<aside> ⚠️

The information here is an AI summary of the advice people in our Discord have shared. Their experiences may not always reflect the accurate process. None of this should be considered financial, immigration, or real estate advice.

</aside>

Cost of Living

How do I open a Canadian bank account?

You need a Social Insurance Number (SIN) first, and most banks require you to finish the process in person at a branch once you are physically in BC. Some banks let you start online, but you will still need to visit a branch to show ID and complete setup.

• BMO lets you start the application online with a valid work permit, then pop into any branch to finish. This is often the fastest route.
• RBC requires in-person setup but has strong cross-border banking and is the most-recommended bank in the channel for people who still need US access.
• TD requires an appointment, often booked weeks out, and members reported 45+ minute in-person sessions. Multiple people said to ask for the branch manager to help expedite.
• Most banks offer newcomer packages: 12 months no-fee chequing, 3 months bonus savings interest, cash back up to $700, and a starter credit card. Heads up: one member reported that starting the RBC application online unlocks these advertised rates, while walking in cold does not.

Bring your passport, work permit, proof of address, and SIN.

Which bank should I pick?

It depends on whether you need cross-border access:

• RBC is the top pick for people who want easy US-to-Canada transfers. You can hold both a Canadian and a US account, move money between them in a few clicks, and get US chequing, a US debit card, and a US Visa.
• BMO has been around forever and is reliable, but members said its cross-border tools are weaker than RBC's.
• TD and Scotiabank also have US branches and are commonly used.
• Credit unions like Vancity in Vancouver and Coastal Community Credit Union and Island Savings on Vancouver Island are popular for people who want community-focused banking. All BC credit unions share the same banking app and e-transfer system. Unlike in the US, anyone can join a Canadian credit union.

Several members suggested opening with a big bank first for the newcomer perks, then switching to a credit union once settled.

How do I move money between the US and Canada?

Canadian banks do not use Venmo, Cash App, or Zelle. Canada runs on Interac e-Transfer, an email-based transfer system that works between virtually all Canadian banks and credit unions. You cannot e-transfer between US and Canadian accounts.

Members recommended several approaches:

1. Wise was the overwhelming favourite. It lets you hold separate USD and CAD accounts, converts at much better rates than banks, and moves money quickly. Set it up with your US address before you move. Note that Wise is a transfer service, not a bank, so you still need a real Canadian bank.