The bank must check who you are
Bring your passport, study permit, offer letter and proof of address. A temporary address is usually accepted, but ask what format the bank wants.
Banking
Opening a bank account as an international student
A working bank account is how tuition, rent and wages move. Learn what to bring, what to ask, and how credit history starts.
- Independent counselling
- Free first consultation
- Walk-in office, Brampton ON
A working bank account is how tuition, rent and wages move.
We are not a bank. Use this page to prepare your documents and your questions before an appointment. You open the account yourself.
Read the GIC guideWhy banking matters on day one
Three jobs your account does in the first weeks.
Why banking matters on day one
Why banking matters on day one
Three jobs your account does in the first weeks.
Tuition needs a working account
A frozen transfer or a missing signature can delay a payment. Follow the bank's instructions exactly and keep your receipts.
Work needs a bank account and a SIN
Employers pay into a bank account and need a Social Insurance Number. Plan both early if your permit allows work.
Book your appointment early
Ask what must be signedBook your appointment early
Many students arrive at the same time and branches fill up. Book a newcomer appointment in your first week, in person or by video.
Ask which documents the bank wants as originals, and which can be copies. Some banks need signatures in person.
Bring to the bank
Bring to the bank
Bring to the bank
Keep scans and originals together in one folder.
- Passport
- Study permit
- Offer or acceptance letter from the college
- Proof of address, even a temporary one
- The GIC letter, if you bought one
- A phone number and email you can use in Canada
Choosing a bank
We do not recommend or rank banks. If you use a GIC, the bank must be on IRCC's current list, so verify it there.
Choosing a bank
Choosing a bank
We do not recommend or rank banks. If you use a GIC, the bank must be on IRCC's current list, so verify it there.
Suits you if you want a person to talk to.
- You can speak to someone in person
- Easier when a wire or GIC release needs fixing
- Appointments can fill up early in the term
Suits you if you are comfortable in an app.
- Open and manage everything in an app
- Often fewer fees
- Check how you reach a person if something goes wrong
Ask every bank the same questions and write the answers down.
- Which fees are waived for students, and for how long?
- How do international transfers appear on my account?
- What are the e-transfer limits?
- Can I open a US-dollar account, if I need one?
- What happens to my package after I graduate?
Ask for it in writing
Banks set their own product rules. A written answer protects you.
Student accounts
Student accounts
Student accounts
Most students open a chequing account with a debit card. Look for a student package with the monthly fee waived while you study.
Set low-balance alerts, so a tuition payment or rent does not bounce. Ask how long the waiver lasts if you change programs.
Credit cards and your credit history
A secured card needs a deposit and reports your payments to the credit bureaus. After some months of good banking, a bank may offer a student card.
Start with one card. Keep your use low. Landlords and phone companies may look at your credit file. Do not apply for several cards at once.
Tie this to your budget in the cost guide and financial planning.
You build credit by paying on time
Not by carrying a balance. Pay the full statement on time.
From documents to a healthy credit file
Five steps, in this order.
From documents to a healthy credit file
From documents to a healthy credit file
Five steps, in this order.
- Step 1
Gather your documents
Scans and originals together.
- Step 2
Book a newcomer appointment
Ask which signatures must be in person.
- Step 3
Open the account
Set alerts and check your online access works.
- Step 4
If you have a GIC, follow the bank's steps
Ask how and when funds are released.
- Step 5
Add a card, if you want one
Pay the statement in full on time.
Common banking mistakes
Common banking mistakes
Not planning proof of address
Ask the bank what it accepts before you fly, so a temporary stay does not hold you up.
Ignoring emails from the bank
If you use a GIC, a missing document can pause the release of funds. Read every message and reply quickly.
Carrying a card balance to build credit
You do not need to pay interest to build a history. Pay the full statement on time.
Applying for many products at once
Each application leaves a mark on your file. Choose one main bank first.
Banking and study questions
Banks set their own product rules. IRCC sets immigration rules.
Independent advice
Study Master Canada provides education counselling and, with your approval, prepares and submits your college applications. We do not give immigration advice or prepare immigration applications. Regulated immigration work, including study permit applications, appeals, spouse work permits and PR pathways, is handled only by a licensed RCIC partner, Visa Master Canada, when you retain them directly. We are not affiliated with any government.
Talk to a counsellor before you decide
A free first conversation about programs, costs and next steps. No obligation, and you make every application yourself.
Book free counselling
Mon–Fri, 9:30am–6:30pm ET. Walk-in office: Unit 1805, 83 Kennedy Road South, Brampton, ON L6W 3N7.