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The short answer
International students can open a Canadian bank account with a passport and a second document, or with a passport plus someone in good standing who vouches for them. Students and newcomers in their first year are both groups the federal low-cost and no-cost commitment covers, so a no-fee account with at least 18 debit transactions a month is available at participating banks. The fee waiver is tied to your student status, so ask in writing what the account becomes after graduation.
What you need to open one
The Financial Consumer Agency of Canada (FCAC) page on opening an account (modified 23 October 2026) lists two ways to prove who you are:
- Two original documents: one with your name and address, one with your name and date of birth; or
- One original document with your name and date of birth, plus confirmation of your identity by a customer of the bank in good standing or a person of good standing in your community.
Foreign passports are on the approved list, so your Nigerian passport counts. Your study permit is a federal government document. In your first weeks, a recent bank statement from home, a residence letter or a tenancy document may help with the address side; the bank decides what it accepts beyond the list. A bank can refuse only for specific reasons, such as suspected illegal use or your refusing to let it verify ID, and it must give written notice with its complaint process.
You will also want a Social Insurance Number if you plan to work. IRCC's page on working off campus (modified 15 April 2026) says eligible students need a SIN, may work up to 24 hours a week off campus during regular terms and without a weekly limit during scheduled breaks. Your employer will pay into the account you open.
The no-fee rule that covers students
The FCAC's low-cost and no-cost accounts page (modified 8 December 2025) describes a commitment by some financial institutions. Every Canadian can get an account with a monthly fee of $4 or less, with at least 18 debit transactions a month and no minimum balance. A no-cost version, with the same features and no monthly fee, is available to:
- students;
- newcomers to Canada, for their first year;
- people aged 18 or younger;
- seniors receiving the Guaranteed Income Supplement and RDSP beneficiaries.
The page does not name the participating banks, and it does not set a full-time requirement for students. Ask the bank whether the student account it offers is under this commitment, and use the FCAC's Account Comparison Tool to check.
What a student package usually includes
Banks build their own student packages on top of the basic account, and terms vary. Before you sign, get answers to these questions in writing or from the bank's own product page:
| Question | Why it matters |
|---|---|
| How many transactions are included each month? | The no-cost commitment guarantees at least 18 debits; some packages include more |
| What proof of enrolment is needed, and how often? | The waiver can stop if you do not renew proof |
| Are international wire and Interac e-Transfer fees included? | Tuition and family transfers can cost more than the monthly fee |
| Is a student credit card offered, and at what limit? | A small card used carefully starts a Canadian credit file |
| What does the account convert to after graduation, and when? | Ask whether a new monthly fee starts without notice |
What changes after graduation
Student status is the reason the fee is waived. When you stop being a student, the account normally moves to the bank's standard fee or another package, after a period the bank sets. The FCAC commitment still lets you ask for a low-cost account at $4 a month or less, and the newcomer no-cost route covers only your first year in Canada, which for most students has passed by graduation. Diarise the conversion date and decide before it arrives whether to keep, switch or downgrade.
Example only, with invented figures. Chiamaka finishes her master's in Halifax in April. Her bank tells her the student package ends and she will move to an everyday account with a monthly fee of $16.95. Over a year that is $203.40. A low-cost account under the FCAC commitment costs no more than $4 a month, or $48 a year at most, with at least 18 debits a month. If 18 debits cover her needs, asking for the low-cost account saves her at least $155.40 a year; if she makes many more payments, she compares the cost per extra transaction before deciding.
Graduation is also when many students start a post-graduation work permit, apply for a car loan or rent in their own name. A clean account history and a credit card paid in full each month help. See building a credit score from zero and how a secured card works.
What to check first
- Your passport and study permit are with you, originals not copies.
- You know which address document you can show, or who can vouch for you.
- The bank confirms whether the account is part of the no-cost commitment.
- You know the fee for receiving an international transfer from Nigeria, if family will pay fees or rent that way.
Where Pryme fits
If family at home supports you in naira, note that a Pryme account can be opened from any country and holds NGN, USD, GBP and EUR, each with local account details, so family support can arrive in naira and stay that way until you choose to convert with Swap. Multicurrency accounts explains how it works. Your Canadian student account remains the place for rent, groceries and wages in Canadian dollars.
Questions people ask
Can an international student open a bank account in Canada?
Yes. The FCAC lists foreign passports as acceptable ID. You need either two documents (one with your address) or one document plus someone in good standing vouching for you.
Are student bank accounts free in Canada?
Students and newcomers in their first year can get a no-cost account at institutions in the federal low-cost and no-cost commitment, with at least 18 debit transactions a month.
What happens to my student account after I graduate?
The waiver usually ends when you stop being a student, and the bank moves you to another account type. Ask what it converts to and when, and request a low-cost account if you want one.
Do I need a SIN to open a student bank account?
Ask the bank. You need a SIN to work off campus, and IRCC lists it among the conditions for off-campus work.
Sources
- FCAC: Opening a bank account (modified 23 October 2026) · accessed Oct 2026
- FCAC: Low-cost and no-cost accounts (modified 8 December 2025) · accessed Oct 2026
- IRCC: Work off campus as an international student (modified 15 April 2026) · accessed Oct 2026
This article is general information, not financial, legal or tax advice. Products described are provided under the terms on this site and are subject to regulation and eligibility.