Ibrahim Gardner
If you're an international student planning to study in Canada, one of the first things you'll need to do is open a Canadian bank account. This will make it easier to manage your finances while studying abroad, allowing you to withdraw money, send money transfers, and shop online. Most Canadian banks offer student accounts with no monthly fees and other benefits like reward points and shopping discounts. To open an account, you'll typically need to provide identification and proof of student status, and it may be easier to do this in person at a branch. Let's take a closer look at what international students need to know about opening a bank account in Canada.
| Characteristics | Values |
|---|---|
| Account opening process | In-person, over the phone, or online |
| Number of IDs required | 2 or 3 |
| Types of IDs | Passport, Canadian Driver's License, Canadian Government Identification card, Student ID card, etc. |
| Account types | Chequing account, savings account, credit card, line of credit |
| Fees | No monthly fees, no minimum balance requirements, no transfer fees for eligible transactions |
| Perks | Reward points, shopping discounts, Scene+ points, cash rewards, etc. |
| Eligibility | Full-time student, proof of enrolment, proof of temporary/permanent residency, age requirements |
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What You'll Learn
International student eligibility requirements
International students can open a bank account in Canada, and many Canadian banks offer deals tailored to students, including no monthly fees and unlimited transactions. However, eligibility requirements vary across banks, so it is essential to check with your chosen bank before opening an account. Here is a summary of the eligibility requirements for some of the banks in Canada:
TD Canada Trust
To qualify for the International Student Package at TD Canada Trust, you must meet the following requirements:
- Be a temporary or permanent resident of Canada for five years or less.
- Be enrolled full-time in a post-secondary program at a registered university or community college.
- Provide proof of your status through a Temporary Permit, Permanent Resident Card, or Student Permit.
- Have never opened or held a TD Chequing Account before.
- Be the age of majority in your province or territory of residence.
- Provide three pieces of identification, including proof of enrolment in a post-secondary program, such as a valid passport, Canadian driver's license, or Canadian government identification card.
CIBC
To be eligible for the CIBC Smart Account with Smart Start or Smart for Students benefits, international students must meet the eligibility requirements for the CIBC Smart Start or CIBC Smart for Students program. Additionally, they should not have held a CIBC chequing account from 2022 to the time of opening the new account.
Scotiabank
Scotiabank offers the StartRight™ Program for international students, which includes a student chequing account with no monthly fees. While specific eligibility criteria are not mentioned, proof of enrolment from a Canadian educational institution, such as a student ID card or course timetable, is generally required.
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Types of bank accounts
International students can open a bank account in Canada, and it is one of the most important steps to take when settling in the country. There are two types of bank accounts in Canada: checking accounts and savings accounts.
Checking Account
A checking account, or chequing account, is used for day-to-day banking needs, such as withdrawing funds at a branch, online, or through ATMs. Most international students will only need a checking account to pay for their living costs while studying in Canada. Usually, when you open a checking account, you receive a chequebook and a debit card. You may also be able to obtain a credit card through your checking account. Many student checking accounts come with unlimited transactions and no monthly fees. To qualify for a student checking account, you may need to be 23 or under and provide proof of enrollment in a full-time post-secondary education.
Savings Account
A savings account is a place to collect money over the long term. You may consider opening one of these accounts if you are working or want to save money for travel or emergencies. Savings accounts can also be used to build your credit history and savings, which will allow you to borrow money in the future for things like a car or a home.
Other Types of Accounts
In addition to checking and savings accounts, there are also accounts that offer travel rewards or cash-back rewards. If you regularly travel or like to visit foreign destinations, a travel rewards account may be a good option. If you are looking to save money, a cash-back account can help put money back into your pocket.
Choosing a Bank
When choosing a bank, it is important to consider the fees associated with the account, as well as the perks offered, such as reward points or shopping discounts. It is also important to remember that you will be charged a transaction fee every time you use an ATM from a bank that is not your own, so it may be helpful to choose a bank with ATMs near your university campus.
Opening an Account
To open a bank account in Canada, you will need to provide proper identification, such as two forms of ID. You can open an account in person, by electronic means, or by telephone. However, if you are an international student, it may be easier to open your account in person in case there are any complications.
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Required documents
International students can open a Canadian bank account before arriving in the country. Banks in Canada offer various benefits to students, such as no monthly fees, unlimited transactions, reward points, and shopping discounts. Some banks also offer international student-specific packages, which may include a savings account, credit card, and other benefits.
To open a bank account in Canada as an international student, you will typically need to provide certain documents as proof of identification and student status. Here is a list of required documents that you may need to submit:
- Proof of Identification: Most banks require at least two valid pieces of identification, such as a passport, driver's license, or government-issued ID card.
- Proof of Student Status: You may need to present a valid student ID card or other documentation that confirms your enrolment in a post-secondary program. This could include a letter or certificate from your educational institution, stating your name, the name of the institution, program, and year of study.
- Proof of Address: Some banks may require proof of your local address in Canada, especially if you are applying for a credit card or other specific financial products.
- Visa or Study Permit: As an international student, you will likely need to provide documentation related to your visa or study permit. This could include a Temporary Permit, Permanent Resident Card, or Student Permit.
- Additional Identification: Depending on the bank and your specific circumstances, you may be asked to provide additional forms of identification or supporting documents. This could include birth certificates, tax identification numbers, or other forms of ID.
It is important to note that the specific requirements may vary between different banks in Canada. Therefore, it is recommended to contact your chosen bank or visit their website to confirm the exact documents required for opening an international student bank account. Additionally, some banks may allow you to start the account opening process online or over the phone, but it is generally recommended to visit a branch in person to facilitate the process and address any complications.
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Bank account perks
International students can open a bank account in Canada, and many Canadian banks offer great deals for students, including perks such as reward points, shopping discounts, and cash-back offers. These accounts often have no monthly fees, and some banks may even allow you to open an account before arriving in Canada.
CIBC
CIBC offers the Smart for Students account, which provides unlimited transactions with no monthly fee and cashback on purchases. They also offer a cash reward for eligible students who open a CIBC Smart Account with Smart Start or Smart for Students benefits. Additionally, CIBC provides a free SPC membership for eligible students with a CIBC Youth or Student bank account, Student credit card, or Student line of credit.
Scotiabank
Scotiabank's StartRight™ Program offers a student chequing account with no monthly fees and Scene+™ rewards on everyday purchases. The Scene+™ Student Banking Bundle includes welcome bonuses and point values worth up to $212.50. They also provide personalized banking advice and easy access to funds for living expenses while studying in Canada.
TD Bank
TD Bank offers the TD Student Checking Account, which includes unlimited transactions and zero monthly fees for full-time students. They also have a range of TD Credit Cards with features such as no annual fee, competitive low variable rates, and travel rewards. The TD International Student GIC can help with obtaining a study permit under the Government of Canada's Student Direct Stream (SDS) program and is a secure way to save money.
RBC
RBC offers the RBC Student Banking Package, which has zero monthly charges and unlimited transactions through debit. This account enables international students to manage their finances efficiently and make the most of their money.
BMO
BMO has a Student Checking Account designed to meet the special banking needs of students, including international students.
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Sending money internationally
International students can open a bank account in Canada, and it is recommended to do so before arriving in the country. Most banks in Canada offer accounts with no monthly fees for students, as well as perks such as reward points or shopping discounts. It is possible to open a bank account over the phone or online, but it might be easier to do so in person in case of any complications. To open an account, students will need two forms of identification, and it is recommended to check the specific requirements of the chosen bank.
When it comes to sending money internationally, there are a few options available. Many banks in Canada offer international money transfer services, such as Scotiabank's Scotia International Money Transfer, which allows customers to send money from any eligible Scotiabank account to a global bank account. The transfer can be completed using the Scotiabank mobile app or online banking, and the recipient will receive the funds directly in their bank account within a few business days. There is a low transaction fee of $1.99, but for certain customers, such as Ultimate Package customers, there is no service fee.
Another option for sending money internationally is to use a service like Wise, which offers international money transfers in over 50 currencies and to more than 80 countries. Wise provides a fast and transparent service, with 64% of transfers arriving in under 20 seconds and customers always receiving the mid-market exchange rate. Wise also offers a multi-currency account, which can be used to fund transfers at a low cost.
It is important to consider factors such as transfer speed, exchange rates, fees, security, and convenience when choosing a method for sending money internationally. Different services may offer varying benefits, so it is worth comparing options to find the best fit for your specific needs.
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Frequently asked questions
Yes, international students can open a bank account in Canada.
The requirements may vary slightly between banks, but generally, you will need to provide proof of your status and several forms of identification. For example, TD Bank requires 3 pieces of identification, including proof of enrolment in a post-secondary program and a valid passport or Canadian driver's license.
It might be easier to open your account in person at a bank branch in case there are any complications. Additionally, some banks offer special packages or perks for international students, such as no monthly fees, unlimited transactions, and reward points.
Having a Canadian bank account will make it easier to manage your finances while studying in Canada. You will be able to withdraw money, send money transfers, and shop online more conveniently. Additionally, building a Canadian credit history can help with future purchases or applications for loans.
There are several banks in Canada that cater to international students, including TD Bank, CIBC, and Scotiabank. Each bank offers different benefits, so it is recommended to compare their features and choose the one that best suits your needs.
