar with the newcomer experience and understands your
financial questions, priorities, and banking needs.

As a newcomer, you want a trusted partner who understands
your banking needs. RBC (Canada’s largest bank*) has been
such a partner to newcomers for 150 years. It’s why they support
everything we do at Arrive. In their 2020 rankings, Global Finance
magazine placed RBC at the #1 position for World’s Safest
Commercial Banks and the #1 Best Bank in North America in 2021.

To open a newcomer bank account, you will need to have the
following documents with you on the day of the appointment:

• Your passport
• CoPR and/or Social Insurance Number (SIN)