One of the important steps you should take upon your arrival to Canada is opening a bank account.
Learning how to open a bank account in Canada is not complicated but choosing the right account that is best suited for your needs might take a little research. Make sure you look at several different banks’ account offerings before selecting the right one for you.
After comparing the banking options offered by different banks and deciding which one you would like to have, you will need to make an appointment with a bank representative (either by phone or online at the bank’s website) and open your account in person. Please also remember that individuals aged 17 and under must have a parent or a custodian with them to open a bank account.
You will need to bring two pieces of ID when you go to a bank to open an account. Here are the acceptable forms of identification:
- Passport
- Study Permit
- Temporary Resident Visa
- Letter of Acceptance
- Canadian Government ID Card
Each bank might have slightly different requirements, so please check what type of documents your bank will need before you go to your appointment.
You can compare the banking options offered by different Canadian banks following these links:
Bank of Montreal (BMO)
Student Banking information can be found here.
Canadian Imperial Bank of Commerce (CIBC)
Student Banking information can be found here.
Canadian Western Bank (CWB)
Youth Account information can be found here.
National Bank of Canada
Offer for Youth information can be found here.
Royal Bank of Canada (RBC)
Youth and Student Banking information can be found here.
Scotiabank
Student Accounts information can be found here.
TD Canada Trust
Student Chequing Account information can be found here.
International Money Transfer Options
You might also be wondering how your parents can transfer you money internationally.
Once you have a bank account, it is possible that your parents will be able to make direct money transfers to your account (depending on your country of origin and your bank account).
If the direct transfer is not available, you can research other ways of transferring money internationally such as: