Choosing the Right Canadian Bank Account and Credit Card as an International Student

TD
Updated: Oct, 24, 2023
  • Published: July 5, 2023

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.

Welcome to the world of Canadian banking and finance!

As an international student, an important decision you’ll need to make is whether to open a Canadian bank account and apply for a credit card; and you may be wondering how to start the process. The good news is that it's probably easier than you might think; and there are many resources available to help you navigate this process.

Whether you're looking to build your credit history, manage your finances, or make purchases while studying in Canada, there are many reasons to have a Canadian bank account and credit card – and also special benefits for international students like you. In this article, we'll help you make an informed decision, answer some of your questions, and guide you through the process of choosing a bank account and credit card, to help you feel confident.

Learn more about TD's International Student Banking Package

1) Types of Canadian Bank Accounts

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

A chequing account is a day-to-day account that you can use for your everyday transactions such as paying bills, withdrawing cash, and making purchases. It’s nice to know that many Canadian financial institutions offer student chequing accounts with no monthly fees, making them an affordable option for students. A Canadian chequing account will make it easy to withdraw money, send money transfers, and shop online.[1]

A savings account is a good option if you want to save money for the future. You can deposit extra money into a savings account to earn interest on your balance and transfer it to the chequing account when required.[2]

When choosing a bank account, it's important to consider fees, features, and benefits. Look for a bank that offers low or no fees for students and plenty of attractive features such as easy online banking and mobile apps that can make managing your finances simpler and more convenient.

2) Canadian Credit Cards

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. It’s important to establish a good credit history as soon as possible to 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]

It's important to use credit cards responsibly and pay off your balance on time and in full each month to avoid late payment fees & interest charges and build a good credit history.

3) International Student Banking Package

In addition to bank accounts and credit cards, TD offers an International Student Banking Package that combines both products and provides a convenient and cost-effective way to manage your finances as an international student. The TD International Student Banking Package includes a student chequing account with no monthly fee and unlimited transactions each month, a savings account with a bonus interest rate and a credit card (upon approval) with no annual fee for the first year (conditions apply). The package also includes unlimited international money transfers with transfer fees rebated for up to 12 months.[5]

Choosing the right bank account and credit card is an important step for international students studying in Canada. Look for accounts and cards tailored to your unique needs, and make sure you understand the terms and conditions before signing up. With the right tools, you'll be able to manage your finances with ease and focus on making the most of your study abroad experience in Canada.

Ready to bank? Learn more about TD's International Student Banking Package today

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 60 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. TD has thousands of ATMs across Canada to help you take care of your everyday
banking quickly and easily.

Ready to Bank?

Learn more about TD’s International Student Banking Package today.         

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

Legal Disclaimer: Information provided by TD Bank Group and other sources in this article is believed to be accurate and reliable when placed on this site, but we cannot guarantee it is accurate or complete or current at all times. Information in this article is for informational purposes only and is not intended to provide financial, legal, accounting or tax advice and should not be relied upon in that regard. This information is not to be construed as a solicitation to buy. Products and services of the TD Bank Group are only offered in jurisdictions where they may be lawfully offered for sale. All products and services are subject to the terms of the applicable agreement. The information in this article is subject to change without notice.

[1] https://www.td.com/ca/en/personal-banking/solutions/student-advice/international-students-banking-services-in-canada

[2] https://www.td.com/ca/en/personal-banking/special-offers/international-students-banking-package

[3] https://www.td.com/ca/en/personal-banking/how-to/manage-my-credit-card/how-to-build-credit#:~:text=A%20good%20credit%20history%20and,borrow%20money%20in%20the%20future

[4] https://www.td.com/ca/en/personal-banking/products/credit-cards

[5] https://www.td.com/ca/en/personal-banking/special-offers/international-students-banking-package


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