International Student Bank Account in Canada: A Complete Guide for New Students
 

Moving to Canada for your studies is exciting, but the first few weeks can feel a little overwhelming. Between finding accommodation, completing university paperwork, arranging transportation, and getting familiar with a new city, there is already plenty to think about.

One of the first practical things many international students need to arrange is a bank account in Canada.

Having a Canadian bank account can make everyday life easier. You can use it to manage rent, groceries, bills, transportation, and other expenses in Canadian dollars. It can also make it easier to manage your money while you're studying and settling into your new routine.

The good news is that eligible students and newcomers may not always have to wait until they arrive in Canada to begin the process.

Here's what international students should know about Canadian banking, Student GICs, pre-arrival banking, Unlimit Mobile's banking programs, and staying connected after arrival.

Can International Students Open a Bank Account in Canada?

Yes. International students can generally open a Canadian bank account if they meet the financial institution's identification and eligibility requirements.

Many Canadian banks have products designed specifically for students and newcomers. Depending on the account, you may be able to use it for:

The exact requirements, fees, and features vary between banks, so it's important to check the latest information before applying.

What Documents Do You Need to Open a Canadian Bank Account?

The documents required depend on the bank and the account you're applying for. International students should generally be prepared with:

Some banking programs allow eligible applicants to begin the process online before travelling, while others may require an in-person visit after arriving in Canada.

Checking the latest requirements before applying can save you from having to repeat the process later.

What Is a Student GIC?

If you're preparing to study in Canada, you've probably come across the term Student GIC.

GIC stands for Guaranteed Investment Certificate. It is a financial product that may be part of the financial arrangements required for eligible international students under certain Canadian study-permit pathways.

A GIC is not the same as an everyday chequing account.

Your regular bank account is generally used for expenses such as groceries, rent, transportation, and bills. A GIC is a separate financial product associated with specific financial and immigration requirements.

Whether you need one depends on your circumstances and the current Canadian immigration rules. Always check the latest requirements from the Government of Canada before making financial arrangements.

Can You Start Your Banking Before Arriving in Canada?

In some cases, yes.

Pre-arrival banking can be useful because eligible international students and newcomers may be able to complete part of the process while still in their home country.

Unlimit Mobile currently provides access to banking programs through partnerships and referral arrangements involving ICICI Bank Canada and BMO.

The available options include Student GIC programs as well as banking solutions for eligible newcomers who don't require a GIC.

ICICI Student GIC Through Unlimit Mobile

If you're an eligible international student who needs a Student GIC, you can explore the ICICI Student GIC program through Unlimit Mobile.

The process can be started before travelling to Canada. The program also connects eligible students with RBC Royal Bank for everyday student banking after arrival.

How Does the ICICI Student GIC Process Work?

The process generally involves:

Eligible customers who complete the required steps can currently receive CAD 120 in Unlimit Coins, subject to the applicable offer terms.

Eligibility and program conditions can change, so check the current requirements before applying.

ICICI Hello Canada: An Option If You Don't Need a GIC

Not every newcomer needs a Student GIC.

For eligible students, workers, and permanent residents, ICICI Hello Canada provides another pre-arrival banking option.

Eligible applicants can begin the process from their home country and complete the required verification after arriving in Canada.

How Can You Apply?

The general process is:

The current Unlimit Mobile offer provides CAD 60 in Unlimit Coins when the applicable eligibility and program requirements are met.

BMO Student GIC Through Unlimit Mobile

Eligible international students from India and the Philippines can also explore the BMO Student GIC program available through Unlimit Mobile.

This option allows eligible students to begin the GIC process before travelling to Canada and arrange the required funding from abroad.

What Is the Basic Process?

Generally, students need to:

The current offer includes CAD 120 in Unlimit Coins after the applicable requirements are completed and verified.

Eligible parents may also be able to contribute toward a student's GIC through the available process, subject to the program's conditions.

If you're planning to study in Quebec, make sure you check the latest eligibility requirements because conditions can differ.

BMO NewStart for Newcomers

Not everyone moving to Canada is coming as a student.

If you're arriving as a permanent resident, worker, or another eligible newcomer, BMO NewStart may be more relevant than a student banking product.

The program is designed for eligible newcomers, including people who may not yet have an established Canadian credit history.

Depending on eligibility, applicants can begin the process before arriving, receive account information, and arrange funding from abroad.

The current Unlimit Mobile offer provides CAD 100 in Unlimit Coins after the applicable requirements and verification steps are completed.

How Do Unlimit Coins Work?

One important thing to understand is that Unlimit Coins are not cash.

They are credits associated with Unlimit Mobile and can be used toward eligible Unlimit Mobile services.

For the current banking offers, eligible Coins can be used toward a portion of an eligible monthly mobile plan, subject to the applicable terms.

How Can You Earn Unlimit Coins Through Banking?

The basic process is straightforward:

It's important to follow the referral instructions carefully because tracking can be part of the reward eligibility requirements.

Your phone will quickly become one of your most useful everyday tools. You'll likely use it for university communication, maps, public transportation, accommodation, deliveries, verification messages, and staying connected with family.

Unlimit Mobile offers Canadian SIM and eSIM options with a Canadian phone number and mobile connectivity.

Its Canadian service currently uses the TELUS network and offers 5G/LTE connectivity, no credit check, no contract, and 24/7 customer support.

If your phone is unlocked and eSIM-compatible , you can activate an eSIM digitally instead of looking for a physical SIM after landing.

Having your mobile connection ready around the same time as your banking setup can make those first few days considerably easier.

Which Unlimit Mobile Banking Option Could Be Relevant to You?

Your situation should determine which program you explore.

Don't choose a banking program only because of the promotional reward. Consider eligibility, account features, fees, funding requirements, and how useful the account will be after you arrive.

What Should You Do Before Flying to Canada?

A little preparation can make your arrival much easier.

Before leaving, make sure you:

Banking products, immigration requirements, eligibility rules, and promotional offers can change. Always verify the current information before transferring funds or submitting an application.

Frequently Asked Questions

Can I open a Canadian bank account before I even land in Canada?

Yes, in some cases. Certain pre-arrival banking programs allow eligible students and newcomers to begin the process from their home country. This can save time because part of your banking setup may already be underway when you arrive.

Do I really need a Canadian bank account as an international student?

You can use international cards and accounts for some expenses, but a Canadian bank account can make everyday life much easier. Paying rent, managing bills, receiving eligible payments, and spending Canadian dollars are generally more convenient with local banking.

Can I get a Student GIC without already having a Canadian bank account?

Depending on the program and your eligibility, you may be able to arrange a Student GIC before opening your everyday Canadian account. Programs such as ICICI Student GIC and BMO Student GIC provide pre-arrival options for eligible students.

Can I earn something back while arranging my banking?

For eligible customers, yes. Unlimit Mobile currently offers Unlimit Coins on certain banking programs after the required application, funding, referral, and verification steps are completed.

Are Unlimit Coins the same as Canadian dollars?

No. Unlimit Coins are not cash. They are credits that can be used toward eligible Unlimit Mobile services, subject to the applicable program terms.

How do I claim my Unlimit Coins?

Start through the appropriate Unlimit Mobile banking offer, complete the associated banking process, meet the eligibility and funding requirements, and provide any information required for verification. Once approved, the applicable Coins are credited according to the offer terms.

What happens if I don't use the unlimit Mobile referral link?

Referral tracking may be part of the eligibility requirements for certain offers. It's therefore best to begin through the correct Unlimit Mobile page and follow the instructions provided before starting your banking application.