Best Bank Accounts for International Students Without Local Credit History in Canada

Finding the best bank accounts for international students without local credit history in Canada is usually easier than applying for a Canadian credit card or loan.

A regular chequing account primarily lets you spend money that you have already deposited. As a result, international students generally do not need an established Canadian credit score to open a basic deposit account.

The strongest student accounts also provide no monthly fees, unlimited transactions, Interac e-Transfers, debit cards, and access to Canadian branches and ATMs.

Best Bank Accounts for International Students Without Local Credit History in Canada

Our leading options are:

1. TD Student Chequing Account: Best overall no-fee account.
2. RBC Advantage Banking for Students: Best for international transfers and ATM access.
3. Scotiabank Preferred Package for Students and Youth: Best for unlimited transactions.
4. CIBC Smart for Students: Best for pre-arrival banking.
5. BMO Student Performance Plan: Best for continuing benefits after graduation.

Do You Need Canadian Credit History to Open a Bank Account?

In most cases, no.

The Financial Consumer Agency of Canada states that eligible consumers may open bank accounts even when they:

• Do not have a job.
• Have no money to deposit immediately.
• Have previously been bankrupt.
• Are not Canadian citizens.

The bank must still verify the applicant’s identity and can refuse an account in limited circumstances involving fraud, false information, or an inability to verify the submitted documents.

Canadian regulators have also clarified that a poor credit history is not, by itself, an acceptable reason to refuse access to a qualifying retail deposit account. A credit bureau check and Social Insurance Number are not mandatory merely to open a deposit account.

However, credit history may be considered when you request:

• Overdraft protection.
• A credit card.
• A student line of credit.
• A personal loan.
• Another form of borrowing.

International students can simplify the process by opening a debit-only chequing account without requesting an overdraft.

1. TD Student Chequing Account

Best overall account without Canadian credit history

The TD Student Chequing Account provides the essential services most international students need without requiring a minimum monthly balance.

Its main features include:

• No monthly account fee.
• Unlimited monthly transactions.
• Free online statements.
• No minimum balance requirement.
• TD Access Card.
• Online and mobile banking.
• Interac e-Transfer access.

TD promotes this account directly to international students studying in Canada.

Students can generally maintain the no-monthly-fee benefit until age 23 or beyond that age by providing proof of full-time enrolment at an eligible Canadian university or college.

Important consideration

Overdraft protection is an optional credit product and remains subject to separate approval. Students without Canadian credit history do not need to add it when opening the account.

Best for

Students who want unlimited everyday banking with no monthly fee or minimum-balance condition.

2. RBC Advantage Banking for Students

Best for ATM access and international payments

RBC Advantage Banking for Students is available with a $0 monthly fee for eligible full-time students.

The account currently provides:

• Free Interac e-Transfer transactions.
• No RBC fee for using another Canadian bank’s ATM.
• Virtual Visa Debit for online purchases.
• Mobile and online banking.
• International transfers to many countries without an RBC transfer fee.
• Access to RBC’s branch and ATM network.

RBC presents this as its featured account for international students.

RBC also offers eligible international students access to selected credit cards with a limit of up to CAD2,000 without requiring established Canadian credit history. Credit approval and other eligibility conditions still apply.

Best for

Students who receive money from overseas, travel within Canada, or want access to both student banking and an entry-level credit-building option.

3. Scotiabank Preferred Package for Students and Youth

Best for unlimited debit and Interac transactions

Scotiabank’s Preferred Package for Students and Youth has no monthly account fee when the customer:

• Is younger than 25, or
• Is enrolled full-time at an eligible post-secondary institution in Canada or the United States.

The account includes:

• Unlimited debit transactions.
• Unlimited Interac e-Transfer transactions.
• Online and mobile banking.
• ScotiaCard debit access.
• Scene+ rewards on qualifying purchases.
• One included non-Scotiabank Canadian ATM withdrawal each month under current terms.

Students aged 25 or older must normally provide valid proof of full-time enrolment.

Scotiabank’s StartRight program may also help qualifying newcomers and international students apply for selected credit cards without established Canadian credit history. The chequing account itself does not require students to borrow money.

Best for

Students who make frequent debit-card purchases, transfers, and bill payments.

4. CIBC Smart for Students

Best for arranging banking before arrival

CIBC provides dedicated banking options for international students, including the ability for eligible applicants to open and fund a Canadian account before arriving through CIBC Smart Arrival.

The CIBC Smart for Students account provides:

• No monthly account fee.
• Unlimited everyday banking transactions.
• Interac e-Transfers.
• CIBC Debit Card with Visa Debit.
• Mobile and online banking.
• Student benefits until six months after graduation for qualifying customers.

Full-time students expected to graduate at age 25 or older may qualify for CIBC Smart for Students. Younger customers may instead receive similar no-fee everyday banking through CIBC Smart Start.

CIBC also confirms that international students can access an account with no monthly fee and unlimited transactions, including options to begin the process before arrival.

Best for

Students who want to begin arranging their Canadian banking before travelling.

5. BMO Student Performance Plan

Best for benefits during study and after graduation

Eligible full-time students can receive the BMO Performance Chequing Account without paying its normal monthly plan fee.

The student package can include:

• No monthly plan fee.
• Unlimited everyday transactions.
• Unlimited Interac e-Transfers.
• BMO Debit Card.
• Mobile and online banking.
• Access to BMO branches and ATMs.
• Student benefits for up to one year after graduation under the current program.

Students at eligible full-time universities, colleges, and registered private vocational schools can qualify for the Performance Plan fee waiver.

BMO may require updated proof of enrolment to continue applying the student discount.

Best for

Students who want unlimited banking and an extended transition period after completing their studies.

Documents International Students May Need

Prepare the following before applying:

• Valid foreign passport.
• Canadian study permit.
• University or college acceptance letter.
• Current proof of enrolment.
• Canadian residential address, when requested.
• Canadian telephone number and email address.
• Secondary identification document.
• Tax-residency information.
• Social Insurance Number when available or needed for tax reporting.

The Government of Canada states that original identification documents must generally be presented rather than photocopies. A foreign passport may form part of the accepted identification combination.

How to Choose the Right Account

Compare these factors:

Student eligibility

Check whether the bank requires:

• Full-time enrolment.
• Annual proof of student status.
• A maximum age.
• Study at an eligible Canadian institution.

Transactions

Look for unlimited:

• Debit-card purchases.
• Bill payments.
• Bank transfers.
• Interac e-Transfers.
• ATM withdrawals at the bank’s own machines.

Fees after graduation

A student account may convert automatically to a regular chequing account. Review the future monthly fee and minimum-balance requirement before applying.

Credit-building options

A student credit card can help you begin creating Canadian credit history, but it is separate from your bank account. Pay the complete statement balance by the due date to avoid interest and missed-payment damage.

Which Account Is Best?

• Choose TD for straightforward unlimited banking with no minimum balance.
• Choose RBC for international transfers and flexible Canadian ATM access.
• Choose Scotiabank for unlimited debit and Interac transactions.
• Choose CIBC when you want to start the account-opening process before arrival.
• Choose BMO for student banking that may continue for up to one year after graduation.

For most international students without Canadian credit history, TD Student Chequing provides the simplest overall package. RBC may be stronger for students who also want an accessible way to begin building Canadian credit.

Official Sources

• Government of Canada — Opening a Bank Account
• TD — Banking for International Students
• RBC — Banking for International Students
• Scotiabank — Student Bank Account
• CIBC — Banking for International Students
• BMO — Student Banking