🍁 GuideCAN Quick Answer
BMO NewStart is a strong option for an eligible permanent resident or foreign worker who values two years without the Performance Plan monthly fee. As of October 7, 2026, BMO lists unlimited monthly transactions, unlimited Interac e-Transfers and no BMO fee on eligible Global Money Transfers. The account is not automatically the best long-term choice: after 24 months, the current $17.95 monthly fee applies unless you qualify for the $4,000 minimum-balance rebate or change plans.
- Open BMO’s current NewStart page
- Compare BMO with other newcomer banks
- Find BMO and other banks in Toronto
BMO NewStart at a glance
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| Feature | Published BMO NewStart detail | What to verify |
|---|---|---|
| Newcomer eligibility | Permanent residents and foreign workers who arrived in Canada within the last five years | International students use BMO’s separate student route |
| Monthly plan fee | $0 for the first 24 months | The waiver applies to the Performance Plan under NewStart |
| Published fee afterward | $17.95 monthly | BMO currently rebates the fee with a $4,000 minimum daily balance |
| Everyday banking | Unlimited monthly transactions and unlimited Interac e-Transfers | Services outside the plan can still have fees |
| International transfer feature | No BMO fee on eligible BMO Global Money Transfers | Exchange rates, destination limits and receiving-bank charges still matter |
| Pre-arrival option | Eligible applicants from qualifying countries can start online before arrival | Country, status, funding and Canadian activation rules apply |
Who qualifies for BMO NewStart?
BMO publishes the Performance Plan newcomer offer for permanent residents and foreign workers who arrived in Canada within the last five years and are the age of majority in their province or territory. A study permit may be accepted as an account-opening document, but international students are directed to a separate student offer. Confirm the product tied to your immigration status before applying.
BMO lists proof of immigration status, such as a Permanent Resident Card, Confirmation of Permanent Residence or work permit, plus one piece of government photo identification. Online opening can require additional information, including a Canadian address and SIN. If online verification fails, use an official BMO branch rather than sending identity documents through email or messaging.
How much is the two-year fee waiver worth?
At the currently published $17.95 monthly Performance Plan fee, 24 waived months equal $430.80. That is meaningful only if the Performance Plan fits your needs and you would otherwise pay the fee. The value is lower if you could maintain the balance rebate, qualify for a no-cost basic account or choose a suitable account with a lower ongoing fee.
Set a reminder for month 22. Review the regular fee, your average balance and other account options before the NewStart waiver expires.
BMO newcomer bonus: separate cash from advertised value
BMO currently promotes a cash bonus and a broader “up to” package value. The headline can combine chequing, credit-card, investing, transfer, membership and safety-deposit-box benefits. Treat the Performance Plan fee waiver as one component and count cash only after confirming the opening deadline, qualifying transactions, former-customer exclusions, payout timing and required account-holding period in the live terms.
Do not open a credit card, investment account or safety-deposit box solely to increase an advertised package value. Each product has separate eligibility, approval, costs and conditions. Save the terms that apply on the day you enrol.
BMO Global Money Transfer
NewStart advertises no BMO fee on eligible Global Money Transfers. “No transfer fee” does not mean no transfer cost: compare BMO’s exchange rate, the amount delivered, supported countries, transfer limits, delivery time and any intermediary or receiving-bank charge. For recurring transfers, compare the same send amount and destination across providers.
Opening BMO before arriving in Canada
BMO publishes an online pre-arrival route for eligible permanent residents, workers and international students from qualifying countries who expect to arrive within the stated period. It says eligible customers can transfer settlement funds before arrival, but full use can depend on completing identity verification and activation in Canada. Verify transfer instructions through BMO’s official channel before sending money.
When BMO NewStart may be a good fit
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| Situation | Assessment |
|---|---|
| You qualify and want a longer simple fee waiver | BMO is a strong shortlist candidate because the published waiver lasts two years |
| You expect frequent everyday transactions | Unlimited plan transactions can fit, subject to the full account agreement |
| You need nearby in-person help | Check the official locator for hours, language support, accessibility and appointment availability |
| You are an international student | Compare BMO’s student route and competing student accounts instead of assuming NewStart applies |
| You cannot justify the regular fee after year two | Compare lower-cost or no-fee alternatives before opening |
| You mainly care about a temporary bonus | Choose the underlying account first; a bonus should not override long-term fit |
- Compare BMO, Scotiabank and TD
- Compare no-fee newcomer accounts
- Build a shortlist with GuideCAN Banking
Frequently Asked Questions
Is BMO NewStart free for two years?
BMO currently waives the Performance Plan monthly fee for 24 months for eligible NewStart customers. Services outside the plan can still cost extra, and the regular fee applies afterward unless another rebate or plan change applies.
Can an international student use BMO NewStart?
BMO directs international students to a separate student banking route. Confirm the account and offer attached to your status instead of relying on the permanent-resident and foreign-worker eligibility language.
Is BMO the best bank for newcomers?
It is a strong option for a two-year introductory fee waiver, but the best fit depends on eligibility, branch access, transfer needs, required services and the cost after the waiver.
Can I open BMO NewStart before arriving?
Some eligible applicants from qualifying countries can start through BMO’s pre-arrival program. Funding limits, identity checks and activation requirements apply.
Written and reviewed by the GuideCAN Editorial Team
Last reviewed
Next review planned
Editorially reviewed against Canadian government and consumer-finance guidance. This article is educational, not financial or tax advice.
Official sources
- BMO — Newcomer bank accounts
- BMO — Newcomer offer
- BMO — Offer terms
- BMO — Pre-arrival banking
- FCAC — Opening a bank account
Official rules, fees, deadlines and program availability can change. Confirm the current details before acting.