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GIC Service Provider Details
| Bank | Program Fee | Investment Amount | Minimum Total | Account Opening Time | Branches in Canada |
|---|---|---|---|---|---|
| CIBC | 1% (206.35 CAD) | 20,635 CAD – 50,000 CAD | 20,841.35 CAD | 24 hours to 2 days | 1050 |
| BMO | 155 CAD | 22,895 CAD - 75,000 CAD | 23,050 CAD | 24 hours | 900 |
| SCOTIA BANK | 200 CAD | 20,635 CAD | 20,835 CAD | 2-4 Days | 900 |
- From September 1, 2025, the minimum GIC amount for students in all Canadian provinces and territories (except Quebec) is 22,895 CAD as per the official information from Immigration, Refugees and Citizenship Canada (IRCC).
- For Quebec, if you apply as of January 1, 2026, the minimum amount required to cover essential expenses for one year for 1 person is 24,617 CAD - Government of Quebec.
Please Note:
Although the new GIC amount is 22,895 CAD as per IRCC, some colleges and universities are still requesting the old 20,635 CAD as proof of funds for GIC or sometimes even less. The amount depends on your educational institution and also your ability to prove financial capacity during your study permit process.
How GIC Account Opening Via ExTravelMoney Works
1
Register for a GIC account with ExTravelMoney.com
2
Our GIC expert will open an account for you with the selected bank
3
Upon successful account opening, you’ll get a GIC Reference Code from the bank to your registered email address.
4
Within 24 hours, you’ll receive the instruction sheet with the payment details to fund your GIC account from India. The same can also be accessed via the bank’s GIC portal.
5
Make the payment and upload the SWIFT Copy in the GIC portal (ExTravelMoney can help with this). You’ll receive your GIC Certificate in 2 - 5 days depending on the bank.
Frequently Asked Questions
1. 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 commonly.
Immigration, Refugees and Citizenship Canada (IRCC) has determined the proof of funds amount (excluding tuition + travel) to be 22,895 CAD (since Sept 1 2025) for 1 person in all provinces/territories except Quebec. For Quebec, it is 24,617 CAD.
How does it work?
Before you travel to Canada: you transfer funds to the bank’s student GIC / investment account. The bank then issues a confirmation document that you can use as part of your visa documentation (exact document name varies by bank).
After you arrive in Canada: you visit a branch (or follow the bank’s arrival process) to verify your identity and activate your banking access.
How you get your money: this depends on the bank/program option you choose.
- Some programs credit the full GIC value (principal + accrued interest) to your bank account after identity verification.
- Some programs let you disburse all or part of your funds upfront, or choose a structure that provides equal monthly payments.
Please Note: The Student Direct Stream (SDS) ended in Nov 2024 and students now apply via the regular study permit stream, where a GIC is accepted but not mandatory. But it remains a widely used and accepted way to demonstrate financial support. Also, some banks explicitly allow smaller GIC investments (e.g., Scotiabank says students can invest as low as $5,000), but the student must still meet the Government’s overall proof-of-funds requirement through a mix of documents.
Blog Post: All you need to know about GIC Account in Canada for Indian Students
2. Which banks can I open a Canadian student GIC account with through ExTravelMoney.com?
1.CIBC
2.Bank of Montreal
3.Scotiabank
3. What are the benefits of opening a Canadian student GIC account through ExTravelMoney.com?
1.
Expert help, end to end
Our GIC specialists guide you step-by-step in opening your GIC account with the bank of your choice.
We make sure everything is set up correctly and follows the required process.
2.
Dedicated support for GIC + transfers
From GIC account opening to sending funds to Canada, you’ll have dedicated support throughout. We
stay with you till the process is completed properly, without confusion or back-and-forth.
4. How long does it take to open a Canadian student GIC account through ExTravelMoney.com?
It depends on the bank. Here is a table with the expected GIC account opening timelines of each bank.
| No | Bank | Account Opening Time |
| 1 | CIBC | 24 hours to 2 days |
| 2 | BMO | 24 hours |
| 3 | Scotiabank | 2 - 4 Days |
5. How do I fund my Canadian student GIC account from India?
Once your Canadian student GIC account is opened, the bank will share an instruction sheet (usually through your email and also inside the bank’s GIC portal). It contains:
- The beneficiary bank account details in Canada
- The bank’s SWIFT code
- Your reference number / student ID (so the bank can match the funds to your GIC application)
- The exact amount to be transferred (this can vary by bank and the option you choose)
How the payment is made from India
- Use the instruction sheet details and initiate an international wire transfer from India (SWIFT transfer).
- Enter the reference number exactly as shown in the sheet. This step matters, because missing or wrong references can delay the credit.
- After the transfer is done, the funds are credited in Canada once the banks complete processing.
How long does it take?
In most cases, it takes around 1–3 working days, depending on your bank in India, the Canadian bank,
and the payment route used.
How ExTravelMoney helps
- We help you review the instruction sheet so the transfer details are entered correctly.
- We assist you in completing the wire transfer smoothly (including the correct SWIFT + reference format).
- We help you avoid common delays like incorrect beneficiary details or missing references.
This way, your GIC funding gets done properly and on time, without unnecessary back-and-forth.
6. 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 2 to 5 working days to get the GIC certificate.
7. 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 sufficient funds into the GIC account for managing the living expenses for the first year while in Canada. For international students going to study in Canada, a GIC Certificate is an effective document that can be submitted as proof of funds to obtain a study permit.
