What is a GIC account for students and how does it work?

GIC stands for Guaranteed Investment Certificate.

A GIC account is basically an investment account. With respect to International students going to study in Canada, a GIC account acts as proof of funds or show money as it is called in common parlance. Students would have to deposit a fixed amount of money in this account (CAD 20,635 + CAD 150 or CAD 200) before coming to Canada. This is proof that the student has money to manage their expenses after reaching there.

Once in Canada, a first-time amount of say CAD 4127 CAD to 6190.5 CAD (this figure depends on the GIC bank) would be released to the student’s bank account from the GIC account. This is to cover the student’s initial expenses in Canada. Apart from this, every month the student would receive 1,204 CAD to 1,376 + interest, to meet their monthly expenses from the GIC account. After 12 months, the student would have received back their 20,635 CAD GIC investment with interest. This is how a GIC account for a student works.

Blog Post: All you need to know about GIC Account in Canada for Indian Students

Which banks can I open a Canadian student GIC account with through ExTravelMoney.com?

What are the benefits of opening a Canadian student GIC account through ExTravelMoney.com?

How long does it take to open a Canadian student GIC account through ExTravelMoney.com?

How do I fund my Canadian student GIC account from India?

Once your GIC account is successfully opened, you will receive an instruction sheet with payment details to both your registered email and the bank’s GIC portal. This instruction sheet will contain the details of the bank account in Canada to which you’ve to transfer the GIC money. You can make then initiate the payment from India via wire transfer using the SWIFT code provided in the sheet. Typically it’ll take 24 to 48 working hours for the funds to be credited in Canada.

How long does it take to receive the GIC certificate after making the payment?

Once payment is received by the GIC bank, usually it’ll take about 3 to 5 working days to get the GIC certificate.

What is a GIC Certificate and what is its importance for a student going to study in Canada?

A GIC certificate is proof from the Canadian bank that you’ve deposited 20,635 CAD into the GIC account. For international students going to study in Canada, a GIC Certificate is an important document to be submitted to obtain a study permit.

What is the welcome bonus amount for opening a Canadian student GIC account?

Students who register for opening a GIC account with ExTravelMoney.com will get a 50 CAD welcome bonus upon account activation. This offer is currently only available for Simplii and CIBC GIC account openings.

How do I get the Rs. 2500 discount on my first GIC transfer through ExTravelMoney.com?

To redeem the Rs. 2500 discount, you need to open a GIC account through ExTravelMoney.com. Upon successful opening, you’ll receive a GIC Offer Coupon Code from ExTravelMoney (sent to your email).
Then, book a money transfer to your GIC account via our website and use the GIC Offer Coupon Code during the transaction. When the Coupon Code is applied, you’ll get FLAT Rs 2500 OFF from your transfer.

When does the Rs. 2500 discount offer expire?

This is a limited-period offer and is set to expire on Jun 30, 2024, at 11:59 PM. Don't miss out on this amazing offer and start your journey towards studying in Canada today.