Over a million international students studied in Canada every year. One of the biggest challenges international students face is choosing the right bank to manage their money. This can be especially tricky for new students who aren’t familiar with the banking options in Canada. You can open a bank account before you arrive in Canada but you need to have the right guidance when choosing a bank. In this post we will look at some of the best banks for international students in Canada.

One of the biggest challenge international students face is knowing which bank to keep their money in Canada. It’s even harder for very new international students who have no idea what banks to use. For a financial decision like choosing a good bank as an international student in Canada you need information to make informed decisions.

Interestingly, international students can open bank accounts even before they arrive in the country. But there needs to be guidance on what banks to choose. In this post we’ll be looking at one of the best banks for international students in Canada.

How to Open Bank Account in Canada for International Students

The savings account— just like the name— allows you to save money. As a student you may not see yourself saving so much but having a savings account will do you good. There will be times when you’ll have extra money to save. Instead of spending it all, it’s good to save it for rainy days. Anytime you need to use some money from the savings account you can transfer it to your chequing account so you can spend.

To open a bank account in Canada you’ll need at least two means of Identification (ID). You can use your passport, study permit, letter of acceptance, Canadian government identification card etc.

Depending on the bank you choose to open your student account with there may be slight variations in the requirements. So, check with your bank to be sure what their requirements are.

Best Banks for International Students in Canada

For international students in Canada, one of the biggest challenge they face is managing their finances including choosing the right bank. It’s even harder for new comers who have no idea what banks to use. Making an informed decision about banking is crucial for international students as it can affect their financial stability during their stay in Canada.

Interestingly, international students can open bank accounts even before they arrive in the country. But with many banking options available, there needs to be guidance on what bank to choose for their needs. In this post we’ll be looking at the best banks for international students in Canada.

The first step for international students is to choose the bank where they will open an account in Canada. Then they will need to decide on the type of account to open – Chequing or Savings. International students should usually opt for Chequing account as it allows easy money transfers, withdrawals and online shopping. It’s an everyday-use account and usually has no monthly fees.

On the other hand, the savings account is for accumulating funds. As a student having a savings account is good especially when you have extra money to save for future use. Whenever you need funds you can transfer money from your savings account to your chequing account so you can spend. To open a bank account in Canada international students will need at least two means of Identification (ID). You can use your passport, study permit, Canadian government identification card or letter of acceptance.

Now let’s look at the best banks for international students in Canada:

Scotia Bank:

Scotia Bank is offering $100 cash bonus as an introductory offer for opening a chequing account. Their website says “Everyday banking made easier with Scotia chequing accounts” and they have 24/7 customer service. While they have many account types international students should focus on opening a chequing account and may also open a savings account to manage their finances.

Toronto-Dominion Bank (TD):

$100 cash bonus and open both chequing and savings accounts. They offer financial advice to help you manage your finances during your studies. You can book an appointment on the TD Bank website for personalized advice.

RBC:

No-fee transactions for international students and virtual visa debit for online shopping and free interac e-transfer transactions. Online banking so you can stay up to date and save time, but no cash bonus.

CIBC:

CIBC, one of the biggest banks in Canada, fast service, no fees, digital banking. Up to $130 cashback with student banking and unlimited free monthly debit card transactions. They have a big presence on Canadian campuses so convenient for international students.

BMO:

BMO waives monthly fees for students during studies and one year post-graduation. Students can also get discounts on select brands and a limit on free monthly transactions. Online banking, ATM access and branch services for students.

So there you have it, not the only banks for international students in Canada but these are the most student friendly and accessible. Students should try these out and choose the one that fits your financial needs as an international student in Canada.

Not all banks in Canada. But in this post we have listed the banks you should try as an international student in Canada. The banks above are easy for international students in Canada.

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