BANKING
International students can apply for a bank account with many Canadian financial institutions online. Most banks require members to activate their accounts at a branch in person, while others allow students to complete the entire process remotely.
Open a Bank Account
To open bank accounts, you will likely be asked for specific information. To speed up the process, have the following documents prepared:
- Student ID
- Passport
- Study Permit
- Proof of enrollment at SFU
- Canadian address
- SIN (some banks)
The list below includes financial institutions that you will be able to open accounts remotely.*
- Apply online, and open an account over the phone, by video conference, or at a branch
- FAQ
Scotiabank International Account
- a non-transactional bank account that allows individuals to transfer funds before they arrive in Canada
- helps individuals demonstrate proof of funds
- makes it quicker to set up a checking account upon arrival in Canada
View Banks and Credit Unions
The list below includes most financial institutions* you will find in the Metro Vancouver Area:
Bank
- Bank of Montreal
- Canadian Western Bank
- CIBC
- HSBC Bank Canada
- Laurentian Bank
- Royal Bank
- Scotiabank (Branch available at SFU Burnaby Campus)
- TD Canada Trust
- Tangerine (online bank)
- Simplii Financial (online bank)
Transfer Funds to Canada
You have several options for transferring money to Canada:
Wire Transfer
Wire transfer money into your Canadian bank account from your home country. Before making the transaction, ask how long the transfer will take, as Canadian banks can place lengthy holds on deposits (sometimes up to 20 business days)
Bank Draft
Obtain a bank draft for the amount you wish to transfer and bring it with you to Canada. When you are ready to deposit the bank draft into your Canadian bank account, ask the bank how long it will take to access the funds, as they may place a hold on the deposit.
ATM
If you have an ATM (Automated Teller Machine) card for your bank in your home country, you may be able to withdraw money from your account at ATMs in Canada. Check with your home bank about this option, but keep in mind that you may need to pay service charges and that exchange rates fluctuate.
Regardless of which option you choose, keep copies of all transaction records. Note that if you are bringing $10,000 or more into Canada, you must declare these funds.
Even if you plan on using debit or credit cards while in Canada, it can be handy to have some cash on hand when you first arrive. Currency exchange services are available at the Vancouver International Airport under the "Services" tab.