If you’re landing in Montreal as an international student, getting your hands on a Canadian bank account isn’t just a nice-to-have — it’s almost essential (seriously, cashing cheques, renting, paying tuition – all of it is way easier). I’ll walk you through what it’s actually like to open an account with the Bank of Montreal (BMO), share funny (and frustrating) moments from my own attempt, flag the docs you really need, and break down what special offers and account types exist just for you. Along the way, I’ll reference BMO’s own guidelines, Canadian regulatory standards, and sneak in a case or two about how international standards of "verified trade" compare globally — since, amusingly, banking and trade aren’t as different as they sound. (Trust me, the paperwork feels similar!)
International students in Montreal often struggle to understand how local banks handle new arrivals, which documents banks actually need, and what unique banking products are out there. Many are rightly skeptical: "Will I ding my credit? Is my passport enough? Why does everyone need my address – when I don’t have one yet?" I’ve done the legwork (beats endlessly Googling), so you can actually relax and get on with your studies.
The BMO branch near my student dorm (on Sherbrooke, classic student turf) looked way fancier than the banks I grew up with. I walked in with my backpack stuffed with every possible doc I could think of—passport, student visa, Uber receipts with my "address," you name it. (Spoiler: the Uber receipts didn’t help.)
You can book an appointment via BMO’s New to Canada banking page or show up at a branch. I tried both: online is way less stressful, especially with COVID vibes lingering. But if you’re impatient (or your arrival is a disaster like mine), walking in works too — expect a bit of a wait mid-afternoon.
Forum users on r/mcgill and study abroad Facebook groups say most clerks are used to this, so don’t worry about "sounding foreign" — but have your documents ready, and avoid rush hour (lunch, 4pm).
Official requirements from BMO, and what actually happens:
In my case, I thought printing my lease (yes, 12 messy pages) would help. The teller asked only for the first page with my name/address — but my roommate got grilled because his lease wasn’t in his name. Lesson: try for official letters from your uni's housing office if needed! Sometimes, a confirmation email works if you print it out, at least in the summer.
BMO has a Student Banking Plan just for students (and yes, international ones count).
On the website, you’ll find a bizarrely upbeat table showing the “special gifts” if you open an account between June and August (think Spotify, cineplex gift cards – your mileage may vary).
The funny bit: after 20 minutes of keen small talk and lots of typing, the system “crashed." (Queue suspenseful music.) Used the time to ask the rep about using Chinese or Indian online banking for wire transfers – they said BMO supports most major currencies, but the sender must have your transit/account numbers, which you get on a paper slip or via the BMO app after the account’s set up.
Account open, debit card in hand: they even walk you through downloading the BMO app and making your first pin – literally on their branch iPad. Extra tip: immediately update your address in your online profile when you move, or cheques may go to your old dorm for eternity.
If you ask any regulator, like the Office of the Superintendent of Financial Institutions (OSFI), you’ll see rules are tight for banks to check identity and prevent money laundering (see official guidelines). But BMO is used to student paperwork; showing up with extra documentation never hurts.
Hilariously, the fussiness banks have for documents matches what you see in global trade! Here’s a quick comparison of how “verified trade” is handled by major economies—think of banking as a microcosm for broader international standards.
| Country/Organization | Standard/Name | Legal Basis | Enforcing Body |
|---|---|---|---|
| Canada | Anti-Money Laundering (AML), Know Your Client (KYC) | Proceeds of Crime (Money Laundering) and Terrorist Financing Act | FINTRAC, OSFI |
| United States | Customer Identification Program (CIP) | Bank Secrecy Act | U.S. Treasury, OCC, FDIC |
| European Union | 4th/5th Anti-Money Laundering Directives (AMLD) | Directive (EU) 2018/843 | National Regulators, ECB |
| OECD | OECD Due Diligence Guidance | OECD Anti-Bribery Convention | OECD Working Group |
| China | Ullage Verification Manual (for trade) | Customs Law of the People’s Republic of China | General Administration of Customs |
A Canadian student moving to France shared on the The Local: "In Montreal, my passport and study permit were enough; in France, the bank wanted a power bill and a French phone number – which I couldn't get until I opened an account! It’s a bureaucratic chicken-and-egg."
An international trade expert at a Montreal business migration seminar joked: "Bank compliance in Canada is strict, but they’re used to exceptional cases. Always bring more documents, and don’t panic if you get an eyebrow raise for a dorm address. The same logic appears in international trade—a shipment might move faster if you have every certificate ready, even those not on the ‘official required’ list."
Honestly, I’d have printed less paperwork (no one needs your high school transcript!) but more official, local proof-of-residence docs. Going with friends helps with nerves – and to swap stories if one of you goofs up on the app sign-up. Real stats from Statistics Canada show over 200,000 international students opened accounts annually, with BMO as a top 3 choice.
If you’re moving next, think about updating your info online and asking BMO for a list of “acceptable proofs” – saves time and face. All this process can feel weirdly like the paperwork for international trade, as both worlds run on trust, rules, and way too many forms.
Any experiences to share, horror stories or surprises? Check out current student forums or drop comments below – we all learn from each other’s mistakes.
References (with direct links):
BMO New to Canada Banking /
Canada AML Rules – OSFI /
Canadian AML Legal Text /
Banking in France (The Local) /
StatsCan: International Students