With the increasing demand for quality education, studying abroad has become a go-to option for many aspiring students in the last few decades. Students while planning their study abroad journey often fail to manage their finances as it involves a lot of additional costs like exchange rates of currencies, convenience fees, maintenance fees, and the list goes on. So, it is highly recommended to get a foreign bank account or a student bank account in the host country. In this blog, we will take a look at some of the best Canadian student bank accounts. Continue reading to know more.
Relevant Read: HOW TO TRANSFER MONEY TO YOUR GIC ACCOUNT CANADA FROM INDIA: A STEP-BY-STEP GUIDE!
Benefits of a Canadian Student Bank Account
If you are an international student who is planning to study in Canada or currently studying in Canada then you need to know the benefits of a Canadian student bank account. You can take a look at the benefits below:
- No monthly fees– Most banks waive the monthly account fees for students enrolled in full-time academic programs. You can save a lot of money yearly by simply using a student bank account
- Free transactions– Some banks offer a high number or unlimited transaction limit, including withdrawals, transfers, or e-Transfer. This means you can save a lot of money on transactions and you do not need to pay any additional fees.
- Access to credit– Some banks offer credit cards or credit line cards to students with no income or low-income requirements. This helps you in building a credit history in Canada.
- Online banking+ ATM access– You will get online banking benefits to manage your funds easily or transfer funds at ease. Additionally, some banks also offer free ATM withdrawals throughout Canada or with nominal fees.
Also Read- WHAT ARE THE BENEFITS OF A STUDENT BANK ACCOUNT? HERE IS A COMPLETE GUIDE!
Best Bank Account for Students in Canada
There are numerous banks in Canada. We simply can’t recommend only one account that fits all. We have listed down some of the best Canadian student bank accounts with their benefits and you can choose a bank account according to your preferences. Now let us take a look at the banks:
Simplii Financial No-Fee Chequing Account
Simplii Financial is an online bank in Canada that offers a no-fee chequing account for international students. You can open an account online before or after arriving in Canada and enjoy the following benefits:
- You will get USD 400 ie. (INR 32,000) as a sign-up bonus
- Unlimited free transactions
- Free personalized cheque
- No monthly fee and no minimum balance requirement
- Get access to CIBC ATMs across Canada
- You get a chance to win Apple Giftcards or Simplii Financial Visa gift card
HSBC Student Chequing Account
HSBC is a top-rated International bank in Canada that offers a Chequing account facility for eligible international students. There are many benefits to using this account, let’s take a look at them:
- There are no monthly fees and you get unlimited transactions.
- Get access to HSBC ATMs worldwide and THE EXCHANGE Network ATMs in Canada
- A free HSBC +Rewards Mastercard with no annual fee for the first year
- HSBC Student Line of Credit with no annual fee and a low-interest rate
- You get a free HSBC Global Money Account that lets you hold up to 10 currencies and transfer money globally with no fees
Must Read: BENEFITS OF OPENING HSBC INTERNATIONAL ACCOUNT FOR STUDENTS
Scotiabank Student Banking Advantage Plan
Scotiabank is one of the Big Five banks in Canada that offers a student banking advantage plan. This can be your choice of the best Canadian student bank account as it is one of the most trustable banks in Canada that offers various benefits such as:
- Scotiabank SCENE Visa Card lets you earn points on every purchase and redeem them for movies, meals, and more
- You get a free Scotiabank L’earn Visa Card that lets you earn up to 1% cash back on every purchase
- You get access to Scotiabank ATMs across Canada and over 44,000 partner ATMs worldwide
- You also get a free Scotia iTRADE account that lets you trade stocks, ETFs, options, and more online (optional only if you avail)
- There is also a Total Equity Plan that lets you use your home equity to borrow money at a low-interest rate
Must Read: BENEFITS OF SCOTIABANK INTERNATIONAL STUDENT ACCOUNT
RBC Student Banking Account
RBC is one of the largest banks in Canada that offers a student banking account facility. Let’s take a look at some of the benefits that an RBC bank student account had for an international student:
- RBC Cash Back Mastercard lets you earn up to 2% cash back on every purchase
- RBC Rewards+ Visa Card lets you earn points on every purchase and redeem them for travel, merchandise, and more
- Access to RBC ATMs present across Canada for free ATM withdrawals
- RBC also offers a Student Solutions program that provides guidance and resources for international students, such as a free international money transfer service, a free safety deposit box,
Also, Read- A COMPLETE GUIDE TO RBC INTERNATIONAL MONEY TRANSFER
FAQs
Ans. Here are some of the basic eligibility criteria to open a Canadian student bank account in these major banks:
You must be enrolled in a full-time academic program at a reputed Canadian institute
Your minimum age should be 17 years or older
Have a valid study permit or confirmation of enrollment letter or offer letter
Ans. To open a new student bank account in Canada you will need some essential documents such as:
A valid passport
Proof of address in Canada
Social Insurance Number (SIN) if you have one
Enrollment Letter or offer letter
Ans. Yes, some banks allow you to open an account before arriving in Canada through their online platforms or partner institutions.
This was everything related to the best Canadian student bank account. Reach out to Fly Finance for all finance-related concerns to simplify your study abroad experience with zero hindrances.
