Have you recently moved to Canada? Are you looking for promotions from Canadian banks for newcomers? I bet you are in the right place then. In this article, we will cover the best newcomer banking promotions you are looking for from the big 5 Canadian banks.
At the risk of sounding biased, I have to say that Canada is a truly great country to live and work in, make friends and build your career and business. And many people who already live in the country can attest to this. If you are considering immigrating to Canada, or perhaps you are just arriving, there are certain things you need to do to truly enjoy all that this country has to offer.
For one, move to a new country is never as simple as it seems. There are a lot of changes getting used to changing time zones, having to look for a new home, finding a job, getting used to a new culture and settling into life in a new country. Getting your feet firmly on the ground will take some time, especially when it comes to getting your finances in order.
Promotions from Canadian banks for newcomers
In addition to moving yourself, your family (if applicable) and your property to Canada, the first thing you need to think about is moving your money. Fortunately, many banks and financial institutions are ready to deal with these kinds of situations and have developed offers – in terms of banking packages – to help you make your financial transition transparent and beneficial.
There is something for everyone when it comes to attractive bank promotions: temporary workers, international students and permanent residents. Whether it’s credit cards, checking accounts, loans, savings accounts, trading accounts, mortgage assistance, here are the 5 best Canadian banking promotions that we believe are the best that newcomers to Canada can take advantage of upon arrival.
Keep in mind that this list is more focused on promotions from Canadian banks than the banks themselves. Indeed, you will often find that not all the banking products you need are available from a single bank or financial institution.
1. Bank of Montreal (BMO) Fresh Start Program
This multinational banking and investment company offers a solid package for newcomers to Canada. Known as BMO Fresh Start Programit’s ideal for helping new immigrants, as it’s essentially a banking package with no fees for your first 12 months in the country.
Here is a breakdown of the BMO NewStart program offers:
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Operate an unlimited checking account and small safe for your first year with all fees waived ($191.40 for checking account and $55 for safe).
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A Smart Saver account with access to a cash welcome bonus of $300 and a lucrative savings rate of 2.75% (bonus and savings rate subject to change at any time). You can use this account to pay your bills or to manage direct deposits on a recurring basis.
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You’ll also get free Interac e-transfers within the country. You can send and receive payments, or request payments between two Canadian banks, free of charge.
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Access to no annual fee BMO Cash Back Mastercard. With this card, you can receive up to 5% cash back on all eligible purchases for your first 3 months, plus a welcome balance transfer interest rate of 1.99%.
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You’re automatically eligible for a bonus when you choose from their group of one-year Guaranteed Investment Certificate (GIC) options.
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Access competitive mortgage options from BMO to help you get and get settled in your first home quickly.
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You can use BMO’s international money transfer feature — thanks to its alliance with Western Union — to send money across borders to more than 200 countries, including your home country.
To be eligible for the BMO FreshStart program, you must be in the country as a foreign worker or permanent resident.
Additionally, you should be relatively new to Canada and have been here less than five years. You will also need to have your permanent resident card, a residence or work permit confirmation document and at least one government-issued ID. A Canadian passport or Canadian driver’s license would suffice.
2. CIBC banking package Welcome to Canada
The Canadian Imperial Bank of Commerce (CIBC) also a welcome package which is competitive in its offering. It offers everything from credit card deals and car loan solutions to all kinds of banking and investment accounts, and much more.
Current banking promotions offered by the CIBC Welcome to Canada banking package:
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CIBC offers a no monthly fees on bank account during your first 12 months. If you opt for their vault offer, you can also get up to $60 cash back.
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There are plenty of credit card options to choose from. With a CIBC credit card, there are no security deposit requirements, no need to have an income or credit history. This is perfect for helping Canadian newbies build their credit history without overwhelming them with requirements.
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FREE access to Tax-Free Savings Accounts (TFSAs), Guaranteed Investment Certificates (GICs), mutual funds and more. These products help you financially secure your family’s future.
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With CIBC mortgage options, you can get settled faster with mortgage options that have lower down payment requirements and don’t require a credit history.
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The same goes for their car loan options. No credit history required.
To have the best chance of opting for this CIBC offer, you must have obtained permanent resident status no older than five years. Of course, you will need a permanent resident card or documents to confirm your permanent resident status and a government-issued ID.
3. Scotiabank JumpStart Program
Scotiabank’s offer is quite simple and straightforward, like all the options above. You will find bank fee waivers, bonuses and much more.
Here’s what you’ll get with the StartRight Program:
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If you opt for their Preferred Plan checking account and small safe, you won’t pay an annual fee for your first 12 months on either of them. This represents a savings of $240. You are also entitled to bonuses with the safe.
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Free Interac e-Transfer transactions between two Canadian banks.
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A multitude of credit card options for every unique newcomer situation. You won’t need any credit history for any of them.
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A Scotiabank auto loan option that requires you to make a down payment of as little as 10%.
Scotiabank’s eligibility requirements are a little different from the others above.
For example, your permanent resident status must not be more than 3 years old. International students and foreign workers are also eligible. You will need a government-issued ID, a permanent resident card, a document confirming permanent resident status, or a work permit (for foreign workers).
4. National Bank of Canada (NBC) newcomer package
This offer from the National Bank of Canada has a particularity that sets them apart from the other offers on this list: their free banking offer is available for up to 3 years (compared to 12 months for the other offers on this list). Let’s take a closer look.
Current banking promotions offered by the BNC package for newcomers to Canada:
To be eligible, you must be a temporary worker, permanent resident or international student.
You must be at least 17 years old, regardless of where in the country you reside. You must have applied for an NBC account between three months before your arrival and five years after your arrival. The documents you will need include a government ID and a work permit or proof of permanent residence.
5. HSBC Canada Newcomer Program
The remarkable feature of HSBC newcomer package is the availability of a multi-currency account, a plus for new Canadians who need to regularly send money home.
Current banking promotions offered by the HSBC Canada Newcomer Program:
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No-fee checking account for your first year. It comes with a welcome bonus of $500 when you also sign up for their online banking services and make a stated minimum deposit.
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Possibility of opening a multi-currency account. Ideal for regular international transactions.
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A safe with a $50 Welcome Cash Bonus.
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Apply for an HSBC Mastercard with no credit history and a credit limit of $2,000.
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Start your investment portfolio with HSBC’s various investment funds and savings accounts.
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Make free international transfers if you send amounts under $10,000.
Additionally, if you have been a resident for less than 5 years and have not operated an HSBC account in the past, you are eligible for the new arrival package. Just make sure you have your proof of residency, work permit or permanent resident card, and government-issued identification.
Alternative options to full promotions from Canadian banks
Some people have specific financial needs that do not require them to sign up for one of the plans above. For new immigrants, this can be several things:
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Credit cards with low interest rates, or no annual fees, or cash back offers, guaranteed credit, travel incentives, or other things.
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Mortgages for first-time home buyers.
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Non-resident loans
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Auto Loans
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And much more
If you need a good deal on just one of the items mentioned above (or any other items not mentioned), you may need to dig a little deeper. However, if you are a new immigrant looking for a good banking deal to help you settle into a new country easily, consider one of the banking promotions on this list.
A note of warning: be sure to read the fine print of each of these offers thoroughly. You don’t want to jump headfirst into one of these deals only to find out later that it was a bad financial decision.
Conclusion
There you have it, that was the list of “5 best Canadian banking promotions for newcomers” in 2020.
All the banks mentioned on this list are among the largest and most successful Canadian banks. This makes your money much safer and risk-free. I’ve also written a ton of other articles on this blog that will help newcomers while settling into Canada, so be sure to check them out.
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