Banking in Canada as a Brit: your first account, your ID and your UK money

Opening a bank account in Toronto is one of the easier jobs on the list, as long as you turn up with the right ID and a bit of patience for the paperwork.

The short version

• Canadian banks must confirm who you are with original documents, and a foreign passport counts as one of them [1].
• You don't need to be a Canadian citizen or even live in Canada to open an account, but you may need to visit a branch in person [1].
• The big banks all run newcomer packages, with monthly fees waived for between one and three years depending on the bank [2].
• Deposits are insured by the CDIC up to CAD 100,000 (about £53,000) per category at each member bank [3].
• Keep your UK account open if you can. It's far harder to open one once you've left.

How Canadian banking differs from back home

Day to day, banking in Toronto will feel familiar. You tap your card or phone almost everywhere, the big names dominate the high street, and the apps are decent. A few things are different:

• The Big Five (or Six). RBC Royal Bank, TD, BMO, Scotiabank and CIBC are the household names, with National Bank often counted as the sixth [2]. There are also online-only banks such as Tangerine, Simplii and EQ Bank, and credit unions.
• "Chequing" and "savings" accounts. Your everyday current account is called a chequing account. Savings accounts pay interest but often charge for each withdrawal.
• Monthly fees are normal. Free current accounts are the norm back home in Blighty. In Canada, many chequing accounts charge a monthly fee, which can be anything up to about CAD 30 (about £16), unless you keep a minimum balance [2].
• Transit and institution numbers. Instead of a sort code, your account has a branch transit number and an institution number. Your employer will want a "void cheque" or a direct deposit form with them on.
• Interac e-Transfer. The usual way to pay a friend or your landlord. You send money to an email address or mobile number and it arrives within minutes.
• Cheques aren't dead. Some Toronto landlords still ask for post-dated cheques for the rent, so order a chequebook when you open the account.

Pound conversions use the Bank of England spot rate of 5 November 2026 (£1 = CAD 1.89) [5].

Opening an account: the ID rules

The Financial Consumer Agency of Canada (FCAC) sets out what banks must check. You can meet the rules in one of two ways [1]:

1. Two documents from reliable sources: one showing your name and address, and one showing your name and date of birth. A foreign passport is on the accepted list, as are Canadian or provincial government ID, recent Canadian utility bills, and recent bank or credit card statements.
2. One document plus someone to vouch for you: a document with your name and date of birth, with your identity confirmed by a customer in good standing with the bank or a person of good standing in the community.

The catch for new arrivals is the proof of address. In your first week you won't have a Canadian utility bill. Your passport covers the date-of-birth half, and a lease, an employment letter or a statement from another bank may help with the address. Ask the bank before you go in what it will accept.

You can open an account even if you're not a Canadian citizen or live outside Canada, though you may need to go to a branch [1]. Some banks let you start the process online before you fly and finish it at a branch in Toronto.

A bank can only refuse to open an account for set reasons, such as suspected illegal use, fraud in the past seven years or false information. If it refuses, it must tell you in writing and explain its complaints process and how to contact the banking ombudsman (OBSI) and the FCAC [1].

Have your numbers ready

Once you start work you'll get a Social Insurance Number (SIN), the rough equivalent of your National Insurance number. Banks usually ask for it on accounts that earn interest, for tax reporting. They'll also ask about your tax residence, so have your UK National Insurance number or Self Assessment UTR to hand if you're still UK tax resident in your first year.

Newcomer packages compared

All the big banks run newcomer programmes. They change often, so treat this as a starting point and check the bank's own page before you sign.

Source: Ratehub's newcomer account comparison, updated 5 November 2026 [2]. Cash bonuses and conditions change month to month.

There's also a safety net. Under Canada's Low-Cost Account Commitment, banks must offer newcomers a low-cost chequing account with a monthly fee capped at CAD 4 (about £2), and many waive it in the first year [2].

A few tips:

• Compare after the waiver ends. A package that's free for a year may cost a fair bit in year two. Look at the standard fee and the minimum balance that avoids it.
• Ask about the credit card. Several packages include a credit card without a Canadian credit history, which is the quickest way to start building one.
• Online banks are cheaper, but harder on day one. They suit you once you've got a SIN, a Canadian address and a branch account for the awkward stuff.

Is your money safe?

The Canada Deposit Insurance Corporation (CDIC) is the cousin of the UK's FSCS. If a member bank fails, eligible deposits are protected up to CAD 100,000 (about £53,000), including interest [3]. The useful twist is that the limit applies separately to each category: deposits in your own name, joint deposits, and deposits held in an RRSP, a TFSA, an FHSA and several others [3]. Deposits in foreign currencies count too, so a pound account at a Canadian bank is covered, but investments such as shares, funds, ETFs and crypto aren't [3].

Each member bank has its own limit. If you're parking a house deposit, check the CDIC's list of members, since one banking group can own several brands.

Building a Canadian credit history

Your UK credit file doesn't cross the Atlantic. Canadian lenders use their own credit bureaus, Equifax and TransUnion, and on day one you're a blank page. That matters when you rent a flat, sign a mobile contract or apply for a car loan.

1. Open a chequing account and have your salary paid into it.
2. Get a credit card early, through a newcomer package or a secured card, and pay it off in full every month.
3. Put your mobile and utilities in your own name where you can.
4. Keep your UK file alive too if you might come back. Our guide to your UK credit file while you're away explains how.

Your UK account and moving money across

Keep your UK account if you can

Once you've left, many UK banks won't open a new account for someone living abroad, and some restrict or close accounts when you change your address to an overseas one. Before you go, check your bank's terms, keep a UK correspondence address if that's allowed, and make sure you can log in from Toronto. Our guides to keeping a UK bank account when you live abroad and keeping a UK mobile number and address go through the detail.

A UK account is handy for UK rent, pensions, HMRC refunds and trips home. If you have ISAs, you can keep them but can't usually pay in once you're non-resident, and Canada doesn't treat them as tax-free. See ISAs when you move abroad.

Moving money from the UK

You have three broad options:

• Your bank's international transfer. Simple, but look at the exchange rate as well as the fee.
• A specialist money transfer provider. Often a better rate on bigger sums, such as a deposit on a flat.
• A multi-currency account or card. Useful for the first few weeks and for holidays back home.

Compare the amount that actually lands in Canadian dollars, not the headline fee. Our guide to sending money between the UK and abroad explains how, and why big transfers need a bit of planning.

Tax: a quick word

Once you're living in Toronto you'll probably be a Canadian tax resident, and Canada taxes residents on their worldwide income, including interest on UK savings. If you hold foreign property, including UK bank accounts and investments, costing more than CAD 100,000 (about £53,000) in total, you'll usually have to report it to the Canada Revenue Agency on form T1135. The UK may still tax some UK income. The UK and Canada have a double taxation agreement, so you shouldn't pay tax twice on the same income [4]. Tell HMRC you've left with form P85 where it applies; see our guide to leaving the UK and telling HMRC. A tax adviser who knows both countries can check your situation.

For a steer on which bank people actually picked and how the branch visit went, ask in our community group for Brits in Canada.

Sources

1. Financial Consumer Agency of Canada: Opening a bank account (page dated 29 October 2026)
2. Ratehub: The best bank accounts for newcomers to Canada (updated 5 November 2026)
3. Canada Deposit Insurance Corporation: What's covered
4. GOV.UK (FCDO): Living in Canada
5. Bank of England: daily spot exchange rates

Keep reading

• Your first month in Canada: SIN, phone and credit
• Canadian taxes for Brits: the UK link and your State Pension
• Keeping a UK bank account when you live abroad
• Sending money between the UK and abroad