Canada is known for its welcoming and diverse culture, which makes it a popular destination for immigrants from all over the world. One of the most important things for immigrants to consider when settling in a new country is their banking options. In this blog post, we will explore which banks in Canada are the most immigrant-friendly, including their international transit numbers and other important details.
The big five banks in Canada are Royal Bank of Canada (RBC), Toronto-Dominion Bank (TD Bank), Bank of Nova Scotia (Scotiabank), Bank of Montreal (BMO), and Canadian Imperial Bank of Commerce (CIBC). All five banks offer a range of products and services to meet the needs of their customers, including checking and savings accounts, credit cards, loans, and mortgages.
When it comes to banking for immigrants, there are several factors to consider. These include ease of account opening, language support, international money transfer options, and fees. Let’s take a closer look at how each of the big five banks in Canada stacks up in these areas.
It’s important to note that SWIFT codes can vary based on the specific branch or location of the bank, so it’s always a good idea to double-check the SWIFT code with your bank before making an international transfer.
Royal Bank of Canada (RBC)
RBC is known for its strong commitment to diversity and inclusion, and as such, it has a reputation for being one of the most immigrant-friendly banks in Canada. RBC offers a range of services to help immigrants get started with banking in Canada, including a newcomer package that includes a free checking account for the first year, as well as credit and debit cards, online banking, and access to RBC’s extensive branch network.
In terms of language support, RBC offers service in more than 200 languages, making it easy for immigrants to get the help they need in their preferred language. RBC also offers international money transfer options, including a service called RBC International Money Transfer, which allows customers to send money to over 200 countries.
RBC’s Institution Number is: 003
RBC’s SWIFT code is: ROYCCAT2
Toronto-Dominion Bank (TD Bank)
TD Bank is another popular choice for immigrants, thanks to its easy account opening process and range of services tailored to the needs of newcomers to Canada. TD Bank’s newcomer package includes a free checking account for the first six months, as well as a credit card, debit card, and access to online banking and TD’s extensive branch network.
TD Bank offers service in several languages, including French, Mandarin, and Cantonese, making it easy for immigrants to get the help they need in their preferred language. TD Bank also offers international money transfer options through its TD International Transfer service, which allows customers to send money to over 200 countries.
TD Bank’s Institution Number is: 004
TD Bank’s SWIFT code is: TDOMCATTTOR
Bank of Nova Scotia (Scotiabank)
Scotiabank has a strong presence in Latin America and the Caribbean, which makes it a popular choice for immigrants from those regions. Scotiabank offers a range of services to help newcomers get started with banking in Canada, including a StartRight program that offers a free checking account for the first year, as well as a credit card, debit card, and access to online banking and Scotiabank’s extensive branch network.
Scotiabank offers service in several languages, including Spanish, French, and Mandarin, making it easy for immigrants to get the help they need in their preferred language. Scotiabank also offers international money transfer options, including its Scotiabank Global Transfer service, which allows customers to send money to over 55 countries.
Scotiabank’s Institution Number is: 002
Scotiabank’s SWIFT code is: NOSCCATT
Bank of Montreal (BMO)
BMO is another popular choice for immigrants, thanks to its easy account opening process and range of services tailored to the needs of newcomers to Canada. BMO’s newcomer package includes a free checking account for the first year, as well well as a credit card, debit card, and access to online banking and BMO’s extensive branch network.
In terms of language support, BMO offers service in several languages, including French, Mandarin, Cantonese, and Punjabi, making it easy for immigrants to get the help they need in their preferred language. BMO also offers international money transfer options, including its BMO Global Money Transfer service, which allows customers to send money to over 200 countries.
BMO’s Institution Number is: 001
BMO’s SWIFT code is: BOFMCAT2
Canadian Imperial Bank of Commerce (CIBC)
CIBC is another popular choice for immigrants, thanks to its strong commitment to diversity and inclusion. CIBC offers a range of services to help newcomers get started with banking in Canada, including a Welcome to Canada package that includes a free checking account for the first year, as well as a credit card, debit card, and access to online banking and CIBC’s extensive branch network.
CIBC offers service in several languages, including French, Mandarin, and Cantonese, making it easy for immigrants to get the help they need in their preferred language. CIBC also offers international money transfer options, including its CIBC Global Money Transfer service, which allows customers to send money to over 90 countries.
CIBC’s Institution Number is: 010
CIBC’s SWIFT code is: CIBCCATT
Conclusion
Overall, all of the big five banks in Canada offer a range of services to meet the needs of immigrants, including easy account opening, language support, and international money transfer options. However, RBC and TD Bank are often considered to be the most immigrant-friendly, thanks to their comprehensive newcomer packages and strong commitment to diversity and inclusion.
When choosing a bank, it’s important to consider your individual needs and preferences, as well as any fees or restrictions that may apply. By doing your research and comparing your options, you can find the bank that’s right for you and get started with banking in Canada with confidence.
Please always ask your account manager or call the bank’s customer service to confirm you have correctly filled out the transfer form before sending the money.
For all immigration matters, please feel free to contact us.