Canada has the “Big Five” banks. Which bank’s services are best for you?

Royal Bank of Canada (RBC)

It is Canada’s largest bank, covering the country with more than 4,200 branches. For those who have just arrived in Canada, they have different options for PR, students, and foreign workers. RBC Unlimited Student Account is more suitable for students. You can get a Gold Visa or MasterCard with no fees. However, sometimes a monthly handling fee of $10.95 may be charged.

Toronto-Dominion Bank (TD Bank)

If you are new to Canada or a new immigrant and open a checking account, the first six months are free. You can also apply for a credit card to establish your credit worthiness in Canada, which will be needed for future loan applications. They provide students with Checking Account and Credit Card without any fees.

Note: TD cannot open an account remotely, but you can make an appointment online before opening an account. The information on the website is very clear, telling you what documents you need to bring based on your choice

Scotiabank

The third largest bank in Canada, with more than 4,000 branches. While there are no special packages for new immigrants, there are many different account types. The most basic monthly handling fee is only $10.95. If the account balance has always been more than $3,000, this fee can be refunded to you. Student accounts are free, and you can transfer unlimited amounts of money for free every month

Bank of Montreal

The earliest bank in Canada, providing accounts for new immigrant workers or international students. Includes a free Checking Account for the first 12 months and a free MasterCard credit card

Canadian Imperial Bank of Commerce (CIBC)

CIBC’s No. 1 Intelli Account The year is free and you can transfer money without limits. If you are a PR, you can get a $55 discount when using a bank safe. There are no additional fees for using your bank card during your student account.

Credit Card

For international students who have just arrived in Canada, it is not easy to apply for a credit card because they have no credit accumulation. However, you can apply for an RBC credit card, which is relatively easy. When applying for a credit card, you can consider interest, discounts or cash rebates, whether there is an annual fee, and what the consequences will be if you do not repay on time.

Application requirements: 1. Passport, social insurance card/Canadian driver’s license 2. Proof of school attendance, home address, phone number. Particularly important tips: avoid excessive use of credit cards, and avoid using East Card to pay bills. Sika, if one day you cannot repay on time, it will have a great impact on your personal credit!

ATM fees: When using an ATM that is not owned by the bank card (such as a restaurant or bar's own ATM) for deposits and withdrawals, both the bank where the bank card is located and the ATM machine will deduct a certain fee