Bank Account and SIM Card in Canada
How students from India and Pakistan open a Canadian bank account, use a GIC (Guaranteed Investment Certificate, money you lock in a Canadian bank), and get a phone plan.
Example bank
Recent Transactions
Example: groceries
Example: bus pass
Example: phone bill
Example card only. It is not a real account.
Student Banking in Canada
Big Canadian banks have offers for international students. A GIC from a Canadian bank can show Immigration, Refugees and Citizenship Canada (IRCC), Canada's immigration office, that you have enough money.
- Student GIC Program: you put in CAD 5,000 to CAD 50,000.
- Send CAD 5,200 to CAD 50,200 to Scotiabank in Canada by bank transfer.
- International Student GIC Program.
- RBC Advantage Banking for Students.
- Newcomer offer: no monthly fee for 1 year.
- Student Chequing Account (an everyday account) with no monthly fee until age 23.
- After 23, keep it with proof that you study full time at a college or university.
- CIBC Smart Arrival lets you open an account and put money in it before you arrive.
- International Student GIC program.
About GICs
IRCC accepts a GIC from a Canadian bank as one way to show you have enough money.
How to Open a Bank Account in Canada
Most students open a GIC before they fly and an everyday account (a normal account for daily money) after they land.
Choose a bank
Compare student accounts and international student offers.
Decide on a GIC
A GIC from a Canadian bank can be part of your proof of funds, the money papers for your study permit.
Send the money
To buy a GIC, send money to the bank by bank transfer. Do this before you apply for your study permit.
Start your account after you land
After you land, visit or call the bank to start your everyday account.
Tips
Some banks let you open and fund an account before you arrive.
Ask the bank which papers it needs before you visit.
SIM Cards and Phone Plans
Canadian rules protect you when you sign a phone contract.
Compare plans
Compare plans from different providers before you sign.
Bring your passport
Providers ask for identity to open an account.
Use the trial period
Cancel within 15 days at no cost if the service does not work for you and you used less than half your data.
- New phones sold in Canada must be unlocked.
- Read your contract before you sign it.
Tips for Money and Phone
Simple habits for your first months.
Plan your money proof early
Before you apply for your study permit, get your GIC or your bank papers that show you have the money.
Compare monthly fees
Many student accounts have no monthly fee. Read the terms.
Keep your SIN private
Your Social Insurance Number (SIN) is your number for work and taxes. Keep it secret and share it only when you must.
Bring an unlocked phone
In Canada, you can ask your provider to unlock your phone for free.
Use the trial period
You can cancel a new phone plan within 15 days for free if you used less than half your data.
Digital Privacy
- Share your SIN only when you must.
Complete Guide to Canada
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