Steps for Opening a Bank Account in Canada

International students heading to study in Canada must be aware of how to open a bank account in Canada. International students need to prove financial stability by furnishing a balance of $20,635 in their bank accounts to be eligible for study permits (in addition to travel and first-year tuition costs). This is where one should know how to open a bank account in Canada. Here is a guide to help you out. 

Why to Open a Bank Account in Canada

Learning how to open a bank account in Canada is imperative since it comes with several benefits. Here are some of the reasons why you should open a bank account in the country. 

• Opening a bank account will help you dispatch money to Canada reliably. You can make wire transfers up to $50,000 into your account before moving to the country. This will help you travel without carrying a lot of cash which can sometimes be stressful. 
• It will help you show proof of funds for your student permit. 
• You can use your Canadian bank account to deposit and receive stipends or salaries (if you work part-time). 
• If you are looking to land a full-time job in Canada after graduating, then you will require a bank account too. 
• A bank account will also help you steadily create your credit history in Canada. Banks in the country have credit scores, which will help you if you wish to take a loan in the future. 

Types of Bank Accounts Available for Int’l Students in Canada

Before you learn how to open a bank account in Canada for international students, knowing a little about the various kinds of accounts may help. Here is a guide to the same: 

• Checking account- You can opt for checking accounts which are mostly preferred by international students in Canada. They help with direct money withdrawals and deposits anytime and anywhere. You can request online banking services too. You can use cheque books to make payments or use debit cards for ATM withdrawals. Some banks also offer credit cards linked to these accounts. You can consider taking one in case you wish to have money at your disposal for sudden purchases.  
• Savings accounts- Savings accounts are some of the most common account types in Canada. Suppose you are looking to work in Canada while studying or have started working already. In that case, you can opt for this account to save more money for the long term. This will help you tackle emergencies or other needs more effectively in the future. 

Here is some more information on how to open a bank account in Canada from India. 

Top Banks in Canada for International Students

Here are some leading banks in the country with their accounts and key features. 

• Bank of Montreal (BMO)- Offers $100 cash bonus as an introductory offer for a checking account. It also has the BMO International Student GIC Program while offering various credit cards and online, ATM, phone, and branch banking services. There are checking accounts with special student discount programs too. 
• Canadian Imperial Bank of Commerce(CIBC)- The bank offers checking accounts with smart plans for students who are 25 and older or those who are under 25. It also offers online, ATM, phone and branch banking solutions along with a cash bonus of $125. A similar CIBC International Student GIC Program is also available. 
• Royal Bank of Canada (RBC)- A cash bonus of $100 and the RBC International Student GIC Program aside, it offers all other services along with a special initiative for checking accounts called RBC Advantage Banking for Students. 
• Scotiabank- There are student banking advantage plans for checking accounts along with the Student GIC Program and a cash bonus of $100. All other services, including credit cards, are readily available at the bank. 
• Toronto Dominion Bank (TD Bank)- The same international student GIC program and a cash bonus of $100 is available at this bank, along with special checking accounts, credit cards, and more. 
• HSBC- HSBC offers the International Student GIC Program along with dedicated checking accounts and credit cards for students. 

How to Open a New Bank Account in Canada

Here is a guide on how to open a bank account in Canada. 

• You can open an account online or on the phone. You can also visit the branch to open your account in person. 
• You will require your letter of acceptance and other documents for submission to the bank. 
• You have to then choose your account type and fill up the necessary details to create your account. You will get your debit card and PIN along with a chequebook in many cases. You can also register for internet banking. 

Required Documents to Open Bank Account in Canada

The documents required include the following (may vary across banks): 

• Passport
• Letter of acceptance and study permit
• Temporary permit (IMM Form 1442, 1208, 1102)
• Canadian Government identification card
• Driver’s license of US/Canada or other proof of identification 
• Travelers’ cheques
• Social Insurance Number, if necessary
• Proof of address and photo ID

Not that you know how to open a bank account in Canada, you can use the guide above to execute the process seamlessly without any hassles.