Finding the best banks for international students in Canada should be a top priority before leaving home to study in Canada. Being a student can be challenging because you need to find a balance between succeeding in your studies and maintaining your finances.
When choosing from the best banks for international students in Canada, go for those that don’t charge a monthly fee. Also, banks that offer unlimited free transactions and allow students to earn rewards when they use debit cards are a good choice.
Before choosing the best Canadian bank for international students, consider these factors.
Living away from home can be stressful, especially if it is your first time managing money. You need to think about your weekly food budget, paying rent, and catering to all other small expenses. This means that every bit of money counts.
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Financial management for international students is more challenging because the school fees are higher. These students also pay for currency exchange, and accommodations are expensive. International students should consider these factors when choosing a bank.
Most international students in Canada do not have an extra source of income, so they survive solely on the money in the account. They already have many expenses, and adding banking expenses can be frustrating.
Choose a bank account that has no maintenance fee and meets your financial needs. It will also rely on the type of account you open. For example, having a chequing account is ideal because you can easily make purchases and pay bills with it.
Due to advancing technology, most people are shifting from using cash to doing direct bank transfers using mobile apps or cards. Students have limited funds with a lot of expenses. The small bank transaction fees can tamper with your budget.
The best bank in Canada for international students should offer unlimited, free e-Transfers. In addition, debit transactions should be free for students.
Although you will conduct most of your transactions online, easy access to your bank account is essential.
Ensure there is a branch of the bank you are opening an account with next to your place of residence. It will be easier to resolve any issues you have with your account or access any necessary services in person.
Another essential factor to consider in a bank is access to ATMs. ATMs are the easiest and fastest ways to have access to cash.
Open an account with a bank with ATMs near you. This way, you won’t need to wait in line in the bank to withdraw money.
Having a student’s credit card helps you build your credit history, gaining you access to loans. These will be important when you need to make future investments.
However, ensure you pay the credit card balance off on time to build a good credit score. Failure to pay on time can also accrue interest, in addition to resulting in poor credit.
Check out these Canadian banks now that you know factors to consider before choosing a student bank account.
Students have little to no money to pay for transaction fees and bank fees. Most of them will opt for a bank that offers zero fees on those services.
CIBC ranks as one of the best Canadian banks for international students because it offers unlimited free transactions and e-Transfers. When students opt for credit cards, they get zero annual fees and do not pay a security deposit.
The bank has a cash back rewards program for the students, as well as the GIC (guaranteed investment certificate) program.
With the certificate, international students can apply for visas that help them immigrate and gain Canadian citizenship. They also benefit from refer-a-friend programs and free global money transfer services.
Scotiabank’s StartRight Program is designed to make life easy for Canadian international students. Scotiabank is the third-largest in the country, and with the 2,700 branches it has, you can easily access one near your place of residence.
Students can benefit from opening their chequing accounts with zero maintenance fees. The debit and Interact e-Transfer transactions are also free, which is a huge benefit to them.
Also, students who enjoy watching movies have the advantage of winning free movie rewards with a SCENE Visa card.
Being the biggest Canadian bank, the RBC also ranks as one of Canada’s best banks for international students. It does not charge bank fees, and you don’t require a credit history to get a credit card.
The bank has a rewards program that allows students to earn and redeem points at certain shops. However, it’s vital to note that the free bank services are only applicable in your first year, after which you start paying a small fee.
Western Union is one of the most popular international money transfer systems that benefit many international students. BMO’s partnership with Western Union ranks it in a top position for the best Canadian bank for international students.
BMO’s Money Transfer services are now in over 200 countries globally. The bank does not charge students monthly fees, and they continue to enjoy the free service even a year after graduation. The students can also access discounts from many retailers.
Avoid financial frustrations by first knowing your banking needs—this narrows down your options. Canada has the best banks for international students in Canada that will meet your needs.
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