Ouvrir un compte bancaire — l'une des premières démarches après votre arrivée.
1. Why open an account as soon as possible
In Quebec, you need a bank account to receive your salary, pay your rent, and use a debit or credit card. Do this in your first week.
2. The major banks in Quebec
The main banks:
- Desjardins — the largest Quebec cooperative
- Banque Nationale — Quebec bank, present everywhere
- RBC, BMO, TD, Scotia — major national Canadian banks
3. Newcomer packages
All major banks offer a newcomer package, which usually includes:
- A chequing account with no monthly fees for 1 or 2 years
- A credit card with no credit history required
- Sometimes, apartment-rental assistance or advice
4. Documents to bring
You must show up in person at a branch with valid identification, for example:
- Your passport
- Your PR card or work/study permit
- A proof of address in Quebec (lease, utility bill)
Your Social Insurance Number (SIN) is not a piece of ID. The bank will ask for it for an account that earns interest, because it has to report that income for tax purposes. So you can open a chequing account before you have it (see the FAQ).
5. Chequing vs savings accounts
In Quebec, two main types:
- The chequing account (called a current account in Europe) — for daily operations
- The savings account — to set money aside
6. The credit card: essential for building credit
In Canada, your credit history is essential. Ask for a credit card when you open your account, use it for small purchases, and pay the full balance each month to build a good record.
7. Your action list
Follow these concrete steps to open your bank account. Check each box as you go — your progress is saved if you're signed in.
8. Newcomer packages — major banks compared
Overview of newcomer packages offered by the major financial institutions in Quebec in 2026.
General benchmarks: after the introductory period, expect $15 to $17 per month for an equivalent account at any of these banks. For regular international transfers, third-party services like Wise or Remitly are almost always cheaper — typically 1 to 2% vs 5 to 8% through a traditional bank. Compare today's rates with our currency converter.
| Bank | Free | Credit card | Intl transfers | Notable |
|---|---|---|---|---|
| Desjardins | 12 months | Visa Desjardins Or | 1st free | Cooperative — dividends |
| Banque Nationale | 12 months, then declining through year 3 | MasterCard Platinum | ~$16 | 3-year program |
| RBC | 12 months | Visa Classic | Reduced rate | Strong intl footprint |
| TD | 12 months | Aéroplan Visa | Reduced rate | ~$250 bonus |
| Scotia | 12 months | Scene+ Visa | Free (StartRight) | Multilingual advisors |
| BMO | 12 months | MasterCard CashBack | ~$10 | NewStart program |
9. Frequently asked questions
The most common questions about opening a bank account: can you open without a SIN, the difference between a bank and a cooperative like Desjardins, which package suits international transfers, and what to do if refused.
Can I open an account before having my SIN?
Yes. The SIN is not a piece of ID and is not one of the documents required to open an account: you can open a chequing account to deposit your funds. The bank will ask for it for an account that earns interest, because it has to report that income for tax purposes.
For a credit card application, the law does not require your SIN, and you cannot be refused a product for not giving it when the law does not require it. The SIN still stays a priority in the first week: you need it to work.
What's the difference between a bank and a cooperative like Desjardins?
A bank is a private company owned by shareholders. Desjardins is a cooperative owned by its members — every client is also an owner.
In practice, services are similar, but Desjardins' profits are partly returned to members as ristournes (member dividends). In Quebec, Desjardins has a far stronger regional presence than traditional banks.
Which package is best for someone who often sends money to family abroad?
No traditional bank package is competitive on this point. Banks typically charge $25 to $50 per transfer plus an unfavourable exchange-rate margin of about 2 to 4% built into the rate they give you.
For regular transfers, use Wise (formerly TransferWise) or Remitly — visible fees, close to the interbank exchange rate, and delays usually under 24 hours.
What if I'm refused account opening?
It's rare in Canada — federal law requires banks to offer a basic account to anyone with valid ID, regardless of history or income.
If a branch refuses, ask to speak with the manager, or contact the Financial Consumer Agency of Canada at 1-866-461-3222 — the FCAC enforces this right.
10. See also
These related guides may be useful:
- Signing a lease in Quebec — your lease serves as proof of address to open an account.
- Choosing a mobile plan in Quebec — another autopay to link to your new account.
- Get your Social Insurance Number (SIN) — you need it to work, and the bank asks for it for an account that earns interest.
- How much money to bring to Canada — planning your fund transfer before you leave.
11. Official sources
For official, up-to-date information:
You can also call the Financial Consumer Agency of Canada at 1-866-461-3222 (English service; 1-866-461-2232 for French).
Author's Note: Don't be intimidated by banking vocabulary. All major banks have advisors who speak several languages. Ask for help — that's their job.