When moving to a new country with so many things going on and so many things to organize you want to get your finances straight as soon as possible. As an international student, if you’re still learning English or French, being able to access services in your native language can be a big help. Additionally, the ability to easily send money back home or process transactions in your home currency is another big concern for a lot of international students. After asking several students and doing extensive research we would recommend you look at CIBC and Scotiabank. Here is the review of CIBC.
Canadian Imperial Bank of Commerce (CIBC)
The basic advantage of CIBC student bank accounts is that they are free. The account has no monthly fee and doesn’t have any charges on e-Transfers and you also get unlimited free transactions. Their student no-annual-fee credit card is another huge benefit to helps start your credit rating. Remember it is important to open a credit line early in life for a good credit score. The majority of banks require international students to make a large cash deposit, But at CIBC, you can apply for a credit card without a security deposit, income, or credit history. You even earn travel or cashback rewards. They also provide a wide range of services for international students:
- CIBC has a great student GIC program that provides students a $10,000 Guaranteed Investment Certificate (GIC) to apply for their student visa. This aids students with meeting the Immigration, Refugee, and Citizenship Canada Student Direct Stream (SDS) study permit guidelines.
- CIBC has an International Student Pay Programme which allows you to pay their tuition fees from anywhere in the world in a chosen currency.
- CIBC offers a great referral program for international students called Refer-a-Friend program where you both receive 25 under the CIBC International Student Banking Offer.
- CIBC Global Money Transfer service allows you to send money to your country of choice quickly and easily, with no fees. Simply choose your preferred currency and a rate and your recipient will receive your money in as little as a day
Remember to give our banking checklist a look and compare that to all the bank accounts listed above and make the best choices for you. You can find it here https://skintsurvivalguide.com/university-checklist-what-you-need-to-consider-when-choosing-a-bank-account-any-where/