{"id":88770,"date":"2024-10-01T12:00:38","date_gmt":"2024-10-01T16:00:38","guid":{"rendered":""},"modified":"2024-10-01T12:00:39","modified_gmt":"2024-10-01T16:00:39","slug":"newcomer-banking-guide","status":"publish","type":"rbc_my_money_matter","link":"https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/life-events\/new-to-canada\/banking-in-canada\/newcomer-banking-guide\/","title":{"rendered":"Tips To Consider When Selecting Newcomer Bank Accounts In Canada"},"content":{"rendered":"<div class=\"wp-block-rbc-single-article-header\">\n\t<section class=\"section-grey cover pad-t-hlf\">\n\t\t<div class=\"section-inner w-half w-mob-full centered-margin cover section-grey pad-tb-0\">\n\t\t\t\t\t\t\t<div class=\"inline-block pill-container pill-taxonomies\">\n\t\t\t\t\t<div class=\"mar-b-hlf mob-mar-b snipe pill is-style-blue-pill\">\n\t\t\t\t\t\t<a class=\"primary-taxonomy\" href=\"https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/topic\/banking-digital-banking\/\">\n\t\t\t\t\t\t\t<span>Banking\/ Digital banking<\/span>\n\t\t\t\t\t\t<\/a>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t<h1 class=\"mar-b-hlf mar-t-0 mob-pad-lr-hlf h2 has-black-color\">Tips To Consider When Selecting Newcomer Bank Accounts In Canada<\/h1><p class=\"mar-b-0 mob-pad-lr-hlf author-text\">By Sachkia Barnes<\/p>\t\t\t\t\t<div class=\"featured-image-wrapper pos-rel\">\n\t\t\t\t\t\t<img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"683\" src=\"https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/uploads\/sites\/12\/2024\/08\/Tips-to-consider-when-selecting-newcomer-bank-accounts-in-Canada.jpg?quality=80\" class=\" cover-image  wp-post-image\" alt=\"Businesswomen doing online shopping through mobile phone at home\" srcset=\"https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/uploads\/sites\/12\/2024\/08\/Tips-to-consider-when-selecting-newcomer-bank-accounts-in-Canada.jpg 7500w, https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/uploads\/sites\/12\/2024\/08\/Tips-to-consider-when-selecting-newcomer-bank-accounts-in-Canada.jpg?resize=300,200 300w, https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/uploads\/sites\/12\/2024\/08\/Tips-to-consider-when-selecting-newcomer-bank-accounts-in-Canada.jpg?resize=768,512 768w, https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/uploads\/sites\/12\/2024\/08\/Tips-to-consider-when-selecting-newcomer-bank-accounts-in-Canada.jpg?resize=1024,683 1024w, https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/uploads\/sites\/12\/2024\/08\/Tips-to-consider-when-selecting-newcomer-bank-accounts-in-Canada.jpg?resize=1536,1024 1536w, https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/uploads\/sites\/12\/2024\/08\/Tips-to-consider-when-selecting-newcomer-bank-accounts-in-Canada.jpg?resize=2048,1365 2048w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/>\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t<\/section>\n\t<div class=\"article mar-t-dbl\">\n\t\t\t\t<section>\n\t\t\t<div class=\"section-inner socials-section\">\n\t\t\t\t<div class=\"top-socials-bar mob-mar-b-hlf\">    <div class=\"social-links mob-mar-b-hlf mob-mar-t-hlf\">\n            <a class=\"social-button-wrapper sharing-custom sharing-email\" href=\"mailto:?subject=Tips To Consider When Selecting Newcomer Bank Accounts In Canada &#038;body=Hi, I thought you might be interested in this article from RBC My Money Matters: https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/life-events\/new-to-canada\/banking-in-canada\/newcomer-banking-guide\/\">\n        <img decoding=\"async\" src=\"https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/plugins\/rbc-blocks\/assets\/img\/icons\/icon-email.svg\"\n          alt=\"envelope icon\">\n        <span>\n          Email        <\/span>\n      <\/a>\n      <div class=\"social-button-wrapper sharing-copy-wrapper\">\n        <button class=\"sharing-custom sharing-copy\" data-url=\"https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/life-events\/new-to-canada\/banking-in-canada\/newcomer-banking-guide\/\">\n          <img decoding=\"async\"\n            src=\"https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/plugins\/rbc-blocks\/assets\/img\/icons\/icon-related.svg\"\n            alt=\"copy icon\">\n          <span id=\"sharing-copyUrl-Label\">\n            Copy URL          <\/span>\n        <\/button>\n        <input type=\"text\" class=\"sharing-copy-text\" aria-labelledby=\"sharing-copyUrl-Label\">\n      <\/div>\n    <\/div>\n  <\/div>\n\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section>\n\t\t\t<div class=\"section-inner w-half w-mob-full centered-margin pad-tb-0 mob-mar-t-hlf mob-mar-b\">\n\t\t\t\t<p class=\"cover-pub-line text-xs mar-b-hlf\">Published October 1, 2024 \u2022 9 Min Read<\/p>\t\t\t<\/div>\n\t\t<\/section>\n\t<\/div>\n<\/div>\n\n\n\n<section class=\"wp-block-rbc-section-block  pos-rel\" style=\"border-radius:0px\">\n<div class=\"wp-block-rbc-section-inner-block  section-inner w-half w-mob-full\" style=\"border-radius:0x\">\n<div class=\"wp-block-rbc-rbc-block drop-shadow pos-rel top-line-blue block-wpr  mar-b-hlf\">\n<div class=\"wp-block-rbc-rbc-block-inner-block block-inner\">\n<h4 class=\"wp-block-heading\" id=\"h-tldr\">TLDR<\/h4>\n\n\n\n<ul class=\"wp-block-rbc-list is-style-blue-disc\">\n<li class=\"wp-block-rbc-list-item\">\n<p>Moving to Canada offers exciting opportunities for newcomers, and finding the right banking partner is essential to realizing their financial goals.<\/p>\n<\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-rbc-list is-style-blue-disc\">\n<li class=\"wp-block-rbc-list-item\">\n<p>Choosing the right bank account in Canada involves understanding different types of accounts, fees, transaction limits and services offered.<\/p>\n<\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-rbc-list is-style-blue-disc\">\n<li class=\"wp-block-rbc-list-item\">\n<p>Newcomers should seek to understand different facets of customer-focused banking, such as ATM availability, mobile banking that&#8217;s easy to use and long-term financial goals like investments, mortgages and business banking.<\/p>\n<\/li>\n<\/ul>\n<\/div>\n<\/div>\n\n\n\n<p>As you start your new life in Canada, you want to choose the right banking partner who will support you through all your major life milestones in Canada, and help you reach your financial goals. The banks, account types and financial products in Canada are different from what you might have been familiar with in your home country, so knowing what to look for in a bank will help you make the best choice for you as a newcomer.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Banking options in Canada<\/h2>\n\n\n\n<p>The&nbsp;<a href=\"https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/money-academy\/banking-basics\/account-types\/bank-account-basics-chequing-savings-and-everything-in-between\/\">Canadian banking system<\/a>&nbsp;is incredibly diverse. Newcomers will find large international commercial banks, credit unions and smaller financial institutions. Each can offer a range of services, from chequing and savings accounts to credit cards, loans and investment products.<\/p>\n\n\n\n<p>The main five big banks in Canada typically offer the full range of financial products that newcomers may need, as well as newcomer offers. They are:<\/p>\n\n\n\n<ul class=\"wp-block-rbc-list is-style-blue-disc\">\n<li class=\"wp-block-rbc-list-item\">\n<p>The Royal Bank of Canada (RBC), Canada\u2019s largest bank by market capitalization<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p>The Bank of Montreal (BMO)<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p>The Bank of Nova Scotia (Scotiabank)<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p>Toronto Dominion (TD)<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p>The Canadian Imperial Bank of Commerce (CIBC)<\/p>\n<\/li>\n<\/ul>\n\n\n\n<p>It is crucial to choose a bank within two weeks of arriving in Canada.&nbsp; You will need a bank account to deposit funds you bring to Canada, receive payroll from employment and set up payments for routine expenses such as your rent, utilities and day-to-day financial needs. &nbsp;<\/p>\n\n\n\n<p>You must present key documents to set up your first bank account. These usually include:<\/p>\n\n\n\n<ul class=\"wp-block-rbc-list is-style-blue-disc\">\n<li class=\"wp-block-rbc-list-item\">\n<p>Proof of identity, such as a passport, driver&#8217;s licence or permanent resident card&nbsp;<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p>Proof of immigration status, such as a Temporary Resident Visa (TRV), Confirmation of Permanent Residence (CoPR) or Social Insurance Number (SIN). International students will need their Student Permit or IMM 1442.&nbsp;<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p>Proof of address, such as a utility bill or rental agreement in your name, or in the name of the person you are living with.&nbsp; (note that if you change addresses later, you will need to update your address with the bank promptly)<\/p>\n<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\">Types of bank accounts<\/h2>\n\n\n\n<p>It is important for newcomers to know that in Canada your chequing account and your savings account are two separate types of bank accounts. These accounts are the two recommended accounts you should set up:<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">What is a chequing account?<\/h3>\n\n\n\n<p>A&nbsp;<a href=\"https:\/\/www.rbcroyalbank.com\/accounts\/chequing-accounts.html\" data-dig-id=\"LP-88770-88bd7dbd\" data-dig-category=\"LP\" data-dig-action=\"link click\" data-dig-label=\"chequing account\" class=\"rbc-link-format\">chequing account<\/a>&nbsp;allows you to manage your day-to-day transactions. You can deposit your payroll, withdraw cash, make purchases with a debit card, transfer money electronically, pay bills and write cheques. Most chequing accounts have a monthly service fee, though this fee may be waived if you meet certain criteria, or the fee may be waived for a certain amount of time for newcomers. Some banks may charge a fee if the funds you have in the account drop below a minimum required balance.&nbsp;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">What Is a savings account?<\/h3>\n\n\n\n<p>A savings account is a place to save money over time for use in emergencies or planned purchases. This account is not meant for day-to-day transactions. Instead, by offering a higher interest rate, it earns money for you as the funds in the account grow. Usually, savings accounts do not have monthly fees, but they typically do come with a limited number of monthly transactions and may charge fees if you exceed the limit.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">How to choose the right bank account for you<\/h2>\n\n\n\n<p>Many banks offer attractive incentives to newcomers during their&nbsp;<a href=\"https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/life-events\/new-to-canada\/banking-in-canada\/a-financial-toolkit-for-your-first-year-as-a-newcomer-to-canada\/\" data-dig-id=\"LP-88770-50a3f2be\" data-dig-category=\"LP\" data-dig-action=\"link click\" data-dig-label=\"first year in Canada\" class=\"rbc-link-format\">first year in Canada<\/a>, while you are setting up your new life in Canada. While these offers may be enticing, make sure you also look beyond the one-year offer to consider your long-term banking needs when you determine the bank and account that best serves your needs. Here are a few&nbsp;<a href=\"https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/money-academy\/banking-basics\/account-types\/bank-account-basics-chequing-savings-and-everything-in-between\/\" data-dig-id=\"LP-88770-51ee6245\" data-dig-category=\"LP\" data-dig-action=\"link click\" data-dig-label=\"key details\" class=\"rbc-link-format\">key details<\/a>&nbsp;to look out for, so you can choose a banking partner that supports your short-term and long-term needs as a newcomer.&nbsp;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Details to look out for when comparing newcomer packages<\/h3>\n\n\n\n<ul class=\"wp-block-rbc-list is-style-blue-disc\">\n<li class=\"wp-block-rbc-list-item\">\n<p><strong>Account fees:<\/strong>&nbsp;Some banks waive fees and offer discounts for newcomers, but these typically expire after a year. Before you set up an account, find out what fees to expect after the first year. This can help you compare different banks before you decide where to set up an account. These can be monthly fees automatically billed to your account, fees to withdraw funds from an ATM and fees for international money transfers. These will be ongoing, so be clear about what to expect.<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p><strong>Account balance requirements:<\/strong>&nbsp;Some banks may waive account fees only for accounts maintaining a minimum balance, while others offer no minimum balance requirements. What kind of budget do you expect to have? If your balance is likely to be low, you might consider opening an account that doesn&#8217;t charge you for it.&nbsp; &nbsp;<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p><strong>Transaction limits:<\/strong>&nbsp;Some accounts offer unlimited transactions, while others may have restrictions. How many transactions \u2014 including withdrawals, deposits and transfers \u2014 do you expect to make each month? Knowing this will help you decide which account is best for you.&nbsp;<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p><strong>ATM availability:<\/strong>&nbsp;While it is very easy to go cashless in Canada, some newcomers prefer to use cash while they get used to managing finances in a new country. Make sure you select a bank with a vast network of easily accessible ATMs in your province for convenient withdrawals and deposits. This way, you will avoid a fee for using out-of-network ATMs.<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p><strong>Mobile banking app that&#8217;s easy to use:<\/strong>&nbsp;Mobile banking apps make it easy to deposit cheques, make fund transfers and perform other transactions on the go. Advanced mobile banking solutions such as RBC&#8217;s in-app assistant,&nbsp;<a href=\"https:\/\/www.rbcroyalbank.com\/mobile\/feature\/nomi\/index.html#:~:text=NOMI%20analyzes%20your%20monthly%20cash,it's%20going%20to%20do%20next.\" data-dig-id=\"LP-88770-0ad5be91\" data-dig-category=\"LP\" data-dig-action=\"link click\" data-dig-label=\"NOMI\" class=\"rbc-link-format\">NOMI<\/a>,&nbsp;allow customers to access their credit scores, receive budget recommendations based on spending analysis, and find ways to save money by analyzing cash flow.&nbsp; Compare the mobile app features of different banks and read what users are saying about them to ensure the app can meet your needs.<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p><strong>Sending funds home:&nbsp;<\/strong>If you plan to&nbsp;<a href=\"https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/life-events\/new-to-canada\/banking-in-canada\/save-and-send-money-home\/\" data-dig-id=\"LP-88770-b1e5fe9a\" data-dig-category=\"LP\" data-dig-action=\"link click\" data-dig-label=\"send money back home\" class=\"rbc-link-format\">send money back home<\/a>&nbsp;to loved ones, compare the fees associated with international transfers at different banks.&nbsp;&nbsp;<\/p>\n<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\">Things to keep in mind while choosing a banking partner<\/h2>\n\n\n\n<p>There&#8217;s more to choosing a banking partner than finding the right kind of chequing and savings accounts. A bank that can answer your questions, provide personalized advice, and help you prepare for a strong financial future is just as important.&nbsp; &nbsp;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Customer service and support as you settle in<\/h3>\n\n\n\n<p>You will learn many new things while navigating all aspects of setting up life in Canada during your crucial first year. It&#8217;s a big transition! Choosing a bank with good customer service and advisors readily available to answer your questions, mitigate unforeseen issues and provide relevant advice and financial options for your specific situation will make this transition much more positive.<\/p>\n\n\n\n<p>It is important to remember that Canada is a very diverse country. You will undoubtedly meet service professionals who have been in your shoes just a few years prior. Having access to advisors and services that meet you where you are, such as in-language assistance if English or French is not your first language should be expected.&nbsp;<\/p>\n\n\n\n<p>Does the bank you are considering have a reputation for offering beyond banking support to newcomers? Do they offer career workshops, scam prevention workshops or introductions to other community resources that will make your settling in smoother? These are all things to consider.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Choose a bank for the long-term<\/h3>\n\n\n\n<p>Keep your long-term financial goals in mind as you choose your bank. Do you aim to buy a home, invest your savings or start a business? It will be helpful to have a strong financial advisor who can provide tailored advice for all of these goals and milestones, so you can bring your dreams to life. Considering these key aspects will lead you to the financial partner that fits your needs: &nbsp;<\/p>\n\n\n\n<ul class=\"wp-block-rbc-list is-style-blue-disc\">\n<li class=\"wp-block-rbc-list-item\">\n<p><strong>Investments:&nbsp;<\/strong>If you plan to invest to grow your savings, choose a bank that offers comprehensive investment services and advice, tailored to your goals and criteria.&nbsp;<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p><strong>Mortgage:<\/strong>&nbsp;Is owning a home part of your dream in Canada? Consider banks with competitive mortgage rates and flexible terms.&nbsp;<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p><strong>Starting a business:<\/strong>&nbsp;If you\u2019re hoping to start your own business, look for a bank that provides strong support and advice for business owners, including business banking, funding and business development services.&nbsp;<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p><strong>Funding your children&#8217;s education:&nbsp;<\/strong>If providing your children with a top-rated education is one of your main goals, look for banks that offer educational savings plans and investment options to help you save for that stage of life. <\/p>\n<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\">Set yourself up for success<\/h2>\n\n\n\n<p>Selecting the right financial institution and bank accounts is a crucial first step for newcomers to Canada. Review bank offers carefully, and consider fees, services and your long-term goals. Make sure you also consider aspects of a long-term banking relationship that go beyond your account opening, including customer service, personalized advice and banking support. Take the time to carefully consider each option to make the best decision.&nbsp;<\/p>\n\n\n\n<p>Schedule an appointment with an&nbsp;<a href=\"https:\/\/www.rbcroyalbank.com\/dms\/enterprise\/newcomers\/meeting-place.html\" data-dig-id=\"LP-88770-6dc02e36\" data-dig-category=\"LP\" data-dig-action=\"link click\" data-dig-label=\"RBC newcomer advisor\" class=\"rbc-link-format\">RBC newcomer advisor<\/a>&nbsp;for personalized assistance and to explore&nbsp;<a href=\"https:\/\/www.rbcroyalbank.com\/dms\/enterprise\/newcomers\/offers.html\" data-dig-id=\"LP-88770-76d7d537\" data-dig-category=\"LP\" data-dig-action=\"link click\" data-dig-label=\"RBC's newcomer banking options\" class=\"rbc-link-format\">RBC&#8217;s newcomer banking options<\/a>. Welcome to Canada!&nbsp;<\/p>\n\n\n\n<p><\/p>\n\n\n\n<div class=\"wp-block-rbc-rbc-default-collapsible\"><p><button class=\"collapse-toggle collapsed\" data-target=\"#collapse834a1009\" data-toggle=\"collapse\" aria-expanded=\"false\" aria-controls=\"collapse834a1009\" data-dig-id=\"LP-57738-834a1009\" data-dig-category=\"LP\" data-dig-action=\"accordion closed\" action-closed=\"accordion closed\" action-opened=\"accordion open\" data-dig-label=\"Things our lawyers want you to know\"><span>Things our lawyers want you to know<\/span><span>Things our lawyers want you to know<\/span><\/button><\/p><div class=\"collapse-content collapse\" id=\"collapse834a1009\">\n<div class=\"wp-block-rbc-collapsible-inner-block collapse-inner\">\n<p>This article is intended as general information only and is not to be relied upon as constituting legal, financial or other professional advice. A professional advisor should be consulted regarding your specific situation. Information presented is believed to be factual and up-to-date but we do not guarantee its accuracy and it should not be regarded as a complete analysis of the subjects discussed. All expressions of opinion reflect the judgment of the authors as of the date of publication and are subject to change. No endorsement of any third parties or their advice, opinions, information, products or services is expressly given or implied by Royal Bank of Canada or any of its affiliates.<\/p>\n<\/div>\n<\/div><\/div>\n\n\n\t\n\t<div class=\"wp-block-tk-spacer id-2b757886-f5b5-40e5-9a60-431777c66d35\" aria-hidden=\"true\"><\/div>\n\t\n\n\n<p class=\"has-text-align-center h5 mar-b\"><strong>Share This Article<\/strong><\/p>\n\n\n\n\t\t<div class=\"socials-block\">\n\t\t\t    <div class=\"social-links mob-mar-b-hlf mob-mar-t-hlf\">\n            <a class=\"social-button-wrapper sharing-custom sharing-email\" href=\"mailto:?subject=Tips To Consider When Selecting Newcomer Bank Accounts In Canada &#038;body=Hi, I thought you might be interested in this article from RBC My Money Matters: https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/life-events\/new-to-canada\/banking-in-canada\/newcomer-banking-guide\/\">\n        <img decoding=\"async\" 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id-91530b1c-8287-4d4c-90da-e481c09d44c2\" aria-hidden=\"true\"><\/div>\n\t\n\n\n\t\t\t<div class=\"wp-block-rbc-single-post-topics related-topics-links\">\n\t\t\t\t<p class=\"h5 mar-r-hlf\">Topics:<\/p>\n\t\t\t\t\t\t\t\t\t<a href=\"https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/topic\/banking-digital-banking\/\" class=\"btn topic mar-t-0 mar-r-qtr mar-b-hlf\">Banking\/ Digital banking<\/a>\n\t\t\t\t\t\t\t\t\t<a href=\"https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/topic\/credit-and-debt\/\" class=\"btn topic mar-t-0 mar-r-qtr mar-b-hlf\">Credit and Debt<\/a>\n\t\t\t\t\t\t\t\t\t<a href=\"https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/topic\/education\/\" class=\"btn topic mar-t-0 mar-r-qtr mar-b-hlf\">Education<\/a>\n\t\t\t\t\t\t\t\t\t<a href=\"https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/topic\/managing-money\/\" class=\"btn topic mar-t-0 mar-r-qtr mar-b-hlf\">Managing Money<\/a>\n\t\t\t\t\t\t\t\t\t<a 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Barnes","rbc_video_header":"","rbc_media_duration":"","rbc_video_keywords":"","rbc_video_description":"","rbc_video_upload_date":"","rbc_toc_for_mmm_tag":"h2","rbc_toc_for_mmm_limit":6,"rbc_toc_for_mmm":null,"rbc_toc_for_mmm_action":""},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.2 (Yoast SEO v27.2) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<meta name=\"description\" content=\"If you are new to Canada, learn the necessary documents, types of accounts and tips for choosing the right bank.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/life-events\/new-to-canada\/banking-in-canada\/newcomer-banking-guide\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:description\" content=\"If you 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