How to Open a Bank Account as an International Student in Canada

Hello friends! My first blog post will be about one of the several things you need to do when you arrive in Canada. I could include a list of all the incredible places you need to visit, but I suggest you open a bank account before you start travelling around!

Legally speaking, you are not required to have a Canadian bank account. However, it does make things much easier, as you don’t have to pay extra transfer or exchange fees for using a card from another country. That being said, I will share a little bit of my own experience and list what you need to open an account as an international student.

Having a Canadian bank account lets you receive and deposit your salary, which is one of the biggest benefits of having an account. When a Canadian company hires you, they will ask for your account details. Another important reason to open a bank account is to start building your credit history in Canada. Unlike many other countries, banks in Canada have a credit score. Credit scores will help you in the future if you want to borrow money, buy a car or mortgage a property. It may sound a little complicated, but trust me, understanding how to have a good credit score is super important! I suggest you talk to the bank manager when you open your account; they will be able to explain the concept to you very well. The Government of Canada’s website also has some interesting information on the subject. To learn more, click here.

List of documents required to open a bank account

Letter of Acceptance Passport Study Permit Social Insurance Number (in case you do not know how to apply, click here).

Depending on the bank, you may be asked for proof of address and an extra photo ID. If your destination is the province of British Columbia, you can apply for your BCID, government-recognized identification document. Learn more here.

What helped me choose which bank to open my account in was researching the services offered by the bank, in addition to the credit card limit and the monthly fees for maintaining my account. If you plan to make international transfers, find out how much the bank will charge you for this. If you still have questions, visit this official Government of Canada website and give it a read.

I hope this information was helpful for you and best of luck with your studies at University Canada West!