The monthly fee waivers that Canadian banks offer to newcomers differ in length by bank and account, from 1 year to 24 months. As of October 19, 2026, this article lists the eligibility, period, and fees written on each bank's official page.
Some accounts charge a monthly fee once the waiver ends. Not only the period but also the eligibility conditions and the fee after the waiver differ from bank to bank.
Monthly fee waiver periods differ by bank
As of October 19, 2026, the waiver periods written on each bank's official page are as shown in the table.
What is waived is the monthly account fee. BMO's official page states that transaction and service fees not included in the plan are paid by the customer.
| Bank and account | Waived until (official page) |
|---|---|
| RBC Advantage Banking | 12 months from account opening |
| TD Unlimited Chequing Account | 1 year |
| CIBC Newcomer Banking Bundle | Up to 24 months |
| BMO NewStart Program | 24 months (refund of the plan fee) |
| Scotiabank Preferred Package | The first year |
Who qualifies for the newcomer programs
Each bank's newcomer program sets the immigration status that qualifies and the number of years since arrival. The eligibility written on the official pages is as shown in the table.
RBC Newcomer Advantage is stated to be for newcomers who do not yet have an RBC credit card account. Landing papers, a permanent resident card, and similar documents are used to prove entry. At TD, applying requires booking an appointment to open an account at a local TD branch.
| Bank | Eligibility on the official page |
|---|---|
| RBC | People who arrived in Canada within the past 5 years as of the account opening date |
| TD | Permanent or temporary residents who have been in Canada for 5 years or less (international students also need proof of enrollment in a post-secondary program) |
| BMO | Permanent residents or foreign workers within 5 years of arriving in Canada |
| Scotiabank | Permanent residents, international students, and foreign workers who have been in Canada for 0 to 5 years |
TD pre-arrival application and activation
TD's official page states that banking as a newcomer can earn benefits worth up to CAD 1,790 (conditions apply). An account set up in advance must be activated by visiting a branch within 75 days of the initial setup.
Scotiabank credit history
Scotiabank's official page states that Canadian credit history is not required for the StartRight Program credit card assessment. The program is for permanent residents, international students, and foreign workers who have been in Canada for 0 to 5 years.
Scotiabank international money transfers
A note on the same official page states that there is no transfer fee for international money transfers. However, the exchange rate applies.
Monthly fee after the waiver
When the waiver ends, some accounts automatically start charging a monthly fee. The monthly fees after the waiver, as written on each bank's official page, are shown in the table below.
To receive the RBC VIP Banking waiver, a deposit of CAD 10,000 is required within 20 days of opening the account. The deadline for this offer is stated as October 31, 2026.
According to the official page, the TD Unlimited Chequing Account has no monthly account fee for 1 year (worth up to CAD 215.40). It also states that you may be able to receive CAD 500 in cash.
The waiver for Scotiabank's first 12 months is worth CAD 203.40. After that, the monthly fee is still waived under the account terms if you maintain a daily minimum balance of CAD 4,000.
| Bank and account | Monthly fee after the waiver |
|---|---|
| RBC Advantage Banking | CAD 12.95 |
| RBC VIP Banking | CAD 30.00 |
| BMO NewStart Program | CAD 17.95 (charged automatically after 24 months) |
| Scotiabank Preferred Package | CAD 16.95 (waived with the minimum balance condition) |
Student accounts for international students
RBC's official page states that RBC Advantage Banking for Students has a monthly fee of CAD 0 for full-time students. To be considered full-time, university and college students must take at least 60% of the normal course load of their enrolled program.
The waiver is not permanent. It is stated to end once you are past the graduation date you declared when opening the account and are over 25. After that, the Advantage Banking monthly fee is charged.
The Advantage Banking waiver is described as being for people 24 or under, or full-time students. For students, a refund of up to CAD 48 of the annual fee on eligible credit cards is also offered.
Documents needed to open an account
RBC's official page states that opening an account requires you to be 18 or older and living in Canada. Identity is verified with original government-issued ID, and copies cannot be used. A student account requires government-issued photo ID.
The Financial Consumer Agency of Canada (FCAC) explains that there are 2 ways to verify your identity when opening an account, and both require presenting originals. It also explains that you may be able to open an account even if you are not a Canadian citizen, as long as you have suitable ID.
What is usually needed to open a student account for international students, according to RBC's official page, is as follows.
- A valid passport
- A Canadian address (a temporary one is acceptable)
- A study permit or a letter of introduction
- Or proof of enrollment from your school
Account rights the FCAC describes
The Financial Consumer Agency of Canada (FCAC) explains that you have the right to open an account even if you do not have a job, do not have money to deposit right away, or have a bankruptcy history.
The FCAC page states that anyone in Canada can have an account with a monthly fee of CAD 4 or less. Separately, newcomers in their first year in Canada are eligible for a no-cost account. Low-cost and no-cost accounts include at least 18 debit transactions per month.
The FCAC commitment divides newcomers into 3 groups: permanent residents, refugees, and temporary residents. Temporary residents include holders of permits such as study or work permits. According to RBC's official page, the fee waiver for newcomers is part of this commitment.
Next step
On BLOOM ABROAD's Vancouver bank accounts page, you can compare banks by monthly cost, sign-up bonus, transfer cost, and Japanese-language support. Each bank's page lists the monthly cost, the conditions for it to be free, the sign-up bonus, and the cost of international transfers from the point of view of international students and working holiday makers. For official living-cost estimates, see the cost of studying in Canada page, where you can view them in your own currency.
Sources
Government and public bodies
- FCAC 銀行口座の開設の案内（2026年10月19日確認）
- FCAC 低額・無料口座の案内（2026年10月19日確認）
- FCAC 低額・無料口座のコミットメント（2026年10月19日確認）
Official information from each company
- RBC 新規来加者向け口座の公式ページ（2026年10月19日確認）
- RBC 留学生向け口座の公式ページ（2026年10月19日確認）
- RBC 学生口座の公式ページ（2026年10月19日確認）
- TD 新規来加者向け特典の公式ページ（2026年10月19日確認）
- CIBC 新規来加者向け特典の公式ページ（2026年10月19日確認）
- BMO 新規来加者向け口座の公式ページ（2026年10月19日確認）
- スコシアバンク StartRight Programの公式ページ（2026年10月19日確認）
- TD 新規来加者向けページ（2026年10月20日確認）
