Banking Basics for International Students in Canada

One of the first practical decisions many international students face is how to manage their money in Canada.

Should you open a Canadian bank account? Do you need a credit card? What documents might be required?

The answers may depend on your personal circumstances, but understanding the basics could help you feel more prepared. This guide outlines some common banking options and considerations for international students studying in Canada.

Choosing the Right Bank Account

One of the first banking decisions you may make in Canada is choosing an account for your everyday needs. Most students use two types of accounts: a chequing account and a savings account.

Chequing accounts are designed for day-to-day banking. You can use a chequing account to pay bills, make purchases, withdraw cash, receive money, and manage routine expenses. Some financial institutions offer student accounts with features that may help reduce banking costs while you study.

Savings accounts are designed for money you do not plan to spend right away. If you have extra funds, you may choose to keep them in a savings account, where they could earn interest over time. Money can usually be transferred between your savings and chequing accounts when needed.

When comparing accounts, consider factors such as fees, transaction limits, online banking tools, and mobile app features. Taking time to compare your options can help you find an account that fits your needs during your studies in Canada.

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How Credit Cards May Help

A credit card may be more than a payment tool. It could also help you begin building a Canadian credit history while you study.

Many credit cards allow you to make purchases now and pay for them later. Some student credit cards may offer features such as travel rewards points, cash back, or no annual fee. When comparing options, consider how you expect to use the card and which features may be most useful to you.

Using a credit card responsibly may help you build a positive credit history over time. Consider making payments on time and paying as much of the balance as you can each month. This can help reduce interest costs and support your future financial goals in Canada.

Banking Services Designed for Student Life

When comparing banking options, it may be helpful to look beyond a single account or credit card. Some financial institutions offer packages that combine several products and services designed for international students.

For example, the TD International Student Banking Package includes a student chequing account, a savings account, overdraft protection, and access to a credit card, subject to approval. Bringing these services together can make it easier to manage everyday banking from one place.

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Depending on the package, students may also have access to additional features. These could include savings incentives or support for sending money internationally. TD Global Transfer, for example, may allow eligible students to send money abroad with fees rebated for a limited period.

As you compare options, consider which combination of accounts, services, and features may best support your needs while studying in Canada.

Every student's financial situation is different. The accounts, credit cards, and banking services that work well for one person may not be the best fit for another.

By understanding your options and choosing products that match your needs, you may feel more confident managing your money while studying in Canada. A little planning today could help make day-to-day banking simpler throughout your time as a student.

Why Choose TD?

More than 160 years of helping Canadians:

TD has a proud history of delivering financial solutions to Canadians for more than 160 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?

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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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