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Having a bank account is essential if you are living in an international country to study. Many banks provide full-time students with a basic banking account. The basic services are offered for free like that of chequing accounts.
International students applying for a Study Permit using SDS or Student Direct Stream will be required to provide a Guaranteed Investment Certificate (GIC) along with the application. Even while applying through the regular process without SDS, a GIC may be used as proof of funds.
Before you choose a bank for your account, think about the services you will require. You may need a basic chequing account (for frequent withdrawals and deposits) to manage your daily expenses. Or you may need a savings account to keep some money in handy. Or you may require both. Some banks provide a combined chequing and savings account. You can obtain Debit Card and Credit Card services from your chosen bank.
Scotia Bank is best preferred for a student’s account due to the following benefits:
Some other banks that offer student accounts are CIBC, HSBC, BMO, RBC and TD. Whichever bank you decide to go forward with, read the terms and conditions thoroughly before signing up for a student’s bank account and ensure to make an informed decision.
Money transfers are another essential for international students to send and receive money from their respective home countries. As direct bank transfers usually have high exchange rates, students look for other solutions. Some banks and third parties make the process convenient and affordable.
Western Union, TranferWire and CurrencyFair are some options. They provide transactions with a low convenience fee and ensure the transfer happens quickly, typically with 2-3 working days.