Best Banks for International Students in Canada for 2023
The best banks for international students in Canada can accommodate your savings, day-to-day banking, and financing needs.
As an international student, opening a bank account is one of the most important steps you can take to get settled in your new country of residence. In Canada, there were over 800,000 international students with active study permits at the end of 2022, many of whom had to find a bank account that suited their needs.
Here are our top picks for both financial institutions and accounts that are geared toward foreign students:
Best banks for International Students in Canada
| CHEQUING ACCOUNT INTRO OFFER | PRODUCTS | WAYS TO BANK | |||
|---|---|---|---|---|---|
| BMO | $100 cash bonus | BMO International Student GIC Program | Chequing accounts with Student Special Discount Program:
| Credit cards:
| Online, ATM, phone and branch banking. |
| CIBC | $125 cash bonus | CIBC International Student GIC Program | Chequing accounts with CIBC Smart plans:
| Credit cards:
| Online, ATM, phone and branch banking. |
| RBC | $100 cash bonus | RBC International Student GIC Program | Chequing accounts:
| Credit cards:
| Online, ATM, phone and branch banking. |
| Scotiabank | $100 cash bonus | Scotiabank Student GIC Program | Chequing accounts:
Savings accounts: | Credit cards:
| Online, ATM, phone and branch banking. |
| TD Bank | $100 cash bonus | TD International Student GIC Program | Chequing accounts:
Savings accounts: | Credit cards:
| Online, ATM, phone and branch banking. |
| HSBC | Up to $150 cash bonus | HSBC International Student GIC Program | Chequing accounts:
| HSBC student credit card details available during the application process. | Online, ATM, phone and branch banking. |
| Simplii Financial | None. *A $125 referral bonus on an eligible account and a $50 welcome bonus on Student GIC Program Account | Simplii Financial International Student GIC Program | Chequing accounts:
| Credit cards:
| Online, ATM and phone banking. |
Guide to Choosing an International Student Bank Account
As an international student, you may associate banking in Canada with its Big Six banks — the Bank of Montreal (BMO), Bank of Nova Scotia (Scotiabank), Canadian Imperial Bank of Commerce (CIBC), National Bank of Canada, Royal Bank of Canada (RBC) and Toronto-Dominion Bank (TD Bank). However, there are many smaller banks, credit unions and caisses populaires that also offer bank accounts — specific accounts for students.
Given that every type of financial institution is different, you need to understand how international student bank accounts work so that you can choose the right one.
As an international student, you may associate banking in Canada with its Big Six banks — the Bank of Montreal (BMO), Bank of Nova Scotia (Scotiabank), Canadian Imperial Bank of Commerce (CIBC), National Bank of Canada, Royal Bank of Canada (RBC) and Toronto-Dominion Bank (TD Bank). However, there are many smaller banks, credit unions and caisses populaires that also offer bank accounts — specific accounts for students.
Given that every type of financial institution is different, you need to understand how international student bank accounts work so that you can choose the right one.
What is an international student bank account?
An international student bank account is one that enables foreign nationals living in Canada on a study visa to conduct everyday financial transactions, even though they may not be a permanent resident or citizen.
Just about every prominent Canadian financial institution offers an international student bank account. Note that some banks may only offer general student bank accounts that can be extended to international students who meet eligibility criteria.
When studying in Canada, having a student bank account is essential since it’ll help you manage your day-to-day expenses. Without an account, you wouldn’t have a place to keep your money safe or deposit any cheques or payroll. In addition, financial institutions offer products and services to help students build their credit history and savings, such as credit cards, loans and investments.
An international student bank account is one that enables foreign nationals living in Canada on a study visa to conduct everyday financial transactions, even though they may not be a permanent resident or citizen.
Just about every prominent Canadian financial institution offers an international student bank account. Note that some banks may only offer general student bank accounts that can be extended to international students who meet eligibility criteria.
When studying in Canada, having a student bank account is essential since it’ll help you manage your day-to-day expenses. Without an account, you wouldn’t have a place to keep your money safe or deposit any cheques or payroll. In addition, financial institutions offer products and services to help students build their credit history and savings, such as credit cards, loans and investments.
Types of bank accounts for students
Chequing accounts
Chequing accounts are the most commonly used bank accounts in Canada. A chequing account is used for your day-to-day banking needs, such as withdrawing funds at a branch, online or through ATMs.
Many student bank accounts come with unlimited transactions and have no monthly fee. To qualify for a student chequing account, you may need to be 23 or under and provide proof of enrollment in a full-time post-secondary education.
Savings accounts
As the name implies, savings accounts are for storing money and earning interest, rather than making purchases or withdrawals. However, you may get a limited number of included transactions. It’s possible to get additional transactions at no additional charge, but it usually requires a minimum monthly balance.
While savings accounts can be valuable, they’re not always customized for student life. Savings account requirements from traditional banks may make it difficult for students to accumulate and maintain funds that are enough to reap any of the benefits of current interest rates.
High-interest savings account
High-interest savings accounts (HISAs), usually with online-only banks, are attractive savings solutions since they pay a good interest rate for no monthly fee. If you link your HISA to your chequing account, you can move money between the two accounts to maximize their savings.
Chequing accounts
Chequing accounts are the most commonly used bank accounts in Canada. A chequing account is used for your day-to-day banking needs, such as withdrawing funds at a branch, online or through ATMs.
Many student bank accounts come with unlimited transactions and have no monthly fee. To qualify for a student chequing account, you may need to be 23 or under and provide proof of enrollment in a full-time post-secondary education.
Savings accounts
As the name implies, savings accounts are for storing money and earning interest, rather than making purchases or withdrawals. However, you may get a limited number of included transactions. It’s possible to get additional transactions at no additional charge, but it usually requires a minimum monthly balance.
While savings accounts can be valuable, they’re not always customized for student life. Savings account requirements from traditional banks may make it difficult for students to accumulate and maintain funds that are enough to reap any of the benefits of current interest rates.
High-interest savings account
High-interest savings accounts (HISAs), usually with online-only banks, are attractive savings solutions since they pay a good interest rate for no monthly fee. If you link your HISA to your chequing account, you can move money between the two accounts to maximize their savings.
Student bank account vs. standard bank account
Student bank accounts and standard bank accounts are alike in many ways, but they differ when it comes to welcome bonuses, eligibility factors, transactions and fees. Student bank accounts may come with unlimited transactions for no monthly fee, for instance. Standard bank accounts will usually have a monthly fee and a limited number of debit transactions, including withdrawals and e-transfers.
Most banks have multiple tiers of chequing accounts. The higher your monthly fee, the more transactions you get. That said, some banks will waive the monthly account fee if you maintain a minimum balance or provide full or partial rebate for students and seniors.
Student bank accounts and standard bank accounts are alike in many ways, but they differ when it comes to welcome bonuses, eligibility factors, transactions and fees. Student bank accounts may come with unlimited transactions for no monthly fee, for instance. Standard bank accounts will usually have a monthly fee and a limited number of debit transactions, including withdrawals and e-transfers.
Most banks have multiple tiers of chequing accounts. The higher your monthly fee, the more transactions you get. That said, some banks will waive the monthly account fee if you maintain a minimum balance or provide full or partial rebate for students and seniors.
How to find the best bank in Canada for international students
It’s common for students to choose a financial institution with a location that’s close to where they live. While there’s no denying the convenience, it would be wise to shop around before choosing an international student account. Here are some of the important things to consider:
It’s common for students to choose a financial institution with a location that’s close to where they live. While there’s no denying the convenience, it would be wise to shop around before choosing an international student account. Here are some of the important things to consider:
Seek out special offers
Banks often have special student offers when signing up for a chequing account or a banking plan. For example, you may receive a cash bonus to set up your account. To get the bonus, you usually need to meet a few requirements, such as setting up a direct deposit, making debit transactions or signing up for a credit card.
Banks often have special student offers when signing up for a chequing account or a banking plan. For example, you may receive a cash bonus to set up your account. To get the bonus, you usually need to meet a few requirements, such as setting up a direct deposit, making debit transactions or signing up for a credit card.
Look for plentiful included transactions
Some student bank accounts provide you with unlimited monthly transactions. This is a unique perk since traditional bank accounts only give you a set number of transactions per month, and once that limit is reached, they charge a fee for each additional one.
Any debits from your account are considered transactions, including:
- ATM withdrawals.
- E-transfers.
- Bill payments.
- Transfers to another account.
- Payments by cheque.
Some student bank accounts provide you with unlimited monthly transactions. This is a unique perk since traditional bank accounts only give you a set number of transactions per month, and once that limit is reached, they charge a fee for each additional one.
Any debits from your account are considered transactions, including:
- ATM withdrawals.
- E-transfers.
- Bill payments.
- Transfers to another account.
- Payments by cheque.
Watch out for other fees
Even though student bank accounts don’t often have monthly fees, check for any out-of-pocket-expenses that may arise from transactions not included in your plan. For instance, you can be charged a fee if you use an ATM that’s not associated with your financial institution or a foreign ATM. Overdraft fees could also apply if you’re trying to access more money than you have in your account.
You can avoid overdraft fees with overdraft protection, which is a monthly optional service many banks provide for a fee.
Even though student bank accounts don’t often have monthly fees, check for any out-of-pocket-expenses that may arise from transactions not included in your plan. For instance, you can be charged a fee if you use an ATM that’s not associated with your financial institution or a foreign ATM. Overdraft fees could also apply if you’re trying to access more money than you have in your account.
You can avoid overdraft fees with overdraft protection, which is a monthly optional service many banks provide for a fee.
Minimum balance requirement
Many student accounts have no minimum balance requirements. However, some banks may require you to hold a minimum balance in order to waive off your monthly fee, or to provide you with additional transactions.
Many student accounts have no minimum balance requirements. However, some banks may require you to hold a minimum balance in order to waive off your monthly fee, or to provide you with additional transactions.
Ways to bank
The bank that you choose should offer banking options that work with your student lifestyle. Traditional banks have set hours, and you’d have to visit the financial institution within those hours to get your banking done in person. Alternatively, they may also offer some services via phone, ATM and online. In contrast, digital banks only provide online services with an exception of some banks offering debit cards to access your funds at an ATM.
The bank that you choose should offer banking options that work with your student lifestyle. Traditional banks have set hours, and you’d have to visit the financial institution within those hours to get your banking done in person. Alternatively, they may also offer some services via phone, ATM and online. In contrast, digital banks only provide online services with an exception of some banks offering debit cards to access your funds at an ATM.
Credit cards for international students
Many financial institutions also have credit cards for international students. Getting a credit card can be worthwhile, as it allows you to start building a credit history and score in Canada. And while you’re at it, you can also earn some bonus rewards and save on rebates with major banks.
A good credit score can be vital later when you apply for a loan, such as a mortgage or auto loan.
Many financial institutions also have credit cards for international students. Getting a credit card can be worthwhile, as it allows you to start building a credit history and score in Canada. And while you’re at it, you can also earn some bonus rewards and save on rebates with major banks.
A good credit score can be vital later when you apply for a loan, such as a mortgage or auto loan.
Credit card rewards programs
Many financial institutions offer two types of rewards on credit cards: points and cash back. Credit card points can typically be earned from and redeemed for travel, merchandise and more. With cash back, you’ll get a set percentage back on every purchase you make.
Which type of rewards you go with is a personal choice. Travel rewards can be great if you regularly travel back home or like visiting foreign destinations, whereas cash back can help you put some money back into your pocket.
Many financial institutions offer two types of rewards on credit cards: points and cash back. Credit card points can typically be earned from and redeemed for travel, merchandise and more. With cash back, you’ll get a set percentage back on every purchase you make.
Which type of rewards you go with is a personal choice. Travel rewards can be great if you regularly travel back home or like visiting foreign destinations, whereas cash back can help you put some money back into your pocket.
Money transfer options
One of the most common ways to transfer money and make payments in Canada is with an Interac e-transfer, which can be done via an online banking platform or mobile app. Many international student bank accounts provide unlimited free Interac e-transfers. If you need to send money back to your home country, then you may want to consider a financial institution that offers international money transfers for no or low fees.
One of the most common ways to transfer money and make payments in Canada is with an Interac e-transfer, which can be done via an online banking platform or mobile app. Many international student bank accounts provide unlimited free Interac e-transfers. If you need to send money back to your home country, then you may want to consider a financial institution that offers international money transfers for no or low fees.
Student Direct Stream
The Student Direct Stream (SDS) is a program where international students from a qualifying country can expedite their study permit. One of the requirements for SDS is to purchase a Guaranteed Investment Certificate (GIC) of C$10,000. Since GICs are separate from your bank account, it may make sense for international students to choose a financial institution that offers both.
The Student Direct Stream (SDS) is a program where international students from a qualifying country can expedite their study permit. One of the requirements for SDS is to purchase a Guaranteed Investment Certificate (GIC) of C$10,000. Since GICs are separate from your bank account, it may make sense for international students to choose a financial institution that offers both.
How to open an international student bank account in Canada
To set up your bank account on arrival, you generally need to bring two forms of ID, including a:
- Study permit (IMM 1442 or 1208 form).
- Passport.
- Canadian or U.S. driver’s license.
- Canadian government ID card.
Additionally, you may be asked to provide a letter of acceptance or a student ID card from your school.
To set up your bank account on arrival, you generally need to bring two forms of ID, including a:
- Study permit (IMM 1442 or 1208 form).
- Passport.
- Canadian or U.S. driver’s license.
- Canadian government ID card.
Additionally, you may be asked to provide a letter of acceptance or a student ID card from your school.
Ways to apply
You can choose to apply for an international student bank account after arriving in Canada. Just call the financial institution to book an in-person appointment. The process of opening a bank account usually shouldn’t take very long. The bank representative can also help you set up other services, such as online banking and applying for a credit card.
The online-only banks may allow you to set up your accounts online and mail the debit card to your Canadian address close to your arrival. You’ll likely have to call customer service to active the card.
If you’re applying for a student GIC to meet your SDS application requirements, you can set up your account while you’re in your qualifying home country by:
- Submitting your application to the participating bank online.
- Sending funds for your GIC.
- Completing your study permit application.
Once you receive your study permit and arrive in Canada, you can access your GIC funds and activate your bank accounts.
You can choose to apply for an international student bank account after arriving in Canada. Just call the financial institution to book an in-person appointment. The process of opening a bank account usually shouldn’t take very long. The bank representative can also help you set up other services, such as online banking and applying for a credit card.
The online-only banks may allow you to set up your accounts online and mail the debit card to your Canadian address close to your arrival. You’ll likely have to call customer service to active the card.
If you’re applying for a student GIC to meet your SDS application requirements, you can set up your account while you’re in your qualifying home country by:
- Submitting your application to the participating bank online.
- Sending funds for your GIC.
- Completing your study permit application.
Once you receive your study permit and arrive in Canada, you can access your GIC funds and activate your bank accounts.
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