Which banks offer the best conditions for newcomers?
Moving to Canada almost always starts with opening a bank account: you need to receive your salary, pay for housing, send money home, and build a credit history. In Calgary, residents can choose from newcomer packages offered by large national banks, local Alberta institutions, and online banks. Below is a detailed overview of the main offers, their advantages, and hidden nuances.
How we compared the offers
The most important criteria were the length of the monthly fee waiver, the size of the cash or grocery bonus, access to credit limits without a Canadian credit history, the cost of international transfers, the size of the branch and ATM network in Calgary, and the ability to open an account before arrival. We also took into account language support, partner bonuses, and the terms of the grace period.
Summary comparison table
| Bank and package | No fees for | Maximum benefit in the first year | Credit card with no credit history | International transfers | Features important for Calgary |
|---|---|---|---|---|---|
| RBC Newcomer Advantage | 12 months | ≈ $1,000 + promotional gifts (Apple Watch, iPad) | up to $15,000 limit | $0 fees for transfers to 200 countries | 24 branches in the city; Ukrainian-language phone support |
| TD New to Canada | 12 months | up to $1,930 in bonuses and cashback | up to $15,000 limit | Global Transfer with no TD fees | Branches open longer in the evenings |
| Scotiabank StartRight | 12 months | up to $2,200 total benefits | up to $15,000 limit | unlimited free Swift transfers | Pre-arrival International Account available |
| BMO NewStart | 12 months | up to $2,300, including $700 cash and Walmart eGift card | credit card with 5% cashback for the first 3 months | free Global Money Transfer | Online account opening from Ukraine via Pre-Arrival |
| CIBC Smart Account for Newcomers | 24 months | $450 cash + Skip, Koodo, Canoo bonuses | credit card with cashback/travel | unlimited free Global Money Transfer | Longest grace period among the “big five” |
| National Bank Newcomers | 36 months | up to $550 cash | Mastercard credit card with no credit history | 1 year of free legal hotline | Only 2 branches in Calgary, but almost complete online service |
| ATB New to Canada | 12 months with no fees | up to $60 off a safe deposit box and USD account | up to $5,000 limit | Global Transfers up to $10,000/day, sometimes with no fees | Provincial bank, 25 branches in the city, service only in Alberta |
| Servus Credit Union Newcomer Package | 24 months of fee-free checking | unlimited free wire transfers + safe deposit box | credit card with cash back after 3 months of membership | $0 for international wires | Cooperative with a flexible approach: open an account in 30 minutes |
Detailed overview of key players
The “Big Five” national banks
Royal Bank of Canada offers one year of free Advantage Banking, unlimited transactions, and no bank fees for international transfers. Bonuses in the form of technology or points depend on seasonal promotions, but a stable advantage remains the high probability of receiving a credit limit of up to CAD 15,000 immediately upon arrival.
Toronto-Dominion Bank focuses on service: most branches in Calgary are open until 6 p.m., and those in shopping centers are open until 8 p.m. The TD New to Canada program returns up to CAD 1,930 in value and provides free access to the Global Transfer platform.
Scotiabank has conquered the market with the highest bonus amount: up to CAD 2,200 and unlimited international transfers with no fees. There is an online platform for opening an account before crossing the border.
BMO NewStart offers over CAD 2,300 in benefits, including $700 cash and a Walmart eGift card. Allows you to transfer up to CAD 75,000 from outside Canada.
CIBC Smart Account has the longest — two years — period without monthly fees. Adds Skip+, Canoo, and other bonuses.
Nationwide, but less well-known
National Bank of Canada allows you to pay no account fees for three years, provided you maintain activity. Adds up to CAD 550 cash back and legal support, but has few branches in the western provinces.
Alberta players
ATB Financial offers one year with no fees, global transfers, and a credit card with a limit of up to CAD 5,000. Owned by the Alberta government.
Servus Credit Union is a cooperative with two years with no fees, unlimited international transfers, and a safe deposit box.
Online banks
Simplii Financial has an indefinite zero fee and a bonus of up to CAD 1,300. The lack of branches is a disadvantage for cash deposits.
What are the best terms?
- Largest bonus: Scotiabank (≈ CAD 2,200).
- Longest commission-free period: National Bank (36 months).
- Most convenient hours: TD.
- Largest network in Calgary: RBC.
- Cheapest transfers: Scotiabank and Servus.
Practical tips for choosing
- Families planning to buy a home: TD or RBC.
- Maximum bonus and free Swift transfers: Scotiabank.
- Minimum expenses: National Bank or Servus.
- Support for the local economy: ATB Financial.
Conclusion
The “best” bank for newcomers to Calgary depends on your priorities: bonus, free period, cheap transfers, or number of branches. The optimal strategy is to combine a large bank for credit history with a commission-free online bank or a local credit union.