Banking and money management in Canada
Banking in Canada can be easy as an international student. Learn everything you need to know to set up your bank account in Canada, get a credit card, use ATMs and make international money transfers.
Opening your bank account
A Canadian bank account can help you access your money to pay for food, rent and other bills. You’ll need a Canadian bank account if you want to work in Canada while you study. It’s a requirement.
Many banks in Canada offer students incentives like low or no-cost accounts and lower fees for international money transfers.
Check with your bank at home. They may partner with a Canadian bank which could make setting up your account easier.
Facts about banks in Canada
With a Canadian bank account, you can:
- pay bills and transfer money online
- pay school fees and tuition costs online
- shop online and in Canadian stores
- get personalized cheques if you need them to pay for your rent
Did you know?
The Canadian dollar (CAD) is the 11th strongest currency in the world.
ATMs, debit cards, credit cards and money transfers
Automated teller (bank) machines (ATMs) and debit cards are common in Canada. A debit card allows you to pay bills, buy items, and withdraw or deposit money.
You can bank easily online in Canada. You can also use your cell phone to make mobile payments. Most banks have their own mobile applications that allow clients to bank via their smartphone or tablet.
Many Canadian banks offer credit cards designed for students. A credit card allows you to purchase items or services on credit, which you repay later (usually every month). Most stores and businesses in Canada accept credit cards. There are many cards and features to consider. Make sure to do your research to find a credit card that fits your need.
You can also transfer money from your home account to your Canadian bank account, or your parents can do this for you. Find the best ways to transfer money as an international student.
Learn more
- Prepare your budget to study in Canada
- Going to Canada checklist
- Plan your studies in Canada
- Stories of international students in Canada
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