An international student bank account in Canada is a necessity for a study in Canada candidate. It is because they have to pay bills and receive remuneration for part-time jobs in Canada. For these necessities, students can either open Savings Accounts or Chequing Accounts.
To open either of these accounts, overseas students can reach out to BMO, TD Bank, RBC, CIBC, Scotiabank, and HSBC. These banks allow students to open an account before arriving in Canada.
To open accounts in any of the top Canadian banks, students must research banks and produce documents of identification and acceptance letters offered by universities in Canada.
Types of International Student Bank Account in Canada
An overseas student can either opt for a Savings Account or a Chequing Account in Canada.
Savings Account
This international student bank account is ideal for students working part-time jobs in Canada. It is due to the fact that this account is a place to collect money for a long duration of time and build an emergency fund.
Chequing Account
Furthermore, a Chequing Account is ideal for easy deposit and withdrawal of money. Students opting for this account usually receive debit cards and chequebooks. Owing to this, it is feasible for overseas students to pay for their living expenses when studying in Canada.
Documents for Opening International Student Bank Account in Canada
Overseas students need to produce the following documents for an international student account:
- A valid passport
- A Letter of Acceptance (LOA) from a recognised Canadian university
- A study permit
- A student visa
- A student ID card
- Traveller’s cheques
Best Banks for International Students in Canada
Some of the premium Canadian banks offer great services to international students. Here are the top banks:
- Bank of Montreal (BMO)
- Royal Bank of Canada (RBC)
- Canadian Imperial Bank of Commerce (CIBC)
- Scotiabank
- Toronto-Dominion (TD) Bank
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