Open a bank account in Ontario: easy steps for newcomers + students

Opening a bank account is one of the first important steps after you arrive. It makes everything easier—getting paid, paying rent, sending Interac e-Transfers, and (for students) activating a GIC and handling tuition payments. Look, I know this seems like a lot, but once you have the right ID in your hand, the rest usually moves fast. Below is what to bring, what to ask for, and how newcomer and student offers usually work.

Read: OSAP 2025: eligibility, deadlines

Open a bank account in Ontario as a newcomer

Most people open a few basics first:

• Chequing account for daily spending, bills, e-Transfers, and a debit card
• Savings account to keep money separate (emergency fund, goals, “don’t touch” money)
• GIC access (common for international students who used a GIC)
• Credit card (optional) to start building Canadian credit history (approval and limits depend on the bank and your situation)

Don’t worry if you don’t have a job yet. You can still open an account. If someone pushes you into an expensive plan, ask what the basic or low-cost option is.

Read: How to study real estate in Ontario

What to bring (works for most newcomers and students in Ontario)

Banks must verify your identity. The smoothest setup is usually two original documents:

• One that shows your name + address
• One that shows your name + date of birth

If you don’t have a Canadian address document yet, you can still often open an account using other acceptable documents (a passport is commonly part of the mix). Bring originals, not photocopies—and honestly, bring more than you think you need so you don’t have to do a second trip.

Usually helpful to carry:

• Passport
• Study permit / work permit / PR document (whatever applies)
• Proof of address (lease, utility bill, bank/credit statement—anything official with your name and address)
• A second piece of ID (if you have it)
• Canadian phone number (helps with verification and online banking setup)
• SIN if you already have it (more on this below)

Do you need a SIN to open a bank account?

Often:

• Chequing: you can usually open it without a SIN.
• Interest-earning products (many savings accounts and GICs): the bank may ask for your SIN because interest needs to be reported for tax purposes.

If you don’t have your SIN yet, a practical approach is to open chequing first, then add savings/GIC details after you get your SIN (or ask the branch what they can activate immediately).

How to open the account (branch or online)

Start with the right account type

Pick based on real life, not marketing:

• If you mostly use debit + e-Transfers → get a chequing plan with enough monthly transactions.
• If you’re a student → ask for the student plan (often fee-free with proof of enrolment).
• If you’re new to Canada → ask what newcomer offers apply and how long they last.
• If you want the cheapest option → ask specifically about low-cost/no-cost account options.

Choose where to open it

In Ontario, most people choose one of these:

• Big banks (easy newcomer programs, lots of ATMs/branches).
• Credit unions (Ontario-based service, sometimes more flexible; different deposit-insurance system).
• Online banks (often low fees, but can be less convenient if you need in-person ID verification or immediate help).

Booking an appointment helps

You’ll want to bring your passport, study or work permit (whatever applies), proof of address like a lease or utility bill, and if you have it, a second piece of ID. A Canadian phone number helps too.

Before you leave, ask for these (you’ll thank yourself later)

• Debit card + your daily purchase/ATM limits
• Online + mobile banking access
• Direct deposit form / void cheque (digital or printed)
• Interac e-Transfer set up
• Clear fees (what’s free, what costs extra, when promo pricing ends)
• How to avoid fees later (minimum balance rules, student status renewal, or switching accounts)

Newcomer vs student vs low-cost: what’s the difference?

Option	Best for	What you typically get	Watch-outs
Newcomer banking package	New to Canada (first months)	Easier onboarding, promo period, sometimes credit options	Promos end—confirm the regular fee later
Student account	Full-time students	Often $0 monthly fee while eligible	May need proof of enrolment; ends after graduation
Low-cost/no-cost account	Anyone who wants minimum cost	Monthly fee capped; defined minimum features	Transaction limits may matter if you’re very active
Online bank	Comfortable online, fee-focused	Often low/no fees	Less ideal if you need in-person help fast

• Newcomer banking packages: useful in the first months. Often includes a fee waiver period and sometimes easier access to a starter credit card. The catch is the benefits end—make sure you know what fees start later.
• Student accounts: often $0 monthly fees while eligible, but you may need proof of enrolment and it can change after graduation.
• Low-cost/no-cost accounts: good if you want simple and cheap. The tradeoff is fewer extras and sometimes tighter limits.
• Online banks: great for low fees and apps, but less helpful when you need in-branch support or you’re still sorting out documents.

If you’re a newcomer student, it’s usually easiest to start where your GIC is held (if you have one) or pick the bank/credit union that makes your first month simple. Once you’re settled (address, school routine, maybe a job), compare fees and switch if it’s actually worth it.

Why a fee waiver matters

If a chequing plan costs $16.95/month, that’s $203.40/year. A fee waiver saves real money—money you can use for transit, books, or basics.

Even a low-cost plan at $4/month works out to $48/year, which is a big difference if you don’t need premium perks.

Family walkthrough: brother’s Scotiabank GIC setup

This is what my brother experienced when opening a bank account. One thing that surprised us was how much smoother the bank visit went once the SIN was done first. This is a common newcomer student path:

• He landed on April 27
• Next day: I took him to get his SIN, then went to the bank
• He chose Scotiabank because his GIC account was already there
• The goal was to activate what he needed so the GIC process could start, then set up daily banking
• He opened chequing + savings + GIC, and applied for a credit card
• They gave him a starter limit ($1,000), which can help build credit if he uses it lightly and pays on time

Why this works: if your GIC is already at a bank, starting there can cut down on delays and extra appointments. You can always switch everyday banking later if another plan is cheaper.

Common mistakes in the first month

• Picking a premium chequing plan by default and forgetting fees will start later
• Not setting up e-Transfer until you urgently need to pay rent
• Paying for add-ons you don’t use (overdraft, extra cards, paid alerts)
• Carrying a credit card balance “to build credit” (you don’t need interest charges to build credit)
• Missing the date when student/newcomer eligibility needs to be renewed

I should mention—some banks are pushier than others about add-ons. It’s fine to say ‘not right now’ to anything you don’t understand.

Open a bank account in Ontario on a visitor visa (tourist)

Many visitors can open a basic chequing account in Ontario, but it’s usually handled case-by-case and is most reliable in person at a branch. The main limitation isn’t the visitor visa itself—it’s interest and tax reporting. Visitors often don’t have a SIN, and banks commonly ask for a SIN when an account earns interest (because that interest has to be reported).

So as a visitor, you’re most likely to qualify for a non-interest chequing account for day-to-day spending and receiving money, while savings accounts or GICs may be unavailable (or delayed) until you can provide a SIN. Bring your passport, any second original ID, and proof of where you’re staying (if you have it), and be ready for routine questions about your tax residency.

Read: Cheapest Phone Plans for Ontario Students

Open a bank account in Ontario FAQ

5. Key takeaways

• Bring original ID—ideally one document with name + address and one with name + date of birth.
• Newcomers and students should pick an account based on fees after promos and real monthly use.
• If you have a GIC, starting at the bank holding it often makes activation easier.
• Ask for online banking, direct deposit details, and fee rules before you leave the branch.
• Consider low-cost/no-cost options if you want the simplest, lowest-fee setup.

If you’ve recently learned how to open a bank account in Ontario, share what documents the branch asked for in the comments—your experience can help the next newcomer or student.