This blog has been produced in partnership with CIBC.

Welcome to your new beginning in Canada! While you navigate your early days here, we have answers to your questions on how to get started and, more importantly, what needs to get done.

This guide has banking tips for newcomers that will pave the way for a smooth financial transition. With the help of CIBC, you’ll find a simplified list of the essentials, from internet setup to getting a Social Insurance Number (SIN) and the different types of banking services that will work for you – not the other way around.

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1. What do you need?

Once you get to Canada, try not to feel too overwhelmed by it all. We know there can be a lot to check off the list. But CIBC has a checklist that will have you staying on top of it all. This way, you can enjoy the move as the exciting start to your next chapter.

In your first week, you will need to get internet access and set up your cell phone. Staying connected to home is important because you’ll need your support system to navigate some of the uncertain times ahead. 

Make sure to get a Social Insurance Number (SIN) shortly after your arrival. This step is very important because you need a SIN to complete the all-important step of setting up a bank account. When you are ready to open a bank account, you’ll have officially completed your checklist.

Setting up a bank account lets you easily pay bills, have your paycheque deposited automatically, and have access your money whenever you need it. Plus, they’ll give you a debit card. It’s super handy for everyday shopping!

Click here for more information on what to do immediately after you arrive in Canada.

Person shopping with a CIBC credit card in a plant store.
Credit: CIBC

2. How do Canadian banks work?

Before you open a bank account, there are a few things to think about. With banking, there isn’t always one package that works for everyone. And your personal finances are unique to you. So, understanding Canadian banks is important to finding the best bank in Canada for you. 

Many of the banks you see around offer two accounts – chequing and savings accounts. Chequing Accounts are for your everyday shopping, while your Savings Accounts have a limited number of transactions and help you save more with an earned interest rate. What does this mean? The money in your Savings Accounts will earn its own money at a rate selected by the bank.

There’s so much ease with banks in Canada through direct deposits and paying bills. Any cheque from your workplace, the government, or others, can be deposited without you having to visit an Automated Teller Machine (ATM). When you need to pay bills, the same idea is there. You can set up pre-authorized payments or make the payments online.

Click here for more information on basics of banking in Canada.

Person sitting in a chair while looking at their phone after they arrive in Canada.
Credit: CIBC

3. What banking services in Canada are right for you?

Now that you have a good idea of where to start, consider your needs. The banks here ensure safe and efficient wire transfers from your banks outside of Canada. This way you can get any money that you saved up to Canada. And most transactions can be completed online. With the incredible tech in our phones, mobile banking is made easier.

Additional Financial Services

Picture this: Seamless e-transfers to loved ones around the world. Or perhaps you’re making plans to buy your dream home, start a business and need a bank loan. The adventure begins with your unique questions and goals.

For questions and concerns about accounts, you can make face-to-face appointments for real, personalized answers.

Click here for more information on banking services in Canada.

Person planning for their financial future while looking at a laptop screen.
Credit: CIBC

CIBC SmartTM Account for Newcomers

Take advantage of one of the best banking offers for newcomers in Canada. Pay no monthly fees for 2 years 1 when you open your first CIBC Smart™ Account for Newcomers. Plus, get a $400 Costco Shop Card 2 when complete the qualifying actions.

Make easy decisions about banking in Canada with CIBC!

Apply Now.

Welcome to the world of Canadian banking. You’re not just learning the basics; you’re uncovering the keys to financial empowerment in your new Canadian adventure. Armed with this knowledge, you’ll not only make informed decisions about your money, but you’ll do it with the swagger of a financial rockstar.

So, buckle up for the ride of mastering Canadian banking intricacies – it’s your ticket to financial confidence!

  1. The CIBC Smart™ Account for Newcomers is offered to those who have received landed immigrant or permanent resident status in the last 5 years, or those who are temporary resident workers who have a Canadian work permit issued for at least a 12-month term. Must show proof of entry into Canada and provide supporting documents such as landing papers, permanent resident card or Canadian work permit (IMM 1442). Monthly account fee is rebated for two years after which regular monthly account fees apply without notice.  ↩︎
  2. Reward offer begins on March 11, 2024, at 12:01 am ET. Offer available to Canadian residents who are age 25 and older for a CIBC Smart Account or have reached the age of majority for a CIBC Smart Plus Account, and from 2019 to the time of opening the account are not holders or joint holders of a CIBC chequing account, all as determined by CIBC in its sole discretion. To qualify for the $400 Costco Shop Card offer, open a CIBC Smart Account or CIBC Smart Plus Account and provide your email address. Within 2 months after the month of opening the account, complete at least 1 or more recurring direct deposits totaling at least $500 per month from your employer, government or your pension and 1 of the following 3 activities:  (I) 2 different recurring pre-authorized debits within the same calendar month; (ii) 5 eligible Visa* Debit purchases within the same calendar month; or (iii) 2 online bill payments of at least $50 each within the same calendar month. The direct deposit and the pre-authorized debit must remain in effect for at least 1 year from after the month of opening the account. Eligibility of transactions will be determined by CIBC in its sole discretion. Offer cannot be combined with any other offer, reward, rebate or the CIBC Smart Start or CIBC Smart for Students benefit on the CIBC Smart Account unless otherwise indicated by CIBC. If all offer requirements are met, a physical or digital Costco Shop Card (as selected by CIBC) will be mailed or emailed to you within 7 months after the month that you opened the account. Costco Shop Cards are issued by Costco Wholesale Canada Ltd. and are subject to the restrictions set out in Costco Shop Card terms and conditions available at Costco.ca and may be subject to change from time to time. For non-Costco members, Costco Shop Cards can only be used for purchases at a Costco warehouse in Canada or United States and not for online purchases. CIBC reserves the right to end, cancel, change, or suspend this Offer or change these terms at any time without notice. Other conditions apply; review the full terms and conditions (PDF, 140 KB). ↩︎

About the writer

Jenna completed her Masters in Museum Studies at the University College Cork in Ireland. Having worked in a variety of museums and galleries in Canada and Ireland, she is passionate about building community connections through art and culture.