RBC Newcomer To Canada Bank Account Offers in 2022

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by Enoch Omololu

Updated

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The Royal Bank of Canada (RBC) offers a banking package for newcomers that includes a chequing account, credit card, car loans, and more.

This RBC newcomer offers to help you save on fees for one year and give you access to credit products even with no Canadian credit history.

It is not the only bank with a newcomer program. Other banks like Scotiabank, Bank of Montreal (BMO), and the Canadian Imperial Bank of Commerce (CIBC) have similar programs.

Read on to learn about the RBC newcomer offers available in 2022.

RBC Newcomer Advantage

RBC is one of Canada’s biggest banks with over 17 million clients worldwide and 86,000+ employees.

The RBC Newcomer Advantage program is open to permanent residents, temporary resident workers, and international students.

The package includes the following products and services:

RBC Newcomer Bank Account Offer

Newcomers can open an RBC Advantage Banking Account and pay no monthly fee for 12 months.

This account includes unlimited debit transactions in Canada, and you get access to thousands of RBC ATMs across Canada.

After the first 12 months, you pay an $11.95 monthly fee but may be able to get a rebate of all or a portion of this fee when you have multiple RBC accounts.

Using the RBC Advantage Banking Account, you can send 2 free international money transfers each month and you also get access to a free small safe deposit box for 2 years.

International students can open a free RBC Advantage Banking for Students account.

Learn more about Canadian chequing accounts.

RBC Newcomer Credit Card Offer

You can apply for an RBC credit card with no credit history if you are:

  • A permanent resident or international student who arrived in Canada within the last 12 months
  • A temporary foreign worker who arrived in Canada within the last 48 months.

Featured RBC credit cards for newcomers include:

You can qualify for up to a $15,000 credit limit. Learn about the top cards for newcomers.

RBC Newcomer Car Loans

Newcomers to Canada can apply for a car loan with no credit history through RBC.

RBC auto financing is available at 4,500+ dealerships and you can borrow up to $75,000 for up to 96 months.

A downpayment of up to 15% may be required and other credit criteria may apply (such as income verification, etc.).

Here are other car loan options in Canada.

RBC Newcomer Mortgage

You may be able to apply for an RBC residential mortgage as a newcomer who has been in Canada for less than 5 years.

To see if you qualify, speak with an RBC mortgage specialist to learn about your options.

Other RBC Newcomer Offers

RBC has partnerships with various companies, and you can access these services to help when settling in Canada.

Arrive: The Arrive app provides information about banking, studying, finding a job, and living in Canada.

Prepped: This service provides personalized advice on how to get a job in Canada.

OJO: This service provides tools and resources that come in handy if you are looking to buy a home.

ACCESS: This is a not-for-profit organization that helps newcomers with finding employment through workshops and events.

How To Open an RBC Newcomer Bank Account

You can open an RBC newcomer account by booking an appointment online or by phone to speak with an advisor.

In addition to a government-issued photo ID such as your foreign passport or Canadian driver’s license, you will need to show proof of permanent residency e.g. permanent resident card.

If you are an international student, you will need to show proof of enrollment at a post-secondary educational institution, plus your study permit.

Alternative Bank Accounts for Newcomers in Canada

For a no-fee chequing account offer that is not time-limited, you can take a look at the Simplii Financial New to Canada Banking program.

The Simplii Financial No-fee Chequing account includes unlimited transactions, free personalized cheques, and access to thousands of free ATMs across Canada.

New clients also get a cash bonus (up to $350) when they open an account.

Newcomers can send international transfers with no service fees via Simplii’s Global Money Transfer service.

Lastly, you can apply for the Simplii Financial Cash Back Visa Card and get up to a $10,000 credit limit. No credit history is required to qualify.

Learn more about Simplii Financial in this review.

For a savings account that pays one of the highest interest rates in Canada, you can consider EQ Bank.

EQ Bank offers a hybrid account that pays a 1.65% interest rate and includes unlimited and free debit transactions and Interac e-Transfers. You can also open Tax-Free Savings Accounts (TFSA) and Retirement Savings Accounts (RSP) with EQ Bank.

Learn more about EQ Bank in this detailed review.

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Author

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Enoch Omololu

Enoch Omololu is a personal finance expert and a veterinarian. He has a master’s degree in Finance and Investment Management from the University of Aberdeen Business School (Scotland) and has completed several courses and certificates in finance, including the Canadian Securities Course. He also has an MSc. in Agricultural Economics from the University of Manitoba and a Doctor of Veterinary Medicine degree from the University of Ibadan. Enoch has a passion for helping others win with their personal finances and has been writing about money matters for over a decade. He has been featured or quoted in The Globe and Mail, Winnipeg Free Press, Wealthsimple, Financial Post, Toronto Star, CTV News, Canadian Securities Exchange, Credit Canada, National Post, CIBC, and many other personal finance publications.

His top investment tools include Wealthsimple and Questrade. He earns cash back on purchases using KOHO, monitors his credit score for free using Borrowell, and earns interest on savings through EQ Bank.

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  • Earn up to 150x more than other banks!
  • Get 1.65% interest rate* on every dollar plus a $150 cash bonus.**
  • Free transactions and no monthly fees.
*Interest is calculated daily on the total closing balance and paid monthly. Rates are per annum and subject to change without notice. **Limited time offer.
EQ Bank Savings
Earn up to 150x more than other banks! Get a 1.50% interest rate* plus a $150 cash bonus.**
*Interest is calculated daily on the total closing balance and paid monthly. Rates are per annum and subject to change without notice. **Limited time offer.
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