If you’re planning to study in Canada, you’ll definitely need a bank account. Here’s a guide on how to open a bank account as an international student.
If you’re coming to Canada to attend university, it’s an incredible opportunity to explore the world and learn from some of the best institutions. You must be thoroughly excited to embark on this new journey. Amidst the excitement, don’t forget some of the important tasks you need to perform beforehand. One of the first things you need to do when you set foot in Canada is to open a bank account. Though it’s a simple process, here’s a step-by-step guide to make it even easier for you:
There are plenty of options available to you. Select a bank that offers the best deals for students. Some banks waive the monthly charges for students, while some offer reward points. Another thing to keep in mind is to choose a bank that has an ATM near your place. If you withdraw money from a different bank’s ATM, you’ll need to pay a fee for each transaction.
Besides chequing and saving accounts, there are other options available too. Some banks also offer the option to open both, a chequing and a savings account. A foreign currency account is a suitable option for international students who want to save some funds in a different currency.
Different banks have different requirements. Most of them require some form of identification to open an account for you. Make sure you have at least 2 to 3 of the following documents:
Once you have a bank account, the bank will give you a debit card, and a PIN number to use the ATM and make transactions. The bank teller will also let you know how online banking works and the features available to you.
Though it’s not a necessity, it can make life a lot easier. If you feel you need a credit card, a student credit card may be a suitable option for you since they offer lower interest rates and come with several benefits and rewards. Visa and Mastercard are the best options since they’re accepted almost everywhere, both inside and outside Canada.
It’s easy to set up a bank account as an international student. Make sure you have your personal finances well managed as soon you step into Canada, or maybe even before that. Once you have an account, daily finances, bills, and part-time jobs are much simpler to handle.