Banking Information
Using Your Bank Card
Before leaving your home country, ask your bank if you can use your bank card (debit card) to withdraw money in Canada. If an international card network symbols like Visa, Mastercard, PLUS, Cirrus or Maestro symbol appears on the back of your card, you may withdraw money from bank machines (ATMs) with the same symbol(s). ATMs are convenient but keep in mind that you may be charged a transaction fee and a foreign exchange rate fee each time you withdraw money.
Tip: Before travelling to Canada, notify your bank about your travel plans. This prevents your card from being flagged for suspicious activity.
Choosing a Bank
When choosing a bank in London, we recommend that you:
- Ask your home bank if they have connections with any Canadian banks
- Choose a bank that accepts money transfers from your bank at home
- Find a bank that offers student rates and ask about their fees and transaction limits.
After you choose a bank, you can find the branch nearest to you. To see which banks are close to Western and learn more about the different options, view the Banks Close to Campus section below.
Opening a Bank Account
There are three basic types of bank accounts:
- Chequing: Pays little or no interest; may have small charges for services; provides monthly statements; has debit privileges; is a useful and convenient method for paying rent, fees, bills, etc.
- Savings: Provides better interest rate; has no chequing privileges; allows personal withdrawals only.
- Chequing/Savings: Combines the privileges of both a chequing and savings account.
Tips: You may want to open an account that provides you with cheques to pay for things like rent. If you do not have a chequing account, you can ask your landlord if he/she accepts email transfers (e-transfer) instead.
To open a bank account most banks require you to bring the following documents (check with your bank what documents they require before your appointment):
- one piece of government photo ID with a signature, such as your passport, Canadian driver's license, or Canadian government ID
- Canadian study permit or visa
- Western enrolment letter with expected completion date
Introduction to e-Transfers
Many people in Canada use Interac e-Transfers, also referred to as electronic transfers, to send money to friends and family. With e-Transfers, you can request and send money easily through your bank account and can be used for things like paying rent and sharing utilities payments with your roommates or paying for something you find on a local buy and sell group. Keep in mind that there are sometimes additional fees with e-Transfers if you cancel the transfer or if you are sending money internationally. For more information on e-Transfers please visit the official Interac e-Transfer site.
If you receive an e-Transfer that you weren't expecting it may be a scam! Do not click on any links in the email or text message. For more information, please visit our page on Scams and Fraud.
Transferring Money to Canada
To transfer money from your home country, you must first open a bank account in Canada. You may want to bring bank drafts from home to allow you to open a bank account when you arrive in London. A bank may accept bank drafts, cheques or letters of credit. However, money will not be transferred until it is cleared by your home bank. This process may take a few days or a few months.
Tips
1. Determine what you need your bank account to do and ensure the bank you choose provides these services:
- Save money?
- Write cheques?
- Pay bills?
- Send e-transfers?
- Receive foreign money transfers?
- Take out money from bank machines (ATMs)?
2. Ask upper-year international students about their banking experiences. Which bank do they use? Are they happy with the service? How quickly does their bank transfer funds?
3. Ask the bank the following questions:
- Is there a lower service charge for me as a Western student?
- Can I use my bank card to get money if I travel outside of Canada?
- Do you have Visa debit cards? (These can be used internationally where Visa is accepted.)
- Will I receive a monthly bank statement? Does this cost extra?
- How quickly will I receive my foreign money transfers?
- How do I access banking online?
- Are there any extra costs/fees I should know about?
- Do you offer a credit card to international students?
- Do you have any special deals for students opening up a bank account?
4. Book an appointment and visit the bank branch closest to you and ask to speak to someone who can suggest the right kind of account for you as an international student.
5. Make your needs clear.
6. Ask for the business card of your account manager or someone else who you can call if you have questions about your account.
Banks Close to Campus
Banks that allow for accounts to be fully opened before arriving in Canada are marked with an asterisk* below.
Bank of Montreal (BMO)*
International students from qualifying countries may be able to open a bank account online prior to their arrival. Once you arrive in Canada, visit the bank to finalize opening your bank account.
All other students should book an appointment once they are in Canada to open an account. Students can also apply for a credit card when they open their account.
Important links:
CIBC*
International students from qualifying countries may be able to open a bank account online prior to their arrival. Once you arrive in Canada, visit the bank to finalize opening your bank account.
All other students should book an appointment once they are in Canada to open an account. Students can also apply for a credit card when they open their account.
Important links:
RBC*
Once you arrive in Canada, book an appointment to open an account. Students can also apply for a credit card when they open their account.
Important links:Scotiabank*
International students from qualifying countries may be able to open a bank account online prior to their arrival. Once you arrive in Canada, visit the bank to finalize opening your bank account.
All other students should book an appointment once they are in Canada to open an account. Students can also apply for a credit card when they open their account.
Important links:
TD
Once you arrive in Canada, book an appointment to open an account. Students can also apply for a credit card when they open their account.
Important links:
Automatic Teller Machines (ATMs) on Campus
- Bank of Montreal (BMO) : UCC lower level (next to Grocery Checkout)
- CIBC: UCC lower level (near Starbucks)
- Royal Bank of Canada: UCC lower level (by the Starbucks) and NSC main floor
- Scotiabank: UCC lower level (next to Grocery Checkout), Huron University College food court
- TD Canada Trust: UCC main floor (near Subway)
- Residences with ATMs: Perth Hall, Essex Hall, Delaware Hall, Sydenham Hall, Elgin Hall and Saugeen Maitland Hall.
- Food Service Areas with ATMs: Althouse College, Spencer Engineering Building, Law School, Somerville House, Talbot College, Medical Sciences, Natural Sciences (Nucleus), UCC Centre Spot, Thompson Recreation Centre and the Social Sciences Building.
