{"id":1743,"date":"2023-02-10T22:37:05","date_gmt":"2023-02-11T03:37:05","guid":{"rendered":"https:\/\/aucanadavisa.com\/?page_id=1743"},"modified":"2023-02-20T20:58:51","modified_gmt":"2023-02-21T01:58:51","slug":"opening-a-student-bank-account","status":"publish","type":"page","link":"https:\/\/aucanadavisa.com\/fr\/useful-infos\/study-in-canada\/opening-a-student-bank-account\/","title":{"rendered":"Ouvrir un compte bancaire \u00e9tudiant"},"content":{"rendered":"\t\t
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Student bank accounts in Canada: the basics<\/span><\/h2><\/div><\/div>

Most banks in Canada offer free basic banking to full-time students \u2014 this means no fees for chequing accounts, but there may be limits or conditions. It\u2019s important to read through all the fine print before opening an account.<\/p>

Before you start looking around, think about what banking services you may need. You may just want a basic chequing account, which allows you to withdraw and deposit money and is appropriate for daily expenses. You may also want a savings account in order to keep some money separate from your main account. Many student banking plans in Canada offer the option to open a chequing and savings account together, which you can use with a debit card.<\/p>

Student banking and the GIC requirement for SDS study permits<\/h2>

If you are planning to apply for a study permit through the\u00a0Student Direct Stream (SDS)<\/a>, you need to provide a Guaranteed Investment Certificate (GIC) as a part of your study permit application. Even if you\u2019re applying for a study permit through the regular application process, you can use a GIC to demonstrate your proof of funds for study in Canada.<\/p>

If you do require a GIC, check out our\u00a0guide comparing all the different GIC banks for Canadian study permits<\/a>. This will help you determine the best option for affordable and efficient student banking in Canada.<\/p>

Credit cards and student bank accounts in Canada<\/h3>

A credit card could be useful while you are in Canada, but think carefully before you secure a credit card. While a bit of extra cash could seem helpful, be careful about building up credit card debt.\u00a0Credit rating is important<\/a>\u00a0in Canada, and a poor credit score could affect you later on. On the other hand, if you are confident you can use a credit card responsibly \u2014 meaning, remain within your overdraft limit and pay at least the minimum amount each month \u2014 your student years could be a good time to start building up a good credit score. You may want to consider a credit card that offers air miles or points towards other expenses.<\/p>

If you are in need of extra money for the cost of your studies, banks may also offer a student line of credit for international students. These can offer larger limits than a credit card, with lower interest rates and incentivised repayment options. However, it\u2019s a good idea to research all your loan options before treating a bank\u2019s line of credit as a student loan, as interest can build quickly.<\/p>

Many Canadians don\u2019t carry much cash, partly because debit cards are so convenient, and partly because banks charge fees for cash withdrawals at Automatic Teller Machines (ATMs) belonging to other banks or private operators. Most shops, cafes, and restaurants take cards (although some may not take credit cards, and smaller outlets may still be cash-only) and, of these, most accept contactless payments for transactions up to a certain amount.<\/p>

Canada\u2019s online money transfer system is called Interac. With Interac, you can send money from your account to any other participating Canadian account \u2014 you just need the recipient\u2019s phone number or email address. Chances are you\u2019ll encounter Interac during your time in Canada \u2014 it\u2019s great for paying back friends or splitting bills, and landlords may ask you to pay rent this way.<\/p>

Student bank accounts in Canada<\/h2>

Canada\u2019s largest banks \u2014 CIBC, HSBC, BMO, RBC, Scotiabank, TD \u2014 all offer student banking options, and they all offer a variety of perks to woo students each year, but other options for student banking in Canada are available too. Watch out in particular for monthly transaction limits \u2013 it could cost you around $1 each time you use your debit card if you go over this limit. Canada\u2019s main banks have online banking services and mobile apps for simple and secure banking from home or on the go.<\/p>

Note: Canadian banks usually charge fees for cash withdrawals at other banks\u2019 (or private) ATMs. To avoid a fee of up to $4 or $5 each time you withdraw cash, consider choosing a bank with an ATM on campus or near your residence.<\/i><\/p>

CIBC<\/h3>

CIBC\u2019s student account<\/a>\u00a0has no monthly fee and gives unlimited free monthly debit card transactions. It\u2019s one of the most cost-effective banking options for international students in Canada. CIBC also offers many perks and resources for international students, including a bonus of $60 just for signing up!<\/p>

If you are applying for your study permit through the\u00a0Student Direct Stream<\/a>, CIBC also has one of the most competitive options on the market for your Guaranteed Investment Certificate (GIC).\u00a0<\/p>

For considering studying in Canada, CIBC is definitely a strong contender for one of the top banks for international students.<\/p>

Scotiabank<\/h3>

In addition to no monthly fees,\u00a0Scotiabank\u2019s\u00a0<\/a>student account\u00a0<\/a>gives unlimited debit card transactions and a Virtual Visa Debit card so you can shop online without a credit card. Scotiabank is known for its SCENE rewards program, which lets you build up points towards free movie tickets. Scotiabank offers one of the most popular student bank accounts in Canada.<\/p>

HSBC<\/h3>

HSBC\u2019s Newcomers Program for International Students<\/a>\u00a0offers special packages for new account holders with added bonuses depending on the type of account you open and the amounts you deposit. Additional bonuses are unlocked when you open a new Mutual Fund account or, for those eligible to work, set up a recurring payroll while studying. They offer no banking fees for 12 months on the chequing account and the opportunity to build credit with HSBC Mastercard.<\/p>

Find out\u00a0more<\/a><\/u>.<\/p>

National Bank<\/h3>

National bank does not have a specific program for international students. Instead, their\u00a0Student Bank Account<\/a>\u00a0offer extends to anyone who is a full-time student in Canada. That offer includes a Canadian or US dollar account with no monthly fee, unlimited e-transfers and overdraft protection, as well as a platinum credit card with no annual fees for the first two years, and vehicle and travel insurance. It\u2019s in the details, and the package also features a student line of credit with preferential terms and conditions.<\/p>

More details\u00a0here<\/a><\/u>.<\/p>

BMO<\/h3>

BMO offers a\u00a0Student Banking account<\/a>\u00a0with no monthly fee during your studies and for a year after you graduate. However, there\u2019s a limit on the number of free transactions you get each month. They\u2019ve also teamed up with discount program SPC to offer more student discounts on popular brands.<\/p>

RBC<\/h3>

RBC\u2019s Student Bank Account for Newcomers<\/a>\u00a0has no monthly fee and a range of other benefits, including:<\/p>