Best Banks In Canada For International Students in 2024

Managing to get along in a foreign country financially is probably one of the most difficult things that an international student has to do. Choosing the right bank is the beginning of ensuring a well-managed financial life as you study abroad. This guide discusses the best banks in Canada for international students in 2024, outlining every bank's features so you can make a perfect choice that meets your needs.

Why It Matters What Bank You Choose?

An international student definitely needs a banking partner, a proper guide for students banking in a foreign country. The best banks in Canada for international students are those that offer accounts with low fees, easy access to funds, and some special perks for being a student. Whether you're planning to study in Canada for a semester or a full degree, the right bank can help you manage your finances efficiently and make the most of your money.

Top Banks for International Students in Canada

Here are some of the best banks in Canada for international students:

1. RBC (Royal Bank of Canada)

RBC is one of the top choices among international students. They offer the RBC Student Banking Package, with zero monthly charges and unlimited transactions through debit, which is perfectly fine for all international students. Consequently, it is rated among the best banks in Canada for international students. This is the best account that will enable them to comfortably manage their money by allowing them to make unlimited debit transactions for $0 each month. On the other hand, the bank partners with international organizations, offering additional perks for international students.

2. TD Canada Trust

TD offers the TD Student Checking Account, specially designed for students, including international students. This account will have unlimited transactions and zero monthly fees if you're in full-time school. All these make TD among the best banks in Canada for international students, giving you vast service in an attempt to provide convenience in your finance management.

3. CIBC (Canadian Imperial Bank of Commerce)

One of the best banks in Canada for international students studying in Canada is the Smart for Students account from CIBC. With unlimited transactions every month at no monthly fee and even cash back on purchases, this makes CIBC is one of the top banks that are convenient for easy banking by international students.

4. BMO (Bank of Montreal)

BMO features a Student Checking Account designed to meet students' special banking needs, including those of international students. It allows an unlimited number of transactions and does not require monthly fees but offers additional benefits for student loans. Generally, it can be said that BMO is one of the best banks in Canada for international students.

Considerations in the Choice of a Bank

In order to identify the best banks in Canada for international students, it is important that you consider the following: 

1. Free or Low Account Fees

Always go for banks that offer accounts with no monthly fees or low fees. The best banks in Canada for international students are also often the ones that offer unique student accounts that keep costs at bay.

2. Wide Network of ATMs and Branches

This way, you can easily be able to access your money wherever you are in Canada. The best banks in Canada for international students have an extensive network that ensures you are never far from your bank.

3. Student Perks

Some banks usually have additional perks for students such as discounts, rewards programs, or cash-back offers. The best banks in Canada for international students usually have these benefits incorporated into student bank accounts.

4. Ease of Opening the Account

Some banks make it more natural for international students to open an account even before arriving in Canada. Look for the best banks in Canada for international students that allow you to get started online or that provide some sort of assistance for international students when setting up an account.

Special Offers and Student Benefits

Some of the best banks in Canada for international students tend to offer some exclusive deals:

1. The RBC Student Bundle

The RBC student bundle entails a credit card, forex cards for students, a checking account, and a savings account—all at no cost to the student. The package is most appropriate to students who may have a lot of other products that they wish to take care of all at once.

2. Rewards

The bank partners with the SCENE rewards program that allows students to earn points for making regular everyday purchases. These points can be redeemed for movies and dining experiences, alongside numerous other valuable benefits that upscale the banking experience.

3. TD's Student Credit Cards

TD offers numerous student credit cards which do not include annual fees, with low-interest rates, and come with reward points. They offer a great way for international students to develop their Canadian credit history, making TD one of the best banks in Canada for international students.

How to Open a Bank Account in Canada?

As an international student in Canada, you should find it very easy to open a bank account here. Here is what you should know:

1. Documents Needed

You will be required to show most banks identification, proof that you are enrolled in an educational institution within Canada, and a study permit. The best banks in Canada for international students have a streamlined process to help you get started.

2. Setting up Online Banking

Most great banks for international students have fantastic online banking services. Make sure you establish online banking with the best banks in Canada for international students to easily look after your money no matter where you are.

3. Foreign Exchange Business

If you plan to bring money from home, check to see if banks offer competitive foreign exchange rates. The best banks in Canada for international students offer services specifically designed to help you easily manage multiple currencies.

Managing Your Finances as an International Student

Now that you understand how to pick the best banks in Canada for international students, you should know how you should manage your money. Here are some tips on what you should do:

1. Budgeting

Prepare a budget that outlines tuition, rent, groceries, and other living expenses. Do well to follow that budget so you won't spend over your limit.

2. Building Credit

Consider applying for a student credit card to start building your credit history in Canada. This comes in handy in the future when one would want to make decisions, say about financial issues such as renting an apartment or making future student loans.

3. Saving Money

Benefit from student promotions and student discounts provided by your bank. The best banks in Canada for international students will always provide services and information that can help you save and budget your cash efficiently.

Picking the best banks in Canada for international students is a delicate matter. Fees, accessibility, and the kind of benefits derived by a student are a few among many factors that could help you choose one of the best Canadian banks for international students. You are able to manage your finances much more easily with the right bank while at the same time focusing on your studies and enjoying your time in Canada.