Best Banks for International Students in Canada (2026)

Moving to Canada for university or college is a major life transition. Getting your banking sorted in the first week is essential — you'll need it to pay tuition, receive money from home, pay rent, and handle day-to-day expenses. This guide covers the best banking options specifically for international students, what documents you need, and how to avoid expensive fees.

Start Banking Before Orientation Week

KOHO is perfect for international students — open with your passport and study permit, no SIN needed, no credit history, no fees. Get $100 with code 45ET55JSYA.

Get $100 with KOHO

Code: 45ET55JSYA

What International Students Need From a Bank

Easy to open with study permit and passport (no Canadian credit history)
No or low monthly fees (students are on tight budgets)
Good mobile app for easy management
Affordable international transfers to receive money from parents abroad
Ability to send Interac e-Transfers for rent and tuition
Optional credit building for after graduation

Best Banks for International Students

Best Day-1 Option

KOHO — Open With Study Permit, No SIN Needed

KOHO is the top choice for international students because you can open it before you have a SIN (which can take weeks). You need only your passport. KOHO provides a free virtual Visa card immediately, which you can use to pay for textbooks, food, and online services right away. When you receive your SIN, add it to unlock the optional credit building feature.

Open with passport only (study permit not even required)
No monthly fee on basic plan
Virtual Visa card available instantly
Cashback on grocery and food spending
Optional credit building ($10/month) to start building Canadian credit

Best Student Account — Big Bank

TD — Student Banking with No Monthly Fee

TD's Student Chequing Account is free for students (no monthly fee while enrolled). International students with a study permit and passport can open an account. TD has branches on or near most major Canadian university campuses, making it convenient. Their app is excellent for mobile banking.

Best for Credit Building

Scotiabank — Student Program with Scene+ Rewards

Scotiabank's student banking package includes a no-fee chequing account and a student credit card that earns Scene+ points (redeemable at Cineplex and partner stores). The credit card has a low credit limit but helps you build Canadian credit history. Scotiabank's StartRight program accepts international students.

Best No-Fee Online

Tangerine — Free Chequing Account

Tangerine (owned by Scotiabank) offers a completely free chequing account with no monthly fees ever. You need a SIN to open. Best for students who already have their SIN and want an online-only option with no fees and a simple setup.

Best Savings Rate

EQ Bank — High Interest Savings

EQ Bank offers one of Canada's best savings rates (around 3%). If you're receiving a lump sum from parents for the school year, storing it in an EQ Bank account earns you meaningful interest. You'll need a SIN and another bank account first. Best as a companion savings account, not a primary account.

Documents Needed to Open a Bank Account as an International Student

Passport (mandatory)
Study permit (immigration document)
SIN — apply at Service Canada as soon as you arrive (most banks require this, KOHO does not)
Proof of enrollment — letter from your university (sometimes requested)
Canadian address — residence hall address or off-campus rental works

Student Tip: International students are eligible for a SIN. Apply within the first week of arriving in Canada — go in person to Service Canada for same-day processing. Your university's international student office can help if you're unsure.

Avoiding Banking Fees as a Student

As an international student, banking fees can add up. Here's how to avoid them:

Choose no-fee accounts: KOHO, Tangerine, or bank student packages (free while enrolled)
Always use your bank's ATMs — avoid $2-5 fees at other machines
Use Interac e-Transfer for rent payments (usually free)
Set up direct deposit for any on-campus work income
Don't overdraft — set up low-balance notifications

Receiving Money from Abroad as an International Student

Parents sending money from abroad: Canadian banks charge $15-25 to receive international wire transfers. Use these alternatives to save money:

Wise: Best exchange rates, lower fees for most countries
Remitly: Fast transfers, good for India, Philippines, China, Nigeria
Western Union: Available worldwide, fast delivery
OFX: Good for larger amounts from parents

Building Credit as an International Student

Even as an international student, it pays to start building Canadian credit. If you stay in Canada after graduation, having 2-3 years of credit history makes a big difference. Options:

KOHO Credit Building subscription (~$10/month, reports to Equifax)
Scotiabank Student credit card (low limit, easy to get)
TD or RBC student credit cards designed for newcomers

Related Guides

Start Banking Before Classes Begin

KOHO is the easiest way for international students to start banking in Canada. Open with your passport alone, get a virtual Visa card instantly, no monthly fees. Get $100 with code 45ET55JSYA.

Open KOHO Account