Scotiabank accounts for international students - an overview

Scotiabank offers a range of bank accounts specifically tailored to international students in Canada. You can get special perks such as promotions, discounts, and good interest rates.

You can read everything you need to know about Scotiabank's international student accounts, including a guide to signing up and any fees you may be charged.

We’ll also take a look at how Wise could be a convenient alternative for your international spending.

Discover Wise

Table of Contents
Scotiabank accounts for international students in Canada Scotiabank Student GIC Program Scotiabank Startright Program How to open a student bank account at Scotiabank Scotiabank Student account and card fees Wise - your alternative to bank accounts Final thoughts

What Scotiabank accounts are tailored for international students in Canada?

Scotiabank Student GIC Program

The Scotiabank Student GIC Program can help you get your permit approved and pay for day-to-day transactions while you prepare for your arrival. You can open an account from your home country by depositing a wire transfer of 10,000 CAD, plus any additional fees set by Scotiabank.

Once you arrive in Canada, you’ll receive 2000 CAD plus interest - and you’ll receive the rest of your deposited funds in installments over the next 10 to 12 months. During this time, you’ll earn a guaranteed rate of interest.¹

This means your finances are completely taken care of during your study period, and this investment account can also help you show proof of funds, which is a requirement for many educational institutions.

The Scotiabank Student GIC Program includes:

• an expedited permit approval process¹
• a guaranteed interest rate over a fixed period of time¹
• access to online and mobile banking 24/7
• no monthly account fees¹
• access to exclusive offers and promotions for students

Requirements

There are a few requirements to open a Scotiabank Student GIC account. You must:

• be a minimum of 13 years old
• plan to study in Canada
• not be coming to the country on a tourist visa
• transfer 10,000 CAD plus additional account fees to set up your account¹

It’s important to note that international students from some countries are not eligible for this bank account. However, you can still access Scotiabank’s range of banking options once you arrive in Canada.¹

Scotiabank Startright Program

The Scotiabank Startright Program is also a great option for international students. This account is aimed at Canadian permanent residents in the first 5 years of their residency. It offers investing and trading education, as well as advanced tools for international students and foreign workers new to life in Canada.

You won’t be charged monthly account fees during your first year on the Scotiabank Startright Preferred Package.¹

The Scotiabank Startright Program allows you to:

• make unlimited no-fee international money transfers
• access personalized support
• build your Canadian credit history
• receive a free safety deposit box for a year
• get credit cards and mortgages designed for newcomers¹
• get 10 free trades for 1 year with Scotia iTRADE
• access special student programs, such as Getting There Savings Program for Youth¹

Requirements

There are a few requirements to meet before you can open your Startright Program account at Scotiabank. You must:

• be a landed immigrant, international student, or foreign worker
• have a valid passport from your country and proof of enrollment in a Canadian college, trade school, or university
• have a Canadian government-issued document, such as a study permit¹

How to open a student bank account at Scotiabank

It’s easy to open a Scotiabank international student account. We’ve put together a step-by-step guide.

Step 1. Head to the Scotiabank website and create your account

Step 2. Choose your preferred Scotiabank student account and answer any questions asked.. You may want to do this before you come to Canada to make sure everything is sorted for your arrival

Step 3. Complete your application and answer any questions

Step 4. Transfer funds into your account. If you choose the Scotiabank Student GIC Program, you need to transfer 10,200 CAD to qualify¹

Step 5. When you arrive in Canada, you may need to head to your local Scotiabank branch to show your ID before you can withdraw your funds

You can visit a Scotiabank Partner Bank to help with your application in many locations across the world, such as China.¹

Scotiabank Student account and card fees

It’s important to remember that you may be charged fees for some of your transactions as an international student, particularly if you regularly send money abroad.

We’ve put together information about Scotiabank’s international student account fees.

	Admin Fee	Monthly Fee	Exchange Rate
Scotiabank Student GIC Program	200 CAD¹	No monthly fees¹	Scotiabank reserves the right to charge a mark-up on foreign transactions - even if the payments are fee-free¹
Scotiabank Startright Program	No fee¹	16.95 CAD¹ - waived in year 1	Scotiabank reserves the right to charge a mark-up on foreign transactions - even if the payments are fee-free¹

Meet Wise - your alternative to bank accounts

Wise is your alternative to a bank account, letting you send and receive money across the globe with just the touch of a button.

You can even use your Wise account with or without a bank account, giving you added flexibility with every transaction. What’s more, you don’t need to make large transfers to open this account!

Get real-time notifications every time you spend with Wise and access 24/7 customer support whenever you need it.

Use your Wise account to:

• send money to 70+ countries at a mid-market rate
• hold 40+ currencies
• receive funds in 9 currencies
• transparency assured - no hidden fees or mark up rates
• get your own Wise card with a one-time payment

With no hidden fees and transparent transfer rates, you’ll always know exactly how much you’re spending with every single transaction!

Please see Terms of Use for your region or visit Wise Fees & Pricing for the most up to date pricing and fee information.

Final thoughts

If you’re an international student, it’s important to explore your banking options before moving to Canada.

The Scotiabank Student GIC Program is a good option if you need proof of funds before coming to the country - and you can speed up your permit approval process, too.

However, the Scotiabank Startright Program could be the right choice if you want to stay in Canada after you finish your studies, as you can build your Canadian credit history and access saving perks.

If you’re looking for a flexible account with no hidden fees, choose Wise! Hold money in 40+ currencies and send secure payments across the globe at the mid-market exchange rate.

To find out more about your global spending options, check out Wise.

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Sources

1. Scotiabank

Sources last checked on 14 July 2023