Banking for International Students in Canada 2025

Opening a Canadian bank account as an international student is straightforward. Here is how to get set up fast, build credit, and manage your finances on a student budget.

Can International Students Open a Bank Account in Canada?

Yes — international students on a valid study permit can open a Canadian bank account. You do not need a Social Insurance Number to open a basic account, though you will need one if you plan to work on or off campus. Banks are legally required to open a basic account for anyone with valid identification, regardless of immigration status.

Documents you need to open an account as an international student:

• Passport (primary identification)
• Study permit from IRCC
• Acceptance letter from your Canadian institution (helpful but not always required)
• Proof of Canadian address (residence hall letter, lease agreement)
• Social Insurance Number (if you have one and plan to work)

Best Student Banking Accounts in Canada

Bank	Student Account	Monthly Fee	Key Perks
Scotiabank	Student Banking Advantage	$0	Unlimited transactions, no minimum balance
TD	Student Chequing	$0	Unlimited e-transfers, no monthly fee
RBC	Student Banking	$0	No monthly fee, 25 free transactions
BMO	Student Chequing	$0	No monthly fee, cashback debit
CIBC	Smart Account for Students	$0	Unlimited transactions
KOHO	Prepaid Visa	$0	Instant approval, no SIN required, credit building

Getting Your SIN as an International Student

International students are eligible for a SIN if their study permit includes authorization to work in Canada. Most full-time students at designated learning institutions (DLIs) are automatically authorized to work up to 24 hours per week on-campus and off-campus without a separate work permit. If your permit includes this authorization, you can apply for a SIN at any Service Canada Centre with your study permit and passport.

Your SIN will begin with the digit 9, indicating temporary resident status. When your status changes — for example, if you obtain a post-graduation work permit or permanent residency — you must update your SIN documents accordingly.

Student Financial Aid: What International Students Can Access

As an international student, your access to government student financial aid is limited:

• OSAP (Ontario): Not available to international students (domestic students only)
• StudentAid BC, Alberta Learner Aid, etc.: Generally not available to international students
• University bursaries and scholarships: Many are available specifically for international students — check your institution's financial aid office
• Emergency funds: Most universities have emergency financial assistance funds accessible to all enrolled students
• Protected persons: Government-assisted refugees and protected persons may be eligible for domestic student aid rates

Building Credit as an International Student

Starting your Canadian credit history as a student gives you a significant head start. By the time you graduate and enter the workforce, you could have 2–4 years of credit history — enough for a strong credit score. Steps to take:

• Apply for a secured credit card (Home Trust Visa or Capital One Secured) using your study permit and passport — no SIN required for some options
• Use KOHO's credit building subscription to report monthly payments to credit bureaus
• Pay every bill on time — student cell phone plans, utility bills, and subscription services
• Keep credit card utilization below 30%

Managing Money as an International Student

Tuition for international students averages $30,000–$50,000/year at major Canadian universities, significantly higher than domestic rates. Effective financial management is essential. Key strategies:

• Open a no-fee student account immediately — save $150–$200/year in banking fees
• Use a no-foreign-transaction-fee card for receiving money from abroad (KOHO or a travel card)
• Use Wise or Remitly for receiving international transfers — bank wire fees can be $15–$50 per transaction
• Apply for all university bursaries and awards each year — most go unclaimed
• Register for the GST/HST credit by filing a tax return — even with low income, you may receive quarterly payments