Open GIC Account
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A GIC (Guaranteed Investment Certificate) is an investment product offered by Canadian financial institutions. International students can use a GIC as part of their proof of financial support when applying for a Canadian study permit.

For applications made on or after September 1, 2026, a single student studying outside Quebec must show 23,448 CAD for one year of living expenses, excluding tuition and transportation. For Quebec, the required amount is 24,617 CAD for one person.

You open a GIC with a Canadian provider, transfer the required or chosen amount, and receive a GIC confirmation or certificate. After you arrive in Canada and complete the bank’s verification process, the GIC funds are usually released back to you in instalments. For example, monthly or bi-monthly payments depending on the provider, until the full principal and applicable interest are paid out.

Also Read: All you need to know about GIC Account in Canada for Indian Students

ExTravelMoney currently assists students with the GIC account-opening process for the following Canadian banks:

1.CIBC

2.Bank of Montreal (BMO)

3.Scotiabank

You can choose the provider that suits you. Our team will guide you through the application process, required documents, and steps involved in funding your GIC account.

1. Expert guidance for GIC account opening
Our team helps you understand the application process, required documents, and next steps for opening your GIC account with your preferred provider.

2. Support for both GIC opening and fund transfer
ExTravelMoney assists you not only with the GIC account-opening process, but also with transferring the required funds from India to your GIC provider.

3. Compare & choose best option for sending funds
Once your GIC account is ready to be funded, you can compare and choose the best exchange rate from our partnered banks and RBI-authorised money transfer providers.

4. Dedicated assistance throughout the process
From choosing a GIC provider to completing the fund transfer, our team is available to help you understand each step and avoid unnecessary confusion.

The account-opening time varies by GIC provider. Typical timelines are:

These timelines are approximate and may vary depending on document verification, application completeness, and the bank’s processing time.

Once your GIC account is opened, the bank will provide the beneficiary details, SWIFT code, reference number and amount to be transferred.

You can then send the funds from India through an international wire transfer. ExTravelMoney can help you compare transfer options and choose the best rate, understand the payment instructions and complete the transfer using the correct details.

Once the funds are received and processed, the GIC provider will issue the applicable confirmation or certificate.

Send Money to Canada GIC Account from India - ExTravelMoney

Once the GIC provider receives and processes your payment, the GIC certificate or confirmation is typically issued within 2–5 working days.

The exact timeline can vary depending on the bank and how quickly the payment is matched to your GIC application.

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.

For most Canadian student GIC applications, Indian students should keep the following ready:

• Valid Indian passport
• Letter of Acceptance / Admission Letter from a Canadian college or university
• Personal details such as your Indian address, phone number, email address and date of birth
• Canadian study details, including the institution, campus and expected date of arrival
• Canadian immigration documents, where required by the bank, such as your Letter of Introduction, visa or study permit
• Indian bank account details for funding the GIC, including account number, bank details and SWIFT/IFSC information where applicable

The exact document list can slightly vary between CIBC, BMO and Scotiabank.

After arriving in Canada, banks may also ask for your study permit and proof of enrolment before activating the account or completing the GIC process.

Yes. You can invest more than the minimum amount required for your study permit, as long as the amount is within the limits allowed by your GIC provider.

For example, if you invest 30,000 CAD instead of 23,448 CAD, the additional amount still remains part of your GIC investment. After you arrive in Canada and complete the bank’s verification process, the full principal is returned to you according to that provider’s payout schedule, along with applicable interest.

A higher GIC investment means higher monthly or bi-monthly payouts, depending on the bank’s payout structure.

Some providers currently allow investments of up to 50,000 CAD, while BMO allows funding up to 75,000 CAD.

Yes. ExTravelMoney can explain the differences in the account-opening process, minimum funding requirements, fees and funding steps for the supported GIC providers.

You can then choose the provider that best suits your requirements, and our team can assist you with the account-opening process and subsequent fund transfer.