Scotiabank allows international students to open a student account online with a one-time transfer of up to CAD 50,000 (INR 30,70,221) before they arrive in Canada. Students who have secured admission to pre-secondary and post-secondary courses in colleges and universities in Canada can apply for this account. With this account, international students can start their educational journey with mental peace and financial stability in a foreign land.
|Account||Scotiabank International Student Account|
|Eligible Students||Students from India, Vietnam, China, Pakistan, Peru, Brazil, Senegal, the Philippines, and Colombia.|
|Minimum Age Limit||13 years|
|Maximum Transfer Limit||CAD 50,000 (INR 30,70,221)|
Scotiabank International Student Account
The Scotiabank International Student Account helps students from India, Pakistan, China, Senegal, Vietnam, Peru, Brazil, Colombia, and the Philippines adhere to the study permit requirements in Canada. Additionally, the account also helps students pay for living expenses during their stay in Canada. Account holders can transfer up to CAD 50,000 (INR 30,70,221) at once from their home country banks. After receiving the funds, the bank sends confirmation emails to students, which they have to showcase as proof of funds after landing in Canada. Students are advised to contact any nearby branch of Scotiabank to complete the account opening process. Students can pre-book their appointment by calling 001-416-288-3062. The appointment can be made before arrival in Canada. Students need to present their Passports and Canada Visa or Landing Document Numbers in preferred branches to start the account.
Benefits of the Scotiabank International Student Account
International students going to study abroad in Canada can open Student Accounts from their homelands before arriving in maple country. This bank account reduces the burden of carrying CAD while travelling and enables students to provide proof of funds in Canada.
Some of the benefits are:
- Opening this student account helps students meet all the requirements for a study permit
- No monthly account maintenance fee
- A free chequing account
- Provision of a Visa debit card that can be used for making a purchase or paying a bill. There is no annual charge attached to the debit card
- Provision of infinite debit card transactions
- Secure and safe mobile banking and online transactions
- Access to infinite international money transfers
- Availability of Scotia Line of Credit for students enrolled in undergraduate or postgraduate programmes. Students can use this credit to finance their education or daily expenses during their academic journey in Canada
- International Student Account holders get an unsecured credit card with a maximum limit of up to CAD 5,000 (INR 3,07,048) and no annual fee. Students can use these cards for movie rewards as well
- Account holders get to build a good credit history, owing to which they can avail of loans for getting cell phones, accommodation in Canada, and credit cards
Scotiabank International Student Account Application Eligibility
Students who do not possess citizenship in Canada can open Scotiabank International Student Account. Scotiabank prescribes the following eligibility criteria for international students planning to study in Canada:
- Applicant must have an approved Permanent Residency or secured admission to any college or university or school in Canada
- Candidate must not be less than 13 years of age
- Applicant must go to Canada within 18 months from the date of application
- Candidate must not be visiting Canada on a visitor visa or a tourist visa
- The applicant will have to confirm that the account will not be accessed by any individual or entity who does not have an account. A joint account holder or anyone having the Power of Attorney.
Scotiabank International Student Account Online Application Process
Non-citizens of Canada can apply on the official website of the bank. Follow these steps to apply online:
- Visit the official website of Scotiabank
- Go to Apply Now and click on the button.
- Select the Student International Account option to get the appropriate application.
- Applicants also have the option to input their country at the bottom of the page and then select Apply Now option.
- Read and understand the disclosures.
- Click on Start.
- Enter the required details.
- Upload required documents.
- Click on Submit button to complete the Application Form.
After approval of the Student Account application, the bank notifies the applicant. The student can now proceed with a money transfer to his/her/their bank account.
Scotiabank International Student Account Money Transfer from India
After approving the application, Scotiabank sends account details of the International Student Account to the concerned applicant. After receiving the account details, the student is eligible for a one-time transfer of up to CAD 50,000. Indian citizens can do an international transfer or outward remittance.
Steps for International Transfer or Outward Remittance From India
Many Indian banks allow outward remittance with an outward remittance fee and an exchange rate charge. Outward remittance fee refers to the transaction fee charged by the native bank and the exchange rate fee is defined as the rate at which INR is converted to a foreign currency.
- Students with an online banking option can send money to their accounts through the Transfers dashboard of their Indian bank online portal.
- Applicants can also visit the local branches to complete the transaction in person.
Also Read: How to get an education loan?
Ans. Students of India, Pakistan, China, Senegal, Vietnam, Peru, Brazil, Colombia, and the Philippines can apply for the Scotiabank International Student Account.
Ans. A Scotiabank International Student Account completes the study permit requirements for international students and enables them to pay for living expenses in Canada.
Ans. There is no annual maintenance fee for a Scotiabank International Student Account. The credit card and debit card of the account holder also come free of charge.
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