Banking

Learn about local banks and bank accounts, moving money internationally, and setting up a US dollar account.

Banking in Canada

Several banks offer student accounts that reduce the service fees charged on accounts. The Bank of Montreal (BMO) and Canadian Imperial Bank of Commerce (CIBC) have branches located just across the street from Regent. Other banks have Automated Banking Machines (ABMs) at various locations on campus.

You may wish to compare services, products, fees and branch locations at the most commonly used banks:

  • Bank of Montreal: 1-800-363-9992 bmo.com (branch on campus)
  • Scotiabank: 1-800-472-6842 or scotiabank.com (branch on campus)
  • Royal Bank: 1-800-769-2511 or royalbank.com
  • Vancity: 1-888-836-2489 or vancity.com
  • CIBC: 1-800-465-2422 or cibc.com (branch on campus, but does not work with Interac)

We recommend that you do not carry large amounts of cash on you while en route to Canada. Currency exchange services are available at the Vancouver airport and at any of the major banks or credit unions in the city. Traveller’s cheques, debit, and credit cards are widely accepted in Vancouver. See our Paying Tuition & Fees page for payment methods Regent can accept.

Transferring Funds to Canada

We recommend that you do not carry large amounts of cash on you while en route to Canada. Currency exchange services are available at the Vancouver airport and at any of the major banks or credit unions in the city. Traveller’s cheques, debit, and credit cards are widely accepted in Vancouver.

There are several ways to transfer funds to Canada.

Bank Draft: Obtain a bank draft for the amount you wish to transfer and bring it with you to Canada. It could take more than thirty days for the bank draft to be processed.

Wire Transfer Service (also called electronic or cable transfers): Ask your local bank to send money to a new bank account in Canada. This money will be available immediately once transferred to Canada; check with your local bank about its processing times.

Bank Card: use your electronic bank card for your bank in your home country to withdraw money from your home account at an ABM (Automated Banking Machine) in Canada. The Plus and Cirrus networks are widely available in Vancouver. Check with your bank about the practicality of this option. Various service charges can apply for using your bank card outside the country and exchange rates will fluctuate daily.

US Dollar Accounts

Virtually all Canadian banks can provide you with US dollar accounts. You can deposit the funds you are bringing with you in US currency, then convert amounts to Canadian dollars only as you need—this will work to your benefit if the Canadian dollar falls in value. You can also open a Canadian dollar account for your everyday needs.

While Regent will let you pay your tuition in US dollars, you will probably get a better exchange rate from a bank. A good place to exchange your currency is the Vancouver Bullion & Currency Exchange. It tends to give a better exchange rate than the banks.