Studying abroad is an exciting journey, and having the right financial tools can make all the difference. Scotiabank offers a tailored solution for international students with the Scotiabank International Student Account, allowing them to open an account online and transfer up to CAD 50,000 before arriving in Canada.
Scotiabank international student account provides a seamless way to manage funds, meet study permit requirements, and settle into life in a new country with confidence and ease. Let’s understand about Scotiabank international student account in detail.
Table of contents
- What Is the Scotiabank International Student Account?
- Benefits of the Scotiabank International Student Account
- Eligibility Criteria for the Scotiabank International Student Account
- Scotiabank Student Account and Card Fees
- How to Apply for the Scotiabank International Student Account Online
- Scotiabank International Student Account Money Transfer from India
- FAQs on Scotiabank International Student Account
What Is the Scotiabank International Student Account?
The Scotiabank International Student Account is designed to support students embarking on their educational journey in Canada. This account simplifies the process of proving financial stability for study permits while offering practical banking features for daily use. Let’s understand the key highlights of the account:
- Available in multiple countries: Offered to students from China, Vietnam, Pakistan, Senegal, Peru, Brazil, Colombia, and the Philippines.
- One-time fund transfer up to CAD 50,000: Enables students to transfer funds before arrival, ensuring immediate access to money upon reaching Canada.
- Official proof of funds provided: After the transfer is complete, Scotiabank issues a confirmation email that can be used as proof of funds during the visa application process.
- Easy in-branch account setup: Students can activate their account by visiting any Scotiabank branch in Canada with their passport and Canadian visa or landing document number.
- Appointment booking available: Students can schedule their in-branch visit in advance by calling +1-416-288-3062 before arriving in Canada.
This account offers a simple and reliable way for international students to manage their finances and meet visa requirements before starting their academic journey in Canada.
Here’s a quick overview of the account details:
| Account | Scotiabank International Student Account |
| Eligible Students | Students from India, Vietnam, China, Pakistan, Peru, Brazil, Senegal, the Philippines, and Colombia. |
| Minimum Age Limit | 13 years |
| Maximum Transfer Limit | CAD 50,000 |
Benefits of the Scotiabank International Student Account
Opening a Scotiabank International student account offers numerous advantages that ease the transition to studying abroad. This account eliminates the need to carry large sums of cash while traveling and provides a secure way to manage finances from day one in Canada.
Key benefits of Scotiabank account include:
- Meets study permit financial requirements effortlessly.
- No monthly account maintenance fees, keeping banking costs low.
- Includes a free chequing account for everyday transactions.
- Provides a Visa debit card with no annual fee for purchases and bill payments.
- Offers unlimited debit card transactions for added convenience.
- Ensures secure mobile and online banking for easy access to funds.
- Grants unlimited international money transfers, simplifying financial management across borders.
- Access to a Scotia Line of Credit for undergraduate and postgraduate students to cover tuition or living expenses.
- Supplies an unsecured credit card with a limit of up to CAD 5,000 and no annual fee, complete with movie rewards.
- Helps build a strong credit history, unlocking future opportunities like loans for housing or cell phones.
These features empower students to focus on their studies while enjoying financial peace of mind.
Eligibility Criteria for the Scotiabank International Student Account
Understanding who qualifies for the Scotiabank International Student Account is essential for prospective applicants. This account is specifically crafted for international students planning to study in Canada, with clear criteria to ensure eligibility.
To apply, candidates must meet the following requirements:
- Hold approved permanent residency or secured admission to a Canadian college, university, or school.
- Be at least 13 years old at the time of application.
- Plan to arrive in Canada within 18 months of applying for the account.
- Not be entering Canada on a visitor or tourist visa.
- Confirm that only the account holder will access the funds—no joint holders or power of attorney allowed.
These conditions ensure the account serves its purpose of supporting genuine students pursuing education in Canada.
Scotiabank Student Account and Card Fees
Managing finances as an international student can involve various costs, especially when transferring money overseas on a regular basis. Understanding the fee structure of your bank account is key to avoiding unexpected charges.
Below, we’ve outlined the fees associated with Scotiabank’s offerings for international students, ensuring you have a clear picture of what to expect.
Account Options and Their Costs
Scotiabank provides tailored programs for students, each with its own fee structure. Here’s a breakdown:
- Scotiabank Student GIC Program
- Administrative Fee: CAD 200 (one-time charge).
- Monthly Fee: None—students enjoy this account without recurring costs.
- Exchange Rate: Scotiabank may apply a markup on foreign currency transactions, even if no direct fee is charged for the transfer itself.
- Scotiabank StartRight Program
- Administrative Fee: None—there’s no initial cost to join this program.
- Monthly Fee: CAD 16.95, but this is waived for the first year, offering a cost-free start.
- Exchange Rate: Similar to the GIC program, a markup may be added to foreign transactions, despite fee-free payment options.
This information helps students plan their banking effectively, keeping in mind potential costs beyond monthly maintenance, especially for international transfers. Always check with Scotiabank for the latest details, as terms can evolve.
How to Apply for the Scotiabank International Student Account Online
Applying for the Scotiabank International Student Account is a straightforward process that can be completed from anywhere in the world. This online application saves time and prepares students financially before they step foot in Canada.
Follow these steps to apply:
- Visit the official Scotiabank website.
- Locate and click the “Apply Now” button.
- Choose the “Student International Account” option from the available selections.
- Alternatively, enter your country at the bottom of the page and select “Apply Now.”
- Review the terms and disclosures carefully.
- Click “Start” to begin the application.
- Fill in all required personal and academic details.
- Upload necessary documents, such as proof of admission and identification.
- Submit the application by clicking the “Submit” button.
Once approved, Scotiabank notifies the applicant via email, providing account details and instructions for the next steps, including the fund transfer process.
Scotiabank International Student Account Money Transfer from India
After receiving approval for the Scotiabank International Student Account, transferring funds is the final step to activate it. This process allows students to move up to CAD 50,000 into their account before arriving in Canada, ensuring they have resources ready upon landing.
Here’s how to send money abroad from India with Scotiabank:
- Use online banking through the “Transfers” dashboard of your home country bank, if available.
- Alternatively, visit a local bank branch to initiate the transfer in person.
- Note that banks typically charge an outward remittance fee (a transaction cost) and an exchange rate fee (based on converting local currency to CAD).
- Provide the Scotiabank account details received after approval to ensure the funds reach the correct destination.
Once the transfer is complete, Scotiabank confirms receipt via email, which students can use as proof of funds when applying for their study permit or upon arrival in Canada.
The Scotiabank International Student Account stands out as a reliable and convenient banking option for students preparing to study in Canada. With its ability to facilitate a one-time transfer of up to CAD 50,000, no-fee features, and additional perks like credit access and a Visa debit card, it provides a strong foundation for financial stability abroad.
FAQs on Scotiabank International Student Account
Scotiabank International student account is a banking option for international students, allowing a one-time transfer of up to CAD 50,000 before arriving in Canada to meet study permit requirements and manage expenses.
Students of India, Pakistan, China, Senegal, Vietnam, Peru, Brazil, Colombia, and the Philippines can apply for the Scotiabank International Student Account.
A Scotiabank International Student Account completes the study permit requirements for international students and enables them to pay for living expenses in Canada.
There is no annual maintenance fee for a Scotiabank International Student Account. The credit card and debit card of the account holder also come free of charge.
To apply for the Scotiabank International Student Account You can apply online through Scotiabank’s official website by filling out the application form, uploading required documents, and submitting it for approval.
You’ll need a passport, proof of admission to a Canadian school, and a Canadian visa or landing document number to complete the process.
Yes, you can transfer up to CAD 50,000 once your account is approved, with confirmation provided for study permit purposes.
The best bank depends on individual needs, but Scotiabank stands out for international students with its Scotiabank International Student Account. It offers no monthly fees, a one-time transfer limit of CAD 50,000, a free Visa debit card, unlimited transactions, and credit-building options like an unsecured credit card with a CAD 5,000 limit. These features make it ideal for managing finances and meeting study permit requirements seamlessly.
Eligibility for the Scotiabank International Student Account includes non-Canadian students who:
– Have secured admission to a Canadian college, university, or school, or hold approved permanent residency.
– Are at least 13 years old.
– Plan to arrive in Canada within 18 months of applying.
– Are not entering on a visitor or tourist visa.
– Ensure the account is accessed only by themselves, without joint holders or power of attorney.
The Scotiabank International Student Account is a top choice for international students due to its tailored features. It allows a CAD 50,000 transfer before arrival, has no monthly fees, provides unlimited debit transactions, and includes a Visa debit card and credit options. Compared to other banks, its focus on study permit support and cost-free banking makes it highly practical for students starting their journey in Canada.
A Guaranteed Investment Certificate (GIC) isn’t directly tied to the Scotiabank International Student Account, but it’s a common requirement for Canada’s Student Direct Stream (SDS) program. As of April 2025, the minimum GIC amount for SDS is CAD 20,635 (per Immigration, Refugees and Citizenship Canada updates), though costs may vary by bank due to processing fees (typically CAD 150-200). Scotiabank offers GIC options separately, and students should contact the bank for exact pricing and terms.
