Major Banks in Canada
Several major banks in Canada offer specific accounts designed for students, including international students. Here is some information on what these banks currently offer to international students:
How to Open a Bank Account
Opening a bank account in Canada as an international student is straightforward. Follow these steps:
Gather Required Documents:
Passport
Study permit
Proof of enrollment from your school
Canadian address (can be temporary)
SIN (Some banks may request it)
Book an Appointment Online:
Many banks allow you to book an appointment online to visit a branch. This helps ensure that you get dedicated time with a banking representative to open your account.
Visit a Branch:
Visit the nearest bank branch in person to open your account. Most banks have dedicated staff to assist international students with setting up their accounts.
Choose the Right Account:
Ensure that the account you choose meets your needs, especially regarding fees, transaction limits, and any student-specific perks.
Activate Your Account:
Once your account is set up, deposit some money to activate it. You’ll receive your debit card and other banking information.
Sign in to Online Banking:
After your account is activated, sign in to the bank’s online banking platform. This will allow you to manage your finances, pay bills, and transfer money conveniently from your computer or mobile device.
Types of Accounts to Consider
As an international student, you can open several types of accounts to manage your finances effectively:
Checking Account: For everyday transactions like paying bills, making purchases, and withdrawing cash. Look for low fees and adequate transaction limits.
Savings Account: Ideal for setting aside money for future expenses. Offers interest to help your savings grow.
Credit Account: Important for building credit in Canada. Using credit responsibly helps establish a solid credit history, which is essential for future financial needs.