Personal Finance Bank accounts

Choosing between Scotiabank and CIBC as an international student in Canada

Piyush Singh

28.05.24 (updated more than 1 year ago)

Read time 2 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.

We'll take a look at:
Scotiabank’s Solutions for International Students at a Glance CIBC’s Solutions for International Students at a Glance)

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

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.

**Sources:**

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