Landing & first week · Students
Choosing a student bank account in Canada
The short answer
There is no single best bank account for international students in Canada. RBC, TD, Scotiabank, BMO, CIBC and others all offer student and newcomer accounts with no monthly fee. Choose on durable features: no student monthly fee, free Interac e-Transfers, unlimited transactions, and branch or ATM access near you. Sign-up bonuses change, so confirm the current offer before you decide.
Every big Canadian bank wants your business the week you land, and each waves a sign-up bonus to get it. Ignore the bonus. Choose on the features you’ll use every month for years, and know that opening an account is your right, not a favour the bank grants you.
What actually matters
Pick on durable features, not this month’s promotion. Bonus cash and welcome rates churn; the account terms you live with are what count.
No monthly fee for students
Free Interac e-Transfers
Unlimited debit transactions
Branch and ATM access near you
Newcomer perks that fit you
By the numbers
2 pieces of ID
FCAC — Opening a bank accountNo SIN needed
FCAC — Opening a bank accountThe big banks at a glance
We don’t rank one bank over another, because they compete hard and the winner changes with each promotion. The Big Five (RBC, TD, Scotiabank, BMO and CIBC) all offer a no-monthly-fee student chequing account and a separate newcomer package. Digital banks and credit unions (Tangerine, Simplii, EQ Bank and others) offer no-fee accounts too, but with fewer branches. Most students choose between two account types:
A student account
- For anyone enrolled full-time, with proof of enrolment the key requirement
- No monthly fee while you're a student, usually the longest-lasting waiver
- Free Interac e-Transfers and unlimited debit transactions
- Your long-term everyday account, worth keeping after you graduate
A newcomer package
- For your first months in Canada, and some let you open online before you fly
- Monthly fee waived for a set period (often the first year or two)
- Often bundled with a no-credit-history credit card or free transfers
- Time-limited, so check what the fee becomes once the waiver ends
Many students qualify for both
You can open a newcomer account online before you land, then switch to the plain student account once you’re enrolled, because the student version usually keeps its no-fee status the longest. Ask the bank which account you’re on and when any waiver ends, and confirm the current offer directly on the bank’s website rather than trusting a comparison article.
Fees that catch newcomers
The monthly fee is only the headline. These four charges are where a “free” account can still cost you, and each one is avoidable once you know it’s there.
- Monthly account feeShould be $0
- NSF / bounced-payment feePenalty
- Out-of-network ATM feeWatch it
- Foreign-exchange markupWatch it
How to open an account
Under an hour, and you can start before you leave India. Being new to Canada is not a valid reason for a bank to refuse you.
Opening an account is your right
Under the Bank Act, a bank cannot refuse you a personal account just because you have no job, no money to deposit, or no credit history. You do have to let the bank verify your identity, and it can refuse in narrow cases (like suspected fraud). If you’re turned away unfairly, you can complain to the bank and then to the Financial Consumer Agency of Canada.
Compare and pick the account
Use the checklist above. Shortlist one or two banks with a branch or ATM near your campus, and check the current student and newcomer offers on their own websites.
Start online, or book a branch appointment
Most newcomer programs let you begin the application online from India before you fly. Otherwise, walk into a branch with your documents once you arrive.
Verify your identity
Show two pieces of ID from a reliable source. For students that's usually your passport plus your study permit or IRCC letter of introduction. You don't need a SIN, and you don't need to deposit money to open.
Activate and set up
Collect your debit card, set a PIN, and register for online banking. Turn on Interac e-Transfer, set up low-balance alerts, and add your account for tuition or direct deposit.
Valid passport
Study permit or IRCC letter of introduction
Letter of Acceptance or proof of enrolment
Proof of a Canadian address, if you have one
SIN, later rather than now
What to do next
- See how we handle Canada study permits end to end, from Letter of Acceptance to landing.
- Packing for Canada from India, including the documents to keep in your carry-on.
- Have a question about your move? Talk to our RCIC-licensed team.
Common questions
What is the best bank account for international students in Canada?
There isn't one; it depends on you. RBC, TD, Scotiabank, BMO and CIBC all offer a student chequing account with no monthly fee, free Interac e-Transfers and unlimited debit transactions. Pick on durable features and branch or ATM access near your campus, not on whichever sign-up bonus is loudest this month, because those offers change constantly.
Do students pay monthly fees on a Canadian bank account?
No, not on the right account. Every major Canadian bank waives the monthly chequing fee for full-time students, and newcomer packages waive it for your first year or two. The catch is being on that specific student or newcomer account, because a standard chequing account still charges a monthly fee. Ask the bank to confirm you are on the fee-waived version.
What documents do I need to open a bank account in Canada as a student?
Two pieces of identification from a reliable source, as of 2026: one showing your name and address, one showing your name and date of birth. A passport plus your study permit or IRCC letter of introduction is the usual pair for students. A Social Insurance Number is not required to open a basic account. You do not need to deposit money to open it.
Can I open a Canadian bank account before I arrive?
Yes, often. Most big-bank newcomer programs let you open an account online from India before you fly, so your money is ready when you land. You verify your identity and activate the account in a branch after you arrive. Opening early also means you can move your proof-of-funds or GIC money into place ahead of time.
Do I need a SIN to open a bank account in Canada?
No. As of 2026, a Social Insurance Number is not required to open a basic personal bank account in Canada. Banks only need your SIN for accounts that earn income, such as interest-paying savings or investments, because that income is reported to the CRA. You can open a student chequing account and get a debit card without one.
Related guides
Landing & first week
The first week is admin. The next permit is a file.
A spouse joining you, a parent visiting, or the permit after this one. We can represent you before IRCC, which is something no comment section can do.
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