BMO NewStart for newcomers to Canada
Canada’s oldest bank with an award-winning NewStart pre-arrival path. Strong when you need to open and fund from India, the Philippines, China, or other SDS corridors before you land.
Educational bank profile for first-gen readers — not a ranking or personal recommendation.
Overview
Bank of Montreal (BMO) is Canada’s oldest chartered bank (founded 1817) and one of the Big Six, with operational headquarters in Toronto and a large North American franchise. For first-gen readers the product story is BMO NewStart: Performance Plan chequing with up to 24 months of monthly plan-fee rebate for eligible permanent residents and foreign workers within five years of arrival, digital pre-arrival account opening that won 2023 BAI and Qorus-Accenture innovation awards, and a September 2024 Nova Credit partnership so eligible newcomers can share home-country credit history. Brand angle: open-before-you-land funding (bank pages cite up to $75,000 CAD) plus national branch activation after arrival.
Strengths
- NewStart Performance Plan with up to 24 months of monthly plan-fee rebate ($17.95/month value on bank pages)
- Award-winning digital pre-arrival opening for residents of listed countries including India, China, Philippines, Pakistan, and Vietnam
- Nova Credit Credit Passport for credit applications from supported origin countries (including India, Philippines, and South Korea)
- BMO Global Money Transfer marketed with no transfer fees; nationwide Big Six branch network
Footprint
Nationwide Canadian branch and digital banking network (on the order of ~900 Canadian branches in recent Big Six comparisons), plus a large U.S. personal and commercial franchise under the BMO brand. Confirm your local branch before assuming walk-in coverage. Not digital-only.
Services
- Consumer banking
- Small business
- Wealth / private banking
- Credit cards
- Mortgages
- International wires
- Newcomer program
Full retail menu: Performance Plan and other bank plans, credit cards (including paths that do not require Canadian credit history under NewStart rules), mortgages, investing, and business banking. NewStart is the newcomer packaging layer.
Best for
- Recent arrivals / newcomers
- India corridor households
- Credit building
- Hands-on branch banking
- Digital-first banking
Best fit when pre-arrival funding from Student Direct Stream–style corridors is the job: India, Philippines, China, Pakistan, Vietnam, and other listed countries can open online, wire funds, then activate at a Canadian branch. Nova Credit adds a credit-file path similar in spirit to Scotiabank’s, while the two-year Performance Plan fee waiver lines up with CIBC’s longer newcomer fee story. Compared with ICICI Bank Canada, BMO is the Big Six national network rather than an India-parent Schedule II brand. Still verify live country lists, cash-bonus windows, and FX on every Global Money Transfer.
Less ideal for: Households that mainly want an India-subsidiary Schedule II relationship (consider ICICI Bank Canada), or people hunting a pure digital challenger with no Big Six branch model.
Compelling offers
Checked against bank pages as of July 28, 2026. Bonuses, fee waivers, and rate specials change often. Confirm eligibility and end dates on the bank’s site before you plan around them.
NewStart Performance Plan: 24 months fee rebate
Eligible permanent residents or foreign workers who arrived in Canada within the last five years can enroll in BMO NewStart on a Performance Plan chequing account and receive a full monthly plan-fee rebate for 24 months (bank pages value that at $17.95 per month).
Applies to the Performance Plan only. Other transaction and service fees still apply. After month 24 the full plan fee returns automatically unless you meet another waiver (for example a $4,000 minimum daily balance on standard Performance Plan terms).
Pre-arrival account: open online and fund up to $75,000 CAD
Residents of qualifying countries (including India, China, the Philippines, Pakistan, Vietnam, and other SDS-linked markets on BMO’s guides) can open a chequing account online before landing, receive account details quickly when instant-processing applies, and send up to $75,000 CAD before moving. Activate in branch after arrival.
You must plan to arrive within 12 months and open for yourself. Wire and third-party bank fees are the sender’s responsibility. Country lists and instant-processing rules change; confirm the live guide for your origin.
Nova Credit Passport on BMO credit applications
Since September 2024, eligible newcomers from supported countries (launch list included India, the Philippines, South Korea, Mexico, the U.K., and others) can share international credit history via Nova Credit’s Credit Passport when applying for BMO credit products.
Subject to credit approval. Country coverage can change. Accessing a home-country report may affect that home score depending on soft vs hard pull rules abroad.
Global Money Transfer: no BMO transfer fee
NewStart marketing highlights BMO Global Money Transfer with no transfer fees for sending money abroad. Useful when family support still runs on an India, Philippines, or China corridor after you land.
Foreign-exchange rates still drive the all-in cost. Compare the net amount received against a remittance app you already trust.
Next steps
- U.S.–Canada Dual-Life Family Money Basics
Planning awareness for families split between the United States and Canada with accounts, parents, or property on both sides of the border.
- How to Build Generational Wealth as a Child of Immigrants
A practical stack for turning income into lasting family security when you are building without an inherited playbook.
- Send Money to India From the U.S.
How the U.S.–India remittance corridor works, common delivery paths, licensed provider types, and planning questions before you send.
- Family Support Budget Calculator
Map parent support, remittances, and sibling help against housing, debt, emergency savings, and retirement so family obligations stay visible in your monthly plan.
- Remittance Quote Worksheet
Copy two provider disclosures side by side to compare total paid, amount delivered, effective exchange rate, funding method, and delivery time.
- Household dashboard
Track family support beside U.S. bills and savings once the account is open.
- All planners
Send corridors and inheritance scenarios when banking is only one piece of the file.
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Related bank profiles
- CIBC — A Big Six bank whose Smart Account for Newcomers won Best Retail Banking Product Canada 2026. Strong when you want two years of fee relief plus pre-arrival funding.
- Scotiabank — A Big Six bank with a packaged StartRight newcomer program — often the practical first Canadian account when you need national branch reach.
- ICICI Bank Canada — A Schedule II Canadian bank with an India-parent brand — strongest when your arrival or ongoing money life still runs through India.