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    Best Bank in Canada for Int’l Students and Immigrants

    If you are a new international student or immigrant in Canada, you need to open an account with the best bank in Canada in order to gain the most benefits.

    When you open an account with a Canadian bank, you will be opportune to carry out domestic and international transactions.

    Examples of these transactions include online fund transfer, access to loans,s, and overdraft, among others.

    Moreover, your savings and deposits are safe and covered by an insurance policy in the bank. These are a few of the reasons to open an account with the best Canadian bank.

    Due to the large numbers of Canadian banks. it is quite difficult and time-consuming for new students and immigrants to find the best one.

    If you are yet to get so involved with the community, this article can guide you in searching for the best bank to open an account in Canada for students and immigrants as it demands urgency.

    In addition, the Canadian banking system will usually not be the same as your country of origin. Reading this article can give you insights into the financial services offered by the banks in Canada.

    Top 5 banks in Canada for international students and immigrants

    The following are our list of the five “5” best bank in Canada for new immigrants and international students.

    1. Royal Bank of Canada (RBC)
    2. Scotiabank
    3. National Bank of Canada
    4. Bank of Montreal (BMO)
    5. Canadian Imperial Bank of Commerce (CIBC)

    Royal Bank of Canada (RBC)

    As one of the best Canadian banks, RBC has branches in almost all cities in the thirteen (13) Canadian provinces and territories.

    Moreover, RBC is one of the most preferred banks for international students and immigrants in Canada.

    A reason why RBC is the best choice of bank is due to the availability of several financial services such as credit cards, car loans, and mortgages without a credit history.

    Therefore, you can apply for a car loan and access other credit services even when you have a poor credit score.

    Benefits of opening an RBC bank account

    The following are the advantages of opening an account with RBC.

    • RBC Newcomer Advantage offers CAD $100 opening bonus
    • Two (2) international transfers monthly at no cost for a period of one year
    • Access to a free security deposit box for 2 years
    • RBC serves customers using almost all languages ​​of the world
    • Up to 6000 RBC Rewards points with an RBC Rewards Visa credit card

    When you open an RBC No Limit Banking account, you will enjoy free fee banking for one year. You will also have limitless Interac e-Transfer transactions, as well as debit transactions in Canada.

    More so, you will get a credit card even without a credit history. The credit card comes with zero yearly fee and 2500 bonus points.

    In addition, you can get extra 3500 bonus points for performing online transactions within 60 days of getting the card.

    Scotiabank

    If you intend to open a Canadian bank account while in a foreign country, Scotiabank can help you fulfill your desire.

    Additionally, you can sign up for a Scotiabank account online. You can also start transferring funds to the account, which enables you to have savings in Canada upon your arrival.

    Furthermore, Scotiabank’s StartRight program is helpful to immigrants and students who just arrived in Canada. The program has numerous advantages, which include the availability of credit services, free international fund transfers, counseling, and so on.

    Benefits of signing up for a bank account with Scotiabank

    Below are the enjoyable benefits of opening a Scotiabank account.

    • Scotiabank chequing account is specifically for new immigrants and international students.

    Besides, the chequing account offers limitless Interac transactions and transfers, zero fees per month for 12 months, and a free small safety deposit box for 12 months.

    • Scotia iTRADE account makes provision of ten (10) free transactions yearly
    • Access to a specialized mortgage loan
    • Free international fund transfers without limits
    • Access to a car loan with 10% deposit

    National Bank of Canada

    Ranked as the 6th largest Canadian commercial bank, the National Bank of Canada has millions of customers in various provinces and territories.

    Moreover, students and immigrants get a wide range of benefits for opening an account with the National Bank of Canada.

    These benefits include;

    • As a new international student or immigrant in Canada, you need to open an account with the National Bank of Canada to get a 3-year offer for a chequing account, free checkbook, limitless online banking transactions, telephone support, loans, credit cards, among others.
    • No fee banking Canada for one year
    • Access to a small safety deposit box for storing valuable documents on rental
    • In addition, you will get no account fee for the 2nd and 3rd years if you apply for a credit card and subscribe to their online bank statements.
    • You also need to sign up for an online payroll deposit or make two (2) online bill payments monthly.
    • If you cannot fulfill the above conditions, you will not get a zero account fee for the 2nd and 3rd Instead, you will need to pay a lower account fee throughout the period.

    Bank of Montreal (BMO)

    If you are on the lookout for the best bank in Canada for personal banking, you can opt for the Bank of Montreal (BMO).

    Certainly, BMO avails a large selection of personal banking services. Examples of these banking services are home loans, credit cards, etc.

    Advantages of opening Bank of Montreal (BMO) account

    Here are the advantages of opening a bank account with BMO.

    • Through the BMO NewStart program, you will be able to sign up for a chequing account with no charge monthly for 12 months.

    More so, you will be able to perform Interac e-transfers and electronic transactions without restrictions. BMO NewStart program also avails a free safety deposit box to bank customers for 12 months.

    • BMO No Annual Fee Cash Back Mastercard provides about 5% cashback for 3 months. It also offers a 1.99% interest rate on balance transfers for 9 months.

    Another advantage of the MasterCard is that it allows you to gain a 0.25% interest subsidy on eligible 1-year Guaranteed Investment Certificates (GICs) as regards your savings.

    • Access to home loan without having a credit history in Canada
    • Via BMO Online Banking and Western Union Money Transfer, you will be able to transfer funds internationally to many countries.

    Canadian Imperial Bank of Commerce (CIBC)

    Headquartered in Toronto, Ontario, CIBC has its main operations in the flourishing and industrialized province in central Canada.

    Besides, you will enjoy cheaper and unrestricted banking when you open an account with the Canadian Imperial Bank of Commerce (CIBC).

    There are also some other advantages derivable for opening a bank account with CIBC.

    Advantages of Canadian Imperial Bank of Commerce (CIBC) accounts

    Below are the advantages you will get for opening a bank account with CIBC.

    • Limitless transactions
    • Access to a CIBC Credit Card, which helps in generating a credit history, as well as to have an excellent credit score
    • Taxless savings account
    • Free banking every month for 12 months
    • About CAS $60 cashback on a safety deposit box
    • Access to a home loan with a lower deposit and no credit history requirement
    • Buy a car via CIBC Auto Finance car loan

    Features of best banks in Canada

    The best Canadian bank for investing, personal banking, and loans are determined by their available financial services.

    The following are financial services you can get for banking with the best Canadian bank.

    • Savings account with unlimited transactions, no fee banking Canada, etc
    • Checking accounts
    • Insurance
    • Home loans/mortgages
    • Car loan
    • International fund transfers at no charge
    • Counseling regarding funds and investment
    • Safety deposit box, and so on

    Best banks to work for in Canada 2021

    If you are an immigrant intending to work in a Canadian bank, the following are examples of the best banks for employment in Canada.

    • RBC
    • Bank of Montreal
    • Scotiabank
    • Canadian Imperial Bank of Commerce (CIBC)

    Frequently Asked Questions

    Q. What is the number 1 bank in Canada?

    Ans – RBC

    Q. Can I open a bank account in Canada from my country?

    Ans – Yes, but not all banks allow the opening of accounts outside Canada. Thus, you need to log on to the bank’s official website to check their account opening procedures, as well as to contact them for assistance on the process.

    Q. Do I need an ID to open a bank account in Canada?

    Ans – Yes, you need to provide a means of identification before you can open a bank account in Canada.

    Q. Which Canadian bank is the best for mortgages?

    Ans – BMO

    Q. What is the easiest bank to get a mortgage in Canada?

    Ans – RBC

    Q. What is the best Canadian bank for international transfers?

    Ans – Scotiabank

    Q. Which Canadian bank is best for investing?

    Ans – RBC

    Q. What is the best Canadian bank for student loans?

    Ans – RBC

    Q. What is the best bank for small business Canada?

    Ans – Trust-Dominion Bank (TD Canada Trust)

    Q. What is the best bank account for seniors in Canada 2021?

    Ans – CIBC Smart for Seniors Account (provided by the Canadian Imperial Bank of Commerce)

    Q. What is the best bank in Canada for students in 2021?

    Ans – Bank of Montreal (BMO)

    Q. What are the best bank stocks in Canada 2021?

    Ans – Trust-Dominion Bank (TD)

    Q. What is the best bank account in Canada?

    Ans – EQ Bank Savings Plus Account

    Q. What are the best online banks in Canada?

    Ans – Equitable (EQ) Bank, Koho, Simplii, Tangerine, etc

    Q. What is the best student bank account in Canada?

    Ans – Scotiabank Student Account

    Q. Can I find Indian banks in Canada?

    Ans – Yes, they include SBI Canada Bank

    Q. Are there Halal banks in Canada?

    Ans – Yes, they include Habib Canadian Bank, Ijara Canada, etc

    Q. Is the Hong Kong Bank of Canada in Canada?

    Ans – Yes. HSBC also operates in Canada

    Q. What are the big five banks in Canada?

    Ans –

    • RBC
    • Bank of Montreal (BMO)
    • Scotiabank
    • National Bank of Canada
    • Canadian Imperial Bank of Commerce (CIBC)

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