๐ณ Banking & Finance
Before You Start
Toronto, as Canada's largest city, features a robust and modern banking system. Opening a bank account typically requires two pieces of government-issued identification (such as a passport and immigration papers), proof of address, and sometimes a study or work permit for newcomers. Most major Canadian banks have branches throughout the city, and accounts can be opened in person or online.
Blocked Accounts for Students
Canada does not require a 'blocked account' system like some European countries. International students must prove adequate funds for tuition and living expenses via documents (such as a Guaranteed Investment Certificate, GIC), but regular accounts are used for everyday banking.
Which Bank Should I Choose?
When choosing a bank in Toronto, compare newcomer offers, branch locations, digital banking functionality, and any language support you may need. Fintechs can be convenient for online services, while traditional banks offer more in-person support and a range of financial products.
Banking Options
Expat-Friendly Banks
Expats in Toronto have a variety of choices among large, well-established banks that are welcoming to newcomers. Many offer special newcomer packages and multilingual assistance. Fintechs are also gaining popularity for ease of use and innovative features.
English-Speaking Banks
Nearly all banks in Toronto offer comprehensive English-language support, with English as the primary language in contracts, customer service, and digital platforms. Some also offer services in French and other languages.
Free Bank Accounts
Many Canadian banks offer no-fee or low-fee accounts, especially targeted at newcomers, students, and digital users. Some fintech options provide completely free checking accounts with no minimum balance.
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