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Banking

Setting up your bank account

When you arrive in Canada, setting up your bank account should be a priority. You are required to have an account at a Canadian banking institution.

If you would like more information on banking in Canada, visit Educanada.

Canada has five major banks. Each has student rates that you can ask about.

To open a bank account, you will need

  • passport
  • study permit
  • address verification (lease, bill, mail, etc.)

If you have a scholarship payment (refund) owing to you:

  • For students residing in Canada, we will coordinate the refund for you and you will receive an e-transfer to your McMaster email address within a week after we process the payment.
  • For students who have not yet arrived in Canada, your refund will be held in your McMaster account until you arrive in Canada.

Please note: Not all students will have a refund owing to them.

If you are paid Research Scholarship, TA, and/or RA in lieu of TA, these monies will be deposited directly into your bank account. This method of payment is mandatory.

Enrol in Direct Deposit

To receive your payments, you must submit your payroll information via the new Employee Self-Service portal in Mosaic.

Please note: You must have a Canadian bank account to enrol in Direct Deposit.