Best Banks for International Students in Canada

Embarking on an educational journey in Canada is an exciting adventure, but navigating the banking landscape can be daunting. Choosing the best banks is crucial for managing your finances effectively. This guide explores some of the top banking options tailored for international students in Canada, helping you make an informed decision.

Best Banks for International Students

Scotiabank: Comprehensive Support for International Students

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Scotiabank offers a range of services designed specifically for international students:

Student Banking Advantage® Plan: A chequing account with no monthly fees, unlimited debit transactions, and Interac e-Transfer capabilities.
International Account: Allows you to transfer up to $50,000 CAD before arriving in Canada, easing the transition.
Student GIC Program: Assists in meeting study permit requirements and managing living expenses.
Scotiabank Scene+™ Visa Card: A student credit card offering:
- 1 Scene+ point per $1 spent on everyday purchases
- Redeem points for movies, travel, and dining
Annual Fee: $0

These features aim to provide a seamless banking experience, allowing you to focus on your studies and new life in Canada.

CIBC: Tailored Financial Solutions

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The Canadian Imperial Bank of Commerce (CIBC) offers:

CIBC Smart™ Start Account: A no-fee student bank account with unlimited transactions and Interac e-Transfers.
International Student GIC Program: Facilitates the application process for a Guaranteed Investment Certificate, aiding in study permit acquisition.CIBC Dividend® Visa Card for Students*: A student-friendly credit card offering:
- 2% cash back on groceries
- 1% on transportation, dining, and recurring bills
Annual Fee: $0

CIBC also provides resources to help international students acclimate to Canadian banking systems, ensuring a supportive financial environment.

TD Canada Trust: Flexible Banking Options

TD Student Chequing Account — Photo via looneytooney

TD Canada Trust provides:

Student Chequing Account: No monthly fees for full-time students, unlimited debit and Interac e-Transfer transactions.
International Student GIC Program: Supports study permit applications and financial planning.
TD Rewards Visa Card: A student credit card offering:
- Earn TD Rewards points on everyday purchases
- Redeem points for travel, electronics, and gift cards
Annual Fee: $0

TD’s extensive branch network ensures accessible banking services across the country.

BMO: Cash Back and Student Perks

BMO credit card cashback — Photo via memivi

The Bank of Montreal (BMO) offers a competitive package for international students:

BMO Student Chequing Account: No monthly fees and unlimited transactions for students.
BMO CashBack® Mastercard for Students: A student-friendly credit card offering:
- 3% cash back on groceries
- 1% on recurring bill payments
- 0.5% on all other purchases
Annual Fee: $0
International Student GIC Program: Helps meet study permit requirements through an investment certificate.

BMO’s combination of student banking benefits and cashback rewards makes it an appealing choice for students looking to maximize savings.

ICICI Bank Canada: Catering to Diverse Needs

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ICICI Bank Canada, a subsidiary of ICICI Bank Limited, offers:

Student GIC Program: Designed for students applying under the Student Direct Stream (SDS) program.
Hello Canada Account: Tailored for newcomers, including students from various countries, facilitating a smooth financial transition.
ICICI Rubyx Visa Credit Card (for those eligible):
- Rewards program for international transactions
- Travel and lifestyle perks
Annual Fee: $35

ICICI’s services are particularly beneficial for students from countries like India, providing familiarity and convenience.

EQ Bank: Digital Banking Excellence

EQ Bank Savings Plus Account — Photo via insurdinary

For those comfortable with online banking, EQ Bank offers:

Savings Plus Account: High-interest savings with no monthly fees, unlimited transactions, and free Interac e-Transfers.
Additional Services: Options to open Tax-Free Savings Accounts (TFSA), Registered Retirement Savings Plans (RRSP), and Guaranteed Investment Certificates (GICs).

EQ Bank’s digital platform suits tech-savvy students seeking efficient online banking solutions.

KOHO: Modern Financial Management

KOHO provides a unique approach with:

Prepaid Mastercard: Earn up to 5% cash back on purchases.
Comprehensive Account: Combines spending, saving, and budgeting tools with unlimited transactions and e-Transfers.
Annual Fee: $0 (Basic Plan), $9/month for KOHO Extra (higher cash back rewards and perks)

KOHO’s app-based platform offers real-time insights into spending habits, promoting financial responsibility.

Factors to Consider When Choosing a Bank

When selecting a bank, consider the following:

Monthly Fees: Opt for accounts with no or low fees.
Transaction Limits: Ensure the account offers sufficient free transactions.
Branch and ATM Accessibility: Convenient access can save time and reduce costs.
International Money Transfers: Look for affordable options for sending money home.
Credit Building Opportunities: Access to credit cards or lines of credit can help establish your credit history in Canada.

Selecting the right bank is a pivotal step in ensuring a smooth and successful academic experience in Canada. Evaluate your financial needs, compare the offerings of different banks, and choose the one that aligns best with your circumstances. With the right banking partner, you can focus on your studies and enjoy your time in Canada with financial peace of mind.

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Note: This information is based on sources available as of February 18, 2025. Banking products and services are subject to change; always consult the banks directly for the most current information.

Best Banks for International Students