How to Open a Canadian Bank Account as an International Student

If you're planning on studying in Canada, you may want to consider getting a Canadian bank account.

If you’re about to study in Canada, there’s one important thing you should do when you arrive. You should open a bank account as soon as possible. It’ll be tempting to want to travel around Canada when you have the chance, but you’ll need a bank account before you can really do much of anything.

Legally speaking, you’re not required to have a Canadian bank account. However, it does make things much easier, as you don’t have to pay extra transfer or exchange fees for using a card from another country. So, here’s a list of why you need an account as an international student and what documents you’ll need.

Reasons to have a Canadian bank account

Having a Canadian bank account lets you receive and deposit your salary, which is one of the biggest benefits of having an account. When a Canadian company hires you, they will ask for your account details. Another important reason to open a bank account is to start building your credit history in Canada. Unlike many other countries, banks in Canada have a credit score. Credit scores will help you in the future if you want to borrow money, buy a car, or mortgage a property. It may sound a little complicated, but trust me, understanding how to have a good credit score is super important!

I suggest you talk to the bank manager when you open your account; they will be able to explain everything to you very well. The Government of Canada’s website also has some interesting information on the subject.

List of documents required to open a bank account

If you’re planning on opening a bank account in Canada, you’ll most likely need a:

• Letter of acceptance
• Passport
• Study Permit
• Social Insurance Number

Depending on the bank, you may be asked for proof of address and an extra photo ID. If your destination is the province of British Columbia, you can apply for your BCID, government-recognized identification document.

What helped me choose which bank to open my account in was researching the services offered by the bank, in addition to the credit card limit and the monthly fees for maintaining my account. If you plan to make international transfers, find out how much the bank will charge you for this.

For more information, check out the Government of Canada’s advice on opening a bank account. I hope this information was helpful and best of luck with your studies!