Top Banks in Toronto
Safe & Trusted Financial Services for Newcomers
Finding a reliable bank in Toronto can be challenging for newcomers. This guide highlights the top banks offering safe, trusted, and newcomer-friendly financial services.
Why Choosing the Right Bank Matters
The right bank offers low fees, easy account setup, and support in multiple languages — essential for a smooth financial start in Canada.
Top 3 Banks for Newcomers in Toronto
| Bank | Features | Welcome Offer |
|---|---|---|
| RBC | Multilingual staff, newcomer packages | Up to $300 bonus |
| TD | Easy online account setup | Up to $350 bonus |
| Scotiabank | Low fees, global access | Up to $400 bonus |
How to Open a Bank Account in Toronto
passport
immigration documents
proof of address
Final Tip for Newcomers
Compare bank offers before committing. Sometimes, smaller community banks or credit unions offer better deals than the big five banks.
Frequently Asked Questions
Q1: Do I need Canadian credit history to open a bank account?
A1: No. Most banks in Toronto allow newcomers to open an account with only their passport, study permit, or work permit. Credit history is not required for basic accounts.
Q2: Can I transfer money internationally from my bank in Toronto?
A2: Yes, most banks offer international wire transfers. However, the fees can be high, so you might consider using a currency exchange service like ours for better rates.
Contact us
After choosing your preferred bank, you can use our exchange services for the best rates and fast transactions. Contact us today and get free consultation.