If you are applying for a Canada student visa, one of the most important financial requirements you will come across is a GIC Account. In this guide, we explain what a GIC account is, how it works, the best GIC providers, and how you can easily send money from India.
Also Read: The Complete Guide For First Time Indian Students In Canada
What is a GIC Account and How Does It Work
A GIC (Guaranteed Investment Certificate) Account is a bank account that international students in Canada open to prove they have sufficient funds for living expenses as part of the student visa process.
To open a GIC account, you must deposit CAD 10,000 – CAD 22,895 plus a processing fee of up to CAD 200 as specified by the bank and university.1
Upon arriving in Canada, initially, the GIC account releases CAD 2000 – CAD 12,000 into your regular bank account, followed by fixed monthly payments of the remaining GIC amount for the next 12 months, including interest.
Opening a GIC account is currently not mandatory for Canadian Student Visa. But proof of funds remains mandatory. While students can provide other financial proofs, experts suggest GIC-certified students have an advantage when applying for a visa.
Best GIC Account Providers
Even though all GIC Account providers serve the same purpose, each one offers unique features, fees, and processing speeds. Here’s a quick breakdown of the most trusted names in the market.
1. CIBC Bank
CIBC (Canadian Imperial Bank of Commerce) is one of the most student-friendly GIC providers in Canada. The setup is straightforward, and students can easily link their GIC to a no-fee monthly checking account. CIBC is often preferred for its simple process and strong digital banking support.
2. Scotiabank
Scotiabank (The Bank of Nova Scotia) offers a well-structured Student GIC Program. It has a large branch and ATM network across Canada, providing students with easy physical access. Many students choose Scotiabank for its established reputation and strong newcomer banking packages.
3. BMO
BMO (Bank of Montreal) provides a dedicated GIC service with student banking benefits, including no-fee checking options. BMO is known for its reliable service and clear step-by-step onboarding process, making it a solid choice for students who want long-term banking convenience.
| Bank | Program Fee | Investment Amount | Account Opening Time | Branches in Canada |
| CIBC | 1% | CAD 2,000 – CAD 50,000 | 24 Hrs | 1050 |
| Scotia Bank | CAD 150 | CAD 20,635 – CAD 75,000 | Less than 24 Hrs | 900 |
| BMO | CAD 155 | CAD 22,895 | 2 – 4 Days | 900 |
Ways to Send Money to a GIC Account
Choosing the right service provider can save you both time and money. Here are the most reliable options you can try;
1. Indian Banks
Major banks such as SBI, HDFC, ICICI, and Axis allow international remittances directly from your bank account in the respective bank branch or via net banking. Even though banks are trusted and regulated, they charge higher exchange rate margins and additional fees.
2. RBI-Authorised Money Changers / AD-II Agents
These agents usually offer better exchange rates, lower charges, and faster processing compared to banks. These money changers are best for students looking to save money. They are available both online and offline.
3. Online Forex Marketplaces
Platforms like ExTravelMoney are online forex aggregators that offer a platform to compare rates across banks and AD-II agents, letting you choose the cheapest and quickest option. The benefits are that you get the lowest rates, transparent fees, full documentation support, and doorstep service.
Also Read: Complete Guide to ICICI Globetrotter Student Insurance
How to Open a GIC Account and Send Money from India
You can open a GIC Account online from India effortlessly using ExTravelMoney by following these simple steps.
- Register on our website by providing your name and email, and choose your preferred GIC Account Provider.
- Our GIC Account expert will contact you shortly and take care of the account opening process on your behalf.
- Upon successful GIC Account opening, you will receive the GIC reference code via email.
- Within 24 hours, you will receive the instruction sheet with the payment details for transferring the amount.
- Use ExTravelMoney’s outward remittance portal to choose the bank or AD II agent offering the best deal and transfer the amount to your GIC Account from the student’s or parent’s account.
- The funds shall reach your GIC Account within 24-48 working hours.
- Once the money gets deposited in your GIC Account, ExTravelMoney’s GIC experts will upload the SWIFT Copy to the GIC portal.
- Finally, you will receive the GIC Certificate within 2-5 working days (depending on the chosen bank), which you can use to apply for your Canada Student Visa.
Processing Time Taken
Typically, the GIC account opening varies according to the service provider. However, the process gets completed in 1-4 days.
Once you open an account, it takes approximately 24 to 48 working hours to transfer money to a GIC Account.
Documents Required to Open a GIC Account
- PAN card (linked with Aadhaar)
- Passport
- University Acceptance Letter
Documents Required to Send Money to a GIC Account
- Passport of the student
- Pan Card of the sender
- University Acceptance Letter
- GIC Account Opening Letter
Why Choose ExTravelMoney for GIC Account Opening
- Get a CAD 25 bonus on GIC account activation upon reaching Canada.
- Get flat Rs 4000 on the first fund transfer of a minimum CAD 10,000 to your CIBC GIC Account opened with ExTravelMoney.
- The GIC experts at ExTravelMoney ensure step-by-step assistance in opening a GIC account and transferring funds.
- Complete your transactions from the comfort of your home, online.
- Compare rates from top Canadian banks to open a GIC account and the best Indian banks and RBI-authorised money changers to complete your money transfer.
A GIC Account simplifies the proof of funds requirement for international students heading to Canada while also providing structured monthly payouts for living expenses. From selecting the best GIC provider to sending money safely from India, every step matters. With ExTravelMoney, you can easily open your GIC account and transfer funds quickly at the best exchange rates and offers with complete expert support.
Also Read: What Parents Need to Know About Overseas Tuition Payments
Article Sources:
Ann Mariya Job is the Associate Content Writer at ExTravelMoney.com. Holding a Bachelor’s in Journalism, she excels in creating deeply researched, engaging, and crisp content. Her work helps readers understand the complexities of foreign exchange, overseas money transfers, and international travel.