Choosing the right bank for a newcomer to Edmonton is one of the most important decisions you will make in your first days after arriving in Canada. This decision will affect your financial situation for many years to come, so it is worth giving it serious consideration. In Canada, especially in the province of Alberta, there are both large national banks and regional institutions that have developed programs specifically for newcomers. Each of these institutions offers unique benefits, from free banking services for the first year to free international transfers and assistance in building credit history. Understanding the features of each bank will help you choose the institution that best suits your needs and goals.
Scotiabank: The most comprehensive package of services for newcomers
Scotiabank, officially known as The Bank of Nova Scotia, is a leader among banks offering services to newcomers to Canada. Its StartRight™ program is designed specifically for people who have been in Canada for less than five years, and it earned recognition as the “Best Banking Offer for Newcomers” from Ratehub.ca in 2025. This recognition is no accident — Scotiabank truly understands the specific needs of newcomers and has structured its offering to address the issues that people who have just moved to Canada face first and foremost.
One of the most attractive features of the StartRight™ program is the ability to open an international account before you arrive in Canada. This means you can start transferring money to your Canadian account before you arrive in the country, making the transition much smoother. You can transfer up to $50,000 CAD before you need to visit a Canadian branch to activate your account. This allows you to have cash available on your first day of arrival, which is critical for paying your first month's rent, utilities, and other urgent needs.
On a practical level, when you join the StartRight™ program, you receive a Preferred Package checking account with no monthly fees for the first year. This means that during those twelve months, you can make an unlimited number of debit transactions and Interac e-transfers without any additional fees. This can save you hundreds of dollars during your first year in Canada. The value of this free service is estimated at $203.40 CAD—simply the monetary value of what you don't pay.
In addition, Scotiabank offers free unlimited international transfers as part of its StartRight™ program. This means you can transfer money to your family in your home country without any transfer fees. This is a crucial benefit for many newcomers who want to help their families or send their earnings home. Many other banks charge between $10 and $30 per transaction for such transfers, so this offer from Scotiabank can really save you a lot of money over time.
For newcomers without a credit history in Canada, Scotiabank offers credit cards with a credit line of up to $15,000 CAD. This is based on the understanding that newcomers often do not have an established credit history in Canada, even if they had an excellent credit history in their home country. Scotiabank has developed special credit cards that allow newcomers to start building a Canadian credit history without the need for a prior credit history in the country.
In addition, Scotiabank has partnered with Windmill Microlending for the ScotiaRISE™ program, which provides newcomers with access to mentoring, career planning, and other services to help them establish a professional career in Canada. This goes far beyond simple banking services — it is a recognition that a newcomer's success depends not only on access to money, but also on the ability to find a good job and establish themselves professionally in their new country.
Scotiabank has over 941 branches and 3,725 ATMs across Canada, meaning you can easily find a branch or ATM wherever you are. In Edmonton specifically, there are several branches located in convenient locations, including downtown and the suburbs.
Royal Bank of Canada (RBC): Largest network and free international transfers
Royal Bank of Canada, or RBC as it is commonly known, is the largest bank in Canada in terms of assets and network. For newcomers to Edmonton, RBC offers the RBC Newcomer Advantage program, which is designed specifically for people who have just arrived in Canada. This program is available to permanent residents, international students, and temporary workers.
One of the main advantages of RBC Newcomer Advantage is that you can open an account before you arrive in Canada and even start transferring money to your account before you fly. If you are in China or India, you can call RBC to open an account, and you will have 75 days after your first deposit to visit an RBC branch in Canada and activate your account. This is very convenient for people who are unable to visit a branch in person before departure.
When you are granted RBC Newcomer Advantage, you receive an RBC Advantage Banking account with the following features: no monthly fees for the first year, unlimited debit transactions in Canada, and unlimited Interac e-transfer transactions. In addition, you get two free international money transfers per month for the first six months. This means that during the first six months, you can transfer money to your family up to 12 times without fees, which is a significant advantage.
It is important to understand that RBC respects the fact that many newcomers do not have a credit history in Canada, so they offer credit cards with a credit line of up to $15,000 CAD without the need for a prior credit history in the country. This allows you to start building credit from day one.
One of the unique features of RBC is that they have a group called “RBC Advisors,” many of whom were once newcomers themselves. This means that when you contact RBC, you can talk to people who understand your experience not only from a professional standpoint, but also from personal experience. These advisors can provide you with contacts to organizations that help newcomers with housing, careers, childcare, and other services that are critical to successful settlement.
RBC has the largest combined branch and ATM network in Canada, with over 1,200 branches and 4,200 ATMs. In Edmonton, this means you will almost always find an RBC branch or ATM within minutes of you. In addition, RBC offers 24/7 digital banking through its mobile app and website, as well as services in over 200 languages, which is very helpful for newcomers who are not yet confident in their English language skills.
BMO (Bank of Montreal): Largest cash bonus and flexibility
Bank of Montreal, or BMO as it is more commonly known, offers newcomers the BMO NewStart program, which is designed for people who have been in Canada for less than five years. One of the most attractive features of this program is that it offers one of the largest cash offers among all Canadian banks — the starter offer is worth over $2,300 CAD.
The BMO NewStart program allows you to choose one of three accounts depending on your needs. The first is the Performance Plan Chequing Account, which offers no monthly fees for the first year. The second is the Plus Chequing Account, which costs $11.95 per month, but you can waive the fee if you have a minimum balance of $3,000. The third is the Ready-Made Plan, which has a fixed monthly fee but includes more services.
Regardless of which account you choose, all newcomers under the BMO NewStart program receive unlimited debit transactions and unlimited Interac e-transfers. In addition, you get one free ATM withdrawal per month outside the BMO network in Canada, which is useful if you are far from a BMO branch.
BMO also offers one year of free safe deposit box storage for your important documents. This can be very useful if you have important documents such as your permanent resident card, passport, or home ownership certificate that you want to keep safe.
On a practical level, BMO has a feature for newcomers to open an account before arriving in Canada. This means that if you know you are moving to Canada, you can start the process of opening a BMO account online while still in your home country. This makes the transition much smoother, as you will already have an account ready to use on your first day.
BMO has about 900 branches and 2,200 ATMs across Canada. In Edmonton, BMO branches are located in key locations, including downtown, in shopping centers, and in the suburbs.
TD Bank (Toronto-Dominion Bank): Long-term benefits and flexible options
Toronto-Dominion Bank, or TD as it is more commonly known, offers newcomers the TD New to Canada Banking Package, which is designed for permanent residents, international students, and temporary residents who have been in Canada for two years or less. This package is worth up to $1,930 CAD in value.
One of the key features of the TD New to Canada Banking Package is that you can open an account from China or India by calling TD. If you are in China, you can call 1-855-537-5355, and if you are in India, you can call 416-351-0613. This allows you to set up a Canadian account before you arrive in Canada.
With the TD New to Canada Banking Package, you get a TD Unlimited Chequing Account with the following features: no monthly fees for the first six months, unlimited debit transactions, unlimited Interac e-transfers, and no fees at TD ATMs in Canada. In addition, you get one free international transfer per month for the first six months.
TD also offers you a choice of three different savings accounts: the TD Every Day Savings Account, which has no monthly fees and offers daily interest, or the TD ePremium Savings Account, which also has no monthly fees but offers higher interest rates and free online transfers.
When it comes to credit cards, TD offers three different credit cards for newcomers, all of which can offer a credit line of up to $15,000 CAD without the need for a prior credit history in Canada. In addition, you get $20 off select credit cards for the first year, which helps reduce the cost of using a credit card.
TD has over 1,000 branches and 2,500 ATMs across Canada. In Edmonton, TD branches are located in key locations throughout the city and suburbs.
CIBC (Canadian Imperial Bank of Commerce): An innovative solution for obtaining documents
The Canadian Imperial Bank of Commerce, or CIBC, offers newcomers the Welcome To Canada Banking Package, which is designed for permanent residents who have been in Canada for less than five years. One of the most interesting features of CIBC is that they have a special “Smart Arrival” option that allows you to start banking before you arrive in Canada.
When you use CIBC's Smart Arrival, you can open your account and deposit money online before you arrive in Canada. This means you will have full access to your account and money from day one. This is very important for people who have specific financial needs before they arrive.
As part of the Welcome To Canada Banking Package, you get a Smart Account for Newcomers with the following features: no monthly fees for the first year, unlimited debit transactions, and unlimited Interac e-transfers. In addition, you get a free safe deposit box for one year, valued at $60 per year.
CIBC also offers you access to various credit cards, mortgages, personal loans, and investment products once you are ready to use them. This means that when you outgrow a simple checking account, CIBC is ready to accompany you in all aspects of your financial needs.
CIBC has about 1,100 branches and 3,500 ATMs across Canada. In addition, CIBC is affiliated with Simplii Financial, which offers online banking services with access to 3,400+ CIBC ATMs across Canada.
ATB Financial: An Alberta bank focused on newcomers
ATB Financial is a regional bank in Alberta with deep roots in the province and an understanding of local needs. ATB was founded over 80 years ago and has been serving Albertans for decades. For newcomers, ATB has developed the New to Canada Banking Solutions program, which is designed specifically for people who have just arrived in Alberta.
To be eligible for ATB's New to Canada Banking Solutions program, you must be a permanent resident, international student, temporary foreign worker, or refugee. ATB often offers free or low-fee accounts for newcomers, with the ability to build credit without a prior Canadian credit history.
One of the main advantages of ATB is that it has the most branches in Alberta. For newcomers to Edmonton, this means you can always find an ATB branch nearby, and the staff will be familiar with the needs of newcomers as they regularly work with people in similar situations.
ATB also offers global transfers with low or no fees, which means you can send money to your family in your home country without excessive fees. In addition, ATB offers access to credit cards specifically designed for newcomers that do not require a prior Canadian credit history.
ATB also offers flexible mortgage options for newcomers who want to buy a home, as well as other services including savings, investments, and insurance. ATB staff are available to work with you one-on-one to help you understand your options and choose the one that best suits your needs.
Comparing programs and choosing the right bank
When you consider all these different options, it becomes clear that each bank offers slightly different advantages. Scotiabank is the leader with the most comprehensive package of services, including the ability to open an international account before arrival, free international transfers, and leadership in recognition from Ratehub.ca. RBC offers the largest network of branches and ATMs, which is useful for people who travel frequently, and has unique advisors, many of whom were once newcomers themselves. BMO offers one of the largest cash bonuses and flexibility in choosing accounts. TD offers long-term benefits and flexibility. CIBC offers the innovative Smart Arrival solution and access to over 3,400 ATMs. ATB offers local insight and the most branches in Alberta.
Choosing the right bank depends on your specific needs. If transferring money to your family without fees is most important to you, Scotiabank is the best choice. If having maximum access to branches and ATMs is important to you, RBC is the largest choice. If you like cash bonuses, BMO offers the largest. If you like local service and plan to stay in Alberta long-term, ATB may be the most appropriate choice.
Practical tips for choosing a bank
When deciding which bank to choose, there are several important factors to consider. First, identify your basic needs. Is transferring money to your family most important to you? Will you need frequent access to ATMs? Are you planning to buy a home in the near future? The answers to these questions will help you understand which bank best suits your needs.
Second, pay attention to the duration of the offers. Some banks offer free service for one year and then charge fees. Others, such as the National Bank of Canada, offer up to three years of free service with certain conditions. Understand how long you will have free service and what the fees will be after that.
Third, locate bank branches and ATMs on your route to work, school, and places you frequent. The more convenient it is to have a bank nearby, the better you will be able to manage your finances in everyday situations.
Fourth, pay attention to the quality of digital banking services. Most people spend more time managing their accounts online through a mobile app or website than visiting a branch in person. Check mobile app ratings and read reviews of digital services before choosing a bank.
Fifth, be sure to ask about multilingual support services. If you or your family members are not confident in their English skills, it is important to know that the bank offers support in your native language. RBC offers support in more than 200 languages, which is the most of any Canadian bank.
Online banks and alternative options
In addition to large traditional banks, it's worth considering online banks and other alternative financial institutions that may offer more flexible and cheaper options. Simplii Financial, which is affiliated with CIBC, offers the simplest no-fee checking account with access to 3,400+ CIBC ATMs. Tangerine, also affiliated with CIBC, offers colorful accounts with different goals and cashback bonuses. EQ Bank offers higher interest rates on savings, which can help you grow your money more efficiently.
However, it's important to understand that online banks may have restrictions when opening an account as a newcomer. Some online banks may not accept certain forms of identification that are acceptable at major banks. Therefore, while online banks may offer excellent value, you need to first ensure that you can open an account with your available documents.
Final thoughts and recommendation
Choosing the right bank in Edmonton as a newcomer is an important decision, but it doesn't have to be rushed. All of Canada's major banks understand the needs of newcomers and have developed programs to help you through the transition period. Each bank offers unique benefits, and the right choice depends on your personal needs and priorities. If you need expert advice, don't hesitate to reach out to organizations such as the Edmonton Immigrant Services Association (EISA), which can help you understand your options and make the best decision for your specific situation. At the beginning of your Canadian journey, choosing the right bank is an investment in your financial success in this country.