Updated: April 2025  |  bremo.io financial guides

Banking in Canada for International Students — Full Guide

Setting up your banking is one of the first and most important tasks when you arrive in Canada as an international student. Without a Canadian bank account, you can't receive payments, pay rent easily, or access most financial services. The good news is that opening an account in Canada is straightforward — and most banks actively welcome international students.

This guide covers everything you need to know about banking in Canada as an international student in 2025.

What You Need to Open a Bank Account

Requirements vary slightly by bank, but typically you need:

• Your passport (valid)
• Your Canadian study permit or student visa
• Your Canadian address (a residence address from your school or off-campus housing is acceptable)
• Your Social Insurance Number (SIN) — you should apply for a SIN at Service Canada soon after arriving

Some banks allow you to open accounts before arriving in Canada through online pre-arrival programs. TD, RBC, and Scotiabank all have international student banking programs specifically designed for newcomers.

Best Banks for International Students in Canada

TD Bank — New to Canada Banking

TD's "New to Canada" banking package is one of the most comprehensive. It includes free chequing for up to 1 year, overdraft protection, and access to credit products designed for newcomers with no Canadian credit history. TD has a strong online booking system for pre-arrival account setup.

RBC — Welcome Offer for Newcomers

RBC offers a Newcomer Banking Advantage with 1 year of free banking, cashback offers, and a credit card available without a Canadian credit history. RBC also has a dedicated newcomer advice program at many campus branches.

Scotiabank — StartRight Program

Scotiabank's StartRight program offers international students free chequing for up to 2 years, a credit card with no credit history required, and up to $1,500 in cash offers when you join. One of the longer fee-free periods available.

BMO — NewStart Program

BMO's NewStart program offers 1 year of free chequing and access to credit for newcomers. Good branch coverage on many campuses.

KOHO — No-Fee Digital Banking (No Newcomer Restrictions)

KOHO's free account has no monthly fees ever, works on Visa for all purchases, and can be opened fully online. There are no "newcomer period" expiry dates — the account is simply free. For international students comfortable with digital banking, KOHO is a practical long-term solution. Use code 45ET55JSYA for a bonus.

Getting a Social Insurance Number (SIN)

International students with a valid study permit are eligible to work in Canada (subject to permit conditions). To work legally, you need a SIN. Apply at any Service Canada centre — bring your passport and study permit. The process is fast and free. Your bank will also ask for your SIN for account reporting purposes.

Sending Money to and from Canada

If you receive money from home (parents, savings), you have several options:

• Wire transfer to your Canadian bank account: Standard but often has fees ($15–$50 per transfer, plus exchange rate spreads)
• Wise (formerly TransferWise): Low fees and competitive exchange rates — popular with international students
• Remitly or OFX: Similar to Wise; compare rates for your specific country pair

Avoid using your bank's default foreign currency transfer service unless you've confirmed the exchange rate — most banks charge a significant markup.

Building Credit in Canada as a New Arrival

International students start with no Canadian credit history. Building credit early helps when renting apartments or applying for loans later. Steps to build credit:

1. Open a bank account (done)
2. Apply for a secured credit card or a newcomer-specific credit card (TD, RBC, and Scotiabank all offer these)
3. Use the card for small purchases and pay in full every month
4. After 6–12 months, request an upgrade to a regular unsecured card

Managing Foreign Currency and Tuition Payments

If your tuition is charged in Canadian dollars but you're converting from another currency, use a service like Flywire or Convera (formerly Western Union Business Solutions) for tuition payments — these services specialize in international education payments and often offer better rates than standard bank wires.

Important Tips

• Apply for your SIN as soon as possible after arriving
• Keep your study permit updated — a lapsed permit can affect your banking and work eligibility
• Understand the tax implications: even international students with Canadian employment income must file a Canadian tax return
• Check whether your school's health plan is included in your fees or needs to be purchased separately