Best Bank Branches in Downtown Vancouver

When you first land in Vancouver, opening a bank account is one of those things you want done in the first 48 hours. The good news? Downtown Vancouver has branches from every major bank within walking distance of each other, and most offer newcomer-specific packages.

Last reviewed: April 2026. Data current as of this date.

Top Bank Branches for Newcomers Downtown

RBC Royal Bank — 1025 W Georgia St

This is one of the biggest RBC branches in BC and they have a dedicated newcomer desk. Staff speak Mandarin, Cantonese, Punjabi, and Korean. Their newcomer package waives fees for the first year and includes a no-deposit credit card. Open Mon-Fri 9:30AM-5PM, Sat 10AM-3PM. Take the Canada Line to Vancouver City Centre station — it's a 2-minute walk.

TD Canada Trust — 700 W Georgia St

TD's flagship downtown branch is inside the TD Tower. They offer the New to Canada package with 6 months of free chequing. The branch is open later than most — until 8PM on Thursdays. Multilingual staff available in Mandarin and Tagalog.

Scotiabank — 650 W Georgia St

Scotiabank's StartRight program for newcomers is solid: free chequing for a year, plus a Visa card with no credit history needed. This branch is spacious and rarely has long waits. Right next to the Vancouver Art Gallery.

CIBC — 400 Burrard St

CIBC's Welcome to Canada Banking offer gives you free daily banking and a credit card without a security deposit. The Burrard St branch is near Waterfront Station if you're coming from North Van or the SeaBus.

BMO — 595 Burrard St

BMO's NewStart program includes a free chequing account and a Mastercard. This branch has Mandarin and Cantonese-speaking staff. Located in the heart of the financial district.

What to Bring When You Open an Account

Every bank will ask for the same documents, so have these ready:

• Passport (valid)
• Study permit, work permit, or PR card
• A Canadian address (even a temporary one or friend's address works)
• Your SIN (Social Insurance Number) — you can add it later if you haven't received it yet

Pro Tips From Someone Who's Been There

Book an appointment online before you go — walk-ins can mean 30-60 minute waits, especially in the first week of the month. Also, don't just pick a bank because it's closest. Compare monthly fees after the newcomer promo ends. RBC's basic account is $4.95/month, while TD's is $4.95 and Scotiabank's is $3.95.

If you're trying to figure out how taxes work here, check out our income tax calculator to estimate what you'll owe come tax time.

Credit Union Alternative

Vancity Credit Union at 183 Terminal Ave is another great option. They're a local credit union with lower fees and community-focused banking. Not as many branches as the Big Five, but their online banking is good and they genuinely care about newcomer services.

Frequently Asked Questions

Can I open a bank account without a SIN?

Yes. All major Canadian banks let you open an account without a SIN. You have 6 months to provide it. But you'll need at least two pieces of ID — your passport plus a work/study permit or PR card.

Which bank is best for sending money overseas?

For international transfers, Scotiabank tends to have decent rates, but honestly Wise (formerly TransferWire) beats all the banks on exchange rates. Use our currency converter to compare.

Do I need a minimum balance?

Most newcomer accounts have no minimum balance for the first year. After the promo period, some accounts charge fees if your balance drops below $3,000-$4,000. Read the fine print.

Can I get a credit card right away?

Yes — most newcomer packages include a credit card with a $500-$1,000 limit. No Canadian credit history needed. This is the fastest way to start building your credit score here.

References

[1] Government of Canada, "Immigration, Refugees and Citizenship." https://www.canada.ca/en/immigration-refugees-citizenship.html

[2] Canada Revenue Agency, "Tax Information for Newcomers." https://www.canada.ca/en/revenue-agency.html

[3] City of Vancouver, "Open Data Portal." https://opendata.vancouver.ca/

[4] Government of British Columbia, "BC Government Services." https://www2.gov.bc.ca/

Getting settled? Check out our guide on best bank accounts for newcomers in Canada for a deeper comparison of all the options.