Yes, international Yes, international students can have two or more bank accounts in Canada as per their discretion. There is no cap on the upper limit.
There is no rule against having two bank accounts. As an international student, you can have multiple accounts to organize your spending or save. But it's important to research before opening an account.
Canada offers affordable study programs and lucrative employment options that attract international students. On an average, a single student requires $10,000 CAD per year to meet living expenses. It is important for every international student to own a bank account in Canada to receive money from their mother land, pay their bills, receive wages if they are doing a part-time job, pay fees etc.
International students need to have an account with a Canadian bank while studying. Fortunately, almost every bank in the country has several offers for international students. So, the ball is mostly in your court.
Every international student can have a bank account in Canada by submitting documents such as passport, study permit, letter of acceptance from the university, traveller’s cheque etc., They can have more than one bank account in Canada.
They can open the following account types depending on their needs:
We have listed 5 popular student bank accounts in Canada:
1. CIBC Smart Account for students that charges no fees, does not limit the number of transactions, and mandates no minimum balance.
2. BMO Student Bank account Plus and Premium Plans: The Plus plan charges no account keeping fees. The bank offers budget calculator, mobile banking. You can open a bank account before you arrive in Canada.
3. TD Student Chequing Account charges nil annual maintenance fees and mandates no minimum balance. There is also no limit on the number of transactions. You can access net banking and mobile banking.
4. Scotiabank Student Banking Advantage Plan does not restrict the number of transactions, deposits $75 as a reward for opening an account and charges nil annual fees.
5. HSBC Canada Newcomers Program charges no fees and provides a $150 sign-up fee.
Here’s how to open a bank account in Canada:
You have lots of options, so carefully consider what they have to offer before deciding.
Banking options in the country include the Big 5 banks, credit unions, digital-first banks and lots more. You’ll need to consider what works for you before making a choice.
Look for banks that offer students the best deals, such as monthly fee waivers, point systems, reward programs, etc.
There are multiple types of accounts in Canada, each with specific purposes. However, as an international student, three types of accounts are best for you. These are:
Chequing Account: You can deposit and withdraw funds from this account at your convenience.
Savings Account: If you’re planning to work during your study or want to put some funds aside, then you should consider opening a savings account. In most banks, you can have both chequing and savings account together.
Foreign Currency Account: You may want to have some foreign currency set aside if you need it. Open a foreign currency account for this purpose.
It’s possible to open a Canadian bank account online or over the phone before you even get to Canada. But it’s much easier to open an account in person.
This is the best way to avoid any complications and understand the bank’s terms and conditions for international students.
To do this, you’ll need the right document, which includes a study permit or passport, letter of acceptance, Canadian driver’s license, traveler's cheque, Canadian government identification number, and temporary permit.
You only need about two of these documents as applicable. Each financial institution may require different documents, so know your bank’s requirements.
Once you have an account, you’ll get the debit card and personal identification number to withdraw from ATM.
Your bank officer will also explain how to use the bank’s online platforms and apps. In addition, you’ll get a cheque book for chequing accounts, which can be useful sometimes.
If you’re interested in getting a credit card, you can also sign up for one. Student credit cards usually have lower interest rates and special rewards.
Since most of the banks do not charge an account keeping fee for international students, they can opt to open two or more bank accounts in Canada for different reasons. The important factors to take into account before opening bank accounts are fees, number of transactions, minimum balance, presence in the province, presence in your motherland, number of ATMs and bank branches, customer service, technology etc.