Best Bank For International Students In Canada

One of the first realities international students face is figuring out how to manage their money, from paying tuition and rent to receiving support from family back home. That is why choosing the right bank should be a priority.

Fortunately, Canada has one of the world’s most stable and student-friendly banking systems. However, not every bank works the same way, and depending on your goals, you may find that a mix of traditional banks and digital platforms gives you the most convenience, flexibility, and savings.

This guide will explore the best banks for international students in Canada, what to look out for, how to open your account, and why a digital option like Pesa might be your smartest companion while studying abroad.

Top Banks for International Students in Canada

Scotiabank 

Scotiabank’s StartRight Program is one of the most popular choices among international students. It allows you to open an account before arriving in Canada. It includes a student banking account and a GIC program for visa purposes.

Scotiabank’s student account has several benefits that make banking easier for newcomers. No monthly account fees exist, so students can save money while managing their everyday expenses. The account also offers free unlimited debit transactions and Interac e-Transfers, making it simple to pay bills, send money to friends, or receive funds from family abroad. 

The Scotiabank mobile app gives you 24/7 access to your account, allowing you to monitor your balance and make transfers anytime, anywhere. With over 900 branches across Canada, in-person banking is always available for assistance. Additionally, Scotiabank allows newcomers to apply for a credit card and savings account, helping you start building your financial foundation in Canada.

Scotiabank also participates in the Student GIC Program, which makes it easier to secure your student visa by showing proof of funds.

Royal Bank of Canada (RBC) 

RBC is Canada’s largest bank, with one of the most extensive branch and ATM networks nationwide. The RBC Advantage Banking for Students account offers free banking with no monthly fees as long as you’re enrolled in school. Students also benefit from access to more than 1,200 branches and 4,200 ATMs across the country, making it easy to find a location no matter where you study. The account includes free unlimited Interac e-Transfers, so you can send and receive money without worrying about extra costs.

RBC also allows students to apply for a credit card to start building their financial history early, a valuable step if you plan to stay in Canada after graduation. With an excellent mobile banking app and 24/7 customer service, RBC remains a top choice for students who value accessibility, reliability, and digital convenience.

CIBC (Canadian Imperial Bank of Commerce) 

CIBC offers one of the most seamless onboarding processes for international students, making it possible to set up your account even before you arrive in Canada. Through its online platform, you can open a student account and arrange your Guaranteed Investment Certificate (GIC) from your home country, a major advantage for students applying through visa programs that require proof of funds.

The CIBC student account has no monthly fees, unlimited debit transactions, and free Interac e-Transfers, which help you manage your finances easily without worrying about extra costs. In addition, CIBC provides newcomer guidance tailored to international students, available in multiple languages, ensuring that you can get the help you need no matter where you’re from.

CIBC also offers exclusive student benefits and credit-building opportunities to help you start establishing your financial history in Canada. The bank also has strong international connections, partnering with several institutions abroad to make transferring tuition or personal funds from your home country smooth and secure. Overall, CIBC is a great choice for students who want a hassle-free start to banking in Canada, especially if they prefer to have their finances in order before arriving.

BMO (Bank of Montreal)

BMO’s student banking package is another solid option for international students who want flexibility and rewards. The bank offers a no-fee chequing account for up to four years, allowing you to manage your day-to-day finances without worrying about maintenance costs. Students enjoy 30 free monthly transactions and unlimited free Interac e-Transfers, which makes it convenient to send money to friends or pay bills digitally.

One of BMO’s standout features is its welcome cash bonuses, which vary by offer period and can boost you when you first open your account. The bank also maintains a wide network of ATMs and branches across Canada, so accessing your money personally is never a challenge. In addition, BMO offers student-friendly credit card options to help you start building your credit history responsibly.

What International Students Should Look for in a Canadian Bank

Low or No Monthly Fees

As a student, every dollar counts. Many Canadian banks offer no-fee student accounts for the duration of your studies. After graduation, fees may kick in, so always make your findings. 

Easy Account Opening

Some banks allow you to open an account from your home country before you arrive in Canada. Banks like Scotia Bank and RBC can be opened online. Others will let you start the process online and finalise it in person once you land.

Global Transfer Options

If you plan to send or receive money internationally, look for a bank that offers affordable wire transfers or partnerships with global payment providers.

ATM and Branch Access

While digital banking is growing, physical access still matters. Banks with widespread branches and ATM networks (like RBC, Scotiabank, and TD) make it easy to withdraw cash without extra fees.

Credit-Building Tools

Building your credit history early helps you qualify for apartments, phone contracts, and future loans. Some student accounts include credit card offers designed for newcomers.

Good Online and Mobile Banking

You will rely heavily on your phone for payments and transfers. A bank with a well-designed app makes life easier, especially if you are juggling school, part-time work, and family abroad.

Newcomer or Student Packages

Many banks offer welcome bonuses, free transactions, and even help with Guaranteed Investment Certificate (GIC) accounts, which are often required for student visa applications under Canada’s Student Direct Stream.

Alternative to Traditional Banks

While traditional banks are great for everyday local banking, they can be slow, expensive, and rigid regarding international transfers. Many students, expats, and freelancers trust Pesa to handle global transactions seamlessly.

Here’s why Pesa stands out:

Fast Transfers: Send or receive money in minutes, not days.

Low Fees: Enjoy transparent, affordable transfers with no hidden charges.

Competitive Exchange Rates: Get rates that beat most banks and ensure your family receives more.

Fully Digital: Open, send, and track transfers from your phone; no branch visits are needed.

Safe and Secure: Pesa uses advanced encryption and complies with global financial regulations.

Perfect Companion for Students: Whether you’re managing allowances, paying rent, or covering tuition, Pesa helps you move money across borders stress-free.

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Whether paying tuition fees, sending money home, or receiving support from family, Pesa is your best bet if you’re looking for a flexible, borderless financial tool that complements your Canadian bank account.

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