How to open a bank account in Canada as an international student
Opening a Canadian bank account as an international student can feel a little intimidating, but we’re here to help you get started. Having a bank account is a way to manage your money while in the country. There are a few different accounts you can use that are geared toward international students studying in Canada, as well.
Before moving forward with the first bank you see, take some time to learn what you can about how to open a bank account in Canada as an international student.
1. Choose a bank
Picking a bank is a big first step. Not all banks operate or are managed the same way. Some have accounts geared toward kids, tweens and teens. Some have accounts just for college students, including those studying abroad and away from their families.
It’s wise to evaluate different banks on a few important factors, such as fees, options and eligibility requirements.
Fees
When considering an account, ask whether the bank charges fees and when they’re implemented. Also, ask if the bank waives its fees at any time and under what circumstances?
Look out for different charges, like:
- Account management fees
- Low balance fees
- Monthly maintenance fees
- Late payment fees
- Insufficient funds fees
- Transaction fees
- Foreign transaction fees
- Wire transfer fees
You might face other fees depending on how you use your bank account, so see which fees could be charged by your bank.
Options
The type of bank account matters when it comes to the bank you’ll choose. This could be a checking account or savings account. Banks may also offer discounts, bonuses or promotions when you sign up.
It’s also helpful to see which banks offer benefits specifically for students. For instance, do some accounts have a limit on free transactions while others are unlimited? Do some checking accounts come with a savings account? Explore the different types of options available.
Eligibility requirements
Banks often offer student-specific bank accounts and general accounts open to anyone. See which match the options you’d like as well as the ones you’re eligible for. There’s a chance you might prefer a general bank account, but you’re not eligible for it. And similarly, you may find you’d prefer a student-focused bank account.
Make sure you can meet the minimum requirements to open an account. For instance, is there a minimum opening balance or a monthly balance you need to maintain to keep your account in good standing? Make sure you qualify before completing an application.
2. Start your bank account application
Most banks allow you to open an account online at your convenience. Some banks may require you to visit in person, whether that’s a local community bank or a big, national institution. So check out your bank’s requirements as you’re completing an application.
Banks usually require several, different forms of identification when you apply, such as:
- A passport
- Driver’s license (either Canadian or U.S.)
- Study permit or temporary permit
- Letter of enrollment acceptance from your university
- Canadian government ID
If you’re struggling to come up with more than one form of identification, ask your bank if they’ll consider other types, such as a student ID.
You’ll also need to select the type of bank account you want. If you plan to make a lot of money transfers, whether it’s income, bill pay or something else, you may want a checking account. If you want a place to save money for the future, a savings account might be best. You may also want to explore a foreign currency account if you need to keep money in a different currency.
3. Sign up and activate
Once you’ve completed your application, make sure you’ve registered a username and password with your bank’s website. Also download the mobile app, if your bank has one.
Your bank may also give you a debit or bank card for you to use at your convenience. They might send you one in the mail, but if you’re opening an account in person, you might get a temporary card you can use right away.
After you get your bank card, set up your PIN (personal identification number). This is a code only you should know and don’t share with anyone. It lets you use the card wherever accepted, whether that’s shopping or using an ATM to withdraw money.
Final thoughts: Opening a bank account in Canada as an international student
Moving to another country for your postgraduate studies is a big change. Opening up a bank account is one important step as you prepare to study abroad in Canada. Having a Canadian bank account as an international student will help you manage your money while you’re in the country.
It also helps if you’re planning to work while in the country and are earning a paycheck from a Canadian company. Managing Canadian money will be easier with a Canadian bank account instead of a foreign bank account. Consider getting a Canadian bank account as you make the move to attend school in Canada.
