Your Complete Student’s Guide To Opening A Bank Account In Canada

There are two main options when it comes to the type of bank account to open in Canada: the checking account and savings account.

Having said that, some banks offer student-specific accounts which could be better for you – as an international student.

Before making a decision, it helps to understand the different available options.

With the purpose of acting like an everyday account, the Chequing Account is a basic account for purchases, bill payments and daily transactions.

Also, you can withdraw money and write cheques from it.

However, it earns little or no interest.

When compared to the Chequing Account, the Savings Account can earn more interest.

This account type is designed for you to save money over a longer period of time and in some cases, you must maintain a minimum balance. Hence, if you have access to larger sums of money, the Savings Account is suitable.

As an international student, the Student Account could be the best option for you as you get to skip the transaction fees but still get all the features you require.

Some of these student-specific accounts even let you have unlimited free transactions and don’t require you to maintain a minimum balance. Hence, it is important to explore your options, which leads us to the next point.

In Canada, there are several options when it comes to choosing a bank.

However, the more popular ‘Big 5’ banks include Royal Bank of Canada (RBC), Bank of Montreal (BMO), Scotiabank, Canada Imperial Bank of Commerce (CIBC) and Toronto-Dominion Bank.

As the various banks offer different perks with their student account options, it helps to do some research and shop around rather than simply going with the first option that you chance upon.

When it comes to making a decision, you can filter your options based on those that match better with your lifestyle and then ultimately choose the one with the best-tailored discounts which are aligned with your personal preferences.

Before you open your account, you’ll have to have all the essential documents ready so as to speed up and facilitate the process.

These include your passport, proof of enrolment from your university, your study permit and proof of residence.

As there are some banks that allow you to set up your account online, even before you get to Canada, you might want to check beforehand so that you have the option of sorting out your bank account in advance – that means one less thing to worry about when you arrive!

As it is a pretty straightforward process to open your bank account, it is a good idea to make your application as soon as you can – whether it’s doing so online before flying off or within the first week of your arrival.

Upon getting your new account details, you’ll then be able to make a deposit to secure your funds and start making transactions as well as take your debit card out to make payments when you shop and eat out.

If you’re making your first deposit online, it helps to take note of the exchange rate and only make the transfer when the rate is working in your favour so that you get to enjoy maximum value for your currency.

Although it can feel daunting to think about all the essentials you have to figure out while you’re studying abroad, it’s better to prepare ahead of time so you know what to expect.

From opening a bank account to ensuring you have all the right documents for your application to your dream school, we’ve got you covered.

At IDP, our team of education counsellors will help you with tailored guidance and assist you throughout your application process – so that you successfully make it to Canada!

Book your free counselling session today to get started!