How to Open a Canadian Bank Account Before You Leave Australia

How to Open a Canadian Bank Account Before You Leave Australia

One of the best things you can do before moving to Canada is open a Canadian bank account while you’re still in Australia. Landing in a new country without a local bank account makes everything harder: you’re paying foreign transaction fees on every purchase, you can’t receive a Canadian payslip, and you can’t set up direct debits for rent or utilities.

The good news is that several major Canadian banks let you open an account remotely from Australia. Here’s how to do it, which banks offer it, and what to watch out for.

Why Open an Account Before You Arrive

The practical reasons stack up quickly.

Without a Canadian bank account, you’ll be paying currency conversion fees every time you use your Australian card. Those fees add up fast in the first few weeks when you’re spending heavily on accommodation, groceries, and setup costs.

You also can’t receive a Canadian payslip without a Canadian bank account. Most employers won’t pay into a foreign account, and the few that will often require extra paperwork and delays.

Finally, a Canadian account with some transaction history makes it easier to apply for a Canadian credit card sooner, which matters because building Canadian credit history takes time and you want to start early.

Which Banks Offer Remote Account Opening for Newcomers

Not all Canadian banks offer this, but several of the major ones do.

TD Bank (Toronto-Dominion) runs one of the most well-known newcomer programs. Through the TD Newcomer Banking Package, you can open an account before you arrive in Canada. You’ll complete the application online and verify your identity through a video call with a TD representative. Once approved, your account is active and waiting for you when you land.

Scotiabank offers a similar program called StartRight. You can open a chequing account before you arrive, and the package often includes some fee waivers for the first year, which is worth taking advantage of.

BMO (Bank of Montreal) also has a newcomer program that allows pre-arrival account opening, though the process can vary depending on the specific account type.

RBC (Royal Bank of Canada) has a newcomer program but the remote opening process is less straightforward than TD or Scotiabank. It’s worth checking directly as their offerings change.

Of these, TD and Scotiabank have the most consistent track record for remote account opening from Australia specifically, based on feedback from Australian expats.

What You’ll Need to Apply

The exact requirements vary slightly by bank, but generally you’ll need:

• A valid Australian passport
• Your Canadian visa or work permit documentation (an IEC approval letter works)
• A Canadian address (even a temporary one, such as a hostel or short-term rental address, usually suffices for the initial application)
• An email address and phone number
• Your expected arrival date in Canada

Some banks will ask for proof of your Australian address as well, and a few may require a video identification call.

You don’t need a Canadian phone number before you open the account, though you’ll want to update it promptly once you get one.

The Account Types You’ll Encounter

Canadian banks distinguish between chequing accounts (used for day-to-day spending, bill payments, and receiving salary) and savings accounts. You’ll primarily want a chequing account first.

Most newcomer chequing accounts come with a monthly fee, typically between $10 and $17 CAD per month. However, newcomer programs often waive these fees for the first six to twelve months. Read the terms carefully so you know when the fee kicks in and what the conditions are for having it waived (often maintaining a minimum balance).

You’ll also be issued a debit card linked to your chequing account, which functions on the Interac network in Canada. This is different from the Visa Debit system you may be used to in Australia, though the practical experience is similar.

Sending Money to Your New Account

Once your account is open, you can transfer money from your Australian bank ahead of your arrival so you have funds waiting.

Avoid using your Australian bank’s international transfer service if you can, as the exchange rates and fees are typically unfavourable. Instead, use a specialist currency transfer service. Wise (formerly TransferWise), OFX (an Australian company), and CurrencyFair all offer significantly better rates than the major banks and lower transfer fees.

For the initial transfer, a few thousand Australian dollars converted to CAD will give you a comfortable buffer for the first month.

What to Do When You Arrive

Once you’re in Canada, visit your bank branch as soon as practical in your first week. Even if your account is already open and funded, you’ll want to:

• Verify your identity in person (some banks require this before releasing full account functionality)
• Collect your debit card if it wasn’t mailed to you in advance
• Update your address to your Canadian address
• Ask about applying for a secured credit card

The secured credit card is important. Canadian credit history is separate from Australian credit history, so you start from zero. A secured card (where you deposit a sum as collateral and borrow against it) is the fastest way to start building a Canadian credit score. Most banks offer them specifically for newcomers.

Credit Score Basics in Canada

Canada uses two main credit bureaus: Equifax Canada and TransUnion Canada. Your score will typically start in the low-to-mid range simply because you have no history.

To build it:

• Use your secured card regularly for small purchases
• Pay the balance in full every month
• Don’t miss a payment
• Don’t apply for multiple credit products at once (each application can temporarily lower your score)

After six to twelve months of consistent activity, you’ll have enough history to apply for an unsecured credit card with better benefits.

Watch Out For These Fees

Canadian banks are more fee-heavy than Australian banks, where many everyday accounts are genuinely free. Watch for:

• Monthly account fees (check whether your newcomer package waives these and for how long)
• Out-of-network ATM fees (use your own bank’s ATMs where possible)
• Interac e-Transfer fees (some accounts include a number of free transfers per month; going over that limit triggers a fee)
• Overdraft fees (set up overdraft protection if the option is available)

The Bottom Line

Opening a Canadian bank account before you leave Australia is one of the most practical things you can do to make your arrival smoother. TD and Scotiabank are the easiest options for Australians, the process takes less than an hour online, and having that account active on day one in Canada removes a significant source of friction from what is already a hectic first week.

Do it at least four to six weeks before you arrive so there’s time to resolve any identity verification issues and transfer funds before your flight.

How to Open a Canadian Bank Account Before You Leave Australia

One of the smartest pre-departure tasks for moving from Australia to Canada is opening a Canadian bank account before you land. Arriving without one means you’ll be stuck paying foreign transaction fees on every purchase, you can’t be paid into a local account, and you’ll struggle to set up direct debits for rent, phone, and utilities.

Several major Canadian banks now let you open an account remotely from Australia. Here’s how it works, which banks support it, and what to watch out for.

Why Open an Account Before You Arrive

Landing without a Canadian bank account creates a few immediate problems:

• Higher costs on every purchase – Your Australian card will usually attract currency conversion fees and possibly international transaction fees. In your first few weeks, when you’re spending heavily on accommodation, groceries, transport, and setup costs, those fees add up quickly.
• Getting paid is harder – Most Canadian employers will only pay into a Canadian bank account. Some may technically be able to pay into an overseas account, but it often involves extra paperwork, delays, and confusion with exchange rates.
• Slower path to a credit card and credit history – Canadian credit history is separate from your Australian history. Having a Canadian account open and in use makes it easier to get a (secured) credit card sooner, which helps you start building Canadian credit from day one.

Opening an account before you arrive removes a lot of friction from your first week and gives you somewhere to safely park your funds in CAD.

Which Banks Let You Open an Account From Australia

Not all Canadian banks support remote account opening for newcomers, but several of the big players do. Policies can change, so always confirm details directly with the bank.

TD Bank (Toronto-Dominion)

TD runs one of the most established newcomer programs: TD Newcomer Banking Package.

• You can start and complete your application online from Australia.
• Identity is typically verified via a video call with a TD representative.
• Once approved, your account is opened and ready to use; you simply complete any remaining steps in person after you arrive.

TD has a strong track record of working smoothly with Australians arriving on work permits, IEC visas, and permanent residency visas.

Scotiabank (StartRight Program)

Scotiabank’s StartRight program is another popular option for newcomers.

• You can open a chequing account before you arrive.
• Newcomer packages often include fee waivers on monthly account fees for the first year.
• They’re used to dealing with pre-arrival customers and remote documentation.

Scotiabank is frequently recommended by Australian expats for its relatively straightforward remote setup.

BMO (Bank of Montreal)

BMO also offers a newcomer program that can allow you to open an account before you land.

• The exact process can vary by account type and by your immigration status.
• Some applicants may be fully set up remotely; others may need to complete more steps in person.

It’s worth contacting BMO directly to confirm what’s possible for your specific visa and timeline.

RBC (Royal Bank of Canada)

RBC has a well-known Newcomer to Canada program, but the remote opening process is generally less streamlined than TD or Scotiabank.

• You may be able to start the process from Australia.
• In some cases, more of the setup is completed after you arrive.

Because RBC’s approach changes over time, check their newcomer page or speak with them directly to see what they currently offer for pre-arrival clients.

Best Bets From Australia

Based on feedback from Australian expats, TD and Scotiabank tend to have the most consistent, newcomer-friendly processes for opening accounts from Australia specifically.

What You’ll Need to Apply

Requirements differ slightly by bank, but you can expect to need:

• Valid Australian passport – Your primary ID document.
• Canadian visa or work permit documentation – For example, an IEC approval letter, work permit approval, or PR confirmation.
• A Canadian address – This can be temporary at first, such as a hostel, hotel, or short-term rental. If you haven’t booked yet, you can use a flexible booking platform to secure an address you can update later.
• Email address and phone number – An Australian mobile number is usually fine for the initial application.
• Expected arrival date in Canada – Banks often ask when you plan to land.

Some banks may also request:

• Proof of your Australian residential address (e.g., utility bill, bank statement, or lease).
• Video identification call – To verify your identity remotely.

You do not need a Canadian phone number to open the account, but you should update your contact details once you have one.

The Main Account Types You’ll See

Canadian banks typically separate accounts into:

• Chequing accounts – For everyday spending, salary deposits, bill payments, and transfers.
• Savings accounts – For storing money you don’t need to access daily, often with slightly higher interest.

As a newcomer, your priority is a chequing account.

Fees and Features

Most newcomer chequing accounts:

• Charge a monthly fee, often around $10–$17 CAD.
• Offer fee waivers for the first 6–12 months under newcomer packages.
• May waive fees if you maintain a minimum balance.

Always read the terms so you know:

• When the monthly fee starts.
• What balance (if any) you need to keep to avoid fees.
• How many transactions, Interac e-Transfers, and ATM withdrawals are included.

You’ll also receive a debit card linked to your chequing account. In Canada, debit cards primarily use the Interac network, which is different from Visa Debit in Australia but works similarly for in-store and many online purchases.

Moving Money From Australia to Your New Account

Once your Canadian account is open, you can transfer money from Australia so you have CAD ready when you land.

Avoid Using Your Australian Bank for FX

Most Australian banks:

• Offer poor exchange rates compared to the mid-market rate.
• Charge higher international transfer fees.

Instead, consider specialist money transfer services that are popular with Australians moving money overseas.

Two commonly used options are:

• Wise – Uses the mid-market exchange rate with transparent, upfront fees. Often very cost-effective for small to medium transfers.
• OFX – An Australian company that charges no transfer fee on amounts over $10,000 AUD and offers competitive rates on larger sums.

For your first month in Canada, transferring a few thousand AUD (converted to CAD) usually provides a comfortable buffer for rent, groceries, transport, and initial setup costs.

What to Do When You Arrive in Canada

Even if your account is already open and funded, plan to visit a branch in your first week.

When you go in, you’ll typically:

1. Verify your identity in person – Some banks require this before unlocking full account functionality (e.g., higher transfer limits, certain online features).
2. Collect your debit card – If it wasn’t mailed to you in advance, you’ll pick it up at the branch.
3. Update your address – Change from your temporary or booking address to your actual Canadian residence once you have it.
4. Ask about a secured credit card – This is one of the fastest ways to start building Canadian credit history.

Why a Secured Credit Card Matters

A secured credit card works like this:

• You pay a security deposit (for example, $500–$1,000 CAD).
• The bank issues a credit card with a limit often equal to your deposit.
• You use it like a normal credit card and pay it off monthly.

Because the bank holds your deposit as collateral, they’re more willing to lend to newcomers with no Canadian credit history.

Most major banks offer secured cards tailored to newcomers, and some may bundle them with newcomer banking packages.

Credit Score Basics in Canada

Canada has two main credit bureaus:

• Equifax Canada
• TransUnion Canada

As a newcomer, you effectively start with no Canadian credit history. Your score will build over time based on how you use credit products.

To build a strong score:

• Use your secured card regularly – Small, manageable purchases are enough.
• Pay the balance in full every month – Avoid interest and show responsible use.
• Never miss a payment – Late payments can damage your score.
• Avoid multiple applications at once – Each application can create a hard inquiry, which may temporarily lower your score.

After 6–12 months of consistent, on-time payments, you’ll usually have enough history to apply for an unsecured credit card with better rewards and no deposit.

Common Fees to Watch For

Compared with Australia, Canadian banks tend to be more fee-heavy. Pay attention to:

• Monthly account fees – Check how long your newcomer fee waiver lasts and what happens after.
• Out-of-network ATM fees – Using another bank’s ATM can trigger extra charges from both banks.
• Interac e-Transfer fees – Some accounts include a limited number of free transfers per month; going over that limit can incur a fee.
• Overdraft fees – If you accidentally go into the negative, you may be charged. Ask about overdraft protection and how it works.

Reading the fee schedule before you arrive helps you avoid surprises.

Timeline and Practical Tips

To keep things smooth:

• Start 4–6 weeks before departure – This gives time for identity checks, any video calls, and resolving documentation issues.
• Have your documents ready – Passport, visa/permit, Australian proof of address, and a Canadian address (even temporary).
• Plan your first transfer – Decide how much AUD you’ll convert to CAD and which transfer service you’ll use.
• Book a branch visit – If possible, make an appointment for your first week in Canada to finalise everything and ask about credit products.

The Bottom Line

Opening a Canadian bank account before you leave Australia is one of the most practical steps you can take for a smoother arrival.

• TD and Scotiabank are often the easiest options for Australians, with well-established newcomer programs and remote onboarding.
• The process can usually be completed online in under an hour once you have your documents ready.
• Having a funded Canadian account on day one means fewer fees, easier payroll setup, and a faster start on building Canadian credit history.

Aim to get this done at least a month before you fly so your account is open, verified, and ready to receive your first transfer before you touch down.

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