TLDR
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An international student chequing account is the perfect place to start your financial journey here in Canada.
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With so many options at your fingertips, we recommend choosing an account with features that align with your daily money habits.
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The application process is usually quick for an international student bank account if you have the required documents.
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Beyond chequing accounts, you could also benefit from financial tools like savings accounts, credit cards and investments.
How to Find the Best Bank Account for International Students
Deciding to study abroad is a big, exciting step—one that sparks a whirlwind of planning and even more choices. With so much going on, we’re here to help make your banking choices feel more straightforward.
Whether you just made the decision to study in Canada or you’re already here, an international student bank account can help you manage your daily expenses, make purchases, deposit your paycheques, track transactions and more. Beyond that, credit cards, savings accounts and investments can help you build a credit history in Canada and a financial cushion for your future.
To help demystify the process of choosing and opening a bank account in Canada, let’s dive into the benefits, limitations and eligibility requirements of these accounts.
What is an international student bank account?
An international student bank account is a chequing account designed for students studying abroad in Canada—who usually aren’t permanent residents or citizens of Canada. Most banks in Canada offer these accounts, and they typically come with student-friendly perks like:
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$0 or low monthly fee
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No minimum balance requirements
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Unlimited debits
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Overdraft protection
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Welcome offers
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Rewards programs
Many banks also offer general student accounts, credit cards and other financial solutions to international students.
How do I choose the best international student bank account for me?
As an international student, you can choose from many bank accounts in Canada. However, options can also be overwhelming, especially when you have so much on your plate. To help you choose the best student account for your needs, here are a few things to consider:
Account features
Start by considering which account features align with your daily, weekly and monthly money habits. Some popular features you might want include:
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Unlimited debit transactions
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Convenient international money transfers
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Easy ways to manage your money
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Access to a mobile app
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$0 or low monthly fee
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No minimum balance requirements
Offers
Does the account offer a welcome bonus, credit card rebate or rewards points? These offers can give you an extra boost—but always read and understand the fine print. You’ll want to know when certain promotional periods end or if the offer has certain conditions.
Minimum balance
Many student bank accounts don’t have minimum balance requirements. Some even offer overdraft protection in case of unexpected cash shortages. If the account you’re considering has a minimum balance requirement, make sure you feel comfortable maintaining that amount.
Fees
While most student bank accounts have a $0 monthly fee, some might charge fees for bank drafts, international transfers outside of Canada, personalized cheques or overdraft protection (plus interest). When choosing your account, consider all potential fees and compare them with the account’s perks.
Convenience
Does the account make it easy to send or receive money to/from home? Can you use other banks’ ATMs without a bank fee? Does it have a student-friendly mobile app to help you track your spending? Does it offer fast and easy money transfers between friends? If the answer is no to any of these questions, there could be a more convenient fit for you.
How do I open an international student bank account?
To open a bank account as an international student, you must be eligible and provide the required documentation (we dive into both below).
Eligibility
Typically, to open an international student bank account, you must be 18+ years old and planning to study at a post-secondary school in Canada. To get the full benefits of the account, many banks require you to be a full-time student. According to the Canadian government, a full-time student is someone who regularly attends an educational institution offering post-secondary courses.
Required documents
Here are some of the documents required to open a bank account as an international student:
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Your study permit (IMM 1442 or 1208 form)
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Proof of enrolment
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Identification (a passport, U.S. or Canadian driver’s license or a Canadian government ID card)
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Your local address here in Canada
Some financial instructions may not require all these documents—and some might ask for more. It’s worth calling or checking online before you begin the application process.
Application process
It’s easy to open an account if you have all the required documents. We listed some common ones above, but the bank can tell you precisely what you need to complete the application process.
Once you have the required documents, many banks will give you the option to apply:
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Online or in their mobile app
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Over the phone
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On a video call
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In person at a branch
No matter which option you choose, the application process shouldn’t take too long.
Additional financial products for international students
From credit cards to investments, here are additional financial tools that can help you make the most of your time in Canada:
Credit cards
A credit card can help you build a credit history in Canada. With a credit card, you’re borrowing money from the credit card lender (versus a debit card, where you’re paying with dollars that live in your chequing account).
When you borrow and pay off your credit card balance on time, you will build a credit history, which is a record of your borrowing habits. A good credit history (credit score) can help with things like applying for a better credit card, signing up for a cell phone or joining a gym.
A credit card can also:
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Help with managing cash flow, since you usually get 23 days to pay your card balance
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Simplify making purchases in other countries, as many credit cards are accepted worldwide
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Offer rewards, such as cash back, travel points, fee rebates and more
Check out this article for more information about using a credit card as an international student.
Savings accounts
A savings account is a great place to stash money away from the everyday transactions you make with your chequing account. Plus, the money you put in a savings account earns interest over time—helping your savings grow faster. A high interest savings account (HISA) can help you earn more interest on every dollar you save compared to a basic savings account.
No matter which savings account you choose, it can help you prepare for unexpected shortages, emergencies or simply a brighter financial future.
Guaranteed investment certificates (GICs)
GICs are secure Canadian investment products that can help you grow your money without risking what you invest. They guarantee 100% of your principal (the amount you deposit) and interest (the amount you earn within the account) when you keep it invested for a specified timeframe.
Getting an International Student GIC can help you provide “proof of financial support” for your Canadian study permit. Depending on certain criteria, you might be able to speed up the application process for your study permit through the Student Direct Stream (SDS), which requires you to purchase (and provide proof of) an eligible GIC.
To complete the SDS program:
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You must meet the eligibility criteria outlined by the SDS.
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Your GIC must also meet specific criteria outlined by the SDS. Select financial institutions (including RBC) offer GICs that meet the SDS criteria. But it’s up to you to ensure the GIC and any related documents you submit to the SDS satisfy all necessary criteria.
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You must complete the other program requirements, including proof of tuition payment, medical exams, language tests and more.
FAQs about bank accounts for international students
As an international student, you may have access to several different bank accounts in Canada. Each financial institution has its specific eligibility requirements, so make sure you’re eligible to open a particular bank account.
That being said, here are a few popular account types and their purpose:
| Type of account | Purpose of account |
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| Student chequing account | Everyday transactions like deposits, debits, and withdrawals—but with student perks |
| Standard chequing account | Everyday transactions like deposits, debits and withdrawals |
| Standard savings account | Everyday savings |
| High interest savings account | Everyday savings – with higher interest earned |
| Foreign currency savings account | Sending, receiving and saving money in foreign currencies to reduce conversions |
| Tax-Free Savings Account (TFSA) | Saving for a big-ticket item without paying taxes on your investment earnings |
| Registered Retirement Savings Plan (RRSP) | Saving for retirement while deferring taxes on your investment earnings |
Most banks only let you have one student bank account at a time, but you can usually open other types of accounts (like a savings account) at the same bank—or another student account at a different bank.
Here are a few ways to save money as an international student:
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Open a savings account: A high interest savings account (HISA) can help you earn more interest on every dollar you deposit—so your money can earn more money.
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Create a budget: Start by tracking your current income and necessary expenses. Then, see what expenses you can limit so you can put that money in savings instead.
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Explore ways to earn: If you’re a full-time post-secondary student, your study permit may allow you to get a job . Just remember that your permit might limit your hours while class is in session.
Still curious? Check out more tips for managing money as an international student.
Yes, you can send money back home from Canada. Just be sure to review the features of your bank account to see if there’s a fee associated with international transfers to your home country.
This article is intended as general information only and is not to be relied upon as constituting legal, financial or other professional advice. A professional advisor should be consulted regarding your specific situation. Information presented is believed to be factual and up-to-date but we do not guarantee its accuracy and it should not be regarded as a complete analysis of the subjects discussed. All expressions of opinion reflect the judgment of the authors as of the date of publication and are subject to change. No endorsement of any third parties or their advice, opinions, information, products or services is expressly given or implied by Royal Bank of Canada or any of its affiliates.
