Welcome to Canada, your new home during your studies as an international student! Soon, you’ll need to decide whether to open a Canadian bank account and apply for a credit card. The good news is that it’s likely easier than you think, with many helpful resources available. Whether your goal is to build your credit history, manage your finances, or make purchases during your studies, having a Canadian bank account and credit card offers many benefits for students like you. This guide provides useful information to help you navigate the process, answer your questions, and confidently choose the right Canadian bank account and credit card.
Understanding Canadian Bank Accounts
There are two main types of personal deposit accounts that international students can open in Canada: chequing and savings accounts.
- Chequing Accounts: For everyday transactions such as bill payments, cash withdrawals, and purchases, a chequing account is essential. Many Canadian financial institutions offer student chequing accounts with no monthly fees, making them an affordable choice. With a Canadian chequing account, you can easily withdraw money, send transfers, and shop online.
- Savings Accounts: If you’re looking to save money for the future, a savings account is a good option. You can deposit extra funds into a savings account to earn interest on your balance, allowing your money to grow over time. You can also transfer funds to your chequing account whenever needed.
When choosing a bank and the right accounts, it’s important to compare the pros and cons. Ask about fees, features, and benefits that suit your needs as a foreign student. Look for banks with low or no fees for students, and features like easy online banking and mobile apps to make managing your money easier.
Canadian Credit Cards for Students
Getting a credit card while you are a student in Canada can help you build your credit history and make purchases easily. Establishing a good credit history early on will make it easier to borrow money in the future. Many credit cards offer rewards such as travel points or cash back, often with no annual fee. When choosing a credit card, consider your spending habits and select one that meets your needs.
**Important Tip**: Use credit cards responsibly by paying off your balance in full and on time each month to avoid late payment fees and interest charges, and to build a good credit history.
Special Banking Packages for International Students
Some banks in Canada offer special packages for students to simplify financial management. For example, TD offers an 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 unlimited international money transfers, with transfer fees rebated for up to 12 months when using TD Global Transfer™ with your TD Student Chequing Account.
Picking the Right Bank Account and Credit Card
Choosing the right bank account and credit card is crucial for international students in Canada. Find one that best suits your needs and lifestyle, and ensure you understand all the details before signing up. With the right financial tools, managing your money can be easy, allowing you to focus on enjoying your study experience in Canada to the fullest.
Why Choose TD?
TD has a proud history of delivering financial solutions to Canadians for more than 150 years, including extensive 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 service available in more than 80 languages, TD is one of Canada’s largest and most trusted banks, serving 16 million Canadians. TD offers online support and resources 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 manage your everyday banking needs quickly and easily.
