Opening a bank account as an international student
Which bank to pick, what documents you need, and how to build credit history from zero.
You need a Canadian bank account to get paid, pay rent, and start building credit history — something that doesn't automatically carry over from your home country.
Programs built specifically for international students:
- RBC: Student Banking Package, no monthly fee, unlimited debit transactions. If you applied for your study permit under the Student Direct Stream (SDS), RBC also offers the RBC Student GIC Program.
- TD: TD Student Chequing Account, unlimited transactions and no monthly fee while you're enrolled full-time. TD also runs its own International Student GIC Program for SDS applicants.
- CIBC: Smart for Students, unlimited transactions with no fee, plus cashback on purchases.
- BMO: student chequing account (Plus package), includes 25 transactions a month and free access to BMO ATMs. Also offers a GIC program for SDS applicants.
- Scotiabank: StartRight Program, built specifically for newcomers to Canada, international students included.
All five major banks also offer a "newcomer package" that waives the monthly fee for a set period, doesn't require prior credit history, and usually bundles in a no-annual-fee credit card.
Typical documents: passport, letter of acceptance or current enrollment proof, and proof of temporary address (a letter from your landlord works).
Build your credit history from zero: Canada doesn't recognize credit history from another country, so you start at zero regardless of your financial situation back home. The simplest route is a secured credit card: you put down a deposit (e.g. $500) that becomes your credit limit, use it for regular expenses you'd already have, and pay it off in full every month. After 6–12 months of on-time payments, many banks upgrade you to a regular unsecured card. Important: confirm the issuer reports your payments to Equifax and/or TransUnion — if it doesn't, it won't build your history.
Tip: open the account as soon as you arrive — some banks have booths right at the airport or on campus during welcome week.