Updated: Aug 18, 2021
One of the first things you may want to do when you arrive is to open up a local bank account so that you can start spending your parents' money.
Let's find out how it works.
Who can open a bank account?
Anyone over the age of 12 can actually open and operate their own bank account here.
How do students open a bank account?
That's super easy, come into any branch in Canada, bring your passport and letter of acceptance, and we'll set you up right away.
What are the best bank accounts for students?
We recommend accounts that have no monthly fee for students and also give you free online transfers.
How can students exchange currency?
So, you can exchange it when you first land at the airport, although we would recommend visiting us in a branch to save a little bit of money on the transfer, and there are also tons of
options available online as well.
How do students transfer money from their home country?
So once the student has come into the branch and opened their account, the adviser will actually provide them with all their account information, such as bank account number and branch as well as the swift code. All they need to do is relay that information back home to the person sending them the money, and their account is automatically ready to receive the
money as soon as it's set.
What is the best way to purchase items in Canada?
When you open an account, you get a debit card which you can use to take out cash, do purchases in-store or shop online.
So, to open up a bank account make sure you have your passport and letter of acceptance.
And remember, it's always better to be safe than sorry, so you should always consider paying with your visa or debit card. But if you are foolish like me you can always carry hard cold cash that's a bad idea.