This content is provided through a paid partnership between Moving2Canada and Scotiabank.
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There are many things to take care of throughout your move to Canada, like finding:
✅ a job,
✅ a city,
✅ a place where you will call home.
Showing up unprepared and without resources can be stressful as well. Reducing your ‘on arrival’ admin wherever you can is one tip to make your move much less stressful.
If that sounds good to you, one of the things on your “to-do” list should be setting up a bank account prior to your move. Luckily, our partner Scotiabank has a program for that.
The Scotiabank StartRight® Program
Scotiabank’s StartRight® Program1 gives you the opportunity to apply for an account from 16 countries. Once you have set up your account from your home country, you can wire, transfer or send your funds to your new home without the need to travel with cash or cheques that could be lost or stolen.
The Scotiabank StartRight® Program may allow you to open a Scotiabank International Account, which is an account opened from outside of Canada.
These accounts allow a transfer of up to $50,000 CAD2 into your new account safely and securely. The banking system in Canada is one of the most reliable in the world and you can take one headache off your plate knowing your money is safe upon your arrival to your new home.
What Happens When You Arrive?
That’s easy. Once you arrive in Canada, all you need to do is go to a Scotiabank branch to open a chequing account to access your funds for your banking needs.
But the perks of the StartRight® Program don’t end there. There are many features that will help you transition your account and get started in a low fee environment. For example, the program offers no monthly account fees on a Preferred Package chequing account for the first year3 and no-fee international money transfers4.
Keen to learn more about getting started before you arrive? Read our dedicated content covering this topic.
Or sign up for Scotiabank’s newcomer email series to learn more about Scotiabank directly.
Legal Disclaimer
This article is provided for information purposes only. It is not to be relied upon as investment advice or guarantees about the future, nor should it be considered a recommendation to buy or sell. Information contained in this article, including information relating to interest rates, market conditions, tax rules, and other investment factors are subject to change without notice and The Bank of Nova Scotia is not responsible to update this information. All third party sources are believed to be accurate and reliable as of the date of publication and The Bank of Nova Scotia does not guarantee its accuracy or reliability. Readers should consult their own professional advisor for specific investment and/or tax advice tailored to their needs to ensure that individual circumstances are considered properly and action is taken based on the latest available information.
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¹ Scotiabank StartRight® Program is available only for Canadian Permanent Residents from 0-5 years in Canada and Foreign Workers.
2 Scotiabank cannot accept more than one wire payment per family and such payment cannot exceed CAD $50,000. You are responsible to ensure that your wire payment to Scotiabank in Canada, including the amount, is in compliance with the local laws of your country.
3 To qualify for the 1-Year No Monthly Account Fee Offer (the “Offer”), open a new Preferred Package account under the StartRight™ Program (the “Account”). During the first 12 months, your monthly Account fee will be waived and will not appear as a charge on your Account. The Account must be open and in good standing at the time of the waiver. All applicable service charges on the Account will continue to be applied monthly. After the first 12 months, you will begin to see the monthly Account fee charged to your Account unless you maintain a minimum daily closing balance of $4,000, in which case the monthly Account fee will be waived per the Account terms and conditions. Employees of Scotiabank and individuals who are currently or were previously holders/joint holders of a Scotiabank chequing account within the last 2 years are not eligible for this Offer. This Offer is non-transferable and cannot be combined with any other offers except as otherwise permitted. Maximum one Offer per customer. All rates, fees, features and benefits are subject to change. Offer may be changed, cancelled, or extended at any time without notice.
4 For customers onboarded as a part of the Scotiabank StartRight® Program we do not charge a service fee for the transfer, however, foreign currency exchange rates apply. A transfer needs to be made from an eligible Scotiabank Chequing or Savings account. Subject to daily limits and additional terms and conditions as set out in the Scotiabank International Money Transfer Agreement found athttps://www.scotiabank.com/international-money-transfer.
