Coming to Canada as an international student is exhilarating—until you notice the price of wire transfers, or your home bank takes $5 out of every cash withdrawal you make.
The best news? Canadian banks offer student accounts with:
- No monthly fees (provided you know which ones to sign up for).
- No transaction limit on everyday expenses.
- Credit-building functions to help you get a cell phone plan or rent an apartment later in life.
There’s a hitch, however:
- Some “student” accounts start to charge fees after graduation.
- Having the wrong account can mean missing out on higher interest rates or rewards.
In this guide, you’ll learn:
- Which Canadian bank is right for international students (RBC vs. TD vs. online banks).
- How to open an account before you even arrive Canada (so you don’t have to carry lots of cash).
- Red flags to avoid when opening an account including hidden charges, poor customer service, etc.
Read Also: Top Scholarships for International Students in Canada (2025)
Contents
Why Open a Canadian Bank Account as an International Student?
Owing a Canadian account as an international student is important for the following reasons;
- Save on Cross-Border Fees: No 2-3% currency conversion and ATM withdrawal charges.
- Make Payments Easy: Pay rent, tuition, and bills online (goodbye wire transfers).
- Establish Canadian Credit History: For future loans, phone plans, or renting apartments.
- Get Student Benefits: Unlimited transactions and no monthly charges.
Some banks offer pre-arrival accounts with instant digital cards for Apple/Google Pay.
Types of Accounts Available in Canada: Which One Fits Your Needs?
| Account Type | Best For | Interest Rate | Monthly Fees |
|---|---|---|---|
| Student Chequing | Daily spending, unlimited transactions | 0% | $0 (waived) |
| High-Interest Savings | Emergency funds, short-term savings | Up to 4.5% | $0 (online banks) |
| Hybrid Accounts | Mix of spending/saving features | 1.5-2.5% | 0−5 |
Pro Tip: Digital-only banks (like, Tangerine, Simplii Financial) offer higher interest rates and $0 fees but lack in-person branches.
Top 5 Popular Canadian Banks Among International Students in 2025.
There are a number of Canadian banks offering several banking services but the following ones are popular among international students.
1. Royal Bank of Canada
- Perks: Free global money transfers, GIC support, $100 sign up bonus and credit cards with no credit history required.
- Documents Required: Passport, study permit, confirmation of registration.
2. Scotiabank
Scotiabank has specific programs and banking products for Canadian international students, such as the Scotiabank Student GIC Program and the Student Banking Advantage Plan. These programs enable students with qualifief study permits to handle money, and utilize banking services while in Canada.
- Perks: Scene+ rewards (free meals/movies), 4,000+ ATMs
3. CIBC
CIBC allows international students to apply online with a chance to get $300 CAD cash back after registration. That means international students can apply from there home country before arriving Canada.
- Perks: $300 welcome bonus, minimum of $1,000 CAD deposit, free chequebook.
4. TD Bank
- Perks: Extended branch hours, 24/7 WhatsApp customer support, No monthly fee, Unlimited transactions each month, Free paperless record keeping or online statements, No minimum monthly balance requirement
5. BMO Bank
- Perks: Free safety deposit box, credit-building loans, $125 cash bonus and 6 months of Domino’s Pizza (delicious 🤤)
- Note: Only Senegal and Morocco are qualifying countries from Africa for BMO bank online application.
PS: You can use the Government of Canada’s Banking Checklist to compare charges.
Step-by-Step Guide to Open Your An international student Account
There are two options when it comes to opening a student account as an international student.
1. Pre-Arrival option: this is when you decide to open account in Canada before leaving your home country or before arriving to Canada.
2. In-person Application: this is when you decide to open an account after arriving in Canada.
Pre-Arrival Option (3-4 weeks prior to arrival):
- Apply online through your chosen bank student portal. Most of the banks mentioned above have a straight forward account opening process.
- Fund account with a GIC (Guaranteed Investment Certificate) if your are sponsoring yourself.
In-Person Application (Arrival):
For in-person application, you will need to visit your bank choice with the required documents to process your account opening.
Common Documents Checklist for International Students Bank Account Opening:
- Current passport + study permit
- Acceptance letter from university
- Documentation of Canadian address (e.g., lease agreement)
- Optional: SIN number for credit-building accounts.
Activate Your Account:
Once you have open your bank account, you can start using it by activating it.
- Download the bank’s app to remotely control funds. For most bank, there is a dedicated mobile applications to control everything in your account.
- Order a debit card (This could take 5-7 days to arrive).
Common Mistakes to Avoid
- Ignoring Post-Graduation Fees: Most “free” student accounts turn into $16/month fees after graduation or when you go above 23 years. For most banks, you must submit a proof that you are still enrolled in higher institutions when you are above 23 years to avoid monthly charges.
- Credit Building Oversight: Take out a secured credit card to start establishing your credit rating.
- Steering Clear of GIC Research: SDS-approved banks alone (e.g., Scotiabank, CIBC) are visa fast-track eligible.
FAQ: Fast Answers to Most Frequently Asked Questions
Q: Do I need a Canadian address to become an account holder?
A: Yes! Temporarily use your university address.
Q: What is a GIC? Do I need one?
A: A Guaranteed Investment Certificate (min. $10,000) is mandatory for international students applicants. Money is returned monthly. But there are other alternatives including:
- Proof of a student or education loan.
- 4 months bank statements.
- A qualified bank draft.
- Proof of sponsorship or scholarship.
Q: How to send money to Canada from home country?
A: Most traditional banks in your home country can help transfer funds to Canada but you can also use other options Wise Transfer or PayPal for low-fee transfer to your Canadian account.
Key Takeaways
- Open a student chequing account for day-to-day usage and a high-interest savings account for unforeseen costs.
- RBC and CIBC are SDS compliance leaders; Tangerine boasts the best online experience.
- Start building credit early on to get access to better financial opportunities.
Free Resource: Download a free printable account opening required document checklist here and Canada bank comparison chart here.