Personal Finance Bank accounts

Choosing between Scotiabank and CIBC as an international student in Canada

Piyush Singh

28.05.24

Read time 3 minutes

Venturing into the Great White North to study abroad can be a brilliant choice. Canada is known for their polite people, relaxed lifestyle, untouched wildlife and scenery, and top-performing universities. However, Managing your finances in any new country can be a stressful reality. Opening up a local bank account can help with saving money, carrying out everyday transactions, and building your credit score.

We’ll be looking at two major Canadian banks, Scotiabank vs CIBC, for international students. We will review the bank account and credit card options and their eligibility requirements. As an alternative, we’ll also see how Wise could provide the ultimate international account for international students who handle multiple currencies.

We'll take a look at:
Scotiabank’s Solutions for International Students at a Glance CIBC’s Solutions for International Students at a Glance Receive, Send, and Spend your Money Globally with Wise

Scotiabank’s Solutions for International Students at a Glance

Scotiabank is considered the third-largest bank in the country, boasting a wide variety of financial products to help Canadians, newcomers, and non-residents get more out of their money. Among their target audiences are students, with their Student Hub for financial advice and a range of bank accounts and cards to suit that stage of life.

Bank Accounts:

Accounts	Best for	Eligibility requirements
Scotiabank Student GIC Program	Guaranteed investments over the course of your time as a student.	Must be a member of the StartRight Program. Must be a full-time student enrolled at a Canadian university or other post-secondary institution.¹ Must contribute a minimum of 20,835 CAD or 15,278 CAD in Quebec.²
Scotiabank StartRight Program	If you’re looking for a complete financial package dedicated to international students.	Must be a full-time student enrolled at a Canadian university or other post-secondary institution.³
Student Banking Advantage Plan	Everyday purchases and earning points on them.	Must be a full-time student enrolled at a Canadian or American university or other post-secondary institution.⁴

Check out our guide to learn more about student accounts at Scotiabank.

Credit Cards for International Students:

Cards	Interest rates
Scotiabank Scene+ Visa Card (for students)	20.99% on purchases 22.99% on cash advances⁵
Scotia Momentum No-Fee Visa Card (for students)	19.99% on purchases 22.99% on cash advances⁶
Scotia Momentum Visa Card (for students)	19.99% on purchases 22.99% cash advances⁷
Scotiabank American Express Card (for students)	19.99% on purchases 22.99% on cash advances⁸
Scotiabank Value Visa Card (for students)	12.99% on purchases 12.99% on cash advances⁹

Eligibility: All credit cards require the cardholder to be enrolled in a Canadian post-secondary school.

CIBC’s Solutions for International Students at a Glance

CIBC (Canadian Imperial Bank of Commerce) is another multinational bank ranked among the top five banks in the country. Like Scotiabank, they also cater to a broad audience, including those new to Canada, students, and other audience segments. Their student banking offerings cater to high school students all the way up to post-secondary and post-graduate students, as well as professional students and international students.

Bank Accounts:

Accounts	Best for	Eligibility requirements
CIBC Smart Start	Everyday banking for students and youth aged 13 to 24.	Must be a Canadian resident under 25.
CIBC Smart for Students	Everyday banking for university, college, and CEGEP students graduating at age 25 and up.	Must be either a Canadian resident or an international student with international student status (show valid student ID, foreign passport, and study permit).¹⁰

You might want to learn more about CIBC’s international student bank accounts.

Credit Cards for International Students:

Cards	Interest rates¹¹
CIBC Dividend Visa Card for Students	Purchase: 20.99% Cash (in Quebec): 21.99% Cash (outside Quebec): 22.99%
CIBC Classic Visa Card for Students	Purchase: 20.99% Cash (in Quebec): 21.99% Cash (outside Quebec): 22.99%
CIBC Aventura Visa Card for Students	Purchase: 20.99% Cash (in Quebec): 21.99% Cash (outside Quebec): 22.99%
CIBC Aeroplan Visa Card for Students	Purchase: 20.99% Cash (in Quebec): 21.99% Cash (outside Quebec): 22.99%

Eligibility: Must be a Canadian resident or an international student with a valid Canadian study permit, valid for at least 12 months - for all credit cards.¹²

Receive, Send, and Spend your Money Globally with Wise

Big banks might have the upper hand when it comes to physical branches and long-time reputations, but Wise, a money services business, might be the perfect financial solution for your needs as an international student.

As long as you’re 18 years of age or the age of majority in your territory or province of residence, you can open an account with Wise. With no fees for opening, maintaining, or closing an account and no hidden or extra currency conversion charges, you’ll also enjoy a much more transparent fee structure. Wise uses the mid-market rate for all cross-currency transactions, which means you’ll get the most bang for your buck at all times.

Here’s what you can use Wise to do:

Receive money from your home country
Pay your tuition
Send money to friends and family
Spend money in Canada, the US, and other places in the world in more than 40 currencies
Spend like a local in over 160 countries, bypassing typical cross-currency charges that come up with most banks and currency exchange services.

Please see the Terms and Conditions for your region and visit our pricing page for the most up-to-date pricing and fee information on Wise products.

Final thoughts

With local banking options from established banks like Scotiabank and CIBC, managing your finances when studying abroad doesn’t have to be complicated or inaccessible. Andif you’re looking for low fees, multi-currency accounts, and the ability to handle everyday and cross-currency transactions at any time, Wise can do it all. This could help you spend less time worrying about transactions and more making the most out of your time in Canada.

Sources:

*Please see terms of use and product availability for your region or visit Wise fees and pricing for the most up to date pricing and fee information.

This publication is provided for general information purposes and does not constitute legal, tax or other professional advice from Wise Payments Limited or its subsidiaries and its affiliates, and it is not intended as a substitute for obtaining advice from a financial advisor or any other professional.

We make no representations, warranties or guarantees, whether expressed or implied, that the content in the publication is accurate, complete or up to date.