You can usually open a Canadian bank account even if you do not have a job or money to deposit immediately. A bank must still verify your identity, so check its accepted-document list before visiting.
Compare the account, not the welcome gift
Ask for the monthly fee after any promotion ends, included transactions, ATM charges, electronic-transfer limits, overdraft cost and minimum-balance rule. Get the terms in writing.
If an employee recommends several products, you can choose only the account you need. You do not have to buy insurance, an investment or a credit card to open an ordinary bank account.
Use credit slowly
A credit card can help build a Canadian credit record, but only if the payments fit your budget. Know the annual fee, interest rate, due date, cash-advance rules and credit limit.
Pay at least the required amount on time. Paying the full statement balance by the due date normally avoids purchase interest. A cash advance can begin charging interest immediately.
Protect access
Never share your PIN, online-banking password or one-time security code. A bank will not ask you to move money to a “safe account” controlled by a caller. Type the bank’s address yourself or use its official app rather than a link in an unexpected message.
Check your credit reports
Canada has two main credit bureaus. You can request your own reports and check for accounts or addresses you do not recognize. Your own request does not have the same effect as a lender’s credit check.
If an error appears, contact both the bureau and the organization that reported it. Keep supporting documents and confirmation numbers.