Scotiabank StartRight wins for year one — free international transfers and easier credit card approval with zero Canadian credit history. TD is better long-term if you need US cross-border banking or prefer TD's branch network. Most newcomers should start with Scotiabank, then add TD later if needed.
Opening a Canadian bank account is one of the first things you need to do after arriving. Both Scotiabank and TD have dedicated newcomer programs with perks that disappear after 1–3 years — so the choice matters most in your first year.
Here is a side-by-side comparison of everything that matters.
| Feature | Scotiabank StartRight | TD Newcomer Banking |
|---|---|---|
| Free chequing period | 1 year (then $16.95/mo) | 1 year (TD Unlimited Chequing) |
| Monthly fee after free period | $16.95 (Preferred Package) | $16.95 (Unlimited Chequing) |
| Free international transfers | Yes — 1 year (Western Union) | No — standard rates apply |
| Newcomer credit card | Scene+ Visa — no credit history | TD Rewards Visa — no credit history |
| Premium card path | Scotiabank Gold Amex (after 6–12 mo) | TD First Class Travel Visa Infinite |
| Eligibility window | Within 3 years of arrival | Within 5 years of arrival |
| Open before arriving in Canada | Yes | Yes |
| US banking | Limited | Strong — TD Bank US branches |
| Minimum balance to waive fee | $4,000 | $4,000 (Unlimited Chequing) |
Scotiabank's StartRight program is built specifically for newcomers in their first three years. The standout perk is free international money transfers for 12 months — useful if you are still sending money home or paying off debts abroad. The other major advantage is the Scene+ Visa credit card, which requires no Canadian credit history.
The Scene+ rewards program earns points on everyday purchases redeemable at Cineplex, grocery stores, and travel. It is not the most lucrative rewards program, but it is accessible immediately as a newcomer.
TD's newcomer banking program has a longer eligibility window — 5 years from arrival instead of Scotiabank's 3. TD's biggest advantage is cross-border banking: TD Bank operates thousands of branches in the United States, making it valuable if your work or family involves US transactions.
This is where the choice matters most for building credit. Both banks offer an unsecured credit card to newcomers without Canadian credit history — which is rare and valuable.
| Card | Annual Fee | Rewards | Credit Limit |
|---|---|---|---|
| Scotiabank Scene+ Visa | $0 | Scene+ points (movies, grocery) | $500 to $5,000 initially |
| TD Rewards Visa | $0 | TD Rewards points (travel, merch) | $500 to $5,000 initially |
| Scotiabank Gold Amex | $120/yr | 5x points on groceries/dining | Higher — after 6–12 months |
| TD First Class Travel Visa Infinite | $139/yr | TD Rewards — strong travel value | Min. $5,000 |
Both banks allow account opening before landing. Scotiabank's StartRight portal and TD's newcomer page let you start the application with your passport and immigration document number. The account is fully activated at your first in-branch visit.
Bring: your passport, immigration document (PR card, study/work permit, or COPR), and a secondary ID if available. The banker will activate your account and offer you the newcomer credit card on the spot — say yes.
The newcomer credit card is the most valuable thing they will offer you. Take it. Your credit history clock starts the day the account is opened. Every month you delay is a month of credit history you can never get back.
Link your chequing account to pay the full credit card balance every month. Carrying a balance does not build credit faster — it only costs you interest. Zero balance, on time, every month is the formula.
Waiting to open a bank account. Every week without a Canadian bank account is a week without a credit history clock running. Open your account in your first week in Canada.
Declining the newcomer credit card. Newcomers often decline because they fear debt. The card builds your credit score — which you need for an apartment, car loan, or mortgage. Use it for one small purchase per month and pay it off immediately.
Forgetting the free period end date. After 12 months, monthly fees kick in unless you maintain a minimum balance. Set a calendar reminder at 11 months to review your options — switch to a no-fee account, maintain the minimum balance, or negotiate.
Build your credit, choose the right bank, and make smart financial moves in Canada.
Browse All GuidesAccount features and fees sourced from Scotiabank.com/startright and TD.com/newcomers, May 2026. Bank programs change regularly — verify current offers directly with the bank before opening an account. This guide is for informational purposes only and does not constitute financial advice.