When moving to Canada as an international student, opening a bank account is one of the first things you should do. Canadian banks offer various promotions, but each has its own benefits and drawbacks. Choosing the right bank can help you save money, avoid fees, and manage your finances more efficiently.

Here’s a detailed breakdown of the top banks for international students, including their advantages and disadvantages.

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1. TD Bank – Best for Bonus Offers & Rewards

✅ Benefits:

✔ Up to $610 in value – One of the highest welcome bonuses among Canadian banks
✔ $100 cash bonus – Earn this by setting up direct deposit, making bill payments, or sending e-transfers
✔ $50 Amazon gift card – Extra reward when signing up for multiple banking products
✔ Credit card with additional rewards – You can get $75 in Amazon rewards with a TD Rewards Visa card
✔ Good branch availability – TD has many locations across Canada, making banking convenient
✔ Strong online banking system – TD’s online and mobile banking app is easy to use

❌ Disadvantages:

✖ High banking fees – The TD Student Checking Account charges monthly fees once you are no longer a student
✖ Low interest on savings accounts – Not a great choice for saving money in the long term
✖ Strict requirements to get the $100 bonus – You must meet three conditions (direct deposit, bill payment, and e-transfer)

💡 Who should choose TD Bank?
If you want high-value rewards and don’t mind meeting the bonus requirements, TD Bank is a great option. However, avoid their savings accounts due to low interest rates.

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2. Scotiabank – Best for International Money Transfers

✅ Benefits:

✔ Up to $640 in welcome bonuses – One of the highest total benefits for students
✔ $100 cash bonus – Just for opening an account
✔ $280 savings on international money transfers – Great if you plan to send money home frequently
✔ 5,000 bonus points ($50 value) with a credit card – Useful for purchases and rewards
✔ No monthly fees for students – Free banking while you’re enrolled in school
✔ Partnership with Cineplex Scene+ Rewards – Earn points for free movies and shopping

❌ Disadvantages:

✖ Low savings interest rates – Like TD, Scotiabank does not offer high interest on savings
✖ Complicated bonus structure – To get the full $640, you must sign up for multiple products
✖ Not as many branches in some cities – Scotiabank has fewer locations compared to TD or RBC

💡 Who should choose Scotiabank?
If you send money internationally, Scotiabank is a strong choice because of its money transfer discounts. It’s also great if you like earning rewards with its Scene+ partnership.

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3. Royal Bank of Canada (RBC) – Best for Credit Options

✅ Benefits:

✔ Up to $275 in value – Includes cash rewards and banking benefits
✔ $100 cash bonus – Earned by opening an RBC student account
✔ Unlimited debit transactions & free e-transfers – Great for students who frequently move money
✔ Access to a credit line – Unlike other banks, RBC offers a credit line to students
✔ Lower interest rates on credit lines – More affordable than using a credit card for large expenses
✔ Strong customer service – RBC is known for its excellent support for new customers

❌ Disadvantages:

✖ Lower overall bonus value – RBC offers less cash and fewer rewards compared to TD or Scotiabank
✖ Not all students will qualify for a credit line – You may need to prove your financial stability
✖ Limited student promotions – RBC doesn’t offer as many extra perks as other banks

💡 Who should choose RBC?
If you want a credit line (which can be useful for emergencies or major expenses), RBC is the best option. It’s also great for students who make frequent transactions since it offers unlimited debit purchases.

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4. CIBC – Best Cash Bonus

✅ Benefits:

✔ $125 cash bonus – The highest straight cash offer among all banks
✔ Easy qualification for the bonus – Just provide an email, set up direct deposit, and complete a basic transaction
✔ $50 cashback with a CIBC credit card – Extra rewards when using their credit products
✔ No monthly fees for students – Free banking while you study
✔ Strong student banking services – CIBC has experience with international students and offers easy online access

❌ Disadvantages:

✖ No extra rewards or perks – Unlike Scotiabank or TD, CIBC doesn’t offer additional benefits like Amazon gift cards or Scene+ points
✖ Limited international benefits – Not as strong as Scotiabank for global money transfers

💡 Who should choose CIBC?
If you just want the highest cash bonus with the fewest requirements, CIBC is the best choice. It’s perfect for students who prefer simple, no-hassle banking.

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5. Bank of Montreal (BMO) – Best for Unlimited Transactions

✅ Benefits:

✔ $100 cash bonus – Standard reward for opening an account
✔ Unlimited transactions and e-transfers – Good for students who move money frequently
✔ No monthly fees – Free banking as long as you’re a student
✔ Strong mobile banking app – BMO’s app is user-friendly and easy to navigate

❌ Disadvantages:

✖ Smaller cash bonus compared to other banks – CIBC and TD offer higher direct cash rewards
✖ No unique perks – Lacks benefits like RBC’s credit line or Scotiabank’s money transfer discounts

💡 Who should choose BMO?
If you frequently send money between accounts or make many transactions, BMO is a great option because of its unlimited transfers.

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Final Comparison: Which Bank is Best for You?

Bank	Best for	Cash Bonus	Unique Benefit	Main Disadvantage
TD Bank	Rewards & Bonuses	Up to $610	Amazon gift cards & credit card perks	High banking fees after graduation
Scotiabank	International Transfers	Up to $640	Discounts on global money transfers	Complex bonus requirements
RBC	Credit Options	Up to $275	Credit lines for students	Fewer promotions than other banks
CIBC	Highest Cash Bonus	$125	Easy qualification for rewards	No extra perks
BMO	Unlimited Transactions	$100	Free unlimited e-transfers	Lower cash bonuses

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Final Recommendation

💰 Want the most cash? → CIBC ($125)
🌎 Need to send money home? → Scotiabank
🏦 Want extra rewards? → TD Bank ($610 in value)
💳 Need a credit line? → RBC
🔄 Make frequent transactions? → BMO

💡 Final Tip: Before opening an account, always ask about current promotions! Some banks may have limited-time offers that can give you extra money or rewards.

I hope this guide helps you choose the best bank for your needs as an international student in Canada! 🚀 Check out our Comprehensive Guide to Federal Corporation for more insights.