Opening a bank account is one of the first financial steps most newcomers take after arriving in Canada. You may need an account to receive your salary, pay rent, send Interac e-Transfers, set up utility payments and manage everyday expenses.
Getting a credit card can be more complicated because many lenders normally assess an applicant’s Canadian credit history. A new immigrant may have managed loans and credit cards responsibly for years in another country but still arrive in Canada without a Canadian credit file or credit score.
Fortunately, several major Canadian banks operate newcomer programs that allow eligible permanent residents, foreign workers and international students to apply for credit cards without an established Canadian credit history. Some programs also provide no-fee chequing accounts, international money-transfer benefits, rewards and credit limits of up to $15,000, subject to approval.
This guide compares the best Canadian banks and starter credit cards for newcomers in 2026. It also explains how to build credit, avoid expensive interest charges and choose the right banking package for your immigration status and financial needs.
Important: Bank promotions, interest rates, eligibility windows and credit limits can change. The information below was verified on 31 July 2026. Approval is never guaranteed, even where a bank states that Canadian credit history is not required.
Can You Open a Canadian Bank Account Without Credit History?
Yes. Opening a deposit account is different from applying for credit.
The Government of Canada states that a person may open a bank account with acceptable identification even without a job, an initial deposit or a perfect financial history. Non-citizens may also be able to open accounts in Canada, although an in-person visit may be required.
Your credit history normally becomes relevant when you apply for products that involve borrowing, such as:
- Credit cards;
- Personal loans;
- Lines of credit;
- Vehicle financing;
- Mortgages; and
- Overdraft protection.
A bank account stores and transfers your money. A credit card allows you to borrow from the card issuer up to an approved limit. The credit-card issuer therefore evaluates factors such as income, immigration status, identification, employment and ability to repay.
Why Canadian Credit History Matters
Canada’s two main credit bureaus are Equifax and TransUnion. They collect information about credit accounts, balances and repayment behaviour reported by lenders.
Your credit score can affect:
- Credit-card approvals;
- Credit limits;
- Personal-loan rates;
- Vehicle financing;
- Mortgage eligibility;
- Rental applications;
- Mobile-phone financing; and
- The amount of interest a lender charges.
The Financial Consumer Agency of Canada explains that a credit score rises when a consumer pays bills on time and uses credit responsibly. It can fall when payments are missed, balances are excessive or a person applies for too much new credit within a short period.
Your previous credit history usually does not automatically appear in your Canadian credit report. Some banks may consider foreign credit information through special international services, but most newcomers still need to establish a Canadian record.
Best Newcomer Banks in Canada: Quick Comparison
| Bank | Newcomer chequing benefit | Credit card without Canadian history | Potential limit | Best suited to |
|---|---|---|---|---|
| CIBC | No monthly fee for 2 years | Yes, without a security deposit for eligible applicants | Up to $15,000 | Newcomers wanting a long fee waiver and several card choices |
| Scotiabank | No monthly fee for 1 year | Yes through StartRight | Up to $15,000 | Applicants who may be able to use foreign credit history |
| RBC | No monthly fee for 1 year | Yes for eligible recent newcomers | Up to $15,000 | Newcomers wanting a straightforward no-fee cash-back card |
| TD | No monthly fee for 1 year | Yes, with several newcomer card options | Up to $15,000 for eligible permanent residents | Applicants wanting chequing, savings and credit together |
| BMO | No monthly fee for 2 years | Yes through NewStart | Determined individually | Permanent residents and workers who arrived within five years |
| National Bank | No fixed monthly fee for up to 3 years under its newcomer offer | Credit cards available subject to approval | Determined individually | Newcomers living in Quebec or using National Bank’s regional network |
A limit described as “up to $15,000” is not a guaranteed starting limit. The approved amount can depend on income, employment, immigration status, existing debt and the bank’s internal credit assessment.
1. CIBC Smart Account for Newcomers
Best for a Two-Year Fee Waiver and Broad Card Selection
CIBC offers one of the strongest all-round newcomer packages for people who want to avoid monthly chequing fees while establishing credit.
Eligible newcomers can open a CIBC Smart Account for Newcomers and pay no monthly account fee for two years. The account includes unlimited transactions and Interac e-Transfers. CIBC also offers its Global Money Transfer service with no CIBC transfer fee to more than 120 countries, although exchange-rate costs and receiving-bank charges may still affect the total transfer cost.
After the two-year newcomer period, the regular monthly fee may apply unless the account holder qualifies for another waiver. CIBC currently states that the standard fee can be waived by maintaining the required balance under its account terms.
CIBC Credit Cards for Newcomers
CIBC states that an eligible newcomer may qualify for a first credit card with a limit of up to $15,000 without Canadian credit history or a security deposit. Applicants generally need to visit a branch with their immigration and identification documents.
Current newcomer options include:
- CIBC Dividend Visa Card;
- CIBC Adapta Mastercard;
- CIBC Dividend Platinum Visa;
- CIBC Aventura Gold Visa; and
- Other eligible cards based on income and approval.
The no-annual-fee CIBC Dividend Visa is a practical starter option for a newcomer who wants to build credit without paying for premium travel benefits. It currently earns cash back on eligible groceries, travel booked through the designated CIBC channel and other purchases, with a purchase interest rate of 21.99%.
CIBC also features the Dividend Platinum Visa for newcomers. It currently has a $99 annual fee, rebated for the first two years under the offer, a minimum household-income requirement of $15,000 and a 21.99% purchase interest rate.
Advantages
- Two years without monthly chequing fees;
- No security deposit required for eligible newcomer credit cards;
- Potential credit limit of up to $15,000;
- Several no-fee, cash-back and travel-card options;
- Pre-arrival account opening for eligible applicants through CIBC Smart Arrival; and
- International money-transfer features.
Limitations
- The highest credit limit is not guaranteed;
- Some cards have annual fees after promotional rebates end;
- Premium rewards may not justify the fee for a low spender; and
- Account fees can begin after the newcomer period.
Who Should Choose CIBC?
CIBC is a strong choice for permanent residents and foreign workers who want a two-year chequing-fee waiver and prefer to choose from several credit-card types rather than being limited to one basic starter card.
2. Scotiabank StartRight Program
Best for Using Credit History From Selected Countries
The Scotiabank StartRight Program provides newcomer banking, credit-card, mortgage, vehicle-financing and international-transfer services.
Eligible newcomers can currently receive the Preferred Package chequing account without its $16.95 monthly account fee for the first year. The account includes unlimited debit and Interac e-Transfer transactions.
Scotiabank states that newcomers do not need Canadian credit history to apply for a credit card through StartRight and may qualify for a credit limit of up to $15,000.
Foreign Credit History Through Nova Credit
A significant feature is Scotiabank’s partnership with Nova Credit. Applicants from selected countries may be able to transfer or use their home-country credit history when applying for a higher credit limit.
This can benefit a newcomer who had a strong record abroad but has not yet established a Canadian score. The service is available only for supported countries and does not guarantee approval.
Scotia Momentum No-Fee Visa
The Scotia Momentum No-Fee Visa is one of the most suitable Scotiabank starter cards for newcomers.
Current terms include:
- $0 annual fee;
- 20.99% purchase interest;
- 22.99% cash-advance interest; and
- Cash-back rewards on eligible purchases.
The card is designed for people who want a straightforward payment method, cash back and an opportunity to establish credit without an annual fee.
Scotiabank Scene+ Visa
The Scotiabank Scene+ Visa is another no-annual-fee option. It earns Scene+ points, including enhanced rewards at participating grocery stores and Home Hardware. Its current purchase interest rate is 21.99%.
This option may suit a student or newcomer who regularly shops at participating Scene+ partners. However, cash back may be easier to understand and use than points for someone unfamiliar with Canadian reward programs.
Advantages
- Credit cards available without Canadian credit history;
- Potential limit of up to $15,000;
- Ability to consider foreign credit history from selected countries;
- No-fee cash-back and reward-card options;
- Unlimited everyday transactions under the Preferred Package; and
- International-transfer benefits.
Limitations
- The chequing fee waiver lasts one year;
- Nova Credit is not available for every country;
- A higher foreign score does not guarantee a Canadian approval; and
- The Preferred Package fee applies after the promotional period unless waived under regular terms.
Who Should Choose Scotiabank?
Scotiabank is particularly attractive for newcomers from countries supported by Nova Credit. It is also a good option for someone who wants a no-fee credit card and a bank with a dedicated newcomer program.
3. RBC Newcomer Advantage
Best for a Simple No-Fee Cash-Back Starter Card
The RBC Newcomer Advantage currently provides:
- No monthly banking fee for one year;
- Unlimited debit transactions in Canada;
- Free Interac e-Transfers;
- No RBC fee for qualifying international money transfers; and
- Newcomer credit cards without Canadian credit history.
Eligible applicants may receive credit limits of up to $15,000, subject to income and approval.
RBC’s newcomer credit-card eligibility currently covers:
- Permanent residents who arrived within the previous 12 months;
- International students who arrived within the previous 12 months; and
- Temporary resident workers who arrived within the previous 48 months.
Applicants must still meet RBC’s identification, income and credit criteria.
RBC Cash Back Mastercard
The RBC Cash Back Mastercard is the most straightforward RBC option for many newcomers.
Current standard features include:
- $0 annual fee;
- 20.99% purchase interest;
- 22.99% cash-advance interest;
- Up to 2% cash back on eligible grocery purchases; and
- Up to 1% on eligible everyday purchases, depending on the spending tier.
The card is available to eligible RBC newcomers without Canadian credit history.
The card may be useful for credit building because there is no annual fee pressuring the holder to close the account later. Keeping an older account open can contribute to a longer credit history, provided it remains manageable and is used responsibly.
International Student Limits
RBC states that eligible international students can apply for a credit card with a limit of up to $2,000 without credit history. That student limit is lower than the maximum advertised for certain permanent residents and workers.
Advantages
- Simple no-annual-fee cash-back card;
- Potential credit limit of up to $15,000 for eligible newcomers;
- One year of no-fee everyday banking;
- Clear eligibility windows for permanent residents and workers;
- International-student options; and
- Wide selection of additional banking, mortgage and investment services.
Limitations
- Permanent residents generally need to apply within 12 months of arrival for the specific newcomer card treatment;
- The international-student limit may be relatively low;
- The chequing-fee waiver lasts only one year; and
- Cash-back rates are subject to spending categories and limits.
Who Should Choose RBC?
RBC is a strong option for newcomers who want a simple starter card without an annual fee and do not need complex travel rewards. It is especially suitable for people who intend to keep their first card open for several years while building credit.
4. TD New to Canada Banking Package
Best for Combining Chequing, Savings and Credit
The TD New to Canada Banking Package currently includes a TD Unlimited Chequing Account with no monthly account fee for one year. The account includes unlimited transactions, free Interac e-Transfers and no TD fee for using other banks’ ATMs in Canada, although the ATM operator may still impose a charge.
TD offers several credit-card options for newcomers and states that eligible Canadian permanent residents may qualify for a limit of up to $15,000 without Canadian credit history.
TD Cash Back Visa
The TD Cash Back Visa is a practical everyday starter card.
It currently earns:
- 1% cash back on eligible groceries;
- 1% on gas and electric-vehicle charging;
- 1% on public transit;
- 1% on recurring bills and selected digital purchases; and
- 0.5% on other eligible purchases.
Category limits and other conditions apply.
The standard purchase rate listed for the current newcomer offer is 21.99%. Newcomer promotional eligibility generally requires the applicant to be a permanent or temporary resident of Canada for five years or less and not already hold a TD credit-card account.
TD Aeroplan Visa Platinum
The TD Aeroplan Visa Platinum may appeal to newcomers who fly with Air Canada or collect Aeroplan points. However, it normally carries an annual fee after any first-year rebate expires.
A basic cash-back card may be better for a newcomer who does not travel frequently or cannot generate enough rewards to offset the annual fee.
Advantages
- One year without the chequing account’s monthly fee;
- Potential credit limit of up to $15,000 for eligible permanent residents;
- Several starter and travel-card options;
- Savings-account options within the same banking package;
- No TD charge at other banks’ Canadian ATMs under the newcomer account terms; and
- Suitable for permanent and temporary residents within the eligibility period.
Limitations
- The maximum advertised credit treatment may differ between permanent and temporary residents;
- The chequing-fee waiver ends after one year;
- Travel cards may charge annual fees after promotions; and
- Reward categories have annual spending caps.
Who Should Choose TD?
TD may suit newcomers who want chequing, savings and a credit card managed through one institution and who value access to in-person financial advice.
5. BMO NewStart Program
Best for a Long Eligibility Window
The BMO NewStart Program is available to eligible permanent residents and foreign workers who arrived in Canada within the previous five years. This is a longer eligibility window than some programs that require a permanent resident to apply within the first year.
The program currently provides the BMO Performance Chequing Account without monthly plan fees for two years. It includes unlimited transactions and Interac e-Transfers. After the two-year waiver ends, the regular Performance Plan fee is currently $17.95 per month unless another waiver or account change applies.
BMO Credit Cards for Newcomers
BMO states that Canadian credit history is not required for eligible NewStart credit-card applicants. If an applicant does not qualify for an unsecured card, BMO may consider a secured card backed by a deposit.
The BMO CashBack Mastercard is a common starter choice. It has no annual fee and currently earns:
- 3% cash back on eligible groceries;
- 1% on eligible recurring bill payments; and
- 0.5% on other eligible purchases.
BMO’s standard rates for most of its cards are currently 21.99% for purchases and 23.99% for cash advances or balance transfers outside Quebec.
Advantages
- Two years without monthly chequing-plan fees;
- Permanent residents and workers may qualify for up to five years after arrival;
- No Canadian credit history required for eligible applicants;
- No-annual-fee cash-back option;
- Secured-card possibility if unsecured approval is unavailable; and
- International-transfer and family-banking benefits.
Limitations
- NewStart’s main eligibility language focuses on permanent residents and foreign workers;
- BMO does not advertise the same universal maximum newcomer limit on the cited page;
- The regular Performance Plan fee begins after two years; and
- All applications remain subject to approval.
Who Should Choose BMO?
BMO is especially useful for a permanent resident or foreign worker who has been in Canada for more than one year and no longer qualifies for a bank program limited to very recent arrivals.
6. National Bank Newcomer Account
Worth Considering for Newcomers in Quebec
National Bank offers a newcomer account with no fixed monthly fee for up to three years under its current promotion. It also provides credit-card, mortgage and professional banking options.
Its services may be particularly convenient for people living in Quebec, where National Bank has a strong presence.
However, its newcomer pages do not make the same broad no-credit-history and maximum-limit promise highlighted by RBC, CIBC, TD, Scotiabank and BMO. Credit-card approval remains subject to the bank’s normal assessment.
National Bank may therefore be a strong everyday bank but not necessarily the first option for a newcomer whose main goal is obtaining an unsecured card without Canadian credit history.
Best Credit Cards for Newcomers With No Credit History
Best Overall Starter Card: RBC Cash Back Mastercard
The RBC Cash Back Mastercard offers:
- No annual fee;
- Straightforward cash-back rewards;
- No Canadian credit history requirement for eligible newcomers; and
- A standard purchase rate of 20.99%.
It is a practical first card for groceries, recurring bills and small everyday purchases.
Best for Foreign Credit Recognition: Scotia Momentum No-Fee Visa
Scotiabank’s StartRight program may consider foreign credit history through Nova Credit for applicants from selected countries. The Momentum No-Fee Visa has no annual fee and a current purchase rate of 20.99%.
Best for a Two-Year Banking Bundle: CIBC Dividend Visa
The CIBC Dividend Visa has no annual fee, earns cash back and can be combined with CIBC’s two-year no-fee newcomer account. Eligible newcomers may qualify without a security deposit or Canadian credit history.
Best for Everyday Spending Categories: TD Cash Back Visa
The TD Cash Back Visa provides enhanced rewards on groceries, fuel, transit and recurring payments. It may be suitable for a worker who plans to use the card for predictable monthly costs and pay the balance in full.
Best Grocery Cash Back: BMO CashBack Mastercard
The BMO CashBack Mastercard offers 3% cash back on eligible groceries without an annual fee. The enhanced grocery rate is subject to its spending cap and card terms.
What if a Newcomer Card Application Is Declined?
A declined unsecured-card application does not prevent you from building Canadian credit.
A secured credit card requires you to provide a refundable security deposit. The credit limit is commonly connected to the amount deposited. The card issuer reports account activity to the credit bureaus, allowing the holder to build a payment history.
The Financial Consumer Agency of Canada specifically identifies secured credit cards as an option for newcomers with no credit history.
Home Trust Secured Visa
The Home Trust Secured Visa currently offers two pricing choices:
- No annual fee with a 19.99% interest rate; or
- A $59 annual fee with a lower 14.90% interest rate.
A security deposit is required.
The no-fee version is generally better for someone who plans to pay the balance in full. The lower-rate version may reduce interest costs if a balance is occasionally carried, although regularly carrying credit-card debt should be avoided.
Capital One Guaranteed Secured Mastercard
Capital One’s Guaranteed Secured Mastercard is another option for building or rebuilding credit. Capital One currently states that its secured version has no annual fee, but approved applicants must provide the required security funds before the account can be used.
“Guaranteed approval” still has conditions. An application can fail where identity cannot be verified, eligibility conditions are not met or the required security funds are not provided.
How to Build Canadian Credit Properly
Pay Every Bill on Time
Payment history is the most important component of a Canadian credit score. Even one missed payment can remain visible on your credit report and make future borrowing more expensive.
Set up automatic payment for at least the minimum amount, then manually pay the remaining statement balance before the due date.
Pay the Full Statement Balance
You do not need to carry debt or pay interest to build credit.
Paying the statement balance in full by the due date demonstrates responsible use while avoiding purchase interest. The Government of Canada advises consumers to aim to clear their card balances every month.
Keep Credit Use Low
Credit utilization measures how much of your available revolving credit you are using.
TransUnion recommends keeping balances below approximately 35% of the available limit. A card with a $1,000 limit should therefore ideally report a balance below about $350. Lower usage can be even better when preparing for an important loan application.
A high limit should not be treated as extra income. It is borrowed money that must be repaid.
Avoid Multiple Applications
Applying for several cards within a short period can create multiple hard credit inquiries. Lenders may interpret this as a sign that the applicant is urgently seeking debt.
Choose one suitable starter card, use it responsibly for several months and apply for additional credit only when there is a genuine need.
Keep Your Oldest No-Fee Account Open
The length of your credit history can affect your score. Closing your oldest card may reduce the average age of your accounts and lower your total available credit.
A no-annual-fee starter card can usually remain open at little cost, provided it is monitored for fraud and used occasionally.
Check Both Credit Reports
Equifax and TransUnion may hold different information. Newcomers should review both reports for:
- Incorrect addresses;
- Accounts they do not recognize;
- Late payments recorded in error;
- Duplicate debts;
- Identity-theft signs; and
- Outdated personal information.
The Financial Consumer Agency of Canada provides instructions for obtaining credit reports from both bureaus.
Documents Needed to Open a Newcomer Account
Requirements vary, but you may be asked for:
- Passport;
- Permanent Resident Card;
- Confirmation of Permanent Residence;
- Work permit;
- Study permit;
- Social Insurance Number;
- Canadian address;
- Employment letter;
- Proof of income;
- School enrolment letter; and
- A second government-issued identification document.
A Social Insurance Number may be requested for products that generate investment income or for credit verification, but it should be protected carefully. Never provide it in response to an unsolicited call, text message or email.
How to Choose the Best Bank
Do not select a bank only because it offers the largest cash bonus. Examine the account after the promotion ends.
Compare:
- Length of monthly-fee waiver;
- Regular monthly fee;
- Minimum balance needed to waive fees;
- Number of included transactions;
- Interac e-Transfer limits;
- Branch and ATM convenience;
- International-transfer exchange rates;
- Credit-card annual fee;
- Purchase interest rate;
- Foreign-currency conversion fee;
- Mobile-app features;
- Joint-account options; and
- Availability of newcomer mortgage or vehicle financing.
Eligible deposits at Canada Deposit Insurance Corporation member institutions are automatically protected up to $100,000 per insured category, including principal and interest. Credit-card limits and investment-market losses are not covered by deposit insurance.
Common Newcomer Banking Mistakes
Treating a Credit Limit as Available Income
A $10,000 limit does not mean the bank has given you $10,000. It means the bank has authorized you to borrow up to that amount, usually at a high interest rate.
Withdrawing Cash From a Credit Card
Cash advances usually carry fees, higher interest and no standard purchase grace period. Use a debit card for cash withdrawals whenever possible.
Paying Only the Minimum
The minimum payment keeps the account from becoming immediately overdue, but it can leave the borrower paying interest for years.
Buying Premium Cards Too Early
Airport lounge access and travel insurance can sound attractive, but a card with a high annual fee may not be worthwhile if your spending is low or you rarely travel.
Closing the First Card After Receiving a Better One
Closing your oldest no-fee card can reduce available credit and shorten your active credit history. Consider keeping it open unless overspending or account-management problems make closure necessary.
Paying an Agent for “Guaranteed Credit”
You do not need an immigration consultant, recruiter or social-media agent to obtain a newcomer card.
Apply directly through the bank’s official website, telephone number or branch. Never pay someone to create fake employment records, inflate income or provide false immigration documents.
Final Verdict
The best newcomer bank depends on your status, arrival date and financial priorities.
CIBC is the strongest all-round choice for someone who wants two years without monthly chequing fees, unlimited transactions and several unsecured credit-card options with limits potentially reaching $15,000.
Scotiabank is especially valuable for newcomers who may be able to use their foreign credit history through Nova Credit.
RBC provides one of the simplest no-fee starter cards through the RBC Cash Back Mastercard and may offer eligible newcomers limits of up to $15,000.
TD is a strong option for combining chequing, savings and credit products, with several card choices and potential limits of up to $15,000 for eligible permanent residents.
BMO offers a two-year banking-fee waiver and one of the longest newcomer eligibility windows, covering qualifying permanent residents and foreign workers during their first five years in Canada.
A newcomer who cannot qualify for an unsecured card should consider a reputable secured card rather than submitting repeated applications. The most important goal is not obtaining the largest possible limit. It is establishing a reliable payment record, keeping balances manageable and avoiding unnecessary interest.
Frequently Asked Questions
Can a new immigrant get a Canadian credit card without credit history?
Yes. RBC, CIBC, Scotiabank, TD and BMO all offer credit-card options for eligible newcomers without established Canadian credit history. Approval and limits remain subject to the bank’s criteria.
Which Canadian bank offers the longest newcomer fee waiver?
CIBC and BMO currently provide two-year monthly-fee waivers under their main newcomer packages. National Bank advertises no fixed monthly fee for up to three years under its current newcomer promotion, subject to its terms.
Which bank offers the highest newcomer credit limit?
RBC, CIBC, Scotiabank and TD advertise potential limits of up to $15,000 for selected eligible newcomers. The actual approved limit may be significantly lower.
Can international students get credit cards in Canada?
Yes. Several banks offer student and newcomer credit cards without requiring Canadian credit history. Limits may be lower than those offered to employed permanent residents.
Do I need a Social Insurance Number to apply?
A bank may request your SIN for identity, tax or credit-reporting purposes. The exact requirement depends on the product and institution.
Will a debit card build my credit score?
No. Ordinary debit-card transactions use money from your bank account and generally do not create a credit repayment history.
Does checking my own credit report reduce my score?
Requesting your own credit report is treated differently from a lender’s hard inquiry and does not normally reduce your credit score.
How quickly can a newcomer build credit?
There is no guaranteed timeline. Credit building depends on when lenders begin reporting the account and how consistently the person pays on time and manages balances. A strong profile develops over months and years, not days.
Should I choose rewards or a low interest rate?
Choose rewards when you expect to pay the full statement balance every month. A lower-interest card may be more useful if you occasionally need to carry a balance, although reducing the debt should remain the priority.
Is a secured card worse than an unsecured card?
No. A secured card can build credit similarly when the issuer reports activity to the credit bureaus. The main difference is the refundable security deposit.
This article provides general educational information and does not constitute financial, credit or legal advice. Bank offers, interest rates, eligibility requirements and credit limits can change. Review the current account agreement and credit-card disclosure statement before applying.