If you’re planning to study in Canada, there is something you must do right away. Create a bank account as soon as you can. When the opportunity arises, it will be alluring to want to travel around Canada, but before you can accomplish much of anything, you will need a bank account.
You’re not legally compelled to have a Canadian bank account. The fact that there are no additional transfer or conversion fees associated with using a card from another nation does, however, make things considerably more straightforward. Here is a list of the reasons why you, as an international student, require an account and also how having a student account in the Bank of Montreal, Canada can benefit you as an international student along with the paperwork you’ll need.
Why have a Canadian Bank Account?
One of the main advantages of having a Canadian bank account is the ability to receive and deposit your salary. You will be asked for your account information when you are hired by a Canadian business. To begin establishing your credit history in Canada, opening a bank account is crucial. Canada’s banks, in contrast to many other nations, have credit scores. If you ever want to take out a loan, purchase a car, or mortgage a piece of property, your credit score will come in handy. Although it may seem a little difficult, knowing how to have a good credit score is crucial.
A few benefits of having a bank account are:
- Sending and receiving money from friends and classmates will be simpler.
- Receiving your paycheck from a part-time job will be more straightforward.
- It will be more practical to use the nearest ATMs to withdraw cash.
- Rent and other payments are simple to pay online.
- Use the debit/credit card you’ll get upon creating a Canadian bank account to shop without incurring any additional fees.
Must Read: A GUIDE TO OPEN INTERNATIONAL STUDENT BANK ACCOUNT IN CANADA
Bank of Montreal Canada
As an international student, is sending money home swiftly and securely your primary priority? To assist you in reaching your objective, the Bank of Montreal is here. The bank’s collaboration with Western Union is another appealing aspect. More than 200 nations and territories that are part of the Western Union network are accessible to consumers using their money transfer service through BMO Online Banking.
When you are a student and for a year after you graduate, BMO offers a Student Banking account with no monthly fees. The total amount of free transactions you can do each month is nonetheless limited. Additionally, they have partnered with the discount programme SPC to extend student discounts on well-known brands.
An international investment bank and provider of financial services, The Bank of Montreal is based in Canada. The bank, known initially as Montreal Bank, was established in Montreal, Quebec, in 1817; while its head office is still there, its operating headquarters and managerial offices have been in Toronto, Ontario, since 1977.
| Trade Name | BMO Bank of Montreal BMO Financial Group (US) |
| Formerly | Montreal Bank (1817–1822) |
| Founded In | 1817 |
| Headquarters | First Canadian Place, Toronto, Ontario, Canada Bank of Montreal Head Office, Montreal, Quebec, Canada (formal headquarters) |
| Services | Retail banking Commercial bank Capital markets Wealth management |
| Type | Public |
Bank of Montreal Canada offers a Student bank account with a monthly Fees- Plus plan – $0, Premium plan – discounted monthly fees.
Extras-Mobile banking, BMO alerts, $70 cash bonus when opening an account, Student budget calculator, perks for medical and dental students, available for international students before arrival in Canada
Types of bank accounts at Bank of Montreal Canada
The following two types of bank accounts are accessible to foreign students in Canada:
Checking account: With this kind of account, you can make as many deposits and withdrawals as you like. A checking account will typically be sufficient for you to cover your living expenditures and other costs. Additionally, you will obtain a debit card that you may use to make ATM withdrawals and pay your bills. You can also apply for a credit card if you’re interested.
Savings accounts: These kinds of accounts are typically used for long-term financial planning. You might choose this sort of account if you want to work part-time to save money or if you want to stay in Canada after finishing your studies.
Note: For any sort of account you select, keep in mind that many banks provide financial aid to overseas students.
Also Read: Top Universities and Colleges in Montreal – Canada
Account Opening Procedure
Many banks have online account opening options, but as an international student, it is preferable to complete the process in person to prevent problems with verification.
While at home, compare other banks and accounts, then head to the bank which you want with all the necessary paperwork to begin the procedure.
Even while opening a bank account over the phone or online is an option, if you are an international student, it may be simpler to do so in person in case there are any issues. You will require the following types of identification when you visit the bank to open your account:
- Passport
- Canadian or US driver’s licence
- Study permit
- Travellers’ cheques
- Temporary permit (IMM Form 1442, 1208, 1102)
- Letter of acceptance
- Canadian government identification card
Must Read: Student Loan for Canada
Benefits Provided by Bank of Montreal Canada
Bank of Montreal Canada provides numerous benefits to foreign students studying in Canada. These are a few of them:
- Free banking while you’re a student and for one more year after you graduate.
- For a year, all foreign transfers are cost-free and limitless.
- Excellent student credit card options with perks and no annual fees.
- A standard interest rate for free e-transfers and credit cards.
- Free SPC Card and the GIC programme for international students.
- One year of free safe deposit boxes.
Also Read: How to transfer money from a GIC account in Canada to India?
FAQs
Ans. These are the paperwork you’ll require after you get to Canada in order to create a new chequing account: your study permit or visa for Canada. One official photo ID, such as a passport or a driver’s licence from Canada.
Ans. To cover their living expenses while studying in Canada, the majority of international students will merely need to open a bank account. If you’re interested, you might also be able to get a credit card through your bank account. Savings accounts serve as a longer-term repository for money.
Ans. The perks of a student bank account, which are exclusive to university students and differ from normal current accounts in that they offer freebies and interest-free overdrafts, must be demonstrated when creating the account; more on this later.
Hope this blog gave you all the necessary information regarding the benefits of Opening an Account in the Bank of Montreal Canada as an International Student. For more information on bank accounts and international money transfers visit Fly Finance
