During your first month in Canada, we encourage you to open a Canadian bank account for easy access to your money. These are the major banks in Canada:
Transferring Funds to Canada
- You can wire funds from your local bank to a Canadian bank before or after you arrive. Or you can obtain a bank draft for the amount you want to transfer and bring it with you to Canada. Please note that a transfer can take 10-20 days to process.
- If you prefer not to transfer funds, you can use an electronic bank-card from your home bank to withdraw money at Canadian bank machines (ATM). But be careful, this might make more sense as a short term option, since extra service fees can get costly.
Opening a Canadian bank account before you arrive
- Fax the Canadian bank a copy of your passport and the estimated date of your arrival, along with a signed letter with your request for a student bank account. After the bank sends you your account number and terms, you can arrange for a wire transfer to your new Canadian account.
- Upon your arrival in Canada, bring your passport into a bank branch to get your electronic bank card and give the bank your signature to remove any restrictions on your account. Don’t forget to ask about free unlimited transaction accounts for students.