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Key takeaways:
Starting your journey as an international student with a Canada student visa and an approved study permit for Canada is a huge achievement — but it’s just the first step. Now comes the real challenge: establishing your life in a new country. From opening a bank account to building credit and figuring out transit, the real homework starts now.
Here’s your essential guide to getting set up, settled, and ahead of the curve in Canada’s education system.
As an international student with a valid study permit, one of the first things you’ll need in Canada is a Social Insurance Number (SIN). This nine-digit number is essential for working in Canada and accessing various benefits and services from Canadian government programs.
Foreign students at designated learning institutions in Canada are eligible to apply for a SIN if their study permit includes a condition that allows them to work off-campus. For example, this may apply to foreign students at designated learning institutions who want to participate in an off-campus internship or co-op program or gain off-campus work experience related to their field of study.
Service Canada (a federal government department within the Government of Canada) is responsible for issuing SINs. There's no fee to apply for a SIN.
Some reminders:
- If you haven’t yet done so, apply immediately.
- Your SIN belongs to you, and it’s illegal for anyone else to use it.
- You're responsible for protecting your SIN.
For more information, visit the Government of Canada website at Canada.ca to review the Social Insurance Number overview.
One of the first financial tasks for students moving to Canada is opening a Canadian bank account. As an international student, it’s essential to have access to your money, make everyday purchases and start building your financial foundation. This is especially important when managing tuition fees and expenses related to your program of study at Canadian universities or Canadian colleges, or other designated learning institutions. It’s also a first step in navigating the broaderlabour market and learning how to manage your money as an international student.
Your must-have account for daily transactions
A chequing account is a bank account designed for everyday activities like withdrawing cash, paying bills and sending money. While it doesn’t typically earn interest, it offers the flexibility and access you need.
For young adults and students, Scotiabank recommends the Scotiabank Preferred Package for Students and Youth.1 This account is specifically designed to support eligible post-secondary students and young adults as they manage their money and transition from high school to post-secondary education. It’s a standout among student banking packages, offering a mix of flexibility, perks, and savings.
Key benefits include:
- No monthly account fee
- Unlimited debit and Interac e-Transfer† transactions2
- Overdraft protection eligibility for those “just-in-case” moments3
- Earn points on everyday purchases with the Scene+™ program4
- Free trades through Scotia iTRADE5
- Earn an additional 0.05% interest on your MomentumPLUS Savings Account6
- First year annual fee waived (up to $150) on select credit cards7
- Available through online and mobile banking
Whether you're paying tuition fees, splitting bills with roommates or just grabbing coffee, this account is built to grow with you. Check out our latest student bank account offers.
Now that you’re in Canada, you may have started hearing a lot about “credit.”
A credit card, which is issued by a bank, is the most common method of paying for goods or services on credit. Obtaining “credit” allows you to obtain a good or service before paying for it, with an understanding that it will be paid for later.
Many banks require that a person have a credit history before approving them for a credit card, which can put some newcomers at a disadvantage. A credit history refers to your payment history and your ability to consistently pay your credit card bill, and any other bills, on time. When you apply for credit in Canada, lenders will normally check your credit history to help decide whether to give you credit.
Did you know?
As an international student, you can start building your Canadian credit history without having one already. The Scotiabank StartRight® Program8 offers you the chance to apply for your first credit card without providing a credit history beforehand. If approved, a credit card can help build your credit in Canada. You may be eligible for up to a $5,000 credit limit on a Scotiabank credit card!9 Once you’ve been approved for a credit card, it’s important to use it responsibly in order to build a good credit score — a valuable part of your Canadian experience.
This is especially helpful for those planning to stay in Canada after graduation and apply for a post-graduation work permit, a common next step toward building long-term Canadian education and labour market credentials.
What is a credit score?
A credit score is a number that represents your financial health at a specific moment in time. It indicates how risky you are to money lenders, and how likely you are to pay your bills on time. In Canada, your credit score generally falls between 300 and 900; the higher it is, the better.
A good credit score is important for a healthy financial life in Canada. Without it, it may be difficult to get a loan, mortgage or credit card, and you may experience higher interest rates on these products. A good credit score allows you to get more easily approved for such things as a rental property, a cell phone or the purchase or lease of a car.
Tips for building a good credit score
1. Pay on time, every time
Always pay your bills on time – paying at least the minimum payment.
2. Aim to pay in full
Try to pay your bills in full whenever possible, or as much as you can afford.
3. Stay within your credit limit
Don’t spend more than your credit card allows.
4. Keep it simple: one or two cards max
Limit yourself to just one or two credit cards.
5. Check your statements for mistakes
Read your monthly account statements to ensure they’re correct – and report any errors as soon as possible.
6. Know and watch your credit score
Know your credit score and monitor any fluctuations (your credit score falls between 300 and 900 – the higher the better).
How to check your credit score
Once you’re a Scotiabank customer and have signed up for online or mobile banking, you can register for the TransUnion credit score tool10 at no cost. With this tool, you can check your credit score, view your personal credit report and get practical tips on how to build a good credit history.
As a new student in Canada, getting around efficiently is key to settling into your new home. If you're in a major city, public transportation — like buses, subways or trains — can get you where you need to go. But if you're a foreign student living in a more rural area, buying a car might be a more practical option.
Scotiabank’s StartRight™ auto finance program offers a flexible solution for international students and newcomers. Even if you don’t have a Canadian credit history, you may still qualify for a car loan to purchase a new vehicle — or one that’s up to four years old — with up to five years to repay it.11
To apply, you need:
- Proof of permanent residence (three years or less in Canada)
- Your arrival date in Canada.
Whether you're commuting to class, a co-op program tied to your field of study or just exploring your new surroundings, having the right transportation plan can make all the difference, especially as you gain Canadian work experience or adjust to your program of study.
If you’re here on a student visa, one of the first things you’ll want to set up is a reliable phone plan to stay connected with friends, family and everything happening on campus. It’s also crucial for receiving updates about your study permit application, results from language tests, your letter of acceptance from educational institutions or news from Citizenship Canada.
Some students, particularly those from the U.S., may be able to extend their current plan when moving to Canada. However, many students may find it more affordable and practical to sign up for a local provider offering specialized student phone plans. These plans may include discounts, flexible options and even free or discounted devices. The sooner you get a local phone, the more costly roaming charges you'll avoid from your home provider.
Things to consider when getting a phone
Some companies will provide a free phone/device when you sign up for a plan with them. Some service providers may also sell used certified phones at a discounted rate.
Before choosing a plan, consider:
- Do you need a data plan?
- Do you need long-distance calling? International texting?
- Do you plan to use a smartphone?
- What are the overage charges if you go over your limit of text messages, minutes or data?
- Is the plan flexible — can you adjust or cancel services easily?
- Would a monthly contract plan or a prepaid (pay-as-you-go) plan work better for you?
Monthly phone plan vs. prepaid phone plan
Monthly contract plan• Pay on a set day each month for selected services
- Pay on a set day each month for selected services
- Charges apply if you exceed your call, text, or data limits
- Overage fees are added to your next bill and can be expensive
- Requires careful monitoring to avoid extra charges
- Late payments can hurt your credit score
- Often includes a contract or commitment period
Prepaid plan (Pay-as-you-go)
- Pay in advance for a set amount of services
- No service once your balance runs out unless you top up
- No overage fees—just limited access until you pay more
- Easy to control spending and avoid surprises
- No impact on credit score from late payments
- Typically no contract—more flexibility
Ready to make Canada feel like home?
Whether you’re a new student in Canada, here on a Canada student visa or one of the many foreign students in Canada beginning this exciting chapter of your Canadian study, getting set up with the right tools — like a bank account, credit card, transit plan and reliable student phone plan — can make all the difference.
You’ve already taken the biggest leap by arriving. Now, it’s time to thrive. Your journey as an international student is just getting started — you’ve got this!
This article is provided for information purposes only. It is not to be relied upon as financial, tax or investment advice or guarantees about the future, nor should it be considered a recommendation to buy or sell. Information contained in this article, including information relating to interest rates, market conditions, tax rules, and other investment factors are subject to change without notice and The Bank of Nova Scotia is not responsible to update this information. References to any third party product or service, opinion or statement, or the use of any trade, firm or corporation name does not constitute endorsement, recommendation, or approval by The Bank of Nova Scotia of any of the products, services or opinions of the third party. All third party sources are believed to be accurate and reliable as of the date of publication and The Bank of Nova Scotia does not guarantee its accuracy or reliability. Readers should consult their own professional advisor for specific financial, investment and/or tax advice tailored to their needs to ensure that individual circumstances are considered properly and action is taken based on the latest available information.
® Registered trademarks of The Bank of Nova Scotia.
† Interac e-Transfer is a registered trademark of Interac Corp. Used under license.
™ Scene+ and the Icon Design are trademarks of Scene Plus IP Corporation, used under license.
1 Eligibility: you are eligible for the Student Banking Advantage Plan (chequing account) if you are enrolled full-time in a university, community college, or another recognized post-secondary institution in Canada or the United States. You will be required to confirm your student status by providing proof of enrollment.
2 Additional fees apply for shared ABM services, cross-border debit transactions and other banking services not included in the Student Banking Advantage Plan account package.
3 Subject to approval. A customer must apply for an Overdraft Protection Plan to determine if they qualify.
4 Scene+ ScotiaCard® debit card: Earn 1 Scene+ Point for every $5 on debit purchases (up to a maximum of 300 points per transaction and 600 points per day) made from an eligible Scotiabank chequing or savings account using your Scene+ ScotiaCard debit card linked to a Scene+ membership, including Interac Debit contactless and Visa Debit transactions. Normal Interac Debit contactless transaction limits apply. Scene+ Points accumulated using your Scene+ ScotiaCard debit card will be updated within 2-3 days to the associated Scene+ account. Scene+ points are calculated on debit card purchases, less any refunds, returns, or other similar credits. Other conditions apply. Scene+ points can be redeemed for travel, entertainment, shopping, dining, banking or online at www.sceneplus.ca. Visit www.scotiabank.com/sceneplusrewards for complete details.
5 As of May 26, 2025, new and existing Preferred Package for Students and Youth account holders who have or open a Scotia iTRADE account will receive a waiver of commission on all eligible commissionable trades (up to $9.99 CAD/USD per transaction) (the “Waiver”). The Waiver relating to options will be applied to base commissions only.
Note: it can take up to 10 business days from the date of opening a new Preferred Package for Students and Youth account or Scotia iTRADE account for the Waiver to apply. The Waiver will be applied at the time of trade.
Eligibility & Exclusions:
· Eligible commissionable trades include stocks, ETFs and options (base commission only) placed across all Preferred Package for Students and Youth primary account holder’s Scotia iTRADE accounts after the later of May 26, 2025 and the time when a client opens a Scotia iTRADE account.
· Corporate and non-personal Scotia iTRADE accounts are not eligible.
· Only the primary account holder of a Preferred Package for Students and Youth account and of a Scotia iTRADE account will be entitled to receive the Waiver in their Scotia iTRADE account(s).
· Both the Preferred Package for Students and Youth account and Scotia iTRADE accounts must be open and in good standing on the last day of every month for the Waiver to apply.
· The Scotia iTRADE account must not be in a disallowed debit position and must not have any outstanding margin calls due.
· Preferred Package Students and Youth account holders will not qualify for iClub membership based solely on their trading activity.
· No cash redemption value.
· This offer can be combined with other Scotia iTRADE programs and campaigns unless otherwise specified.
· Must be at least the age of majority in province of residence to open a Scotia iTRADE account.
Scotia iTRADE ® (Order-Execution Only) is a division of Scotia Capital Inc. (“SCI”). SCI is regulated by the Canadian Investment Regulatory Organization and is a member of the Canadian Investor Protection Fund. Scotia iTRADE does not provide investment advice or recommendations and investors are responsible for their own investment decisions.
6 Preferred Package for Students and Youth account holders will receive a boost to the Regular Interest Rate (the “Preferred Interest Rate Boost”). Refer to the Current Rates Page on Scotiabank.com for the Total Annual Interest Rate applicable to the Preferred Package for Students and Youth (current Regular Interest Rate plus Preferred Interest Rate Boost), which is subject to change at any time without advance notice. It will take up to 10 business days after activating a Preferred Package for Students and Youth account for the Preferred Interest Rate Boost to apply. The Preferred Interest Rate Boost will cease to apply effective as of the date that the Preferred Package for Students and Youth account is closed. The Preferred Interest Rate Boost is an annual rate calculated daily on the MomentumPLUS Savings Account(s) closing balance and paid monthly.
7 If you open a Preferred Package for Students and Youth account (the “Account”), on or after the date you open the Account (the “Account Open Date”), you will receive an annual fee rebate for the first year only (the “First Year Annual Fee Rebate”) on one eligible Scotiabank Credit Card account (an “Eligible Card”) opened on or after the Account Open Date. Eligible Cards are the Scotiabank Gold American Express®, Scotiabank Passport® Visa Infinite*, Scotia Momentum® Visa Infinite* and Scotiabank Value® Visa* credit cards. Eligible Cards are subject to change. Each Account can only receive one First Year Annual Fee Rebate regardless of the number of account holders on the Account or Eligible Cards opened. The First Year Annual Fee Rebate will be applied to the first annual fee charged to one Eligible Card that you hold as the primary cardholder after the Account Open Date. If there is more than one Eligible Card opened after the Account Open Date, the First Year Annual Fee Rebate will be applied only to the first annual fee charged to one Eligible Card that you hold as the primary cardholder after the Account Open Date. This First Year Annual Fee Rebate is only available for new Eligible Cards opened on or after the Account Open Date. Current or previous cardholders of an Eligible Card or cardholders that transfer to an Eligible Card on or after the Account Open Date will not receive the First Year Annual Fee Rebate. All other fees and charges applicable to the Eligible Card continue to apply. First Year Annual Fee Rebate will not be applied if the Account or Eligible Card is not open or is not in good standing and cannot be combined with any other annual fee rebate offer. Current annual fees, rates and other features for Eligible Cards are subject to change.
8 Scotiabank StartRight Program, created for Canadian Permanent residents from 0–3 years in Canada, International Students and Foreign Workers.
9 Conditions apply. Subject to credit approval.
10 Your TransUnion Credit Score and other TransUnion Credit Score services are provided by TransUnion Interactive, Inc. ("TransUnion") and are made available to you as a customer of The Bank of Nova Scotia (“Scotiabank”) at no additional charge. Accessing your TransUnion Credit Score will not impact your Credit Score. Scotiabank and its affiliates are not responsible for the TransUnion Credit Score or any of the information provided to you through TransUnion's Credit Score services.
To access your TransUnion Credit Score, Scotiabank will share your personal information such as name, address and date of birth with TransUnion so that TransUnion can identify you and provide your Credit Score. Your information will not be used or disclosed by TransUnion for any other purposes.
The TransUnion Credit Score service is subject to certain terms and conditions that can be viewed here Terms of Use.
11 Subject to credit approval
