How to open a bank account in Quebec
When you arrive in Montreal, the safest way to keep an eye on your budget is to create a bank account. Generally, newcomers including foreign students wait until they are settled to do so, because some documents and even some information are easier to acquire locally.
You should also know that for almost all transactions in shops or administrative establishments, it is easier to pay by credit card (Visa, Mastercard )or debit card (Interac system).
Thus opening a bank account at the earliest is a necessity to facilitate its mobility and access to several services. In 2 points, here is what is important to know:
1- Documents to provide
In most cases, the following documents are generally requested from international students opening an account for the first time in Canada:
- Your study permit
- The CAQ
- The letter of admission
- Proof of address in Montreal (lease agreement, invoice or registration certificate). It is possible in some cases to give the address of the school when there is no fixed address yet.
2- The choice of the bank
For several international students the elements to consider for the choice of the bank are the costs and the ease of transactions with the banks of the countries of origin (to facilitate the transfers). In both cases, please inquire before making an appointment to open an account. Former students are often good sources of information and experience sharing.
Moreover, it is more interesting to move towards a bank in the area around your home or university. For example, Desjardins Bank offers the 360d Desjardins, a student-specific service that is getting closer to offering services within university campuses.
The good news is, if you open an account in a360d with us, we offer you $50! Just specify that One Vision Tour referred you during the appointment.
All that’s left for you is to start securing your finances 🙂