Choosing between Scotiabank and CIBC as an international student in Canada
This guide helps you pick out the right student account for you with options between Scotiabank, CIBC and our very own international alternative
RBC Bank Accounts For International Students — An Overview
RBC Royal Bank offers a number of bank accounts particularly suited to the needs of international students. You can avail many benefits such as unlimited debit transactions, no minimum deposit limitations, bonuses, discounts, and high rate of interest on every dollar.
In this guide, we will provide you with an overview of RBC Royal Bank accounts for international students, including the steps to open an RBC student account, and any fees you may be charged. We will also take a look at Wise, which can be used with or without these bank accounts.
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What are the RBC Accounts Available For International Students?
RBC Advantage Banking For Students
The RBC Advantage Banking account for students is a no monthly fee account for international students.
You could start investing your savings as a student with an RBC Advantage Banking Student account, and also build your credit history with any one of the “eligible credit cards”¹. You can still keep your account after graduating; however, you will be charged the full fee of the RBC Advantage Banking personal account, which is CAD 11.95.²
To save on monthly fees thereafter, you can enroll yourself for the Value Program³, which allows account holders to earn Avion points⁴ on debit in categories like personal spends, personal investments, residential mortgages, and small business costs. Based on your product holdings and account activities, you may be granted a rebate on your account fees if you are eligible for it.
The RBC Advantage Banking for Students account also includes features such as:
- Unlimited debit transactions in Canada
- Free Interac e-Transfers transactions
- No RBC fee to use another bank’s ATM in Canada
- Full fee rebate on an eligible credit cards
- Access to the RBC Mobile Student Edition app⁵
- Access to exclusive promotions, discounts, and offers for students
- 1 (Non-Sufficient Funds) NSF fee rebate every calendar year
- 1 book of free personalized cheques (offer valid until November 1, 2023)
You can also get 100 CAD when you open an RBC Advantage Banking Student account by October 31, 2023⁶ and set and complete a few required actions by December 29, 2023.
To be eligible for an RBC Advantage Banking Student account, you will need to:
- show proof of being a full-time student in a primary, secondary, or post-secondary programme in a qualifying educational institution, and,
- reside in Canada when you are opening the account.
RBC High Interest eSavings
The RBC High Interest eSavings account is a no monthly fee account that allows you to earn high interest on savings.
You can commit to a regular savings plan with Save-Matic⁷. This feature allow students to set up pre-authorized transfers from their banking account to their designated RBC Royal Bank savings account.
You can also identify more saving opportunities by turning on the NOMI Find and Save⁸ insights in your RBC mobile banking app. This feature provides students with timely and customized overviews and forecasts based on their everyday spends thus, helping them identify more opportunities for saving funds.
The RBC High Interest eSavings account also includes features such as:
- High interest on every dollar
- 1 free RBC ATM cash withdrawal/month
- Free account transfers 24/7 without delay (including ATM and unassisted telephone fund transfers)
- Free access to online, mobile, and telephone banking
- No minimum deposit requirements
- Free access to MyAdvisor⁹, RBC’s digital financial advice program.
To be eligible for an RBC High Interest eSavings account, you will need to:
- show proof of being a full-time student in a primary, secondary, or post-secondary programme in a qualifying educational institution,
- reside in Canada when you are opening the account, and,
- have a valid social insurance number (SIN)
You can also earn 5.2% interest¹⁰ on your funds for the first three months after opening your first RBC High Interest eSavings account. The offer is valid up to December 22, 2023, 3: 00 PM EST.
How To Open an RBC Student Account
To open an RBC student account as an international student, you need to meet their definition of a full-time student and reside at the time of opening of your account.
In order to be deemed a full-time student¹¹, you must attend a primary or secondary school, or be enrolled in a post-secondary programme at a college, university, or other educational institution (whether or not it is located in Canada), in order to be deemed a full-time student. In every given semester, every student (besides those in a post-secondary study period) is required to enroll in at least 60% of the typical course load for the programme. RBC Royal Bank reserves the right to seek proof of enrolment.
Following your qualifications, you will need the following documents to open an RBC student bank account:
- Your passport
- Student permit (IMM 1442) or Temporary Resident Visa (TRV)
- Proof of enrollment (optional, good-to-have)
- Social Insurance Number (SIN) or proof of residence (optional, good-to-have)
Once you have all your documents and qualify as a full-time international student, you can open your account with RBC Royal Bank. You can find your nearest branch using a branch locator on the RBC website, or in some cases, you can even open it online.
To be eligible for opening your RBC student account online, you need to be:
- 18 years of age or the age of majority in your province
- Opening a sole account in your own name
- Living in Canada
Notes: Students aged 13+ (or 14+ in Quebec) can apply to open an account using the RBC Mobile app.
If you are opening an account on behalf of a full-time student, please visit a branch to open an account.
RBC Student Account and Card Fees
You must remember that you may be charged some fees for some of your transactions, particularly if they are to and from overseas.
Highlighted below, you will find RBC Royal Bank’s Student Bank Account and Card Fees.
| Type of Bank Account | Admin Fee | Monthly Fee | Card Fees | Exchange Rates |
|---|---|---|---|---|
| RBC Advantage Banking for Students Account | Free | Free | 0 CAD for no annual fee credit cards | 2.5% markup¹² on cross-border transactions— including fee-free payments. |
| RBC High Interest eSavings Bank Account | Free | Free | 0 CAD for no annual fee credit cards | 2.5% markup¹² on cross-border transactions— including fee-free payments. |
Note: No annual fee credit cards¹³ include RBC ION Visa, RBC Cash Back Mastercard, moi RBC Visa, RBC Visa Platinum, RBC RateAdvantage Visa, etc.
Meet Wise - Your Alternative To Bank Accounts
When it comes to managing your money as a student, Wise has you covered. A money service business (MSB), it saves you money on each transaction. Let’s take a look at the key benefits of using Wise, all on your phone!
- Send money at the mid market rate - no more currency conversion fees!
- No hidden fees - all about transparency
- Hold and convert your money to 40+ currencies including CAD, USD, EUR and GBP, send to 70+ countries, receive in 9 currencies
- Use the Wise card for travel
- Make the most of the Interac e-Transfer features on Wise.
- Use Google or Apple Pay to shop online using your phone
To start managing your money as a student, check out the Wise App on Google Play Store or the App Store!
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 are planning to move to Canada for your studies, it is essential that you explore your banking options and choose a banking provider with student-friendly benefits.
The RBC Advantage Banking account can be the right choice if you are looking for unlimited debit and Interac e-Transfers transactions and easy access to a student credit card.
On the other hand, the RBC High Interest eSavings account is a good option if you want a fee-free account that allows you to maximize your savings with high interest rates and free transfers to any personal RBC Royal Bank deposit accounts.
If you are looking for a flexible banking provider with no hidden fees, choose Wise! With Wise, you can send money worldwide at the mid-market exchange rate and hold your money in 40+ currencies as per your convenience.
Check out Wise to learn more about global money transfer.
Sources:
1 - RBC Advantage Banking Account for students - RBC Royal Bank
2 - RBC Advantage Banking Account - RBC Royal Bank
3 - Value Program - RBC Royal Bank
4 - Value Program - RBC Royal Bank
5 - RBC Mobile Student Edition (rbcroyalbank.com)
6 - RBC Advantage Banking Account for students - RBC Royal Bank
7 - Save-Matic - RBC Royal Bank
8 - NOMI Find & Save - Digital Savings Account - RBC Royal Bank
9 - MyAdvisor - RBC Royal Bank
10 - RBC High Interest eSavings Account - RBC Royal Bank
11 - RBC Advantage Banking Account for students - RBC Royal Bank
12 - RBC Advantage Banking Account for students - RBC Royal Bank
13 - Browse Credit Cards by Category - RBC Royal Bank
Sources verified on: 22 September 2023
*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.
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