RBC International Student Account: Requirements, How to Open, Benefits

The largest bank in Canada based on market capitalization is the Royal Bank of Canada (RBC; French: Banque Royale du Canada), a multinational financial services provider. With more than 89,000 staff worldwide, the bank serves more than 17 million customers. We are a top provider of diverse financial services in North America, serving clients globally with products and services in personal and commercial banking, wealth management, insurance, investment services, and capital markets. Read more to know more about rbc international student account.

Bank Name	RBC Bank
Full Form	Royal Bank of Canada
Headquarters	Toronto, Canada
Founded	1864

About RBC International Student Account 

RBC can make life simple for you if you anticipate needing regular access to cash and ATMs while studying in Canada. One of Canada’s top 5 banks is the Royal Bank of Canada. Its total branch and ATM network is the largest in the nation. You can accrue points through RBC’s rewards programme that can be used at Starbucks and Amazon. With the use of their e-Transfer features, Siri and iMessage both allow you to send money.

How to open RBC International Student Account 

Every student’s life includes significant responsibilities including managing money, creating a budget, and paying for school. Opening a bank account is one of the steps you may take as an international student in Canada to get your finances in order.  This post will walk you through the account opening process and offer advice and tools to help you become more accustomed to Canadian banking. 

Step 1:  Schedule an Appointment.

You want a reliable partner familiar with your banking requirements if you are an international student. For 150 years, RBC (Canada’s largest bank*) has been such an ally to immigrants. They support all we do at Arrive because of this. Many bank branches are reopening as things start to return to normal, while some will keep having shortened hours. For the most recent information, see the RBC website’s branch locator. Currently, numerous branches are again scheduling in-person consultations with advisors.

Must Read: Best Student Bank Account to Open for Study Abroad

Step 2: Compile your Paperwork.

It is advised to have all the necessary paperwork on hand before going to the bank to open a student account in order to make things easier and faster. You will need the following paperwork to open a student bank account with RBC:

• Your ID card
• IMM 1442 or 1208 landing documentation or a Temporary Resident Visa (TRV)
• Proof of enrolment is optional but recommended.
• Proof of residency or a Social Insurance Number (SIN) is both optional but recommended.

Step 3: Select a kind of Account

In Canada, there are primarily two types of bank accounts: 

• Chequing account: A necessary, fundamental account for daily purchases and transactions.
• Savings account: A long-term, high-interest savings account. 

You can select from a few different types of student bank accounts from RBC international student accounts depending on your needs:

• Student Banking at RBC
• No monthly charge.
• Each month, there are 25 free debit transactions (including cash withdrawals from ATMs, direct purchases, checks, and internet purchases).
• RBC Student No Limit Banking
• $10.95 per month as the charge.
• Unlimited debit transactions (including cash withdrawals from ATMs, direct purchases, checks, and internet purchases).

Step 4: Choose a Credit card 

For daily life in Canada, having a credit rating or score is necessary. You may be eligible for higher interest rates on future loans and mortgages if you have a high credit score.  Having and using a credit card is necessary to start building your credit history. RBC offers a number of well-known student credit cards, including

• Mastercard RBC Cash Back
• Visa Signature RBC Rewards
• Visa RBC Rewards

Must Read: Which International Bank Account Student Should Consider in 2023?

RBC International Student Account Advantage 

There are several benefits of the RBC international student account. Here are a few listed below:  

• Students enrolled full-time pay no monthly fee
• In Canada, debits are limitless.
• Interac e-Transfer transactions that are free
• In Canada, there is no fee for using an ATM from another bank.
• Shopping securely online using Virtual Visa Debit
• Take advantage of RBC International Money Transfers’ convenience.
• RBC Mobile Student Edition is a programme created only for you.
• Enrol your account in the Value Programme, then use your registered account to make purchases both online and in physical stores to earn Avion Rewards points on debit.
• Refund of up to $48 on a qualified credit card’s annual fee

RBC Monthly Fee 

A monthly paper statement containing photos of the checks Unless you are eligible for the seniors’ rebate, $2.50 each month withdrawals from ATMs that aren’t RBC: $2 within Canada, $3 when using a PLUS network ATM there or in the US, and $5 when using a PLUS network ATM abroad.

Documents for Opening an International Student Account in Canada

You must submit the following paperwork:

• international identification card
• A letter of acceptance or proof of enrollment
• A current passport, Canadian driver’s licence, or government identification card issued by Canada
• Cashier’s checks

Must Read: Best Bank Accounts for International Students in the USA

FAQs

This was all about RBC International Student Account. For financial assistance regarding studying abroad, contact Fly. Finance.