The best bank for Indian students in Canada is sometimes difficult to find because Canadian banks know that India has the highest number of international students in Canada according to statistics.
With this, Canadian banks design programs targeting these international students because it’s a highly competitive market. However, the question is: are all of these banks offering special products that would cater to the average Indian student’s needs?
When searching for the best bank for Indian students in Canada, one of the primary things you need to look at are:
- Banks that are Indian friendly
- special offers
- options that work with your student’s lifestyle
- Credit card rewards programs
- Money transfer options
- Indian students direct Stream
In this article, we have listed several bank accounts that Indian students who are already studying in Canada use.
Best bank for Indian students in Canada
Below is the best bank for Indian students in Canada:
1. CIBC Bank
CIBC stands as one of the most established banks in Canada that has a special program for international students which makes it the best bank for Indian students in Canada.
There are two types of programs CIBC has for students;
- CIBC Smart for Students 25 and older
- CIBC Smart Start for students under 25
With the CIBC student program, you can create a bank account from India even before you arrive in Canada and seamlessly deposit up to $20,000. Also, you can easily create a no-fee GIC account faster and easier.
It is worth noting that the international student banking package is a CIBC Smart Account and a chequing account with no monthly fees and limitless transactions.
You can also apply for a CIBC student credit card that has student deals and discounts with SPC+ and CIBC. This is what makes CIBC a standout choice as the best bank for Indian students in Canada.
PROS:
- Get a $125 welcome bonus
- No monthly fee as long as you study full-time
- Free and unlimited Interac e-Transfer transactions
- Free and unlimited debit and credit card transactions in Canada
- One free withdrawal per month for non-CIBC ATMs in Canada
- Free SPC+ membership to student shopping deals and discounts
- With an Investor’s Edge Account, you get student pricing at $5.95 per online stock or ETF trade
CONS:
- The $125 welcome bonus is conditional
- Monthly fee of $16.95 after graduation
2. BMO Bank
The Bank of Montreal (BMO) is another Canadian bank that has a special program for international students which Indian students also consider to be the best bank for Indian students in Canada.
Just like CIBC, BMO NewStart for international students features a GIC program for international students. The bank offers a lot of mouth-watering features including no-fee chequing accounts, savings accounts, student credit cards, and a worldwide money transfer service.
PROS:
- Get a $100 welcome bonus and six months of Domino’s pizza
- No monthly fee as a student and for the first year after you graduate.
- Free and unlimited Interac e-Transfer transactions
- Free and unlimited debit and credit card transactions in Canada
CONS:
- A monthly fee of $16.95 after the first year of graduation
- The $100 welcome bonus and six months of pizza is conditional
3. RBC Bank
Royal Bank of Canada is another bank that has a special program for international students in Canada known as the RBC Advantage Banking for students.
Just like other Canadian banks with student programs, RBC Advantage Banking for students features a GIC program for international students. This is why RBC is the best bank for Indian students in Canada.
PROS:
- No monthly fees for one year
- A monthly fee of just $11.95 after one year
- You can send money back home with no fees
- No fee for a Small Safety Deposit Box for two years
- No fee when you use another bank’s ATM in Canada
- Specialized advice for newcomers from RBC Advisors
CONS:
- No cash welcome bonus
- Limits on the amount of money you can send home per month
4. TD Bank
The fourth bank has a program for international students which is also another best bank for Indian students in Canada.
With the TD International Student Banking Package, you may earn up to $635 in value when you open a new TD Student Chequing Account, get approved for a TD Rewards Visa Card, and open a Savings Account.
With either a TD Everyday Savings Account or a TD ePremium Savings Account, you get no monthly fee and every dollar earns interest. Unlimited no-fee online transfers to your other TD deposit accounts. The ePremium Savings Account also gets you a high-interest rate on balances of $10,000 or more.
With TD Rewards Visa credit cards you can earn a $50 Amazon.ca Gift Card when you bundle all three products stated above together plus no Annual Fee. You also get a free six-month Uber One membership that is valued at $60
PROS:
- You could earn a $635 welcome cash bonus
- No monthly fees for chequing, savings, and credit accounts for students
- No transfer fee to transfer or request money with Interac e-Transfer
- Earn 19,697 TD Rewards Points ($65 value to use at Amazon.ca)
CONS:
- monthly fee of $16.95 after graduation
- All welcome bonuses and offers are conditional
5. Scotiabank
Scotiabank’s offering for Indian students is within its StartRight Program for international students. This package includes a complimentary chequing account, no-fee international money transfers, and a credit card.
Along with welcoming cash bonuses and offers, account holders enjoy complimentary access to the Scotiabank Student GIC Program and welcome offers. With its Scene+ Student banking bundle, you can also earn up to $640 in welcome bonuses and savings.
Even before arriving in Canada, Indian students can create a Scotiabank international account, at home which is why it is regarded as the best bank for Indian students in Canada.
PROS:
- You may get a $100 welcome bonus
- No monthly fees as long as you are a student
- Unlimited Interac e-Transfer† transactions
- Scene+TM Program with a $640 welcome bonus
- Eligible for overdraft protection
CONS:
- Monthly fee of $16.95 after graduation
- All the welcome bonuses and offers are conditional
6. HSBC Bank
HSBC is another Canadian bank that has a special program for international students and stands out as the best bank for Indian students in Canada.
It also offers an international student GIC program that Indian students seeking study permits within the SDS program are eligible for.
Before arrival in Canada, Indian students have the option to open a HSBC student chequing account, that has no monthly charges, accompanied by e-transfers, and additional benefits.
PROS:
- Unlimited account transactions per month
- Unlimited Interac e-Transfer transactions
- No monthly fee for five years after the account opening
- An additional two years no fee with proof of post-secondary enrollment.
CONS:
- No welcome bonus
- $14.95 monthly fee after five years
7. ICICI Bank
Finally, ICICI Bank Canada, which is a branch of ICICI Bank Limited, one of India’s largest private-sector banks, started operation in Canada in 2003.
The bank also offers a student GIC program for Indian students adhering to the SDS program in collaboration with the Royal Bank of Canada (RBC bank)
Positioned as the best bank for Indian students in Canada, ICICI Bank Canada provides a lot of offers that cater to the specific needs and circumstances of Indian students and other newcomers.
PROS:
- It is an Indian-owned bank
CONS:
- It’s pretty new in Canada
How to set up a bank account as an Indian student in Canada
While most student bank accounts can be created even when you are in your home country India, you need to book an appointment when you arrive in Canada to finally activate your account. The documents below will be asked to create or activate your existing account successfully:
- Your study permit (IMM 1442)
- Your passport or a Canadian driver’s license.
- Your student ID card, acceptance letter, a copy of your tuition invoice, and similar documents.
- Canadian residential address, and phone number
To be sure of the particular document your chosen bank is interested in, visit their website and communicate with their customer support to arrange an appointment.
Types of bank accounts for students
As an Indian student coming to Canada, you should be familiar with the type of bank accounts below and what they mean.
1. Chequing accounts
Chequing accounts are the most commonly used bank accounts for day-to-day transactions in Canada, and this includes withdrawing funds at a branch, online, or through ATMs.
Most of the student bank accounts listed above come with unlimited transactions and no monthly fee for their chequing accounts. To qualify for a student chequing account, you must be enrolled full-time in any college or university in Canada.
2. Savings accounts
As the name implies, savings accounts are used for storing money that you are not using for your day-to-day spending. People use these accounts to avoid spending funds set aside for future use.
However, you may have a limit to the number of transactions you can initiate with a savings account, and in most cases, it comes with a minimum monthly balance to waive monthly charges.
While savings accounts can be valuable for saving money, it is not advisable to use them to save for a fund that could be used for a longer period or investment savings because a savings account gives a very small percentage of interest.
3. High-interest savings account
If you are looking to save money for a longer period with the hope of earning interest, High-interest savings accounts (HISAs) are for you.
Usually, online-only banks, are attractive savings solutions for this kind of savings because they pay a good interest rate for no monthly fee. linking your HISA to your chequing account can help you to easily move money between the two accounts and easily maximize your savings.
Student bank account vs. standard bank account
Student bank accounts and standard bank accounts operate similarly but the difference is the bonuses and offers that help students save more and spend less.
Student bank accounts usually come with unlimited transactions for no monthly fee although your study years, while standard bank accounts could be for only a year or two.
Conclusion
The above article is the best bank for Indian students in Canada and we hope it helps you choose the Canadian bank that is good for your needs.
While choosing a bank account, look out for the chequing accounts and the bonuses they offer, savings accounts, and credit accounts. These three bank accounts are what you will need to manage your finances in Canada.
