🍁 GuideCAN Quick Answer
BMO is the strongest starting point of these three when a two-year introductory monthly-fee waiver matters most. TD can suit newcomers who value a large branch network, multilingual support and its current transfer features. Scotiabank can suit people who value the StartRight package and Scene+ ecosystem. The best choice still depends on eligibility, nearby access and the standard cost after the promotion.
This comparison was checked against official bank pages on September 25, 2026. Product fees and limited-time bonuses can change. Confirm the live account agreement and promotional terms before applying.
BMO vs Scotiabank vs TD at a Glance
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| Feature | BMO NewStart | Scotiabank StartRight | TD New to Canada |
|---|---|---|---|
| Advertised monthly-fee benefit | Performance Plan fee waived for 2 years | Preferred Package fee waived for the first 12 months | TD Unlimited Chequing fee waived for 1 year |
| Regular account fee shown by the bank | $17.95 monthly after the waiver unless another rebate applies | $16.95 monthly or $0 with the stated minimum balance | Confirm the current Unlimited Chequing fee and rebate options before applying |
| Everyday transactions | Unlimited transactions and Interac e-Transfers under the Performance Plan | Unlimited debit and Interac e-Transfer transactions under the Preferred Package | Unlimited transactions and Interac e-Transfers under Unlimited Chequing |
| International transfers | No BMO Global Money Transfer fee under NewStart; exchange rates and other charges still matter | StartRight advertises international-transfer benefits; check the current route and terms | No TD transfer fee on eligible TD Global Transfers for up to 12 months; foreign exchange and third-party charges may apply |
| Pre-arrival route | Online program for residents of qualifying countries arriving within 12 months | Published pre-arrival options vary by status and country | Phone setup is currently described for eligible applicants living in India or China; others generally apply after arrival |
| Typical newcomer eligibility | Eligible permanent residents and foreign workers within 5 years; separate student route | Qualifying permanent residents, foreign workers and international students under StartRight rules | Permanent residents, international students or temporary residents in Canada for 5 years or less; visitors excluded |
A “$0 transfer fee” does not mean a free international transfer. Compare the exchange rate, intermediary or receiving-bank charges, destination availability and the final amount received.
When BMO May Be the Better Fit
BMO NewStart currently gives eligible permanent residents and foreign workers the Performance Plan monthly-fee waiver for two years. That is longer than the one-year introductory waiver advertised by TD and Scotiabank in this comparison. The plan includes unlimited monthly transactions, but non-BMO ATM use and services outside the plan can still cost extra.
BMO may be a practical choice if you qualify, expect to use the included transactions and want more time before the regular plan fee starts. Before applying, calculate whether the regular fee, minimum-balance rebate, nearby branches and international-transfer route will still work for you in year three.
When Scotiabank May Be the Better Fit
Scotiabank StartRight currently advertises a first-year monthly-fee waiver on the Preferred Package. The account includes unlimited debit and Interac e-Transfer transactions and connects to the Scene+ program. Some promoted values combine banking, credit-card, investing and spending benefits, so do not treat the headline amount as cash.
Scotiabank may fit if its branch network, transfer route, rewards ecosystem and current first-year package match services you would use anyway. Check the normal Preferred Package fee, the minimum balance needed for a waiver and every condition attached to a cash or card offer.
When TD May Be the Better Fit
TD currently advertises one year without the TD Unlimited Chequing Account monthly fee, unlimited transactions, Interac e-Transfers and newcomer support in more than 80 languages. Eligible customers may also receive no TD transfer fee on qualifying TD Global Transfers for up to 12 months.
TD may fit if branch availability and language support matter to you. Its newcomer package is generally opened through a branch appointment. Check the regular account price after the first year and do not add a credit card, savings or investing product merely to reach a promotional headline value.
Choose Using the Cost After the Welcome Period
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| Question | Why it matters |
|---|---|
| Which bank has a convenient branch and ATM? | Travel time and out-of-network ATM charges can outweigh a small promotional difference. |
| What will the account cost after the waiver? | Temporary savings should not lock you into an unsuitable long-term account. |
| Will you actually complete the bonus conditions? | Direct deposits, bill payments, card approvals and deadlines can exclude part of the headline value. |
| Which international-transfer route will you use? | Compare the final amount received, not only the transfer fee. |
| Do you need in-person document help? | Foreign identification and newcomer eligibility may require a branch review. |
- Compare all major newcomer banks
- See current newcomer bank offers
- Prepare your account-opening documents
Frequently Asked Questions
Is BMO, Scotiabank or TD best for newcomers?
There is no universal winner. BMO currently has the longest introductory fee waiver of these three, while TD may appeal for branch and language access and Scotiabank for its StartRight and Scene+ combination. Compare eligibility, normal fees and your actual banking pattern.
Which of these banks lets newcomers open an account before arrival?
All three describe some form of pre-arrival support, but eligible countries, statuses and activation procedures differ. BMO publishes an online program for qualifying countries, TD describes phone setup for eligible applicants in India or China, and Scotiabank routes vary by applicant type.
Should I choose the bank offering the largest bonus?
Not by itself. A headline value may include a cash reward, fee savings, credit-card rewards, investing benefits or partner perks. Count only benefits you can earn without opening an unnecessary product, then compare the account’s ongoing cost.
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 — Offer terms
- Scotiabank — StartRight
- TD — New to Canada package
- FCAC — Opening a bank account
Official rules, fees, deadlines and program availability can change. Confirm the current details before acting.