TLDR
- Start financial prep 3–6 months out: build a budget, apply for a Student Line of Credit, and secure proof of funds for your visa early.
- Set up Canadian digital banking and research a local bank account before you leave so you can manage money seamlessly from day one.
- In the final two weeks, file a travel notice in the RBC app, add cards to your digital wallet, and update two-factor authentication so nothing blocks account access abroad.
Congratulations, you’ve earned this! Before you go, here’s everything you need to know to get your finances ready, so the only thing you’re focused on is school.
Getting accepted into a medical or dental program overseas – whether in Australia, Ireland or beyond is a huge milestone for any Canadian student. You’ve worked incredibly hard to get here and the adventure ahead will shape not just your career, but your entire outlook on the world.
But before you pack your scrubs, there’s one thing that deserves as much attention as your course syllabus: your finances. International medical and dental students from Canada face a unique set of financial logistics – from student visa proof-of-funds requirements to bank accounts and international money transfers, but with a little planning and the right tools, you can step off that plane feeling confident, prepared, and ready to focus on what matters most — becoming a great doctor or dentist.
Here’s how to build your financial foundation, step by step.
What Should Canadian Medical & Dental Students Do3–6 Months Before Moving Abroad?
The earlier you start the more breathing room you’ll have. This phase is about turning big abstract numbers into a real workable plan.
| Build a detailed budget for studying abroad | Include tuition, travel, rent, groceries, textbooks, travel health insurance, and an emergency fund. Map out your monthly picture before you leave. |
| Understand how tuition payments work overseas | International wire transfers from Canada typically take 1-3 business days to clear, but the exact timing depends on the destination country and banking processes. Find your school’s payment deadline and work backwards to avoid missing it. |
| Gather your proof of funds for your student visa | Many countries often require an official bank letter or recent statements showing a minimum balance as part of the student visa process. Check the specific threshold for your destination country early – processing takes time. |
| Apply for a Student Line of Credit as soon as possible | A Student Line of Credit is a dedicated borrowing product designed for students in professional programs like medicine and dentistry. Funds need to be cleared and visible on your statements before your visa application. You’ll also need a co-signer, so have that conversation with a parent or trusted family member now. |
1–2 Months Before Travelling Abroad:How to set-up your banking before going abroad
With your financing in place, it’s time to set up the day-to-day systems that’ll keep everything running smoothly while you’re far from home.
| Activate online and mobile banking before you leave Canada | The RBC Mobile app is your financial home base when you’re away. Set it up before you leave so you can check balances, move money, and track spending from anywhere in the world. |
| Research and open a local bank account in your destination country | A local account for day-to-day expenses saves on fees and simplifies everyday life. Many banks allow international students to open accounts online ahead of arrival. |
| Set up a plan for transferring money | Know how you’ll move funds from your Canadian accounts to your local bank account abroad to cover rent and expenses whether through RBC’s International Money Transfer service, including the RBC Mobile app, or another 3rd party service. |
| Check your credit card’s foreign transaction fees and spending limits | Some cards can charge 2–3% on every foreign-currency purchase – those costs add up fast. A quick look at your card’s foreign transaction fees before you leave can go a long way toward keeping your budget on track and removing any surprises. |
| Arrange for health and travel insurance for your destination country | Healthcare works differently in every country, that’s why it’s important to confirm what’s covered under any reciprocal health agreements. Consider filling in the gaps with supplemental insurance and get familiar with what to do in a medical emergency, ideally before you ever need that information. |
RBC has helped generations of students navigate the financial side of big life moments like this. speak with an RBC Healthcare Specialist about student financing options, international student banking, and everything in between.
2 Weeks Before You Leave: The Final Countdown
You’re almost there. These steps are quick – but every one of them matters.
| File a digital travel notice in the RBC app | Input your departure date and destination country so your card activity abroad isn’t flagged or blocked when you need it most. Takes about 60 seconds and can prevent unnecessary disruption to your banking when you arrive. |
| Add your cards to your digital wallet | Setting up Apple Pay, Google Pay, or Samsung Pay before you leave means you can still access your funds even if your physical card is lost or delayed. Set it up before you go. |
| Exchange a small cash buffer in local currency | Have enough local cash on hand for transit, a cab, or a quick meal when you land – before your accounts are fully set up in-country. |
| Download digital copies of your Canadian bank statements | Save recent statements to your device so you have proof of funds accessible anywhere, even without a reliable internet connection. |
| Update your two-factor authentication method | If your RBC account sends verification codes to your Canadian phone number, switch to using your driver’s license or passport for authentication before you leave – it works anywhere in the world with a reliable connection and helps to keep your accounts secure. |
You’ve Got This
Financial preparation isn’t the most exciting part of studying abroad — but it’s the foundation that makes everything else possible. When your banking is sorted, your student line of credit is in place, and your digital tools are set-up before departure, you can walk into your first lecture with one less thing on your mind.
And that’s exactly where your head should be – on the incredible thing you’re about to do.
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Get Advice and Solutions that Help
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This article is intended as general information only and is not to be relied upon as constituting legal, financial or other professional advice. A professional advisor should be consulted regarding your specific situation. Information presented is believed to be factual and up-to-date but we do not guarantee its accuracy and it should not be regarded as a complete analysis of the subjects discussed. All expressions of opinion reflect the judgment of the authors as of the date of publication and are subject to change. No endorsement of any third parties or their advice, opinions, information, products or services is expressly given or implied by Royal Bank of Canada or any of its affiliates.
