One of the first things you'll want to do when you arrive in Canada — or even before you land — is open a bank account. Here's everything you need to know.
Moving to Canada to study is one of the most exciting things you'll ever do. And while there's a lot to think about in those first few weeks — finding your footing on campus, meeting new people, figuring out transit — setting up a Canadian bank account should be near the top of your list.
Without one, everyday life gets complicated fast. Paying rent, receiving money from home, buying groceries, managing tuition payments — all of it becomes harder and more expensive than it needs to be. The good news? Opening a bank account in Canada as an international student is more straightforward than most people expect. Here's everything you need to know.
Why You Need a Canadian Bank Account
You might be tempted to rely on cash or international transfers for your first few months. It's understandable — you're busy, and setting up a new account feels like one more thing on an already long list. But getting this sorted early will save you real money and a lot of hassle.
A Canadian bank account lets you receive money from home without steep conversion fees, pay for everyday expenses with a debit card, build a local credit history (which matters if you plan to stay after graduation), set up direct deposit if you work part-time, and access financial products like GICs.
Which Bank Should You Choose?
Canada has five major banks — BMO, TD, RBC, Scotiabank, and CIBC — and the great news is that all of them offer products designed with students in mind. Think no monthly fees, free transactions, and accounts you can often set up before you even land. Here's a quick look at what each one brings to the table.
BMO (Bank of Montreal) is one of the most popular choices among international students, and it's easy to see why. BMO's dedicated international student chequing account comes with no monthly fee for the first year and can be opened online from outside Canada — so you can arrive with your banking already sorted. ApplyBoard has a partnership with BMO, which means our students get a smoother, more supported experience. Want the full step-by-step? Check out our guide: How to Apply for a BMO International Student Chequing Account.
TD, RBC, and BMO are excellent choices, especially if you need a Guaranteed Investment Certificate (GIC) as part of your study permit application. Both banks offer GIC programs built specifically for international students, and ApplyBoard's partnerships with TD and RBC make the whole process easier to navigate. For everything you need to know: International Students: How to Get Your Canadian GIC with ApplyBoard.
Scotiabank is worth a look if you love the idea of earning rewards on everyday spending. The Scotiabank StartRight Program includes no monthly fee for eligible students, plus access to the Scene+ rewards program — think points toward movies, dining, and travel. Not a bad perk when you're exploring a new country.
CIBC rounds out the Big Five with a strong digital banking experience that international students tend to appreciate. The CIBC Smart Account for Students waives the monthly fee for eligible full-time students, and CIBC's newcomer banking packages are a great fit for those settling into Canada for the first time. Their website also has a dedicated international student section, making it easy to understand your options before you even arrive.
Ultimately, the right bank for you depends on your specific situation — whether that's a no-fee chequing account, a GIC for your study permit, or simply a branch close to your campus. It's worth taking a few minutes to compare your options, and your ApplyBoard advisor is always happy to help point you in the right direction.
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What Is a GIC and Do You Need One?
A Guaranteed Investment Certificate (GIC) is a secure savings product where you deposit a set amount of money and earn guaranteed interest over a fixed period. For international students heading to Canada, it's one of the most popular ways to meet the proof of funds requirement as part of your study permit application.
While a GIC is not explicitly required by Immigration, Refugees and Citizenship Canada (IRCC), it is strongly recommended — and widely used by international students for good reason. A GIC held with a recognized Canadian financial institution is a clear, verifiable way to demonstrate that you have sufficient funds to support yourself during your studies. It also has the added benefit of being a safe, low-risk way to grow your savings while you're in school.
Both TD, RBC, and BMO offer GICs designed specifically for international students, and ApplyBoard's partnerships with these banks make the process as smooth as possible. Processing times vary by bank and by the volume of applications being processed, so it's always a good idea to get started several weeks before your study permit application deadline.
For a complete walkthrough, head to our dedicated guide: International Students: How to Get Your Canadian GIC with ApplyBoard.
Documents You'll Need to Open a Bank Account
The exact requirements vary slightly by bank, but most Canadian banks ask international students for the following:
For a standard chequing account:
- Valid passport
- Study permit (or a letter of acceptance if your permit hasn't arrived yet — some banks accept this)
- Student ID or enrollment confirmation letter
For a GIC:
- Passport
- Letter of acceptance from your Canadian institution
- Study permit (or proof of application)
It's always worth double-checking with your chosen bank before your appointment, as requirements can change. If you're opening your account online before arriving in Canada, most banks have a streamlined document process for international applicants.
Tips for Managing Your Money as an International Student
Set up a budget early. Canada's cost of living varies significantly by city. Toronto and Vancouver are more expensive; smaller cities tend to be more affordable. Knowing your monthly expenses — rent, groceries, transit, phone — helps you plan transfers from home more effectively.
Watch the exchange rate. Using a service like Wise alongside your Canadian bank account can help minimize conversion fees when receiving money from home.
Keep your documents accessible. Banks may ask for updated documents when renewing accounts or applying for new products. Keep digital copies of your passport, study permit, and enrollment confirmation somewhere easy to reach.
Have Questions?
If you have questions about banking in Canada or anything else related to your study journey, our team is here to help. Reach out to us at study@applyboard.com or post a note directly on your ApplyBoard application and an advisor will get back to you.
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