Opening a bank account in Canada is one of the first things an international student should do. After all, it would be an essential tool for you to safeguard and access your money when you are in the nation, whether you are banking on wages or paying your expenses.
In addition to providing additional protection against robbery and pickpocketing, a bank account also allows you to send and receive money internationally when necessary.
Here is all you need to know about creating a bank account if you’re moving to the Great White North to begin your next academic journey!
How To Open Your Bank Account In Canada (The Complete Guide)
1. Understand The Type of Bank Account You Need
When it comes to opening a bank account in Canada, there are two primary choices: savings accounts and checking accounts.
However, as an international student, you can benefit more from student-specific accounts offered by some banks.
Understanding the many possibilities is helpful before making a decision.
Chequing Account
The Chequing Account is a simple account used for daily transactions, bill payments, and purchases that is meant to function as an ordinary account.
You can also write checks and take money out of it.
But it receives little to no interest.
Savings Account
The savings account has the potential to yield higher interest rates than the checking account.
This kind of account is intended to help you save money over an extended length of time, and in certain situations, you may be required to keep a minimum level. Therefore, the savings account is appropriate if you have access to bigger sums of money.
Student Account
The Student Account can be the greatest choice for you as an overseas student because it allows you to avoid transaction costs while still having access to all the features you need.
Some of these student-only accounts don’t even require you to keep a minimum balance and can allow you to make limitless free transactions. Therefore, it is crucial to investigate your possibilities, which brings us to our following point.
2.Shop Around The Various Banks
When it comes to selecting a bank, there are a number of possibilities in Canada.
Nonetheless, the more well-known “Big 5” banks are Toronto-Dominion Bank, Scotiabank, Bank of Montreal (BMO), Royal Bank of Canada (RBC), and Canada Imperial Bank of Commerce (CIBC).
Instead of just choosing the first student account option you come across, it’s a good idea to do some research and compare possibilities because different banks provide different benefits.
When it comes to choosing, you can narrow down your options by selecting those that better fit your lifestyle. Then, you can select the option with the best-tailored savings that suit your individual tastes.
3.Prepare The Necessary Documents
To expedite and streamline the process, you must have all necessary documentation on hand before opening your account.
These consist of your passport, proof of residency, study permission, and university enrollment documentation.
Some banks allow you to open an account online before you even get in Canada, so you might want to check in advance to see if you can do that. That way, you’ll have one less thing to worry about when you get there!
4.Make The Application As Soon As Possible
Opening a bank account is a fairly simple process, so it’s a good idea to apply as soon as you can, whether that’s online before your flight or during the first week after your arrival.
5.Deposit & Secure Your Money & Transfer In Funds
After receiving your new account information, you will be able to use your debit card to pay for purchases and dining out, as well as make a deposit to safeguard your money and begin transactions.
To get the most out of your currency when making your first online deposit, it’s helpful to keep an eye on the exchange rate and only transfer money when it’s favorable to you.
