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The Best Banks In Canada For International Students

The Best Banks In Canada For International Students

The Best Banks In Canada For International Students

 

Best Banks In Canada For International Students- A bank account is among the first thing international students in Canada will need. Over the coming years, this will be a crucial tool for you, so it’s necessary to pick one that provides the best set of benefits and services. To learn more about Canadian student bank accounts, continue reading.

There may be restrictions or requirements, but most Canadian best banks offer no-fee basic banking to full-time students. Before opening an account, make sure to carefully read all the tiny print.

Consider what financial services you could require before you start browsing around Best Banks In Canada For International Students.

All you need may be a straightforward chequing account for daily spending that allows you to withdraw and deposit money. To save some cash apart from your primary account, you might also want to open a savings account. The ability to open a combined checking and savings account that you may use with a debit card is provided by many student banking programs in Canada.

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Choosing Best Banks In Canada For International Students: Things To Bear In Mind

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Before opening a bank account in Canada, you should take a few factors into account if you are an international student.

Your banking requirements and your plan for submitting the necessary documentation for your Canadian study permit, particularly your proof of support for your financial situation, are among them.

If you are coming to Canada to study and do not have any dependents, you must demonstrate that you have a minimum of ten thousand dollars per year in income to support yourself while you are in school. Your tuition expenditures are not included in this.

You can demonstrate your funds in several ways, including by providing evidence of a Canadian bank account in your name, a Guaranteed Investment Certificate (GIC) from a participating Canadian financial institution, documentation of a bank loan for a student or education, a bank draft that can be converted to Canadian dollars, or your bank statements for the previous four months.

You can visit the Government of Canada website for further information on the requirements for a study permit.

When it comes to your banking, you should also be asking yourself these questions:

  • How many transactions per month can I expect to make?
  • What kind of account is the most appropriate for my needs?
  • Do I require access to credit, such as a line of credit or a credit card?
  • How much shopping do I plan to do, and how useful would it be for me to have access to student discounts?
  • How will I establish my financial capability to secure my study permit? Will I use the GIC method?
  • What distance should my preferred bank branch have from my house or campus?

As an international student in Canada, these ought to serve as a useful benchmark as you consider your options.

These banks all have branches and ATMs close to busy locations like campuses and operate across the entire country.

Because of this, you don’t need to worry much about physical access, although depending on the school you’ll be attending, it’s still a good idea to check.

 

CIBC (best bank for student discounts and international student GICs)

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What makes it the best bank for international students:

 

Free SPC membership grants access to exclusive student discounts of up to 30% off at thousands of Canadian retailers.

With other banks, it could cost up to 200 dollars, but the no-fee GIC program can help you meet the requirements for your study permit.

For overseas students studying in Canada, CIBC, one of the biggest banks in the country, has some great incentives.

As they don’t charge any handling costs for this service, CIBC is a wonderful choice if you’re using a GIC to demonstrate your ability to pay for your study visa.

Students will benefit greatly from their association with SPC as they can save a significant amount of money throughout their academic careers.

Additionally, as an international student, you are entitled to Free Interac e-transfers during your academic career and no banking costs whatsoever.

With CIBC Global Money Transfer, you may send money internationally for free to more than 120 countries.

a credit card for students without fees that doesn’t require any prior credit history;

Nonetheless, the interest rate on this card is extremely high, so you should be careful not to carry a big load month after month. Get Started

Scotiabank: The Best For International Money Transfers And Rewards (One of The Best Banks In Canada For International Students)

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What makes it the best bank for international students:

  • You can receive limitless international money transfers at no cost.
  • You can utilize your Scene debit and credit cards to take part in the rewards program.

 

By deposits and market capitalization, Scotiabank, also known as the Bank of Nova Scotia, is Canada’s third-largest bank.

 

Due to their Scene rewards program and free choices for sending money abroad, they are a fantastic choice for international students studying in Canada.

 

The Scotiabank can be a particularly wonderful choice for you if you intend to send money throughout your studies to friends and family overseas or even to your bank account back home.

 

Here are all the benefits offered to international students at Scotiabank:

  • No monthly fees on chequing accounts
  • Free Interac e-transfers (unlimited)
  • Debit and credit card scene incentives
  • Unsecured credit card with a 5,000 dollars credit limit and movie rewards.

International students from Brazil, India, Pakistan, Vietnam, the Philippines, Colombia, and China can participate in the Scotiabank Student GIC Program. Get Started

Bank of Montreal: Best Credit Cards for Students- (Best Banks In Canada For International Students)

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Why is it one of the best banks in Canada for international students?:

 

Excellent options for student credit cards that don’t charge annual fees, offer benefits (i.e. Cashback and Air Miles), and have a regular interest rate of 19 percent.

 

Regarding student credit cards, the Bank of Montreal comes out on top. You are qualified for these cards for the duration of your studies as an international student (with proof of enrollment.)

Additionally, BMO provides particular benefits to foreign students studying in Canada, such as:

 

  • Free banking while you are enrolled in classes and for an additional year after you graduate

 

  • Free e-transfers

 

  • Unlimited and free international transfers for a year only.

 

  • Free safety deposit box for a year under the GIC program for international students (only Indian and Chinese students can access are given). Get Started

 

Royal Bank of Canada (RBC): Best For Free ATM Access

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What makes it one of Best Banks In Canada For International Students :

  • In Canada, using an ATM at another bank is free from RBC fees.
  • If you anticipate needing frequent access to cash and ATMs while studying in Canada, RBC’s free ATM access can make your life a lot simpler.

 

Additionally, RBC offers many benefits for overseas students, including:

  • When you bank with RBC, you will get a credit limit of up to two thousand dollars and receive a free banking account and Interac e-transfers.
  • The GIC program for international students is open to students from China, Antigua, Barbuda, Brazil, Colombia, Costa Rica, Peru, Saint Vincent and the Grenadines, and India.

 

Pros:

  • Free student savings accounts with a bonus interest rate for six months
  • No application costs for overseas students applying for GICs
  • TD is another major player in Canadian banking. Here are some of their programs for foreign students:
  • There is no monthly fee for up to twenty-five transactions, and there is no processing charge for study permit GICs (up to two hundred dollars at other banks).
  • There are credit cards available
  • There is a bonus rate on student savings accounts for the first six months.

Get Started

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