# Bank accounts and credit history in Canada > You can open a Canadian bank account even without a job. What ID banks ask for, what to compare and how credit history works for newcomers. - Category: Banking & forex - For: newcomers moving abroad to work, settle or join family - Country: Canada - Verified on: 2026-10-20 - Source: [Financial Consumer Agency of Canada — Opening a bank account](https://www.canada.ca/en/financial-consumer-agency/services/banking/opening-bank-account.html) - Page: https://travelsorted.grihaam.online/resources/canada-banking-and-credit-for-newcomers ## The short answer In Canada you have the right to open a bank account even if you do not have a job, do not have money to put in right away, or have been bankrupt. The bank must be able to confirm your identity with proper identification. Banking is the start of your **credit history**, which landlords, phone companies and lenders may check, so it pays to understand both. This guide gives general information from the Financial Consumer Agency of Canada (FCAC), the federal agency that protects consumers in the financial sector. ## Key terms in plain English - **Chequing account:** an everyday account for paying bills and receiving your salary. - **Savings account:** an account that pays interest on money you keep there. - **Credit report:** a record kept by credit bureaus of your borrowing and payment history. - **Credit score:** a number calculated from your credit report that lenders use to judge risk. - **Credit history:** how long and how well you have managed credit in Canada. ## Opening an account FCAC explains that you can open an account in person, by electronic means or by telephone. Banks and other federally regulated institutions must follow identification rules. The bank asks for original ID, not photocopies. FCAC describes two ways to meet the rules: 1. **Two documents** from a reliable source, one showing your name and address, and the other your name and date of birth. The accepted list includes government-issued ID, recent notices of tax assessment, benefit statements, public utility bills, bank or credit card statements and **foreign passports**. 2. **One document** showing your name and date of birth, plus confirmation of your identity by a customer in good standing with the bank. Banks that operate only online may require you to have an account with another institution first. You may need to go in person if you are not a Canadian citizen, so ask the bank before you go. ## What to compare - **Monthly fees,** and how to avoid them - **Fees for transfers,** including to and from India - **Newcomer packages,** where a bank advertises one. Compare the terms and what happens when the offer ends - **Alerts,** which banks must send when your balance falls below a chosen amount - **How you will receive and send money** from India When a bank adds or increases a fee, it must tell you in writing. ## Starting a credit history A credit history built in another country may not carry over to Canada, so many newcomers start with a thin file. FCAC's credit pages explain how reports and scores work, how to order your report and how to correct errors. Common ways people begin are using a credit card carefully and paying every bill on time. Landlords can check your credit history and mobile companies may ask for a credit check, as IRCC notes. If you have no history, ask what alternatives exist for newcomers. ## Moving money from India Send money to Canada through banks or other authorised providers, compare the exchange rate and the fee together, and keep records. The Reserve Bank of India sets rules for sending money out of India, and tax can apply, so ask your Indian bank before you transfer large sums. ## Checklist - [ ] Gather your passport, immigration document and proof of address if you have one - [ ] Ask the bank which ID it accepts for newcomers - [ ] Compare monthly fees, transfer fees and any newcomer package terms - [ ] Turn on the bank's balance alerts - [ ] Keep your Indian number or email active for OTPs from your Indian bank - [ ] Order your credit report after a few months and read it - [ ] Pay every bill on time - [ ] Keep records of every money transfer ## Common mistakes - **Giving out your PIN, password or one-time code.** No genuine bank asks for them. - **Letting someone use your account.** This can make you part of a crime. - **Missing a fee change.** Read what the bank sends you. - **Borrowing too much too soon.** Credit helps only if you can repay it. - **Ignoring errors on your credit report.** FCAC explains how to fix them. ## Things that change Banks set their own fees, products and ID processes within the rules. Regulations change, so check FCAC. ## Verify before you act Read FCAC on [opening a bank account](https://www.canada.ca/en/financial-consumer-agency/services/banking/opening-bank-account.html), [banking basics](https://www.canada.ca/en/financial-consumer-agency/services/banking.html), [credit reports and scores](https://www.canada.ca/en/financial-consumer-agency/services/credit-reports-score.html) and [credit cards](https://www.canada.ca/en/financial-consumer-agency/services/credit-cards.html). This is general information, not financial advice. --- StudentFlow gives general information from official sources. It is not legal or immigration advice and we are not a licensed immigration consultant or lawyer. For advice on your case, speak to a licensed professional. Confirm current rules, fees and thresholds on the official source above.