A Guide to International Student Banking in Canada

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Congratulations on starting your studies in Canada. It is an exciting step in your life and future career. As an international student, you may be wondering if you should open a Canadian bank account or apply for a credit card and if it will be a difficult process as a student.

The experience might seem unfamiliar, but setting up your finances at a Canadian bank can be more straightforward than you might expect. Banking packages for international students can come with many advantages such as low or no monthly fees, unlimited transactions with a chequing account, easy access to money, and helping build your credit score.

Learn more about TD International Student Banking Package

This article aims to provide useful information that may answer your questions and support you in choosing a Canadian bank account and credit card that fits your needs as an international student.

Canadian Bank Accounts for International Students

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

Chequing accounts: This account type can be used to manage everyday expenses. You can use it to pay bills, withdraw cash, and make purchases. Many banks offer student chequing accounts with low or no monthly fees. With a chequing account, you can send money transfers, shop online, and access your funds easily.^[1]

Savings accounts: This account type helps you set money aside for the future. When you have extra funds, you can deposit them here to earn some interest. Your money may grow over time, and you can transfer it back to your chequing account when needed.

When choosing a bank, compare the different accounts offered. Ask about fees, features, and services designed to meet the needs of international students. Look for options with low fees and easy-to-use online banking and mobile apps. This can help you manage your money while you study in Canada.^[2]

Learn more about TD International Student Banking Package

Getting a Canadian Credit Card as an International Student

A credit card may make it easier to pay for things and start building your credit history while you study in Canada. Good credit history can make it simpler to borrow money in the future.

Many student credit cards come with rewards like travel/rewards points or cash back. Some have no annual fee. When you choose a credit card, think about your spending habits and pick one that fits your needs.^[3]

Remember to use your credit card responsibly. Paying your balance in full and on time every month helps you avoid extra fees and interest charges. It may also help you build a good credit history in Canada.

Banking Packages Designed for International Students

Canadian banks like TD Bank offer special packages to help meet the banking needs of international students. These tailored options may help you manage your money effectively while studying. The TD International Student Banking Package includes several key features:

No monthly fee student chequing account with unlimited transactions
Bonus interest rate on savings account to help your money grow
Credit card (subject to approval) with no annual fee

This combination of accounts and services aims to support your banking needs as you settle into Canada.^[4]

Managing your finances thoughtfully can make a difference in your experience as an international student in Canada. By choosing bank accounts and credit cards that fit your needs and understanding how to use them wisely, you could set a solid foundation for your financial future. Take time to explore your options, ask questions, and plan your budget; this may help you stay in control of your money.

With these steps in place, you can focus more on your studies and new opportunities, knowing your financial needs are supported.

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, 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.

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. The 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.

^®The TD logo and other TD trademarks are the property of The Toronto-Dominion Bank or its subsidiaries.

[1] TD Bank. “International Student Banking Services in Canada.” TD Canada Trust. Accessed April 30, 2025. https://www.td.com/ca/en/personal-banking/solutions/student-advice/international-students-banking-services-in-canada.

[2] TD Bank. “International Student Banking Services in Canada.” TD Canada Trust. Accessed April 30, 2025. https://www.td.com/ca/en/personal-banking/solutions/student-advice/international-students-banking-services-in-canada.

[3] TD Bank. “Credit Cards.” TD Canada Trust. Accessed April 30, 2025. https://www.td.com/ca/en/personal-banking/products/credit-cards.

[4] TD Bank. “International Student Banking Package.” TD Canada Trust. Accessed April 30, 2025. https://www.td.com/ca/en/personal-banking/special-offers/international-students-banking-package.