The Civil Aviation Authority (CAA) arranged 119 flights to bring back more than 23,000 people in the first two days of the operation.
Some students also use an international credit card such as Master Card or Visa.
In addition to cash and credit cards, electronic banking cards, or ‘debit cards’, can be used to make purchases in most Canadian stores.
Those who used credit cards to pay for flights worth less than £100 will also not be legally entitled to a refund under Section 75 of the Consumer Credit Act.
Another loophole in the law means that those who bought Monarch flights through third party travel agents or tour operators are not be protected by the Consumer Credit Act.
Debit cards that operate on the Interac, Cirrus or The Exchange systems are the most widely accepted.
Please view the video below for an overview of the types of banking services available to international students.
Above, stranded passengers queue to check-in for a 'rescue' flight by the Canadian Air Transat airlines at Gran Canaria airport after Monarch Airlines announced their cessation of operations But customer face an anxious wait, with some told they will not get their money for six weeks even if they are successful.
Thousands of households who snapped up cheap Monarch flights on credit cards just before it collapsed will also find themselves in this uncertain situation.
Click here for information about how to pay your tuition and residence fees.