Canada's Big Five — RBC, TD, Scotiabank, BMO, and CIBC — each run a "newcomer" package aimed at permanent residents and study/work permit holders. The headline benefits look similar (free chequing for a year, an unsecured credit card without Canadian credit history) but the fine print differs: free-banking window, GIC requirements, branch density, and Farsi-speaking staff. This guide breaks down which one fits your profile.
Your first Canadian bank is more than a chequing account — it is the on-ramp to your credit history, your first unsecured credit card, and eventually a mortgage pre-approval. The right choice can put a usable Equifax score on your file within six months. The wrong choice can lock you in a cycle of secured cards and hidden monthly fees. You can switch later, but lost time is not refundable, so make the first decision carefully.
Under federal regulation, any Canadian bank must open a basic account for anyone presenting two pieces of valid ID — even with no job, no Canadian address, and no deposit. Acceptable IDs include passport, CoPR, PR card, provincial driver's licence, and Work or Study Permit. A Canadian mailing address is needed for card delivery but not to open the account itself. If a branch refuses, you can file a complaint with the Financial Consumer Agency of Canada (FCAC).
RBC — Newcomer banking · RBC — Credit card for newcomers
RBC is Canada's largest bank by assets and has the densest branch network in BC and Ontario. The Newcomer Advantage program waives the monthly fee on the RBC Signature No Limit chequing account (typically about CAD 16.95/month) for up to 12 months, and offers an Avion Visa or simpler RBC credit card with no Canadian credit history required. The strongest selling point is sheer ATM coverage; the weakest is that the mobile app does not support Farsi (multilingual phone support exists but is uneven).
TD is one of the only Canadian banks with branches open until 8 p.m. on weekdays and on Saturdays — a real advantage when you are still job-hunting. The New to Canada program includes a fee-waived All-Inclusive chequing account for up to six months, an unsecured credit card with limits typically up to about CAD 1,000, and a free US-dollar account for cross-border transfers. TD's North York and Richmond Hill branches in the GTA frequently have Farsi-speaking advisors.
Scotiabank's StartRight is one of the oldest newcomer programs in Canada and historically the most generous for unsecured credit issuance. The Preferred Package chequing account fee (about CAD 16.95/month) is waived for up to one year, and a Scene+ Visa or American Express Gold card is typically approved without Canadian credit history. Scotiabank also offers a newcomer mortgage path with reduced documentation requirements — uniquely valuable for buyers within their first three years in Canada.
BMO has the lightest branch footprint in Greater Vancouver but a strong NewStart program in Ontario, Alberta, and Quebec. The Performance Plan chequing fee is waived for up to a year, the BMO CashBack World Elite Mastercard is available without Canadian credit, and BMO has historically charged some of the lowest international wire fees among the Big Five. A reasonable default in the GTA or Calgary; less convenient in Metro Vancouver where Scotiabank and RBC dominate.
CIBC's Smart Account waives the monthly fee for up to 12 months for newcomers and issues an Aventura Visa or Dividend Visa without Canadian credit history. CIBC's standout feature is its Global Money Transfer tool, which sends money to many countries with no transfer fee — unfortunately Iran is not in the supported corridor due to international sanctions. North Vancouver and Richmond Hill CIBC branches occasionally staff Farsi-speaking advisors, though less consistently than Scotiabank.
Sources: each bank's public newcomer page, current as of May 2026.
Numbers above reflect each bank's published newcomer landing page as of May 2026. Free-chequing windows assume you do not maintain the alternate "minimum balance to waive fee" threshold. Credit card limits depend on individual underwriting; published ranges are approximate. Always confirm at the branch — promotional terms change quarterly.
International student: CIBC Smart for Students plus the Dividend Visa — combines a permanently fee-free chequing account with a no-credit-history credit card. Newcomer PR family: Scotiabank StartRight — strongest path to a year-two/three mortgage with reduced documentation. Express Entry professional: RBC Newcomer Advantage — densest branch network, best-in-class app, and immediate access to RBC Direct Investing for TFSA and RRSP from year one.
No bank publishes a directory of Farsi-speaking staff, but the geographic pattern is consistent: North Vancouver, Coquitlam, North York, and Richmond Hill (Toronto). RBC's Lonsdale branch, Scotiabank's Yonge-and-Finch, and TD's Park Royal often have a Farsi-speaking advisor on staff. Always call ahead and ask explicitly — turnover is high, so any guarantee from a directory or community group is at best a starting point.