Opening a bank account and building credit are two of the most important financial steps to take in your first weeks in Canada. Here is exactly how to do it.
Documents needed to open a bank account
Most major Canadian banks require the following from international students:
| Document | Notes |
|---|---|
| Valid passport | Original — not a photocopy |
| Canadian study permit | The stamp or separate document from IRCC |
| Letter of acceptance | From your Canadian post-secondary institution |
| Canadian address | Residence hall address accepted; temporary address OK |
| SIN (if obtained) | Required eventually; not always needed on day 1 |
If you haven’t obtained your SIN yet: most banks will open the account and give you 60–90 days to provide the SIN. Apply for your SIN immediately after arriving (appointment or walk-in at Service Canada).
Major bank international student programs compared
| Bank | Program name | Monthly fee | Key features |
|---|---|---|---|
| Scotiabank | StartRight Program | $0 (student) | Student Visa card with no CDN credit history; SPC card; 25 free transactions |
| RBC | International Student Banking | $0 | No monthly fee; path to RBC student visa card |
| CIBC | New to Canada Banking | $0 | CAN$0 monthly fee; international money transfer service; CIBC network ATMs |
| TD | New to Canada Banking | $0 | No monthly fee for eligible newcomers/students |
| BMO | New to Canada Banking | $0 for 1 year | First year free; some rewards on spending |
Recommendation: Visit the Scotiabank or RBC branch on your campus during orientation week. Many universities have on-campus bank branches specifically designed for student onboarding and they can open accounts quickly.
Online-only bank options
Once you have your SIN and can fully verify your identity online, no-fee online banks offer excellent day-to-day banking:
| Bank | Fee | Best feature |
|---|---|---|
| Simplii Financial | $0 | Unlimited transactions; uses CIBC ATM network |
| EQ Bank | $0 | 2.5–3.5% interest on deposits; no minimum balance |
| Tangerine | $0 | High-interest savings; Scotiabank ATM network |
These are better for Day 50 than Day 1 — use a brick-and-mortar bank initially for branch support, then add an online bank for savings.
Applying for your Social Insurance Number (SIN)
A SIN is required for working in Canada and for filing taxes. International students who are eligible to work in Canada under their study permit conditions can apply for a SIN.
SIN application: Service Canada
| What you need | Details |
|---|---|
| Valid passport and study permit | Original documents only — no photocopies |
| Canadian address | For the SIN letter mailing |
| Proof of authorization to work (if required) | Your study permit may include work authorization |
Process:
- Find your nearest Service Canada office at canada.ca/en/employment-social-development/services/sin
- Walk in during business hours or book an appointment online
- Processing is often same-day for in-person applications
- Your SIN card (or confirmation letter) is mailed to your address within 1–3 weeks
Important: SINs for temporary residents (including international students) begin with the digit 9 and have an expiry date. When your study permit is renewed or changes, update your SIN accordingly at Service Canada.
Building Canadian credit from zero
Your home country credit history does not transfer to Canada. The credit bureaus (Equifax and TransUnion) have no Canadian file on you when you arrive.
Step 1: Get a secured credit card (months 1–6)
A secured card requires a cash deposit that becomes your credit limit. You cannot spend more than your deposit.
| Card | Annual fee | Deposit required | Notes |
|---|---|---|---|
| Scotiabank StartRight Visa | $0 | No deposit (unsecured — rare exception) | Specifically for qualified international students |
| Home Trust Secured Visa | $59/year | $200–$10,000 | Available to almost anyone |
| Capital One Guaranteed Secured Mastercard | $59/year | $75 required | |
| CIBC Secured Visa | Check current offer | ~$200–$500 | Requires CIBC account |
Best path: Apply for the Scotiabank StartRight Visa first (no deposit, designed for you). If declined, use Home Trust or Capital One secured cards.
Step 2: Use the card correctly (months 1–12)
- Use it for one small recurring expense per month — a phone bill, Netflix, a weekly grocery trip
- Pay the full statement balance by the due date every month, without exception
- Keep your balance below 30% of your credit limit (ideally below 10%) for the best credit utilization ratio
- Do not apply for multiple cards simultaneously — each application is a hard inquiry that temporarily reduces your score
Step 3: Monitor your credit score (months 6+)
- Free credit score: Borrowell (Equifax score), Credit Karma (TransUnion score)
- Both are available free online — create an account after your SIN is set up
- After 6–12 months of on-time payments, your score will typically be 600–700
Step 4: Upgrade to an unsecured student card (year 2)
After 12+ months of responsible secured card use, apply for an entry-level unsecured card (Scotiabank Scene+ Visa, TD Cash Back Student Visa, or similar). You’ll receive a higher limit and better perks.
Step 5: Apply for a bank student line of credit if needed (year 2–3)
With 18–24 months of Canadian credit history and an established banking relationship, you may qualify for a student line of credit to supplement funding. Professional programs (medicine, law, MBA) have special high-limit products.
Receiving money from abroad
Wise (recommended for most students)
Wise (wise.com) provides near-real-exchange-rate conversions with transparent fees. Your family sends local currency; you receive CAD in your Canadian bank account. Typically 0.3–1% conversion fee vs. 2.5–4% at most banks.
Set up a Wise account with your Canadian bank details and share your account information with your family.
Bank wire transfer
Your Canadian bank can receive international wire transfers directly. You provide:
- Bank name and address
- Institution number (3 digits) and transit number (5 digits)
- Your account number
- SWIFT code of your Canadian bank
Cost: typically $2–$15 to receive (depends on the bank); sender also pays fees at their end.
Options to avoid
- Airport currency exchange — terrible exchange rates (3–10% worse than market rate)
- Western Union for large amounts — fees can be high for large transfers vs. Wise
- Carrying large amounts of cash — customs declaration required for >$10,000 CAD; security risk
Key financial first-year checklist for international students
| Task | Timeline | Notes |
|---|---|---|
| Open Canadian bank account | First week | Before any other financial setup |
| Apply for SIN | First 1–2 weeks | Service Canada; bring passport + study permit |
| Get starter credit card | First month | Secured or Scotiabank StartRight |
| Set up Wise account | First month | For receiving family money cheaply |
| Create CRA My Account | Before first tax season | canada.ca/myaccount — needed for NETFILE filing |
| File first T1 tax return | April 30 of year after arrival | Even if income is zero |
| Check Equifax/TransUnion | After 6 months | Set up Borrowell or Credit Karma |