Comprehensive reference for international students at UBC.
Budgets, money, and banking
Transfer your money to a Canadian bank
Ensure that you can access your money easily during your first month in Canada. The following banks are located on or near campus:
There are several ways to transfer funds to Canada:
- Wire funds from your local bank to a Canadian bank. This method ensures that your money is available immediately once transferred to Canada. You will first have to open a Canadian bank account via fax, which some banks are able to do. See below for details.
- Obtain a bank draft for the amount you wish to transfer and bring it with you to Canada. It can take anywhere from 10 to 20 days for a bank draft to be processed.
- Use an electronic bank card from your home bank to withdraw money at ATMs (bank machines) in Canada. You will have to pay service charges for using a bank card outside your country and exchange rates change daily, so check with your bank before choosing this option. This option can be quite expensive.
Don't carry large amounts of cash on you while en route to Canada. Currency exchange services are available at the Vancouver International Airport and at any of the major banks or credit union banks in the city. Traveller's cheques and credit cards are widely accepted in Vancouver.
How to open a bank account before arriving in Canada
Some banks can help you open a bank account before you arrive in Canada, which you can use to wire your funds to. All banks have different procedures for doing this, so ask the bank you choose what they prefer. You should consider the following steps:
- To begin, fax the bank of your choice a copy of your passport and your estimate of when you will arrive.
- Include a signed letter with your request for a student bank account. An account will then be opened in your name, with a "Deposit only" restriction on it.
- The bank will then fax information regarding your account number and the bank's information for wire transfer. Following this, you will be able to wire transfer money into your new account.
- Upon your arrival in Canada, bring your passport into a branch of your bank. You will be asked to sign signature cards. Afterward, all restrictions will be removed from your account, and your funds will be there, ready for use.
Be sure to ask about the availability of free unlimited transaction accounts for students.
For more information on financing your UBC education, Canadian taxes, and employment, please visit the money section of this website.
Plan your budget
An important aspect of planning to study at UBC is having a realistic idea of the amount of money you will need for tuition and living expenses. Use our online cost calculator to plan your budget.
Tuition and living expenses will vary for undergraduate students, graduate students, and exchange students. The amount of money that you will need each term will also be affected by where you choose to live, how many credits you take, if you have a scholarship or bursary, and whether or not you plan to take course at UBC during the Summer Session.
Explore employment opportunities
If you are interested in working part-time while studying at UBC, take some time to learn about the work opportunities available to international students in Canada. Please keep in mind that you cannot rely on earnings from part-time work to cover tuition and living expenses.
