How to open bank account in Canada for international students?
We invite you to discover in this post, how to open bank account in Canada for international students?
Indeed, before leaving to study in Canada, it is better to have an idea about Canadian banks.
In addition, having a bank account in Canada as a student is essential to be able to carry out current financial transactions such as online purchases or the payment of bills.
Moreover, with a Canadian bank account, you can do all the payment purchase transactions etc…
Banks in Canada offer several quality services to their customers.
Indeed, there are several Canadian banks that can adapt to your needs as a foreigner.
Opening a bank account in Canada is one of the first things to do for those who want to live in Canada.
If you are going to live long-term in Canada to do your university studies, then it is probably better to open a bank account there.
The process is relatively simple, provided you can present an identity document, mentioning a legal address.
Canadian banks are very similar to American and European banks.
This is because most charge a monthly service fee to customers who have an account.
On the other hand, a basic bank account costs around 5 CAD per month.
So, let’s find out together how you can open a bank account in Canada as a student.
How to open bank account in Canada for international students?
It is not necessary to open a bank account in Canada during your studies.
However, Canadian banks offer student accounts and services that may be beneficial.
Opening a student bank account in Canada is easy, given the flexibility of the Canadian banking system.
A student bank account is very useful to make everyday life in Canada easier, as there are a lot of online or electronic transactions.
Generally, everywhere in Canada, it is easy to open a bank account.
Indeed, it is sufficient to present an identity document and proof of address.
For those who are sharing, an invoice proving the address of the person who is hosting you with a letter from him saying that you live well with him is enough.
With this, you can open a current account and a savings account. The interest rate is around 3%.
Interest on savings accounts is paid monthly and not annually as in France.
Sometimes you are offered to leave more than $2000 per month in the current account so as not to have to pay the monthly account fees.
But this is not very interesting for students because it is better to place this sum on an interest account which will bring in more than the savings made in current account fees.
When you go to the bank to open your account, you will need two forms of ID out of the following:
- Passport
- Letter of acceptance
- Study permit
- Temporary permit
- Canadian or USA driver’s license
- Canadian government identification card
- Travelers’ checks
These requirements may differ slightly between banks, so make sure you check what your bank requires before heading over.
Conclusion
Thus, to conclude our article, we have presented for you, how to open bank account in Canada for international students?
Indeed, as we mentioned before, before opening a bank account, it is better to have an idea of the best banks in Canada.
By the way, it is not necessary to open a bank account in Canada during your studies.
However, Canadian banks offer student accounts and services that may be beneficial.
Opening a student bank account in Canada is easy, given the flexibility of the Canadian banking system.
And finally, these requirements may differ slightly between banks, so make sure you check what your bank requires before heading over.