Open a Canadian account in your first week
Landlords, employers and your GIC provider will all expect a Canadian bank account quickly. Figures below are approximate (C$1 ≈ ৳88) — always verify current fees and offers directly with each bank.
The Big Five and their newcomer/student accounts
RBC, TD, Scotiabank, BMO and CIBC all run dedicated newcomer or student banking packages, often with monthly fees waived for a set period.
| Bank | Newcomer/student account notes |
|---|---|
| RBC | RBC Newcomer/Student accounts, often no-fee for a promotional period, welcome desks near many campuses in September |
| TD | TD Student Chequing Account, typically no monthly fee for students; strong branch presence near universities |
| Scotiabank | StartRight Program built specifically for newcomers, including international students — often bundled with a newcomer GIC and credit-building options |
| BMO | Newcomer and student banking packages with fee waivers; BMO also runs on-campus promotions during orientation |
| CIBC | CIBC Advantage for Students, plus a newcomer package sometimes bundled with a secured card and GIC path |
Digital-only banks: lower fees, fewer branches
If you're comfortable banking entirely through an app, these usually beat the Big Five on fees.
| Bank | Notes |
|---|---|
| Tangerine | Owned by Scotiabank; no monthly fee chequing and savings, no physical branches |
| Simplii Financial | Backed by CIBC; no-fee daily chequing account, ATM access via CIBC network |
| EQ Bank | Known for higher-interest savings accounts; useful as a secondary account once you're settled, less commonly used as a first newcomer account |
What you need to open an account with a study permit
Most students can open an account before or right after arrival, sometimes even from Bangladesh.
- 1
Gather your documents
Passport, study permit (or port of entry letter/approval if the physical permit hasn't arrived yet), and your letter of acceptance/enrolment confirmation.
- 2
Check if your bank allows pre-arrival account opening
RBC, Scotiabank, TD, BMO and CIBC all run some form of newcomer program that lets you start an application from Bangladesh, activating fully once you arrive and visit a branch or verify ID.
- 3
Visit a branch near campus in your first week if you haven't pre-opened
Bring your passport, study permit and proof of address (a tenancy agreement or a letter from your school/residence works for most banks).
- 4
Ask specifically about the newcomer/student package
Front-line staff don't always volunteer the no-fee newcomer plan unless you ask — it can save C$10-16/month (৳880-1,408) compared to a standard account.
GICs that release in monthly instalments — how they actually work
If you're using a Guaranteed Investment Certificate (GIC) to meet a financial requirement for your study permit or a program like SDS-style processing, understand the payout schedule before you commit funds.
Programs offered by banks like Scotiabank (StartRight), ICICI Bank Canada and CIBC let you deposit a lump sum (commonly around C$10,000, ৳880,000, but verify the current required amount for your situation) before or shortly after arrival. The bank then releases the money to you in monthly instalments over roughly the first year, rather than handing over the full sum at once — this is designed to demonstrate ongoing financial support and prevent the funds being spent all at once. Compare the exact release schedule, any setup fee, and the interest paid on the remaining balance across Scotiabank, ICICI Bank Canada and CIBC before choosing, since terms differ and change over time.
Debit cards, Interac e-Transfer and everyday payments
Canada runs heavily on debit and a specific peer-to-peer transfer system you'll use constantly.
Your debit card works everywhere for tap payments (Interac Flash/contactless), and most landlords, roommates and even some small vendors expect payment via Interac e-Transfer — a direct bank-to-bank transfer sent by email or phone number, usually settling within minutes. Set this up in your banking app early; splitting rent or utility bills with roommates in Canada is done almost entirely this way rather than cash.
Building a credit score from zero
You arrive with no Canadian credit history, which affects renting, phone plans and future loans/credit cards.
Apply for a secured credit card (offered by most Big Five banks and by newcomer-focused issuers) where you deposit a sum (often C$200-500+, ৳17,600-44,000) that becomes your credit limit. Use it lightly for everyday purchases like groceries or a transit pass, and pay the full balance every month — this builds your Equifax/TransUnion Canada credit file over time. A good credit history matters more in Canada than many Bangladeshi students expect: landlords increasingly ask for a credit check before renting, and some phone carriers use it to decide whether you need a deposit for a postpaid plan.
Cheap remittance to and from Bangladesh
Compare live fees and exchange rates before every transfer — margins shift daily and promotional first-transfer rates rarely last.
| Service | Typical use | Notes |
|---|---|---|
| Wise | CAD ↔ BDT transfers | Usually among the cheapest for mid-size amounts; shows the real mid-market rate plus a transparent fee |
| Remitly | Sending to a Bangladeshi bank account or mobile wallet | Often has promotional first-transfer rates; compare against the standard rate on later transfers |
| WorldRemit | Bank deposit, cash pickup or mobile wallet in Bangladesh | Competitive for wallet-based delivery like bKash/Nagad; compare fees against Wise/Remitly for your amount |
| Bank draft/wire (SWIFT) | Larger, occasional transfers | Usually the most expensive route once you include the exchange margin plus a flat fee — best for large one-off sums, poor for frequent small transfers |
Keep a small buffer in two accounts
Never let anyone route money through your account
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