When you arrive in Canada, one of the first things you need to do is open a Canadian bank account. After all, it’s how you’ll receive your salary, pay your bills and make everyday purchases. You may bewonderingwhat specific services Canadian banks actually offer that cater to newcomers.
Depositing cash
You can deposit cash to your chequing or savings account in Canada. However, some bankslimithow much cash you can deposit, so be sure to contact your bank and ask about anyrestrictions. Keep in mind that when you arrive in Canada, you have to declare any amount of $10,000 CA or more.
Ifyou'redepositing large amounts of cashor largecheques, it’s best to visit a branch in person. Large amounts deposited via ATMs or mobile banking may be held while the transactions are verified, so if you’re looking to use the money right away, it’s worth taking the time to go into the bank.
You can also bring an international money order to Canada and deposit fundsatanyCIBC banking centre near you Opens in a new window. .
Mobile and online banking
One of the best featuresofbanking in Canada is the ability to easily access services on your phone or computer. Mobile and online banking letsyou easily manage yourmoney.Youcan paybills, track your expenses,get tips and advice on your monthly spending,and even tap your phone to make a purchase.
Moving money to Canada
If you have money in your bank account back home, you can wire transfer it to your Canadian bank account. If you have a CIBC account, you can easily do that by asking your bank in your home country to transfer money to your CIBC account Opens in a new window..
Making e-transfers
Whetheryou'relooking to send money to someone here in Canada or transfer money back home, both domestic and international e-transfers allow you to do it easily from your phone, online banking,or in abranch.
You can make domestic transfers to someone in CanadathroughtheInterace-Transfer® service.Entertheemail address or phone number of the person you wish to send money to, create a security questionand hit send. Ifyou haveCIBC’s Smart Account for Newcomers Opens in a new window. , you get unlimited transactions1includingInterace-Transferservice.
If you’re thinking more broadly and plan to send money to loved ones internationally, there’s a solution for that too—and it’s a lot easier than you might expect. ACIBC Global Money Transfer Opens in a new window. is a safe way to send money to over 120 countries, including India, the Philippines, China, Nigeriaandthe United States. Even better, not only will you pay $0 in transfer fees2, you can actuallyget up to $300 back Opens in a new window. †after your firstGlobal Money Transfer Opens in a new window. .
Applying for bank loans
Whetheryou'relooking to start a new business in Canada or simply want to apply for school and need a loan, Canadian banks can help you. Depending on a few different factors such as how much you wish to borrowand when you want to pay it back, you may be offereda fixed loan or a revolving line of credit. When applying for a loan, make sure you understand all your duties regarding payment schedules, interest rates and any other obligations.
If you haven’t yet established your credit history in Canada,here’s a helpful resource to help you get started Opens in a new window. .
Havequestions?
As a newcomer, you may have many questions about banking services in Canada. For over 150 years, CIBC has been making it easy for newcomers to bankhere, supporting themto reach their goals, and with over 1,000 locations across the country, help is never far away.
You canbook a meeting Opens in a new window. with a helpful advisor in just minutes.
Trending topics
Want to learn more about moving to Canada? Discover tips and resources for your unique journey.
- Planning your move
- Immigrating to Canada
- Living in Canada
- Banking in Canada
- Working in Canada
- Studying in Canada
