Bank accounts in CanadaRRRBC Royal Bank Advantage Banking for Newcomers
Best for: newcomers who want a first year with no monthly fee
- Monthly fee
- $0 for 12 months, then $12.95
- Who can open it
- Arrived in the last 5 years
- Opens online
- Yes
- Fees
- No monthly fee for the first 12 months. After that, $12.95 a month.
- Who can apply
- Newcomer
- Currency
- CAD
Pros
- No monthly fee for the first 12 months
- $0 transfer fee on international money transfers
- A credit card with no Canadian credit history required, for RBC banking clients
- Open online, in the RBC Mobile app or at a branch
Cons
- $12.95 a month after the first year
- You must live in Canada and have arrived within the last five years
- Other banks that handle an international transfer may still charge their own fees
How to apply
Open the account online, in the RBC Mobile app, or at a branch.
Verified 13 Oct 2026 · source
We compare. You decide.
