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The short answer
Under section 627.17 of the Bank Act, a bank must open a personal deposit account for you once it has verified your identity, and you do not need to be a citizen. You can show two documents from the approved list (one with your name and address, one with your name and date of birth), or one document plus confirmation of your identity by a customer in good standing or a respected member of the community. Bring originals and go to a branch in person.
The bank account comes before almost everything else in your first weeks: your employer pays into it, your landlord wants rent from it, and it is the first relationship that later helps you get a credit card. The good news for a new permanent resident is that Canadian federal rules give you a right to a basic deposit account, and the identity rules are written with newcomers in mind. Here is what the Financial Consumer Agency of Canada (FCAC) says.
Your right to an account
The FCAC's bulletin on access to basic banking explains that section 627.17(1) of the Bank Act requires banks to open retail deposit accounts for people who meet the identification requirements, and that a bank can open the account only after verifying identity under the federal anti-money-laundering regulations. The FCAC's consumer page adds that you can open a Canadian account with proper identification even if you are not a Canadian citizen or you live outside Canada.
These rules apply to banks. The bulletin notes there is no equivalent provision in the Trust and Loan Companies Act, and credit unions are mostly provincially regulated, so if you want to bank with a credit union, ask it about its own rules.
Which documents work
There are two ways to satisfy the bank. You must bring originals, not photocopies.
Option 1: two documents
One document must show your name and address, and the other your name and date of birth. The list in the Bank Act provision, as summarised by the FCAC, is:
- Government of Canada or provincial identification
- Recent federal, provincial or municipal tax assessment notices
- Recent federal or provincial benefit statements
- Recent Canadian public utility bills
- Recent bank account or credit card statements
- Foreign passports
- Any other prescribed document
For most new permanent residents, the pairing is your Nigerian passport (name and date of birth) and your permanent resident card, which is issued by IRCC, a Government of Canada department. If your PR card has not arrived and you have only your Confirmation of Permanent Residence, ask the branch whether it will take the COPR with your passport. The other common snag is address: your first utility bill or a letter showing your Canadian address can take weeks, so the second route below matters.
Option 2: one document and a voucher
One document showing your name and date of birth, such as your passport, plus confirmation of your identity by either a customer in good standing with that bank or a person of good standing in the community where the branch is. A relative or friend who already banks there can come with you. Banks may also accept other identification in some circumstances.
You must go in person
The basic banking right applies when you ask in person at a branch or point of service. Many banks run newcomer packages you can start online, sometimes before you land, but if a bank's online process does not work for your documents, the branch route is the one the law protects. The FCAC's consumer page also says you may need to visit a branch.
When a bank can refuse
The FCAC lists the grounds on which a bank may refuse to open a personal account:
- It believes the account will be used for illegal purposes.
- You were involved in illegal or fraudulent activity in the past seven years.
- You knowingly gave false information.
- You may harm, harass or abuse others at the branch.
- The bank offers only accounts linked to an account at another institution, and you do not have one.
- You will not let it verify your identification.
If it refuses, it must tell you in writing, with its complaints procedure and contact details for the Ombudsman for Banking Services and Investments (OBSI) and the FCAC. Ask for that letter; you will need it if you complain.
Steps for your first week
- Choose a bank and check whether it has a newcomer account; compare monthly fees on the bank's own page or the FCAC's account comparison tool.
- Take your passport, PR card or COPR and anything showing your Canadian address to a branch.
- If you lack an address document, bring someone who banks there to confirm your identity.
- Ask about cheque holds: the FCAC says banks must disclose their maximum hold periods and when they do not apply.
- Apply for your SIN as well; see how to apply for a SIN as a new PR.
- Once the account is open, ask about a secured or starter card; building credit from zero explains why.
Where Pryme fits
A Canadian bank account is for your Canadian life. Many newcomers also keep money in Nigeria or receive pay in other currencies. A Pryme account, which you can open from Canada, holds NGN, USD, GBP and EUR with local account details for each, and money stays in the currency it arrived in until you choose to swap. It sits alongside your Canadian bank, not in place of it. See multicurrency accounts or open an account.
Questions people ask
Can a new PR open a bank account in Canada without a job?
The FCAC's list of reasons a bank may refuse a personal account does not include having no job. The legal requirement is identification. Banks can still decline you for the reasons the FCAC lists, and must give the refusal in writing.
Can I open a Canadian bank account with my COPR?
The rules accept Government of Canada identification and foreign passports. Ask the branch whether it accepts your COPR alongside your passport, or use the second option: one ID plus confirmation by someone who banks there.
Do I need proof of address to open a bank account in Canada?
Under option 1, one of your two documents must show your name and address. Under option 2 you need only a document with your name and date of birth plus a voucher, so no address document is needed.
What if the bank says no?
It must tell you in writing, with its complaints process and the OBSI and FCAC contacts. You can complain to the bank first, then escalate.
Sources
- FCAC bulletin: Access to basic banking services, opening a retail deposit account (effective 22 Feb 2023, modified 7 Oct 2025) · accessed Oct 2026
- FCAC: Opening a bank account (modified 23 Oct 2026) · accessed Oct 2026
- FCAC: Bank accounts, your rights and responsibilities (modified 16 Oct 2025) · accessed Oct 2026
This article is general information, not financial, legal or tax advice. Products described are provided under the terms on this site and are subject to regulation and eligibility.