Choosing among the best banks in Canada is one of the first money decisions you will make as a UK newcomer, and it affects everything that follows: receiving your first pay cheque, paying rent, moving savings from your British account and starting a Canadian credit history. The good news is that Canada’s banking market is stable, well regulated and very used to welcoming new arrivals. The less obvious news is that the right choice depends on where you settle, how you plan to move money from the UK, and whether you want a high-street branch or an app-only account.
This guide compares the main options through a UK lens, so you can open the right account quickly and avoid the mistakes many British movers make in their first few months.
How Banking in Canada Differs from the UK
Canada’s system is more concentrated than Britain’s. A handful of large institutions dominate, supported by credit unions, provincial players and a growing list of online banks. A few differences stand out for anyone used to Barclays, Lloyds or Monzo:
- Chequing vs savings: a “chequing account” is the Canadian equivalent of a UK current account. Savings accounts are separate and usually pay the interest.
- Monthly account fees are common: unlike free UK current accounts, many Canadian chequing accounts charge a monthly fee unless you hold a minimum balance. Newcomer packages often waive this for your first year.
- Interac e-Transfer: Canada’s version of Faster Payments, used to pay landlords, friends and small businesses by email or phone number.
- Your UK credit file does not transfer: you start from zero, which is why the bank you pick matters for your first credit card.
The Big Five: Canada’s Largest Banks
When people talk about the best banks in Canada, they usually mean the “Big Five”. All of them run dedicated newcomer programmes and have branches in every major city.
RBC Royal Bank
Canada’s largest bank by assets. RBC is a strong all-rounder with an extensive branch network and a well-known newcomer programme that can include a starter credit card without Canadian credit history. It also has cross-border links useful for anyone who travels frequently.
TD Canada Trust
Popular for long opening hours and a very large branch footprint, especially in Ontario and the Atlantic provinces. TD’s newcomer offers are straightforward, and its connection to TD in the US can help if you expect to work across the border.
Scotiabank
Scotiabank’s StartRight programme is one of the most established newcomer packages in the country and is aimed at permanent residents, workers and students alike. Its global footprint makes it a sensible pick for people with ties to several countries.
BMO (Bank of Montreal)
BMO is Canada’s oldest bank and has a solid presence in Ontario, Quebec and the Prairies. Its NewStart programme bundles chequing, a credit card and help with international transfers.
CIBC
CIBC is often praised for its digital banking app and competitive newcomer bundles. It also owns Simplii Financial, a no-fee online bank that many newcomers use alongside a main account.
If you are planning to settle outside the big cities, check branch coverage first. National Bank is the natural choice in Quebec, while ATB Financial is a strong local option in Alberta and credit unions such as Vancity are popular in British Columbia.
Online and Digital Banks Worth Considering
App-first banks can be a great second account once you have a Big Five account for salary and credit building. Options UK movers commonly use include:
- EQ Bank – high-interest savings and low-cost international transfers.
- Simplii Financial – no-fee chequing backed by CIBC.
- Tangerine – Scotiabank-owned, with no-fee everyday banking.
- Wise – not a bank, but widely used for converting pounds to Canadian dollars at the mid-market rate.
Online accounts are ideal for savings, but most newcomers still find a traditional bank easier for their first credit card, a mortgage conversation later, or in-person help with paperwork.
What You Need to Open a Canadian Bank Account
You can often start the process before you fly, with several banks letting you pre-book an appointment or open an account from the UK and activate it on arrival. Typically you will need:
- Your passport.
- Your immigration document: Confirmation of Permanent Residence, work permit or study permit.
- A Canadian address (temporary accommodation is usually accepted initially).
- Your Social Insurance Number if you plan to earn interest or apply for credit.
If you have not yet secured a visa or permit, sort your route first. Our Express Entry and work permit services are the most common starting points for British applicants, and you can apply now for a tailored eligibility review.
How to Choose the Best Bank for Your Move
There is no single winner. Match the bank to your situation:
- Coming as a skilled worker on PR? Prioritise a Big Five newcomer package that includes a credit card, so your credit history begins immediately.
- Arriving on a work permit or the IEC Working Holiday? Check that the newcomer offer covers temporary residents, not only permanent residents.
- Moving larger savings from the UK? Compare exchange rates carefully; a specialist transfer service combined with a Canadian high-interest savings account is often better value than a bank-to-bank wire.
- Settling in a smaller community? Branch access may matter more than app features.
Once your account is open, the next priority is building a strong credit profile. Our guide on how to build a credit score in Canada as a UK newcomer walks you through the first twelve months, and our first 30 days landing checklist shows where banking fits alongside your SIN, phone and health card.
Common Banking Mistakes UK Movers Make
- Closing every UK account too early – keep at least one open for pensions, refunds and any UK income.
- Accepting a full-fee chequing account without asking about newcomer waivers.
- Carrying large sums in cash rather than transferring through regulated channels.
- Ignoring the credit card offer at account opening, which delays building a Canadian credit history.
Get Your Move to Canada Moving
Picking among the best banks in Canada is far easier once your immigration route is confirmed and your arrival date is set. Canada Central helps UK residents choose the right programme, prepare a strong application and plan their first weeks in the country. Explore our immigration programmes, book a legal assessment, or speak directly to an expert via Ask an RCIC.
Ready to start? Apply now and our team will map out the fastest route from the UK to your new life – and your new Canadian bank account.
