Arriving in Canada soon? You will need to start thinking about how to pay for things here like phone plans, rent, tuition, and many more. This guide will show you the steps you need to take in order to open a bank account in Canada as an international student.
- Choose a Bank
Many banks in Canada offer special perks for international students specifically. They might waive the monthly fees or offer special perks if you are lucky. Here are a few banks and their international student offers.
When choosing your preferred bank, think about the service they offer, perks, convenience and flexibility such as branch location near you for example. Consider factors like monthly fee, one-time sign up bonus, rewards & points, transaction limit, e-transfer limit, online banking, and branch location.
- Make an appointment
We recommend that you book an in-person appointment to open a new bank account with the branch near you. This is because as international students, you will be required to present different sets of documents to prove your legal status in Canada, it will be less complicated to do this in person. You can book an appointment via phone or online via the preferred bank’s website.
Prepare the following documents and bring them to your appointment.
- Passport
- Study permit
- Visa or temporary permit
- University letter of acceptance
We encourage you to check with the bank of your choice about which document is required as this might vary between banks.
- Choose an account
In Canada, there are two types of bank accounts: chequing and saving accounts. Once you open a bank account, you will be given a debit card to access both accounts via the ATM.
Chequing account: this type of account is used for daily spending.
Savings account: this is for long-term savings, money that you don’t use for your daily spending. There might be a fee when withdrawing money out of a savings account.
- Apply for a credit card
Depending on your financial needs, you might need to apply for a credit card for your daily expenses. Credit card lets you borrow money from the bank and is a great way to build a credit score. When opening a bank account, ask the representative about applying for a credit card. You need to be at the age of majority (legal age) in your province or territory.
