Starting your studies in Canada is a big deal—congrats! While you’re busy getting used to classes, a new city, and making friends, there’s one important thing to sort out early: your finances.

If you’re wondering whether you need a local bank account or if you can apply for a credit card as a student, you’re not alone. A lot of international students have the same questions—and luckily, it’s not as complicated as it sounds.

Why Open a Canadian Bank Account?

Using your home country account in Canada might work for a bit, but it can be expensive and inconvenient. Having a local bank account makes everyday life easier.

Here’s why it helps:

• Pay rent, tuition, or bills directly

• Avoid currency conversion fees

• Easily withdraw or deposit money

• Send or receive transfers quickly

Most banks offer student accounts with no monthly fees and unlimited transactions. That means you can spend and save without worrying about surprise charges.

Two Main Account Types for Students

Chequing Account

This is your go-to account for daily expenses. You’ll use it for things like:

• Paying for groceries

• Sending e-transfers

• Buying coffee or school supplies

Look for an account with unlimited transactions and no minimum balance.

Savings Account

If you’ve got extra money you don’t need right away, this is where to keep it. Savings accounts earn a small amount of interest, so your money grows a little while it sits.

You can transfer between your chequing and savings accounts anytime.

Getting a Credit Card as a Student

Yes, international students in Canada can get a credit card—and it’s a good idea to build your credit history early.

Credit history matters for:

• Renting an apartment

• Getting a car loan

• Future job applications in some industries

There are student-friendly credit cards that offer:

• No annual fees

• Cashback or points

• Easy approval (even if you have no credit yet)

Just be sure to pay your balance in full each month to avoid interest. That way, you’ll build a strong credit score while keeping costs down.

Student Banking Packages That Make Life Easier

Some Canadian banks—like TD Bank—have special packages made just for international students.

One example is the TD International Student Banking Package, which includes:

• A chequing account with no monthly fees and unlimited usage

• A savings account with bonus interest

• Access to a credit card (approval needed)

• 24/7 online banking tools and mobile access

It’s a convenient way to manage your money without stress while you settle into your new life.

Why Many Students Choose TD

• Over 150 years of experience helping Canadians

• Services available in 80+ languages

• Open longer hours and has thousands of ATMs

• Easy access to in-person support and online resources

• Trusted by millions of newcomers and students across Canada

Whether you’re opening your first account or applying for a credit card, TD staff can walk you through everything—no rush, no pressure.

What You’ll Need to Open an Account

Before heading to the bank, make sure to bring:

• Your passport

• Study permit

• Proof of your Canadian address (a lease, utility bill, or letter from your school)

• School ID or admission letter

You can visit a branch or book an appointment online. It usually takes less than 30 minutes to get everything set up.

Final Tips

Managing your money might not be the most exciting part of moving to Canada—but it’s definitely one of the most important. With the right bank account and a bit of planning, you’ll be set up to focus on what really matters: your studies and your experience here.

Take your time, compare your options, and don’t be afraid to ask questions at the bank. You’re not expected to know everything—everyone starts somewhere.