BMO
BMO NewStart
BMO NewStart is the bank's program for permanent residents and foreign workers in their first five years. The chequing offer is two years without the Performance Plan monthly fee.
Last checked October 19, 2026
Financial Consumer Agency of Canada
Your right to open a bank account
Federal rules say a bank must let you open a personal deposit account even if you do not have a job, do not have money to deposit today, or have been bankrupt. You still have to prove who you are.
- Last checked
- October 19, 2026
- Source
- Financial Consumer Agency of Canada, opening a bank account
- Audience
- Permanent residents, Temporary workers, International students, Refugees and protected persons
Some links may earn us a commission. How we make money.
What we could verify
- You can open an account with no job, no opening deposit, and even after bankruptcy.
- You do not have to be a Canadian citizen. You may be asked to open in person.
- Bring original ID, not photocopies. One accepted path is two reliable documents: one with your name and address, one with your name and date of birth. A foreign passport is on the list.
- A bank can refuse in specific cases, including suspected fraud, and it must give you the refusal in writing plus how to complain.
- When a fee goes up or a new charge appears, the bank has to tell you in writing.
This is the rule book, not a product. The Financial Consumer Agency of Canada explains the Access to Basic Banking rules that sit underneath every newcomer package on this page. A marketing offer can ask you to be a permanent resident or to visit a branch. The basic right is broader: if you can identify yourself, a bank generally has to open a deposit account.
The two-document path is the one most newcomers use, because a foreign passport counts and a second document can show your name and address. If you only have one document with your name and date of birth, a customer in good standing or someone of good standing in the community can confirm your identity. Online-only banks may still require an existing account elsewhere. FCAC's page also links to its account comparison tool, which is useful once the newcomer waiver ends and you are choosing a regular plan.
Who it is for
Anyone who can meet the identification rules, including people who are not citizens and people living in another country who come in to open the account. Refusal reasons are listed on the FCAC page and are narrower than 'you are new here.'
How to act on it
Ask the bank to open a personal deposit account and bring original identification. If you are refused and you disagree, ask for the written reasons and the complaint steps, which must include the Ombudsman for Banking Services and Investments and FCAC's contact details.
Also in bank accounts
CIBC
CIBC Smart Account for Newcomers
CIBC's newcomer chequing account has no monthly fee for two years if you are 25 or older. A $500 cash reward and a Costco membership are extra offers with conditions and an end date you should read on the page.
Last checked October 19, 2026
Desjardins
Desjardins newcomer welcome offer
Desjardins offers eligible newcomers an everyday account on the Unlimited plan with no monthly plan fee, plus two years of legal phone assistance. The banking offer is built around caisses, which are concentrated in Quebec.
Last checked October 19, 2026