🎓 International Students · March 2026

Banking for International Students in Canada 2026

Opening a Canadian bank account is one of the first things you need to do when you arrive. Here's exactly what you need, what to bring, and how to get $100 free in the process.

⚡ Open before you land KOHO can be opened online from your home country before you arrive in Canada — no SIN, no Canadian credit history, no branch visit required. Use code 45ET55JSYA for $100 free.

Step-by-Step: Opening Your First Canadian Bank Account

1

Before you arrive — open KOHO online (5 min)

Go to koho.ca, sign up with email, enter referral code 45ET55JSYA. Get your virtual card instantly. Use it immediately for online purchases. Physical card ships to any Canadian address. $100 bonus lands after first purchase.
2

Week 1 — Get your SIN at Service Canada

Visit your nearest Service Canada office with your study permit and passport. Bring proof of address (even a lease agreement or school acceptance letter works). SIN is issued same day, free. You need your SIN to work in Canada and for most traditional bank accounts.
3

Week 1–2 — Open Scotiabank StartRight or RBC International Student

Both have dedicated international student programs. Bring: passport, study permit, school letter, SIN. Most branches near universities can open accounts in under 30 minutes. Scotiabank offers up to $700 bonus with direct deposit.
4

Month 1 — Set up direct deposit at your school

If you have a part-time job or receive bursaries, set up direct deposit. This starts the clock for bank bonuses. Split direct deposit between KOHO (for spending) and your traditional bank (for bonus requirements).
5

Month 3 — Collect bonuses + open EQ Bank savings

Collect your Scotiabank/RBC bonus after meeting 90-day requirements. Open EQ Bank for 3.75% savings on your emergency fund. You now have a complete 3-account Canadian banking system.

Documents You Need

For KOHO (Online — Easy)

Email address
Phone number
Canadian mailing address
Government ID (any country)
No SIN required
No credit check

For Traditional Banks (Branch)

Valid passport
Canadian study permit
School enrollment letter
SIN (required at most banks)
Proof of Canadian address
Initial deposit ($0–$25)

Best Bank Accounts for International Students

KOHO — Best first account (open before you arrive)

No SIN · No credit check · $0/month · 1% cashback

The only Canadian account you can open before landing. Virtual card works instantly. 1% cashback on all purchases. No credit check — perfect for students with no Canadian credit history. $100 signup bonus with code 45ET55JSYA. Works at every Canadian store and online.

🎁 $100 bonus — code 45ET55JSYA — no SIN required

Get KOHO →

Scotiabank StartRight — Best traditional bank for newcomers

International student program · Up to $700 bonus · Fee-free for 12 months

Scotiabank's StartRight program is specifically designed for international students and newcomers. Fee waived for 12 months (normally $16.95/month). Up to $700 signup bonus with direct deposit. Strong branch presence near most Canadian universities. Scene+ rewards on purchases.

🎁 Up to $700 bonus + 12 months free

RBC Student Banking — Best for on-campus access

Up to $450 newcomer bonus · On-campus branches at many universities

RBC has in-branch or on-campus locations at many major Canadian universities (UBC, U of T, McMaster, U of A, etc.). $6/month fee waivable for full-time students. Up to $450 newcomer bonus with direct deposit. Strong mobile app. Good for students who want a big-bank experience.

🎁 Up to $450 newcomer bonus

EQ Bank — Best for saving your tuition/RESP money

3.75% savings rate · $0 fees · CDIC insured

Once you have your SIN, EQ Bank is the best place to park your savings between tuition payments. 3.75% interest on every dollar — far better than the 0.01% most big banks offer. Use for your emergency fund and money you don't need day-to-day.

3.75% savings rate — maximize your interest

TD Student Chequing — Best for campus convenience

Free for students · TD ATMs on most campuses

TD's Student Chequing account is free while you're a full-time student. TD has ATMs at most major Canadian university campuses. Free interac e-transfers. Solid mobile app. Good supplementary account for receiving bursaries/OSAP directly.

Free while enrolled full-time

Account Comparison: International Student Options

Account	Monthly Fee	SIN Required?	Signup Bonus	Open Online?
KOHO	$0	No	$100	Yes (before landing)
Scotiabank StartRight	$0 (12 mo)	Yes	Up to $700	Yes (branch or online)
RBC Student	$6 (waivable)	Yes	Up to $450	Yes
EQ Bank	$0	Yes	No bonus	Yes
TD Student	$0 (student)	Yes	Varies	Yes

University City Guides

Toronto (UofT, Ryerson, York): Every major bank has branches near campus. Scotiabank and TD are especially common near UofT. TTC transit makes branch visits easy from any campus.

Vancouver (UBC, SFU, Langara): UBC Point Grey and Burnaby campuses have on-campus ATMs from multiple banks. Scotiabank and RBC are strong in Metro Vancouver.

Montreal (McGill, Concordia): Note: Quebec requires a provincial tax return — banks still accessible but ensure your SIN is active. BMO and RBC strong in Montreal.

Calgary/Edmonton (UCalgary, UAlberta): No provincial tax in Alberta — bank bonuses go further here than any other province. ATB Financial also available as Alberta's local bank.

Ottawa (UOttawa, Carleton): Strong TD and RBC presence near Parliament Hill campuses. Many bank branches within walking distance of both campuses.

Frequently Asked Questions

Can international students open a bank account in Canada?

Yes. International students can open a Canadian bank account with a study permit and passport. Most banks also require proof of enrollment. KOHO doesn't require a SIN or credit history and can be opened online before you arrive.

Do I need a SIN to open a bank account in Canada as an international student?

No. Most major banks will open accounts for international students without a SIN using your passport and study permit. KOHO requires only email and ID — no SIN needed. However, to get your SIN (which you'll need to work in Canada), visit a Service Canada office with your study permit. It's issued the same day, free.

What is the best bank for international students in Canada?

KOHO is the easiest — open online before you arrive, no SIN required, $100 signup bonus (code 45ET55JSYA). For a traditional bank, Scotiabank StartRight offers special international student accounts with no fee for 12 months and up to $700 bonus. Most students do best with KOHO for daily spending + Scotiabank for the big bonus + EQ Bank for savings.

Can I open a Canadian bank account online from outside Canada?

KOHO can be opened online from anywhere in the world with just an email and ID. Traditional banks (RBC, Scotiabank, TD) generally require you to be in Canada and visit a branch, though some allow online applications with a Canadian address. We recommend opening KOHO immediately online, then visiting a branch within your first week in Canada.

Is my money safe in Canadian banks?

Yes. Canada has one of the world's most stable banking systems. Most banks are insured by CDIC (Canada Deposit Insurance Corporation) for up to $100,000 per category. KOHO deposits are held at Peoples Bank of Canada, also CDIC-insured. Alberta's ATB Financial is government-backed (not CDIC, but equally safe).

Can I send money home to my family from a Canadian bank account?

Yes. All major Canadian banks support international wire transfers. However, fees are high ($15–25 per transfer) and exchange rates are poor. For sending money internationally, use Wise (formerly TransferWise) or Remitly — much lower fees and better rates. KOHO does not support international wire transfers directly.

Related guides

Open your Canadian account before you land

KOHO code 45ET55JSYA · $100 free · No SIN · No credit check · Works immediately

Get KOHO — code 45ET55JSYA →

Disclosure: Bremo earns referral commissions on KOHO signups. Bank terms subject to change. Information as of March 2026.