Best bank in canada for new immigrants

As a new immigrant to Canada, it's essential to choose a bank that offers a range of services, competitive rates, and a welcoming atmosphere. Here are some of the best banks in Canada for new immigrants:

  1. TD Bank (Toronto-Dominion Bank):
    • Offers a variety of accounts, including a "New to Canada" account with no monthly fees for the first year.
    • Has a large network of branches and ATMs across Canada.
    • Provides financial education resources and workshops for new immigrants.
  2. RBC Royal Bank:
    • Offers a "New to Canada" account with no monthly fees for the first year.
    • Has a wide range of financial products and services, including mortgages, loans, and investment options.
    • Provides financial education resources and workshops for new immigrants.
  3. Scotiabank:
    • Offers a "New to Canada" account with no monthly fees for the first year.
    • Has a large network of branches and ATMs across Canada.
    • Provides financial education resources and workshops for new immigrants.
  4. CIBC (Canadian Imperial Bank of Commerce):
    • Offers a "New to Canada" account with no monthly fees for the first year.
    • Has a wide range of financial products and services, including mortgages, loans, and investment options.
    • Provides financial education resources and workshops for new immigrants.
  5. BMO Bank of Montreal:
    • Offers a "New to Canada" account with no monthly fees for the first year.
    • Has a large network of branches and ATMs across Canada.
    • Provides financial education resources and workshops for new immigrants.

All of these banks offer online banking and mobile banking apps, making it easy to manage your finances on-the-go.

In addition to these major banks, there are also some specialized banks and credit unions that cater specifically to new immigrants, such as:

  1. ICICI Bank Canada: A subsidiary of the Indian bank ICICI, offering a range of financial products and services tailored to the needs of Indian immigrants.
  2. HSBC Bank Canada: A subsidiary of the international bank HSBC, offering a range of financial products and services, including mortgages, loans, and investment options.
  3. Desjardins: A cooperative bank with a large network of branches and ATMs across Quebec and Ontario, offering a range of financial products and services, including mortgages, loans, and investment options.

When choosing a bank, consider the following factors:

  1. Fees: Look for banks with low or no monthly fees, as well as competitive rates for savings and loans.
  2. Branch and ATM network: Choose a bank with a large network of branches and ATMs, making it easy to access your money when you need it.
  3. Financial education resources: Look for banks that offer financial education resources, such as workshops and online tutorials, to help you manage your finances effectively.
  4. Language support: If you're not fluent in English or French, choose a bank that offers language support, such as multilingual staff or online resources in your native language.
  5. Online banking and mobile banking: Consider a bank with a user-friendly online banking and mobile banking app, making it easy to manage your finances on-the-go.

Ultimately, the best bank for you will depend on your individual needs and preferences. Research and compare the services and fees of different banks to find the one that best suits your needs.