✓ Every figure audited against the banks’ own documents · August 2026
Every money decision of your Canadian journey. Audited. Compared. Explained.
Built for international students — from the GIC that gets your visa, to your first bank account, first credit card, and the credit score that builds your life after graduation.
Independent · No bank owns us · How we make money is one click away, always.
Home country → Visa file
I need my GIC & proof of funds
All five GIC programs compared — fees, refund rules, and how fast each issues your certificate for IRCC.
Compare GIC programs → Stage 02Visa approved → Departure
I’m preparing to fly
Open your account before you leave, plan the forex transfer, and pack the exact branch document checklist.
Pre-departure setup → Stage 03Landed → First week
I’m here — unlock my money
Activate your GIC payouts, get a no-history credit card, and start the credit file your future depends on.
First-week playbook →Everything We Cover
One wallet. Six doors.
Every category is researched the same way: primary sources, the banks’ own documents, and the gotchas the banks don’t headline.
Featured Comparison
This intake’s GIC leaders
Same $22,895 principal at every bank. What differs: what you pay to open it, and how fast your money comes back after landing.
Free Tool
What will your first year really cost?
GIC + tuition + real living costs for your city. No email, no sign-up. Just the number.
Estimated first-year total
$36,700
- Tuition
- $18,000
- Living costs (12 mo)
- $17,500
- Flight + setup buffer
- $1,200
- GIC deposit (returned to you)
- $22,895 ↻
Your GIC is wired before you fly, then paid back to you during the year — it funds the living-costs line above rather than adding to it. Quebec has a separate financial threshold. Living costs are averaged estimates.
Built For Your Passport
Guides written for where you’re from
GIC eligibility, forex rules, and credit-history transfers differ by country. Pick yours.
No Credit History Required
Start your Canadian credit file on day one
Entry cards approved for international students with zero Canadian credit history — no security deposit required.
Scotiabank
Scene+ Card via StartRight
- Annual fee
- $0
- Welcome offer
- 5,000 Scene+ pts ($50), first 3 months
- Credit history
- Not required · up to $5,000
Subject to credit approval. Conditions apply.
RBC Royal Bank
RBC Cash Back Mastercard
- Annual fee
- $0
- Welcome offer
- Up to 12% back, first 3 months
- Credit history
- Not required · up to $2,000
Arrived within 12 months · branch application required for the offer.
CIBC
Dividend Visa Card for Students
- Annual fee
- $0
- Welcome offer
- Up to $125 total
- Credit history
- No minimum income · up to $2,000
Newly approved accounts only. Not available in Quebec.
Free Download
The 7-Day Landing Checklist
The exact document list, branch appointments, and money moves for your first week in Canada — distilled from a decade of walking students through it, one student at a time.
Common Questions
Student money in Canada, answered straight
The questions we get most from students and their parents.
Is the $22,895 GIC refundable if my study permit is rejected?
Your principal always comes back — the deductions differ by bank. TD keeps $25 per returned wire; Scotiabank refunds $185 of its $200 fee only within 14 business days of account opening; BMO’s $134 fee is never refunded, by explicit contract term; CIBC may add a processing fee and reconverts at the day’s exchange rate; RBC’s reformed program has no fee to lose. Keep your IRCC refusal letter — every bank requires it.
Which bank has the cheapest GIC program?
TD and RBC are tied at $0 — TD charges only its ~$17.50 incoming wire fee, and RBC’s restructured program has no handling or setup fees at all. CIBC publishes no fee but earns through its exchange-rate spread. BMO charges $134 (never refunded, even on visa refusal) plus $16 per wire; Scotiabank charges $200, of which $185 comes back only within 14 business days. Fees change without notice — confirm on the bank’s current documents before wiring funds.
Can I really get a credit card with no Canadian credit history?
Yes. Scotiabank’s StartRight program advertises limits up to $5,000 with no Canadian credit history, and RBC and CIBC offer student cards with limits up to $2,000. All three are unsecured — no cash deposit required — though approval and your final limit remain at the bank’s discretion.
What’s the cheapest way to send money from home after I arrive?
The initial GIC must arrive by bank wire, but for ongoing transfers, specialist remittance services usually beat bank wires once you count the exchange-rate markup — the hidden cost most students miss. Always compare the total landed amount in CAD, not the advertised transfer fee.
What documents do I need at the branch after landing?
Your passport, your study permit (IMM 1442 / IMM 1208), and proof of enrolment from your institution — an enrolment letter or student ID showing your name, school, and program duration. Book the branch appointment before you fly; without it, your funds stay frozen during your first days.
Who audits these numbers
Compliance disclosure
Red Leaf Wallet is an independent, advertising-supported comparison service. We may receive compensation when you click links to products from our partners. This compensation may affect how and where products appear, but it does not affect our editorial evaluations.
We are not a bank, lender, or financial advisor, and content on this site does not constitute financial advice. Product terms, fees, and IRCC requirements change without notice — always confirm details on the issuer’s website before applying.