Managing Your Finances as a Newcomer or Permanent Resident in Canada Episode -1/2

Depending on what country you’re originally from, the Canadian banking system may seem familiar, or completely new. It can be a challenge navigating the Canadian bank system, but fortunately, banks like BMO (Bank of Montreal) offer dedicated services for newcomers at every stage in their journey. 

In our latest partnership with BMO, we explore several pathways and the financial services available to support everyday financial transactions like paying rent, or depositing cheques, transferring money, and applying for a credit card. 

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Bank #1 – Literally 😊 

BMO is Canada’s first bank with over 200 years of experience. They serve over 12 million customers, including newcomers to Canada, and have a deep commitment to helping newcomers with financial services, and providing impact in local communities. Read more about their amazing milestones here and their commitment to hiring newcomers and immigrants across  Canada. 

BMO received the highest customer satisfaction ranking in retail banking advice amongst Canada’s largest banks, in the J.D. Power 2020 Canada Retail Banking Advice Satisfaction Study. 

BMO has over 900 branches and new intuitive ATMs to across Canada.

Fun Fact: BMO is listed as bank code 001 (#1) in the Canadian banking system! 

BMO NewStart® Newcomer Banking Program

The BMO NewStart® Program makes it easier for permanent residents, foreign workers to access banking services in Canada.  

To get started, it’s pretty simple!

Start by opening a bank account. Permanent residents and foreign workers are required to present these documents (as applicable) to open an account:

  • Passport, immigration papers, your Social Insurance Number (SIN) if you have one
  • Proof of address (Canadian Permanent Resident Card, Confirmation of Permanent Residence, or a work permit)
  • One piece of government-issued photo ID, e.g. driver’s license or foreign passport International students will need to provide proof of registration at a post-secondary school, a study permit, and one piece of government photo ID.

International students can open a no-monthly-fee student bank account here. 

If you have not yet arrived in Canada, you may be able to open a BMO bank account by starting here. 

Stay tuned with more tips in our next e-blog: Managing Your Finances as a Newcomer or Permanent Resident in Canada, Episode -2.