When you're a student studying to travel overseas for the first time, keeping your finances in order is one of your top priorities. However, despite the sheer number of financial institutions (banks) that operate in the country, it may be difficult to locate a bank that fits your particular needs.
For eg, finding an inexpensive financial alternative is important as a student. Nevertheless, there are other things to remember as a foreign student. For example, whether you are still studying English or French, it may be beneficial to be able to access resources in your native language. The opportunity to transfer money back home or make transfers in the home currency is another big issue for many foreign students.
Although any bank has its pros and cons, the following institutions are ideally positioned to represent foreign students studying in Canada.
If you're a student with a small budget, all the little operation and processing costs that most banks charge will add up. Add in the high cost of tuition and travel costs that come with being a foreign student, and you can see why it's so important to find a bank that makes your money go as far as it can.
That's why we're very intrigued by CIBC's international student banking options. As one thing, CIBC's student bank accounts are practically open. There is no recurring charge, so you get unlimited free transfers so e-Transfers.
A non-annual college credit card is another big advantage. Many banks allow foreign students to protect their credit card with a cash deposit. Nevertheless, at CIBC, you can register for a credit card without a security deposit, salary or financial background. You also win transportation or cashback bonuses so you might pay for your end-of-semester home travels or costs such as food and textbooks.
Scotiabank is Canada's third-biggest bank with nearly 24 million customers and more than 2,700 offices worldwide. The StartRight Software is tailored for beginners and foreign students to help make life and banking in Canada simpler.
System offers include a free check account with no recurring payments and unrestricted debit transfers and Interac e-Transfers. Another common aspect of their student banking kit is their collaboration with the Cineplex SCENE ® system. If you are a film fan, subscribe to a SCENE ® Visa card and receive free film rewards as soon as you arrive.
One of the main benefits of RBC banking is access to their ATMs. RBC is the largest bank in Canada and, surprisingly, the largest ATM branch and network in the world.Once you apply for a student bank account, you can pay no annual fees— but just for the first year.
Certain highlights include a non-annual-fee, non-credit-history-required credit card, RBC's Rewards program where you will receive rewards that can be collected at stores including Amazon and Starbucks, and their brand-new e-Transfer services that enable you to transfer money via Siri or iMessage.
Getting the opportunity to transfer money back home easily and comfortably is a top priority for many foreign students. If that is the case for you, the relationship between BMO and Western Union may be an enticing aspect. Available through BMO Digital Banking, their Money Transfer service links consumers with more than 200 countries and territories connected to the Western Union network.
Also, BMO provides students free banking when in school and for a year after graduation. Students would also obtain a free SPC Card, which will give them access to hundreds of stores across Canada.
If you are an Indian student to join a Canadian university or college program, you may want to consider setting up a student account with ICICI. The Student Account is an NRE (Non-Resident External) Savings Account, specifically built for students, which helps you to handle your finances with ease and comfort while you study abroad.
Like most accounts, this student account is free of charge, but you will hold an average monthly balance of INR 5,000 (approximately CAD 95) to prevent any extra costs.
How you choose to use your student bank account can enhance the attractiveness of those choices to others. That's why you need to be specific on your must-haves and nice-to-haves before you pick a deposit. For example, do you require unlimited transactions, or do you have a restricted amount of transactions, such as 30 transactions per month? If making unrestricted transfers means charging a monthly charge, is the cost worth it?
When you decide your key banking priorities, you would be in the best spot to pick the right foreign student bank account to handle your finances.
