Scotiabank offers one of the most popular student bank accounts in Canada

Canada's online money transfer system is called Interac. With Interac, you can send money from your account to any other participating Canadian account - you just need the recipient's phone number or email address. Chances are you'll encounter Interac during your time in Canada - it's great for paying back friends or splitting bills, and landlords may ask you to pay rent this way.

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We pride ourselves on delivering fast and accurate immigration news to our community. Revenue from trusted advertisers helps support this work.

Student bank accounts in Canada

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Canada's largest banks - CIBC, HSBC, BMO, RBC, Scotiabank, TD - all offer student banking options, and they all https://worldpaydayloans.com/payday-loans-nh/bedford/ offer a variety of perks to woo students each year, but other options for student banking in Canada are available too. Watch out in particular for monthly transaction limits it could cost you around $1 each time you use your debit card if you go over this limit. Canada's main banks have online banking services and mobile apps for simple and secure banking from home or on the go.

Note: Canadian banks usually charge fees for cash withdrawals at other banks' (or private) ATMs.

To avoid a fee of up to $4 or $5 each time you withdraw cash, consider choosing a bank with an ATM on campus or near your residence.

CIBC's student account has no monthly fee and gives unlimited free monthly debit card transactions. It's one of the most cost-effective banking options for international students in Canada. CIBC also offers many perks and resources for international students, including a bonus of $60 just for signing up!

If you are applying for your study permit through the Student Direct Stream, CIBC also has one of the most competitive options on the market for your Guaranteed Investment Certificate (GIC). Check out our guide comparing GIC options to see what we mean.

For considering studying in Canada, CIBC is definitely a strong contender for one of the top banks for international students.

Scotiabank

In addition to no monthly fees, Scotiabank's student account gives unlimited debit card transactions and a Virtual Visa Debit card so you can shop online without a credit card. Scotiabank is known for its SCENE rewards program, which lets you build up points towards free movie tickets.

HSBC's Newcomers Program for International Students offers special packages for new account holders with added bonuses depending on the type of account you open and the amounts you deposit. Additional bonuses are unlocked when you open a new Mutual Fund account or, for those eligible to work, set up a recurring payroll while studying. They offer no banking fees for 12 months on the chequing account and the opportunity to build credit with HSBC Mastercard.

National Bank

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National bank does not have a specific program for international students. Instead, their Student Bank Account offer extends to anyone who is a full-time student in Canada. That offer includes a Canadian or US dollar account with no monthly fee, unlimited e-transfers and overdraft protection, as well as a platinum credit card with no annual fees for the first two years, and vehicle and travel insurance. It's in the details, and the package also features a student line of credit with preferential terms and conditions.

BMO offers a Student Banking account with no monthly fee during your studies and for a year after you graduate. However, there's a limit on the number of free transactions you get each month. They've also teamed up with discount program SPC to offer more student discounts on popular brands.