RESOURCE
Banking and money
Open an account, understand fees, avoid traps: the basics for managing money in Canada.
Opening a bank account is one of the first steps after arriving in Canada. Even without employment or credit, most banks will open a basic account. Here is what you need to know.
First steps
Open a bank account as soon as you arrive, preferably at a major bank (RBC, TD, Scotiabank, BMO, CIBC, or Desjardins in Quebec).
Bring required documents: passport, residence permit, Canadian address.
Ask for a no-fee or low-fee account — many banks offer special accounts for newcomers.
Start building a credit history as soon as possible (secured credit card, on-time payments).
Compare international transfer services before using one (Wise, Remitly, Western Union).
Common mistakes
Using informal, unregulated transfer services.
Sharing banking information by email or phone without verification.
Not checking monthly account fees before signing up.
Not starting to build credit in the first months — this delays access to services like loans or rentals.
Sending money to someone you don't know in person under the pretense of a good deal or help.
Official resources
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Marhaban Canada provides general and informational support. This service does not replace a lawyer, a regulated immigration consultant, or a government body.