How to Open Student Bank Accounts in Canada

An illustration of a person holding a phone with a Canadian flag in the corner.

One of the parts of being an international student no one seems to talk about is how much paperwork is involved. From filling out your initial application to receiving your study permit, there are many important steps you need to take to make your education dreams a reality. However, once you arrive in Canada, there are still things you need to do get yourself set up before classes start. One of the first things you should do is open a student bank account. This may sound difficult, but it’s actually fairly straightforward. Below, we’ve outlined how to open student bank accounts in Canada, including which documents you’ll need to bring, what’s offered by different banking institutions, and which banking products might make sense for you.

Getting ready to go? Check out our Arrival Guide for International Students!


Student bank account documents with a blue checkmark

Step 1: Gather Your Documents

Before you decide on a bank, we’d recommend making sure you have the right documents. To open student bank accounts, you will need at least two pieces of identification (ID). An acceptable ID may include your:

  • Passport
  • Letter of Acceptance
  • Study Permit
  • Temporary permit (IMM Form 1442, 1208, 1102)
  • Canadian driver’s license
  • Canadian Government Identification Card
  • Travellers’ cheques

Some banks will also accept your school-issued student card as valid ID. We recommend bringing as many pieces of ID as you have to the bank, just in case.

An illustration of a yellow-brick bank building

Step 2: Choose a Bank

Canada has five major banks, who have branches in most communities. They are:

Other options include direct banks such as PC Financial and Tangerine, or credit unions. All banks offer a variety of accounts and services, but try to pick one with no service fees. A good pick is CIBC’s Smart for Students account, which offers no monthly fees and unlimited transactions. This account is available to international students as long as they show proof of their international student status.

Considering schools in the United States? Here’s how to open a bank account as an international student in the US.

An illustration of a piggy bank.

Step 3: Choose Your Account Type(s)

If you only open one student account, open a chequing account. This is the account you will use for most of your purchases, so make sure it’s a Canadian dollar account and has no monthly fees.

In addition to chequing, we recommend opening a savings account. While many students might question the need for one, the right savings account has lots of benefits. Besides offering higher interest than a chequing account, a savings account is useful for budgeting your money. Transferring yourself money out of your savings each month can help you stay on top of your spending and develop good habits.

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Step 4: How to Use Your Student Bank Accounts

After you’ve chosen a bank and opened a student bank account, you’ll be given a debit card. You will also be given a PIN (personal identification number) to access your account through an Automated Teller Machine (ATM) or debit machine. Your PIN number is very important and is there to protect you against other people using your account. Make sure you never reveal your PIN to anyone else. Also, don’t make it something that’s easily guessed, like your birthdate.

Once your debit card is activated, you may:

  • Make debit card purchases at stores and restaurants
  • Withdraw and deposit money at ATMs

Most banks and financial institutions also offer online banking through web browsers and apps. Online banking allows you to conveniently access your account at any time. From there, you can check your account balance, make payments, and even transfer money to another account. Banks are usually only open Monday to Friday during the day and have limited hours on evenings and weekends. For this reason, you will likely use online banking the most, but be careful if you log on in a public place. Avoid using public wifi while banking (like at coffee shops and libraries). Also, don’t let anyone see your password, and keep your account information away from prying eyes.

Being an international student is a great experience, but it also comes with risks. Here’s how you can avoid international student scams.

An illustration of coins and a card.

Step 5: Consider Getting a Credit Card

In Canada, banks typically offer one of three credit cards: Visa, MasterCard, or American Express. Keep in mind that not every store or restaurant will accept American Express, so Visa or MasterCard are your best options.

Credit cards offer convenience, as you don’t need to have cash on-hand to make purchases. The downside is that you will be borrowing money with high interest, and debt can quickly pile up if you don’t pay most or all of the balance off every month. Before you sign up for a credit card, always carefully read the terms and conditions. Some banks offer student credit cards, but in general, finding one with the lowest possible interest rate works well. Even if you don’t think you’ll need to use a credit card, it may be a good idea to apply for one anyway to build your credit rating in Canada.

Other options include a student loan or line of credit. These generally have lower interest rates than credit cards, but sometimes require collateral or a safety deposit. If you do not make payments on your loan, this collateral may be forfeited and you will be charged a higher rate of interest. As with a credit card, make sure you know what you’re signing up for before taking on a loan or line of credit.

Creating your student budget? Check out our top strategies for making the most of your budget.


Thanks for reading! You now know a little more about how to open student bank accounts in Canada.

For more student budgeting tips, visit the ApplyBoard blog.

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