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Banking

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  • Settle and Belong

Canadian banks and other financial organizations are safe places to keep your money. Other financial organizations include trust companies, credit unions, and caisses populaires. Many major banks offer special services for people who have recently moved to Canada. 

A bank can help you with:

  • Managing your money
  • Paying bills
  • Planning your finances
  • Credit services like loans and mortgages

Opening a bank account is one of the first steps to manage your money well. Banks will provide you with free information about their services and can answer your questions. You do not need to book an appointment.

To open a bank account, you may need to provide identification and information about your residence, employment and credit history. You do not need a job to open a bank account and no minimum deposit is needed to open an account.

The five largest banks in Canada are:

  • Bank of Nova Scotia (Scotiabank) 
  • Bank of Montreal (BMO Financial Group)
  • Canadian Imperial Bank of Commerce (CIBC)
  • Royal Bank of Canada (RBC) 
  • Toronto-Dominion Bank (TD Bank Financial Group)

Your settlement worker can provide information to help you make banking decisions.

Additional resources

The Government of Canada has more information about money and finances, including:

  • Managing your money
  • Debt and investments
  • Planning for retirement
  • Protecting yourself from consumer fraud

The Financial Consumer Agency of Canada (FCAC) has more information on how to open a personal bank account. This includes a list of identification needed to open an account. The FCAC also has information about:

  • Financial products
  • Financial services
  • Rights and responsibilities of a financial consumer

The Canadian Bankers Association (CBA) provides banking information for newcomers, including, banking services, saving money, and sending money abroad.

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Contacts

Kitchener-Waterloo Multicultural Centre

102 King Street W, Kitchener ON

Phone: 519-745-2531

Email Kitchener-Waterloo Multicultural Centre

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© 2017 Immigration Waterloo Region
235 King Street East, 6th Floor,
Kitchener, Ontario N2G 4N5

Tel: 519-575-4757 ext. 3172
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  • Before You Move
    • Arrival Checklist
    • Immigration and Residency Options
    • Life in Canada
    • Permanent Resident Card
    • Taxes
    • Immigration Partnership
  • Settle and Belong
    • Banking
    • Education for Children
    • Emergency and Crisis Support
    • Ethnic Foods and Groceries
    • Explore Waterloo Region
    • Financial and Food Assistance
    • Find Local Services
    • Health Care
    • Housing
    • View All...
  • Study and Work
    • Can I Work in Canada?
    • For Newcomers
    • Hire Immigrants
    • Labour Market and Industry Information
    • Language Training
    • Salary Standards and Minimum Wage
    • Adult Secondary School Options
    • Transferring Skills and Licenses
    • University and College
    • View All...
  • Business Opportunities
    • Hire Immigrants
    • Immigration Partnership
    • Move or Expand a Business in Waterloo Region
    • Start a Business
    • Taxes

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