When you arrive in Canada as in international student, banking becomes very important part of your life.
With an account you can
- Facilitate your finances
- Build your credit rating
- Receive credit cards
- Apply for loans & more
Types of Financial Institutions in Canada
Canada has a diverse and well-regulated financial sector, providing a range of financial services to its residents and international students alike.
The main types of financial institutions in Canada include:
Banks: Canadian banks offer a wide range of services, including savings and chequing accounts, credit cards, loans, mortgages, and investment options.
Online Banks: Online or virtual banks operate solely through digital platforms, providing services without physical branches. They often offer competitive fees and interest rates.
Credit Unions: Credit unions are member-owned financial cooperatives that offer services similar to banks. They are prevalent in many provinces and often provide a more personalized and community-oriented approach to banking.
Trust Companies: Trust companies manage and administer trusts, estates, and pension funds. They also offer various financial services and investment options.
Cooperative Banks: Cooperative banks are member-owned financial institutions that focus on the financial needs of their members and community. They may be more prevalent in specific regions or industries.
Major Financial Institutions in Canada
The Canadian banking system is dominated by six major banks, often referred to as the “Big Five” and one regional bank.
Special Student Accounts
All major financial institutions offer special accounts for international students. Some banks offer accounting facilities for students from certain countries (for example, SDS countries) even before they arrive here.
Some of the Features to Check Out When Signing Up
- Bonuses and savings they offer
- Is it a savings or a chequing account? The former might offer interest on your savings but you might be limited in the number of transactions you can carry out.
- Does the account come free or is there a monthly fee
- How many (free) transactions are allowed every month
- Is it easy to send and receive wire transfers
- Does the account offer a credit card and if yes, what is the charge? Is it a cash back card?
- Is there a charge to use the ATM? In Canada, there might be an ATM fee if you use a machine from a different bank than yours.
Check the “Small Print” for the finer details.
Bank of Montreal (BMO)
Key Features of BMO International Student Accounts
- Unlimited transactions
- No fee banking for family members with the BMO Family Bundle
- Credit card with no annual fee
- Cash back possibility
- Free credit score check
Canadian Imperial Bank of Commerce (CIBC)
Key Features of CIBC Student Banking Include
- Earn up to CAD125 after you open an account
- No monthly fee
- Unlimited transactions
- Discounts for shopping at selected stores
Royal Bank of Canada (RBC)
RBC’s International Student Account Features Include
- CAD 100 when you open a new RBC Advantage Banking Account for students
- Up to 12% cash back with a new RBC Cash Back credit card (up to $200 in value)
- No-monthly-fee banking
- Unlimited debit transactions in Canada
- No RBC fee to use another bank’s ATM in Canada
Scotia Bank
Key Features of Scotia Bank’s Student Accounts
- Potential to earn up to CAD 300 in bonuses and savings
- Free chequing account with no monthly fees
- Unlimited no-fee international money transfers
- Unsecured credit card with a limit of up to $5,000 and rewards points for spending on certain outlets such as Foodland and movie rewards.
- Safe and secure online and mobile banking 24/7
TD
TD’s Student Banking Special Features Include
- Perks and bonuses of more than CAD 600
- No-fee account
- Credit card
- Amazon gift card
- Unlimited transactions
- No transfer fee to send or request money using Interac e-Transfer
- No Monthly Fee for Monthly Plan Overdraft Protection service
National Bank
The National Bank’s Student Account Features Include
- Perks of up to CAD 300 for new accounts
- No monthly fee accounts
- Credit card
- Line of credit
- Perks customized to your field of study
Hongkong & Shanghai Banking Corporation (HSBC)
The RBC has announced its intention to acquire HSBC Canada but for now it is an independent entity.
Its Student Account Features Include
- Up to CAD 150 on bonuses and perks
- More bonuses if two international foreign exchange wire transfers are done within six months
- Get an additional $50 when you open a safety deposit box within six months of account opening
- No fee accounting
- Unlimited chequing account transactions
- The facility to open an account before coming to Canada
- Free withdrawals from your account at HSBC Bank Canada or EXCHANGE® Network ATMs
- Free mobile cheque deposit
- HSBC credit card
- Overdraft protection
Simplii Financial
Simplii is an online bank.
Key Features of Simplii Student Account Includes
- Earn CAD 400 when you sign up and set up direct deposit
- No fee chequing account
- Get $125 when you refer a friend
- If you are from an SDS country, GIC account
Tangerine
Tangerine is also an online bank.
Tangerine’s Student Account Key Features Include
- Up to CAD 400 cash back
- No monthly fees
- Free Interac e-Transfer transactions
- Cash back for certain store purchases
- Access to Scotiabank ATMs