Bank Account for International Students

[msladybug]

Hey guys, I'd like to ask which, in your opinion, is the best bank to open an account with in Canada especially to us, students - considering whether we should open an account while still in our home country or after we land in Canada, and with low monthly fee.

In my case, I have a demand draft in Canadian Dollars which I'll deposit to a bank in Canada.
Any advice on which bank I should choose & what requirements do I need?
Thanks.

 

[sabby2612]

Scotia Bank.

You need your passport, Study permit, that's it. You get a debit card instantly and of course a credit card with a limit of 500 CAD (with in 7 working days). Student account comes with 0 monthly fee.

for rest of the information, refer to the link;

http://www.scotiabank.com/ca/en/0,,14,00.html


Cheers!

 

[humdrumdum]

Hi msladybug! You can look into the Big Five: RBC, BMO, Scotiabank, TD Canada Trust, and CIBC. Honestly, I've just looked into 2 of them: Scotiabank and TD Canada Trust. Here is a quick summary for Scotiabank and TD's student accounts:

Scotiabank
+SCENE debit card (you can get free movies from using your card)
+Unlimited debit transactions
+No monthly fee
-Only open on 9:30am-4:00pm Mon-Sat

TD Canada Trust
+No monthly fee
+Some branches are open until 6:00pm, some are even open on Sundays
-25 debit transactions only per month, $1/transaction in excess

As far as student accounts goes, it's common that there will be no monthly fees and that you are instantly given a debit card to use. Some that do have monthly fees waive them if you maintain a monthly balance of at least 2 or 3k. Some also offer credit cards with the account (like RBC) but I think that's still subject to approval. Although from my friends in Canada, a lot of them are suggesting BMO. Honestly, I think it ultimately depends upon your location

 

[msladybug]

Thanks sabby! I might open an account after I land in Canada, & not before I land. I might regret opening an account with the wrong one. I searched on google earth banks near my school. They are RBC & SCOTIABANK.

Humdrumdum! Napadpad ka dito? Haha. Thanks sa info. I've been getting information from scotiabank's website. The only thing that hinders me from applying is that my school os a private vocational college so I'm not sure if it's recognized. Lol!

 

[humdrumdum]

It doesn't have to be a recognized school, as long as you can provide proof (student ID, study permit, passport) that you are a full-time post-secondary student, you can qualify for their student packages Might go for Scotiabank as well, since it's the nearest one to my apartment and it's on my way home from school

Thanks sabby! I might open an account after I land in Canada, & not before I land. I might regret opening an account with the wrong one. I searched on google earth banks near my school. They are RBC & SCOTIABANK.

Humdrumdum! Napadpad ka dito? Haha. Thanks sa info. I've been getting information from scotiabank's website. The only thing that hinders me from applying is that my school os a private vocational college so I'm not sure if it's recognized. Lol!

 

[sabby2612]

Thanks sabby! I might open an account after I land in Canada, & not before I land. I might regret opening an account with the wrong one. I searched on google earth banks near my school. They are RBC & SCOTIABANK.

Humdrumdum! Napadpad ka dito? Haha. Thanks sa info. I've been getting information from scotiabank's website. The only thing that hinders me from applying is that my school os a private vocational college so I'm not sure if it's recognized. Lol!

yeah as humdrum said, no worries about your program as long as you have college letter, study permit, passport. sometimes, they aren't even fussy about college letter if you aren't carrying it as long as passport and study permit is there.


RBC doesn't issue credit card (unless you are okay to pay security deposit against it, so is the case with TD). Not sure about BMO, but scotia does offer credit cards to students, but with not a great limit, just 500 CAD which i think is not bad to start with.

Somebody in the thread mentioned Scotia asked for SIN number to issue credit card, I am not sure if that's the most recent update. A friend of mine who joined in May intake, got a credit card with no deposit.

 

[humdrumdum]

Oops my bad, you just get discounts off RBC's credit card fees if you sign up for a student account. ;D

I also find it weird that they're looking for a SIN, as far as I know, it's only for people who are employed... And it wasn't explicitly said that you have to have a SIN to apply for a credit card

 

[hahaha1234]

hi everybody
is it possible to open a bank account in Canadian banks before moving Canada for an international student? thanks in advance