Bank accounts in CanadaCICIBC Smart Account for Newcomers
Best for: permanent residents who want two years with no monthly fee
- Monthly fee
- $0 for 2 years, then $16.95
- Who can open it
- Permanent residents, status issued in the last 5 years
- Fees
- No monthly fee for 2 years. After that, $16.95 a month, or $0 in any month you keep at least $4,000 in the account at the end of every day.
- Who can apply
- Newcomer
- Currency
- CAD
Pros
- No monthly fee for 2 years
- Send money to over 130 countries with a $0 transfer fee
- Eligible people can apply before they arrive in Canada
Cons
- $16.95 a month after two years, unless you keep $4,000 in the account
- You must show proof of entry into Canada
- CIBC's exchange rates apply when you send money abroad
- Foreign workers have a separate account
How to apply
Start on CIBC's page for newcomers. Foreign workers will find their own account there.
Verified 13 Oct 2026 · source
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