Last Updated on April 27, 2022
Are you going to university in Canada and need to open a bank account? Then, you need to read this article as we are going to share with you a guide on how to open a bank account in Canada as an international student.
If you decide to study at a university in Canada, one of the most important things you will need to arrange before arriving is a bank account. Many Canadian banks have great offers for students and can also provide advice on money management and budgeting.
Table of Contents
How to Open a Bank Account in Canada as an International Student
1. Choose a Bank
There are many banks in Canada, so the best way to narrow it down is to look at what the different banks offer students. Most bank accounts in Canada will waive monthly fees for students and offer perks such as points systems or discounts on savings accounts.
It’s important to remember that in Canada, you will be charged a transaction fee every time you use an ATM from a bank that is not your own, so a good way to choose a bank is to see which ATMs are on your university campus or in your town.
The next thing to think about is what your bank is offering you. As mentioned above, banks will usually throw in at least one offer or reward for signing up with them. Consider which of these are most attractive to you or will be the most useful. Some banks provide specific discounts based on the degree programme that you will be studying so it’s always worth checking if you are eligible for any of those.
Think about whether you would like a credit card or a savings account as well. If you are considering either then considering what banks can offer you in these areas is a good way to narrow down your choice.
2. Choose an Account
There are two different types of bank accounts in Canada: checking accounts and savings accounts.
Checking account: This allows you to deposit and withdraw money as often as you like. Usually when you open a checking account you receive a chequebook and a debit card. Most international students will only need to open a checking account to pay for their living costs while studying in Canada. You may also be able to obtain a credit card through your checking account if that is something you are interested in.
Savings accounts: this is a place to collect money over a longer term. Some students may consider opening one of these, if they are working or want to save money for travel or emergencies.
There are many banks in Canada, so it is worth doing some research into the most suitable bank account for you.
3. Open a Bank Account
Although it is possible to open a bank account over the phone or online, if you are an international student it might be easier to open your account in person in case there are any complications. When you go to the bank to open your account you will need two forms of ID out of the following:
- Passport
- Letter of acceptance
- Study permit
- Temporary permit (IMM Form 1442, 1208, 1102)
- Canadian or USA driver’s licence
- Canadian government identification card
- Travellers’ cheques
These requirements may differ slightly between banks, so make sure you check what your bank requires before heading over.
Banks in Canada for International Students
As earlier stated, there are tons of banks to try out in Canada as a foreigner and each of these banks has its unique features and benefits. They include;
- Bank of Montreal (BMO)
- Canadian Imperial Bank of Commerce (CIBC) (set up your Canadian bank account from your home country)
- Hongkong and Shanghai Banking Corporation (HSBC)
- Royal Bank of Canada (RBC)
- Scotiabank
- Simplii Financial (set up your Canadian bank account from your home country)
- Toronto-Dominion (TD) Canada Trust
- Education Credit Union
- Libro Financial Group
- Kindred Credit Union
- Your Neighbourhood Credit Union
It is always worth researching which banks are closest to the university you are attending and what they could offer you.
Schedule an appointment to set up your account once you’ve chosen a bank, the appointment could be online or on phone.