Can Canadians open an online account without credit checks? A closer look

There are a variety of reasons you might need to open a bank account online without a credit check. Whether you are new to the country, or don't have a high credit score, there are ways to bank without needing a credit check. Often, you won't need one to open a chequing or savings account, or will only need a soft credit check, which helps confirm your identity.

In this guide we'll go through the providers which offer accounts without a credit check, as well as outlining the account features available. We'll also introduce you to Wise as a possible alternative.

Banks in Canada offering accounts without credit checks

Canadians have the right to open a bank account¹, even if they do not have a high credit score. This means that you can open an account even if you have previously been bankrupt, or do not currently have money to put into it.

Whilst this is subject to some conditions - you must, for example, be able to prove your identity - this means that banks generally offer accounts which don't require credit checks. However, without one, you may be able to access a limited range of services, as banks typically won't offer credit without first running a check.

Canadian banks and their policies

Most major banks in Canada offer accounts which can be opened online and do not require credit checks. Whilst you need to prove your identity, which may take time, applying online generally speeds up the process of opening an account compared to going to a branch.

Major banks and credit check requirements (basic accounts)

Alternative account types for no-credit-check access

Instead of opening an account with a brick and mortar bank, some Canadians prefer alternate providers, such as digital banks and fintechs. These offer slightly different services which may better suit you, depending on your current situation.

Digital banks and fintechs

Digital banks and fintechs often offer online accounts. As many do not have physical branches, they are more likely to specialise in online account opening. Whilst different providers have different specific requirements, often accounts need⁵:

• Personal information such as your name and contact details
• Identity verification: They may require documents such as photo ID, and for you to provide your SIN
• Information about your employment and planned account usage

Some banks, such as EQ, may do a 'soft' credit check.⁶ This means they'll use your credit report to verify your identity. However, this does not affect your score, and cannot be viewed by others running a credit check in future.

Prepaid and reloadable card accounts

In addition to chequing and savings accounts offered by many providers, some also offer prepaid and reloadable card accounts. These can help you build or improve your credit score, so that over time you might be able to open an account with a provider that does require a check.

If this sounds right for you, KOHO's credit builder account might be what you're looking for. This account leads to an increase in credit scores by an average of 31 points in four months.⁷ The credit builder account offers guaranteed approval and no interest payments, though plans can cost up to 14.75 CAD per month.

Youth, student, and newcomer accounts

Some providers offer specific no-credit check accounts for those who might not be able to complete a check for a variety of reasons. Whether you're a student, or have just arrived in the country, there is likely to be an account designed for those in your position.

No-credit-check alternatives

Limitations of accounts opened without credit checks

Whilst most banks and alternative providers offer accounts without credit checks, there are some services which you may struggle to access without one. Credit checks are often used as a way to assess your ability to pay back a loan, or credit, and so many providers will not offer credit cards or mortgages without one.

In addition, many accounts without a credit check won't allow you to build your credit, which generally requires you to show you can borrow money and consistently pay it back. Any accounts which don't allow you to borrow, by definition, won't let you do this.

Some accounts use a soft credit check to confirm your identity. This doesn't affect your credit score, and can't be seen by other third parties, but still requires you to have a credit history. Non-credit check accounts will allow you to confirm your identity in other ways. This might require you to present other documents or ID and may be a more complicated process.

Wise as an international alternative

A Wise account can be opened without a credit check. As a specialist provider for international transactions, it's particularly suited to those who often send, receive or spend money abroad. If you're new to Canada and need to send transfers overseas, or if you're an international student who receives money from abroad or regularly visits home, you might want to consider Wise.

Unlike many other providers, Wise uses the mid-market rate for international payments and currency conversions. This tends to be more favourable than the rates offered by many services, and allows you to avoid hidden fees. Instead, Wise charges a small, upfront fee, so you know exactly how much your transfer costs. This fee can be as little as 0.48%, and decreases on high value payments over 35,000 CAD - meaning the more you spend, the more you save.

If you're not sure if this is the best value for money, you could use the Wise online conversion calculator. This shows you the exact fee, exchange rate, and how much money will reach your recipient for your specific transaction.

Wise's Large Amount Transfer service is dedicated to those looking to convert large amounts of currency, such as if you're moving and need to convert your foreign funds to CAD. With a dedicated customer support team, you'll have peace of mind and keep track of where your money is.

Conclusion

There are a variety of options with different providers to open a bank account online. Some are instant access and don't require a credit check, but these tend to have limited features, and may have high monthly fees. As a result, it's important to consider the provider which will work best for your circumstances.

If you are looking for an account which works only in Canada, such as for your day-to-day banking, Canadian banks and fintech services may be right for you. However, if you are looking for an international alternative, consider Wise. Wise specialises in international transfers, often allowing it to complete these for a lower cost than other providers, meaning you get the most for your money.

Sources verified on 30 December 2025