How to open bank account in Canada for international students?

Banking
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For international students to open a bank account i Canada, they are required to submit the application form of the service provider, along with identification proof such as study permit, passport, traveler’s cheque etc.,

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Bank account for international students

It is important for every international student to have a bank account when they travel to an alien land. Students can use it to receive and park money received from their motherland, receive wages if they are engaged in a part-time job, pay utility bills, buy food, pay rent, tuition fees etc., It is impractical to carry cash wherever you go. Let us find out how an international student can open a bank account in Canada.

How to open bank accounts in Canada for international students?

We have illustrated the step-by-step process of opening a bank account:

  1. Make a comparison of all the service providers. Check the account keeping fees, minimum balance, number of transactions allowed, security, trust, brand name, number of ATMs etc., Choose which is suitable for you.

  2. Figure out what type of account you would like to open. You may open a chequing account which is a day-to-day transaction account. You have the option to open a savings account, where you can park your funds for contingencies and earn an interest rate. You may also open a foreign currency account, where you can have funds in Canadian dollars as well as another currency.

  3. You are required to submit a minimum of two identification proofs such as a copy of your passport, study permit, letter of acceptance from your university, traveller’s cheque etc.,

  4. After gathering all the documents, fill up, sign your application form and submit the documents online or offline wherever your bank mandates you to.

  5. Once your account is open, you will get a banking kit that has your ATM card and net banking details. You need to reset and customise your ATM card pin and activate it. Similarly, you need to activate and customise your net banking and mobile banking details.

Banking in Canada for International Students

Canada attracts a huge mass of international students for its low standard of living, employment opportunities, inclusive culture etc., The students who arrive in Canada have a number of exclusive student bank accounts provided by leading banks such as TD, RBC, CIBC, BMO, National bank etc.,