Banking for international students

Once you arrive in Canada, these are the documents you’ll need to open a new chequing account as an international student:

• Your Canadian visa or study permit
• One piece of govenment photo ID - such as your passport or a Canadian driver’s license
• Proof of school registration and expected graduation date

If you already have your Social Insurance Number and a Canadian address, you can open your account online. BMO offers a variety of student bank account options to help make banking more flexible for you during your studies.

There are a few steps you can take to build your credit history in Canada:

• Get a credit card and use it regularly for things like groceries and entertainment
• Pay your bills on time, including your credit card bill
• Pay your bills in full if you can afford too
• Check your credit score every few months

Learn More

Once you’ve opened a bank account with BMO, you can transfer money overseas quickly and easily in three ways:

• Send money to over 70 destinations with BMO Global Money Transfer. Transfers take just two to five business days.^*97
• Our wire payment service is a quick, convenient and secure way to send and receive money. Available at BMO branches.
• Use Western Union^{® Footnote star *} money transfer service through BMO Online Banking which lets you send money safely and quickly to more than 200 countries and territories connected to the Western Union network.

Learn more about sending and receiving money

You can send money to someone without another person’s email or bank account through Western Union^®* money transfer service. They can collect their money at Western Union locations globally in as little as 30 minutes.

To enjoy no monthly fee banking for the length of your school program, just  visit your closest branch. Bring your study permit, one piece of government photo ID (like your passport), proof of registration and expected graduation date. Once you confirm that you’re enrolled full-time in an academic program and your expected graduation date, your student status will be valid for the length of your program.

And if you're a recent grad you can still get no monthly fee banking for an additional year! All you do is drop by a branch and confirm that you've graduated.

What is BMO Newstart^® Program?  

The BMO NewStart^® Program offers banking products and services for newcomers to Canada such as foreign workers or permanent residents for their first five years in Canada. If you’re an international student, you can also open a bank account and a student GIC (if needed) before arriving to Canada within a single online application. You’ll need to ensure that you’re from a qualifying country, apply online, then get your bank account details in minutes.^*62

Can I get a line of credit as an international student in Canada?

You can get a line of credit as an international student at most major Canadian banks. Most will require you to have a Canadian or permanent resident co-sign, and you’ll also need to be enrolled in a post-secondary program at a recognized Canadian university or college. You can explore BMO’s flexible student borrowing options to find the one that works best for you through school.

Can I get a credit card with BMO as an international student?

Yes, you can. As an international student, you can choose from our selection of no annual fee student credit cards that let you earn rewards every time you spend. Plus, you’ll start building a Canadian credit history. You can apply for a BMO credit card by visiting a branch and having these documents with you:

- Your Canadian Permanent Resident Card, confirmation of Permanent Residence (IMM 5292 or IMM 5688) or your work permit (IM 1442)
- One piece of government photo ID – such as your passport or a Canadian driver’s license. More information about valid photo identification

What is a Guaranteed Investment Certificate?

A Guaranteed Investment Certificate (GIC) is a low-risk investment that guarantees the money you put into it and allows you to earn interest over a set period of time. Your principal (initial amount invested) investment is protected, so no matter what happens with the market, you won’t lose it.

A GIC can also be used to help international students provide proof of funds and financial support needed for a Canadian study permit application. Students from a qualifying country^*103 can apply for one through our award-winning BMO NewStart Pre-arrival Program, which allows for instant processing^*62 of pre-arrival account applications.

I’m no longer an international student. How will this affect the accounts I have at BMO?

If you’ve received your Permanent Resident or Foreign Worker status, congratulations! You can explore our banking options to learn more about what will work best for you in your next chapter. Any BMO student chequing or savings accounts you have will eventually be switched over, so you’ll need to book an appointment to let us know of your status change. Some things you’ll want to have on hand for your appointment may include:

• Valid government identification
• Your address
• Direct deposit form
• Your SIN
• Proof of employment (ex. an offer letter, a pay stub, or an employment verification letter)
• Immigration status documentation
• Work permit
• Your most recent T4