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Overview
As an international student, getting your finances in order is probably one of your biggest priorities when planning to study in Canada. Financial decisions include everything from tuition fees and accommodation costs, to food budget and pocket money. However, considering the sheer number of financial institutions in the country, it can be hard to find banks for international students that suit your needs.
As a student, finding an affordable financial option is paramount. The ability to easily send money back home or process transactions in your home currency is a priority for international students. Therefore, choosing the perfect student bank account that offers you the best range of services and perks is important.
Recommended Banks for International Students in Canada
While each bank has its advantages and disadvantages, here are the 5 popular banks for international students studying in Canada.
Canadian Imperial Bank of Commerce (CIBC)
Canadian Imperial Bank of Commerce is one of Canada’s biggest and the most popular banks. The bank has been around for over 150 years and offers fantastic deals for international students in Canada. It has over 4,000 ATMs, 1,100 branches across the country, and a mobile banking app as well. CIBC in partnership with SPC, is providing free SPC membership with discounts up to 30% off Canadian stores. These offers definitely attract international students, as they can save substantial amounts of money throughout their study years.
CIBC Smart for Students is their main offering for students that comes loaded with a bulk of deals and discounts.
CIBC also provides the following access for international students:
- No monthly banking fee.
- Free Interac e-transfers during your studies in Canada.
- You can also earn up to $150† when you open your first chequing account with CIBC Smart for Students subject to fulfilling certain conditions.
- International money transfers with a $0 transfer fee to more than 120 countries with CIBC Global Money Transfer.
- A no-fee student credit card which requires you to have no existing credit history.
- A refer-a-friend program that offers you $25.
Scotiabank
Bank of Nova Scotia is one of the best options for you. Scotiabank, one the Big 5 Canadian banks ranks as the third largest bank in Canada by deposits and market capitalization. The bank has about 24 million customers with over 2,700 branches across the globe. They have a StartRight Program designed to make living and banking in Canada easier for international students.
Here are perks you can take advantage of as an international student at Scotiabank:
- Unlimited no-fee international money transfers.
- Movie rewards program with Scene debit and credit cards.
- Free chequing account with no monthly fees.
- Free, unlimited Interac e-transfers.
- Grab an Unsecured credit card with a limit of up to $5,000 only.
- Scotiabank Student GIC Program.
Now, whether you move to Canada as a student or a Permanent Resident, you must have a complete financial checklist handy with yourself to guide you at the new place.
Bank Of Montreal (BMO)
Bank of Montreal provides a credit card for international students. You are eligible for these cards with proof of enrollment for the duration of your studies.
BMO also offers many advantages for international students in Canada. They include the following:
- Free banking during your studies + one additional year after you graduate.
- Free and unlimited international transfers for one year.
- Great student credit card options with no annual fees, rewards.
- A standard interest rate on credit cards and free e-transfers.
- International student GIC program and free SPC Card.
- Free safety deposit box for one year.
Royal Bank Of Canada
Royal Bank Of Canada is one of Canada’s big 5 banks. It has the most extensive combined branch and ATM network across the country. RBC’s rewards program allows you to earn points redeemable at Amazon and Starbucks. You can send money through Siri or iMessage with their e-Transfer options.
Additionally, their student bank account has no monthly fee for the first year.
Other advantages of using Royal Bank Of Canada include:
- No RBC fee to use other bank ATMs in Canada.
- Free banking account during your studies.
- A no-credit-history-required credit card.
- RBC’s Rewards program and credit limit of up to $2,000 only.
- Free Interac e-transfers during your studies.
- GIC program for students from India, Antigua & Barbuda, Brazil, Colombia, Costa Rica, Peru, Saint Vincent, and others.
TD Canada Trust
TD Canada Trust is another giant in the Canadian banking industry. It has more than 2,000 branches and 4,000 ATMs across North America. The bank offers an International Student Banking package with no monthly fee. They also have no minimum balance requirement.
International students can open a savings account, credit card, and student line of credit. But there is a transaction limit on the checking account. You also must pay a fee for each debit card transaction.
Here are some of benefits that TD Bank offers to international students:
Other advantages of using Royal Bank Of Canada include:
- No application fees for international student GICs.
- Fee student savings account with a bonus interest rate for six months.
- No monthly fee for 25 transactions each month.
- You can get one monthly free e-transfer for six months.
- Free processing fee for study permit GICs.
- Student Credit cards available. Interac e-Transfers are included in your total of 25 free debits.
Note: The information given above are subject to variation. Please check the respective bank’s official site for any changes thereon.
Banks near Trinity Western University
There are various banking options near Trinity Western University. Make sure to do your research on each one to help you choose a bank that suits your needs the best.
For specific directions on how to get to certain banks and for more options of banks in the Langley area, download Google Maps on your phone. You can wait for the 562 bus at the bus stop on campus across the street from the Robert G. Kuhn Centre beside the gym parking lot. There are two 562 buses, one to Langley Central and the other to Walnut Grove (opposite directions). Don’t worry - the location will be displayed on the front of the bus alongside its number. If you need further help while taking transit, don’t be afraid to ask for directions from the bus driver.
If you still have questions related to immigration, health insurance, and life as an international student in Canada?
- Workshops and Seminars: Our workshops and seminars are conducted regularly to help international students stay informed and empowered. Link to TWU Calendar.
- Service Hub: For personalized assistance in resolving immigration-related questions, please submit your inquiries through Service Hub. Our team is here to provide specific support and help with any concerns you may have. Please note that TWU RCICs or RISIAs can only advise international students, their spouses, common-law partners, and children. We do not submit IRCC applications on behalf of international students.