Managing money as an international student in Canada requires setting up the right financial infrastructure quickly. You'll need a bank account for tuition payments, living expenses, and eventual employment income. Getting this right in your first weeks saves significant money and stress over the course of your studies.
To open a bank account, bring your passport and study permit to any bank branch. You do not need a SIN to open a basic chequing account — though you'll need one if you plan to earn employment income. Most banks have student-specific accounts with reduced or waived monthly fees.
Student account options at major banks:
As an international student, you receive a SIN starting with the digit 9. You can apply for a SIN if your study permit includes a condition allowing you to work in Canada (typically on-campus work, co-op programs, or off-campus work authorization). Visit Service Canada with your passport, study permit, and a letter from your educational institution confirming enrollment.
Your 9-SIN expires when your study permit expires. Renew your permit before expiry and update your SIN status promptly.
KOHO's free account is particularly attractive for students because it requires no credit check, has no monthly fees, and works like a regular Visa card for everyday spending. Many international students use KOHO alongside a traditional bank account — KOHO for day-to-day spending and the bank for direct deposit and savings.
Many international students rely on financial support from family in their home country. Cost-effective options for receiving international transfers include:
Most Canadian universities accept tuition payment by online banking bill payment or bank draft. Set up your university as a payee in your bank's online banking. Avoid paying tuition by credit card — most universities charge a convenience fee (1.5-2.5%) that negates any points earned.
Building Canadian credit as a student positions you for better financial options after graduation. Apply for a secured credit card or a student credit card with a low limit. Use it for small regular purchases and pay the full balance monthly. By graduation, you could have a credit score of 700+ — a significant head start for your post-graduation life in Canada.
KOHO is available to all Canadians including newcomers — no credit check, no minimum balance, no monthly fees. Use code 45ET55JSYA for a bonus when you sign up.
Open KOHO Free — No Credit Check — Code 45ET55JSYA