Best Bank In Canada For International Students In 2023

Filed in Education by on March 16, 2023 0 Comments

Studying in Canada as an international student? I know how that can be, like searching for the most affordable means to receive money from home in your home currency and the processes involved, or searching for the financial establishment that can give you what you want exactly can be a stress.

Best Bank In Canada For International Students

However, few banks in Canada have proven to be a weight lifted for international students with their customer-friendly interpersonal relationships, and affordable means of exchange, and they are listed below;

1. Scotiabank

The third-largest bank in Canada boasting of 24million customers and very 2,700 branches around the globe with their StartRight Program designed for newcomers and international students to help reduce the cost of living and banking in Canada.

They offer Programs like a free chequing account with no monthly fees and unlimited debit transactions and Interac e-Transfers.


As a student on a low income, even minute bank services and transaction costs can be tantamount to a huge sum and you’d be shocked at how little the tax seemed yet how much it has affected your purse. This is one of the reasons why students opt for CIBC is their service cost, they have a free student bank accounts, zero monthly fees, and you get unlimited free transactions and e-Transfers.

They also run other benefits like no-annual-fee credit cards for students. Contrary to most banks requiring students to get a credit card with a cash deposit, CIBC affords you the leverage of applying without a security deposit, income, or credit history with other travel and shopping benefits.

Adding the CIBC’s Student Guaranteed Investment Certificate Program which helps students obtain $10,000 to enable them to apply for their student visa. This program has helped international students with meeting the Citizenship Canada Student Direct Stream (SDS) study permit guidelines while studying in Canada.

3. RBC

Is the largest bank in Canada with branches scattered all over the country and 24/7 ATM access. They have no monthly fee benefits for students, no-credit-history-is required for credit cards, they also offer RBC’s Rewards program where you can earn points that can be redeemed at retailers like Amazon and Starbucks, and their brand new e-Transfer options that let you send money through Siri or iMessage.

4. BMO

Bank of Montreal is one of the most popular banks among international students because of the rate at which money can be sent and received almost in an instant. BMO’s partnership with Western Union is available through BMO online banking and can communicate over 200 countries to the western union networth and makes transfer swift.

BMO also offers free banking for students during their school year and for a year after graduation and students can also receive a free SPC card which provides them discounts at hundreds of retailers across Canada.

5. Bank of China

One good thing about the Bank of China is that they offer students the privilege of setting up accounts and making a few transactions before they arrive in Canada.

They offer a Guaranteed Investment Certificate (GIC) service to eligible students to help speed up their visa processing process. Bank of China’s “Zi Xin Tong” Service lets newcomers and international students apply for personal residential mortgages in Canada with supporting documents from China, especially for those who do not wish to live in student housing and would love to purchase an apartment.

Banking hasn’t been easy but Canadian banks are setting up measures to help international students reduce the amount of stress and excess cost of transactions.

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