How to Open Bank Account in Canada for international Students

How to Open Bank Account in Canada for international Students

Of we talk about Canada then it will be not wrong to say that Canada is one of the best country to get higher education because its home to world class education having worlds best universities and colleges which will offer you to complete your ungraduate degrees.

Every student I think has a wish to get his education completed by the world best universities that you can find no where but in Canada. Canada is a country where most of the population is educated and employeed so we can say that Canada is a well developed, well educated rich country that supports the education of students very much.

As it provides fully funded and partially funded scholarships to the international students because its obvious that the expense of education in Canada will be relatively high so not all the students can afford this expense. So the highly qualified students and the needy students are offers with the package of scholarship to complete there studies.

Opening a bank account in Canada as an international student

If you are also a student in Canada from an international country and want open a bank account then we are here to guide you about all the process, requirements and fee etc.

Applying for bank account as international student in Canada

As a student when you arrive Canada the first and for most step should be opening a bank account that is really important to reside and study in Canada. Here we will describe some steps that will let you know that how you can apply for a bank account in Canada as an international student:

1. * First of all make call to financial institution to book an appointment that should be in person meeting.
2. * The process of opening a bank account should not take too much time should be done as quickly as possible.
3. * Once you visit a bank then the bank representative will guide you about all other process such as online banking and getting credit cards etc.
4. * Online banking are the only banks that will allow you to set up your accounts online and mail the debit card to your Canadian address close to your arrival.
5. * You might also get a customer call to activate the debit or credit cards.
6. * Moreover if a student is applying for a student GIC to meet the SDS application requirements then he can set up his account by the time you are in your home country by performing the following steps:
7. * One can submit his application to the desired bank online.
8. * Then you also have to send money for your student GIC.
9. * Complete your study permit application at last.

After completing all the steps you will get a student permit at your arrival to Canada AMD then you can use your student GIC funds and activate your bank account.

Finding best bank for international students in Canada

As an international student you are new in Canada and does not know about the banks in Canada then you should consider some important points while choosing a bank for your account and do all the steps for your satisfaction that are:

1. * First of all search for special offers that are usually offered by some bank such as you can get an bonus cash to set up your account.
2. * Some banks also provide unlimited monthly transaction so one can choose that to enjoy the plentiful transaction.
3. * Mostly in Canada banks have no monthly fee on the student accounts but some time there may be some banks charging some out of pocket charges so avoid that type of banks.
4. * In Canada most of the banks are not applying the condition of minimum balance but however there may be some banks that impose the condition to wipe out the monthly fee so take Care of it also.

Steps to open bank account for international students:

Here we will guide you step by step that will clear all your doubt and confusion about that how will you open w bank account in Canada as an international students so let’s go and start the guide:

Getting paper work ready:

When you are going to a bank in Canada to open a bank account then you have to take the following documents with your self:

1. * Permanent Resident Card card is to be ready.
2. * Confirmation of Permanent Residence that will make sure that you are a resident of Canada.
3. * Temporary permit is needed that is issued to the international students in Canada.
4. * A valid passport is needed its validity should be at least 6 months before opening an account.
5. * Canadian or USA Driver’s License is also needed to open a bank.
6. * Canadian Government Identification Card is also required.
7. * As a student you will be required to show a valid student Id and also some other identification documents that may be required so be ready with everything.

Getting Cheque accounts:

The next step is to get a cheque account that is when you are opening a Canadian dollar student account then you should feel lucky that there is no monthly fees for that. You will be having many benefits with the bank account that you will be able to withdraw money from your bank account , you can also send money to your room mates. Moreover you can also recieve money from your parents the most interesting is that you can do shopping online.

Get a saving account:

This can sound odd because there is no match of students and saving but you can save plenty of money from your pocket that you get from your parents , part time jobs or scholarship funds that can benefit you a lot.

A student may put all his money or some of it into a saving account then one can transfer some money that is needed in into the cheque account and then you can use the money that you need from the cheese account. This is a great way of saving money that you can use in another place when you need.

Get a credit card

The next step is to get a credit card because there are many malls and other shopping areas where credit cards are used where cash is not acceptable so it is wise to get a credit card because this can increase your credit ratings.

If you have an increased credit ratings then you can get a loan in future to buy a car or property in Canada. There are alot of credit cards with amazing features such as no annual fee, competitive low variable rate, or travel rewards.

Get a TD International Student GIC

If a student want to meet all the requirements of Canada study permit then he can get benefit from the TD International Student GIC in doing so.

Guaranteed Investment Certificate is the full form of GIC that will help you to live safely in Canada and to save your money in a sage and secure way in Canada. In this way you can get your student account ready in Canada that will help you the most in saving money to complete your studies.

Need of opening bank account in Canada

It is most beneficial for the international students to open a bank account I’m Canada because it will help them a lot to save money to bear the expense of study , stationary , books and accommodation.

Benefits of having bank account in Canada as a student:

Here we will enlist some more benefits of having account in Canada that are the following:

1. * Bank account will help you to easily transfer money to family and friends.
2. * If you are having a Bank account then you can withdraw money from ATM any where around Canada that will be convenient for you.
3. * The individuals having bank account can pay the rent and bills.
4. * Those with the bank accounts can avoid the addition shopping charges by using credit cards that one can receive after making a bank account.

Types of bank account for international students in Canada

To make a bank account as an international students you should know the various types of bank accounts available for you that are:

1- Chequing account:

First type of account designed for international students in Canada is a chequing account that is a basic account for every day use such as purchasing , parent of bills and daily transactions to friends or parents.

2- Saving account:

The second type of account is saving account as cleared from the name that as saving accounts you can save money in this account from your daily use funds that may be from part time jobs, sended from parents or scholarship funds. That you can utilize in future you can keep the money to be used in Cheque account and money to be saved in saving accounts. Moreover the saving accounts has high interest rate then cheque account that can also be beneficial.

3- Student account:

As it is clear from the name that student account is specially designed for students so international students has the best option of student account to be used that skips the transaction fees and still provides all the features of banking account to the students.

4- High interest saving account:

This type of account is restricted to online banking only and is specialized for more savings as it has s high interest rate so a student can increase his saving by using this type of bank accounts because they provide high interest rate with no monthly fee.

5- Foreign currency account:

There is another special type of account for international students that is foreign currency account because it is designed specially for those students who wants to save his money in different currencies so that you can directly withdraw your money.

So now its up to you that as an international student in Canada which type of account you will use to get benefit as they have designed four types of different accounts for international students comfort.

Requirements of opening a bank account as an international student:

1. * To open a bank account in Canada as an international students you need to show valid Passport that should have a validity of 6 months by the time you open bank account.
2. * There is a student ID card that is issued to international students in Canada that should be shown to open a bank account.
3. * A students drivers license is also required that is issued by the government of Canada.
4. * University acceptance letter will be required to ensure that you are a student of remarkable university in Canada.
5. * Study Permit is required to show when you are planning to open a bank account in Canada as an international students.
6. * Traveller’s cheques are also needed.
7. * Certain identification issued by state or provincial authorities
8. * A Social Insurance Number (SIN) card issued by the Government of Canada

Additional requirements according to different types of banks:

There may be some additional documents required according to different types of bank that can demand some extra documents such as:

1- Royal Bank of Canada requirements:

1. * Proof of enrolment is required.
2. * SIN or proof of residence that will ensure your residence in Canada.
3. * Study Permit is required.

2- Scotiabank requirements:

1. * Welcome letter
2. * Investment direction confirmation
3. * Student ID
4. * Study Permit

3- Bank of Montreal requirements:

1. * Study Permit
2. * Govt. Photo ID

4- TD Bank or Toronto-Domonion Bank, requirements:

This is the bank that is used by millions of international students in Canada to enjoy its banking features.

5- Canadian Imperial Bank of Commerce requirements:

This is another type of Canadian successful bank that is world wide used as it provides all the kind of bank products and services needed by the international students.

As an international student go through and find the best bank and best account type for you in Canada because its important to open a bank account as an international student in Canada….