Choosing the best bank for foreign workers in Canada is something many employed newcomers like you always find difficult in Canada.
Moving from your home country to Canada with a work permit or permanent residence can be a big change, and most times it’s challenging to understand how things work, especially in the banking sector.
As a foreign worker in a foreign land, you need information on the best bank that would serve your needs. This article on the best bank for foreign workers in Canada can help throughout your financial journey.
Whether you are searching for guidance or products to help manage your finances in Canada, the list of the best banks for foreign workers in Canada below will help you make a good decision.
1. CIBC
Unlike most banks in Canada, CIBC has a special banking package designed specifically for foreign workers known as the “CIBC Smart Account for Foreign Workers.”
This means they know the challenges foreign workers face when it comes to managing their finances, and then provide special features to help them tackle those challenges.
One of the things that makes this the best bank for foreign workers in Canada is that you can send unlimited amounts of money back home with no fees in more than 120 countries.
Pros
- You may get a $350 welcome bonus
- You can send money back home with no fees
- No monthly fees for two years
- One free ATM withdrawal per month For non-CIBC ATMs in Canada
- After the two-year discount, you pay
- You may qualify to buy a house even if you don’t have any credit history in Canada
Cons
- When you exceed the 12 transactions, you pay $1.25 per transaction, up to a total monthly fee of $16.95
- The $350 welcome bonus is only available to people aged 25 and over
2. RBC
When it comes to RBC, foreign workers in Canada can benefit from their special program for newcomers known as ‘The RBC Newcomer Advantage“, making it the best bank for foreign workers in Canada.
With the RBC Newcomer Advantage, you are guaranteed a free small safety deposit box.
If you decide to use a credit card, you may get up to 12% cash back on a new RBC Cash Back Mastercard for the first 3 months. You can also get up to a $15,000 credit card limit.
Pros
- No monthly fees for one year
- A monthly fee of just $11.95 after one year
- You can send money back home with no fees
- No fee for a Small Safety Deposit Box for two years
- No fee when you use another bank’s ATM in Canada
- Specialized advice for newcomers from RBC Advisors
Cons
- No cash welcome bonus
- Limits on the amount of money you can send home per month
3. National Bank
National Bank is the best bank for foreign workers in Canada for a long list of reasons. With its National Bank Newcomer program, foreign workers can open an account that helps them avoid paying any monthly fees for up to 3 years.
This three-year no monthly fee offer saves you up to $700 with unlimited electronic transactions from your bank account. The National Bank Newcomer program also offers international transfers with access to a National Bank Mastercard credit card that one can get without any credit history.
Finally, National Bank offers special assistance to newcomers in the form of 1 year’s worth of free phone assistance and advice on immigration, housing, personal finance, and more.
Pros
- No monthly fees for a whopping three years
- Special phone assistance for newcomers
- Receive a Canadian credit card without a credit history
Cons
- Must sign up for additional products or services to pay no monthly fee
- $15.95 monthly fee after three years
- $5.95 per transfer for international transfers only to 19 countries in the European Union.
- No cash welcome bonus
4. TD Bank
The reason TD Bank is the best bank for foreign workers in Canada is that it offers a special package designed for newcomers known as the TD Unlimited Chequing Account, which work permit holders in Canada can also benefit from.
This program also allows those from China or India to easily set up a TD bank account from their home country over the phone. You can also transfer a maximum of $25,000 into your account before arrival.
However, you must be in Canada within 75 days of opening the bank account to activate your account in any TD branch in Canada.
Pros
- You may get a $350 welcome offer
- Can set up an account from home country
- Pay no monthly account fee for the first year
- No fees for ATM withdrawal in non-TD ATMs in Canada
- After one year, no monthly fee if you maintain a balance of $4,000 per day
Cons
- After the first-year discount, the monthly fee is $16.95
- The $350 welcome bonus is conditional
5. Scotia Bank
Scotia Bank is another bank that has a program targeted at all kinds of newcomers in Canada, making it the best bank for foreign workers in Canada.
If you are a work permit holder in Canada you can get an exclusive package with Scotia Bank’s special program known as the “StartRight program.”
With this program, foreign workers can start banking in Canada with access to credit, savings, no-fee international money transfers, and special assistance from Financial Advisors.
Pros
- No monthly fees for one year
- You can send money back home with no fees
- Get a new vehicle loan with only 10 per cent down
- Earn a $550 welcome bonus, Valid until February 29, 2024.
- Maintain a $4,000 minimum balance to avoid monthly fees
Cons
- After one year, the monthly fee would be $16.95
- The $550 welcome bonus is conditional
6. BMO
The reason BMO is the best bank for foreign workers in Canada is because of its banking program that is specially designed only for foreign workers and permanent residents known as the BMO NewStart Program.
However, the BMO NewStart Program offer is eligible for permanent residents and foreign workers who have arrived in Canada within the last five years. To ensure your eligibility, you will provide proof of your immigration status such as your Permanent Resident Card or your work permit.
If you are already in a qualifying country and plan to be in Canada in the next 12 months, you can open a BMO NewStart account from your home country once your work permit or visa has been approved and send up to $75,000 before you move.
Pros
- You may get a $600 welcome offer
- No monthly Plan fee for one year
- You can send money back home with no fees
- Get special financial advice for newcomers
- Minimum balance of $4,000 to avoid monthly fees after the first year
Cons
- Monthly fee of $16.95 after the first year
- The $600 welcome bonus is conditional
Conclusion
The above article is the best bank for foreign workers in Canada and we hope it helps you make the right decision when choosing the best bank in Canada for work permit holders.
NOTE: Offers may change, always check out the banks’ official website to know the current offer.
The best bank for a work permit in Canada depends on your preference and what you intend to use the account for. Check out the pros and cons of each bank to make the offers based on your needs.
Thank you for reading this article about the best bank for foreign workers in Canada, and don’t forget to read more articles about working in Canada.