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May 16, 2024

Banking for International Students: A Helpful Guide to Picking the Right Bank Account and Credit Card in Canada

Welcome to Canada – your new home during your studies as an international student!

You’ll soon be making important decisions of whether to open a Canadian bank account and apply for a credit card.

If you’re wondering where to begin, here’s the good news—it’s probably easier than you think, and there are many helpful resources available. Whether your goal is to build your credit history, manage your finances, or make purchases during your studies in Canada, having a Canadian bank account and credit card comes with many advantages for students like you. In this article, you’ll find some helpful information to guide you through the process, answer your questions, and help you confidently choose the right Canadian bank account and credit card.

Learn more about TD International Student Banking Package

1. Understanding Canadian Bank Accounts

There are two main types of personal deposit accounts that international students can open in Canada:chequing and savings.

Chequing accounts: For your everyday transactions, such as bill payments, cash withdrawals, and purchases, a chequing account is useful. The good news is that many Canadian financial institutions provide student chequing accounts with no monthly fees, making them an affordable choice for you. With a Canadian chequing account, you can easily withdraw money when you need it, send money transfers, and even shop online.[1]

Savings accounts: If you’re looking to save money for the future, a savings account is also a good choice to have. When you have extra funds, you can simply deposit them into a savings account to earn interest on your balance. Your money can grow over time – and you can easily transfer funds to your chequing account whenever you need it.[2]

When selecting a bank and the right bank accounts, it’s important to compare the pros and the cons. Ask about fees, features, and benefits that best suit your needs as a foreign student. And importantly, look for a bank with low or no fees for students, and useful features like easy online banking and mobile apps that can help make managing your money easier.

2. Canadian Credit Cards for Students

Getting a credit card while you are a student in Canada can be a great way to build your credit history and make purchases easily. By establishing a good credit history for yourself early in life, you’ll make it easier to borrow money in the future.[3] Many credit cards offer rewards such as travel/rewards points or cash back, often with no annual fee. When choosing a credit card, consider your spending habits and choose one that suits your needs.[4]

Important tip: it’s helpful to use credit cards responsibly and pay off your balance on time and in full each month. This way you will avoid late payment fees and interest charges while you begin to build a good credit history.

3. Special Banking Packages for International Students

Good news: some banks in Canada offer special packages for students like you to make your financial life easier. TD, for example, offers a special international student banking package that combines both bank accounts and credit cards. This package provides a convenient and budget-friendly way to handle your finances while studying in Canada. The TD International Student Banking Package includes:

✔ a student chequing account with unlimited transactions and $0 monthly fee (until 23 years old or with proof of enrollment in full-time post-secondary education)✔ a savings account with a bonus interest rate – so you’ll earn more on your savings, and✔ a credit card (subject to approval) with no annual fee✔ Plus, when you bundle all three products together, you get a $50 gift card, Conditions apply.

Additionally, the package covers unlimited international money transfers, with transfer fees rebated for up to 12 months, when you send money using TD Global TransferTM with your TD Student Chequing Account.[5]

Picking the right bank account and credit card is important for international students in Canada. Find one that best suit your needs and lifestyle, and make sure you know all the details before you sign up. With the right financial tools, managing your money can be easy, and you can focus on enjoying your study experience in Canada to the fullest!

Learn more about TD International Student Banking Package

Why Choose TD?

150 years helping Canadians:

TD has a proud history of delivering financial solutions to Canadians for more than 150 years. TD also brings a century of experience helping newcomers navigate the unique challenges of the Canadian banking system.

With over a thousand branches, a reputation for excellence in financial services, and the ability to also serve you in more than 80 different languages, TD has become one of the largest and most trusted banks in Canada, now serving 16 million Canadians.

TD offers online support and resources of interest to newcomers on topics such as banking basics, moving to Canada, credit score essentials, and more. TD is open longer hours for your convenience and has thousands of ATMs across Canada to help you take care of your everyday banking needs quickly and easily.

Ready to Bank?

Learn more about TD New to Canada Banking Package today.

Book an appointment to talk with a TD Personal Banking Associate about the TD New to Canada Banking Package. You can book online right away or visit the TD website to learn more.

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