Send Money to GIC Account in Canada from India

A GIC, or Guaranteed Investment Certificate, is a Canadian investment product that allows you to deposit money for a fixed period and earn a guaranteed rate of interest. International students may use a GIC from an eligible Canadian financial institution as one form of proof of financial support for their study permit application.

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

There is no single mandatory GIC deposit amount that applies across every Canadian bank. For study permit applications submitted on or after September 1, 2026, a single student studying outside Quebec must show CAD 23,448 for first-year living expenses, excluding tuition and transportation. A GIC can be used as one way of demonstrating these funds.

Students studying in Quebec are subject to separate financial-capacity requirements. For applications from January 1, 2026, Quebec requires CAD 24,617 for one person's basic needs for one year, in addition to other applicable study costs.

Your actual GIC deposit should follow the amount and payment instructions provided by your chosen bank or GIC program.

No. CAD 23,448 is the current IRCC living-expense requirement for one student outside Quebec, not a universal compulsory GIC deposit. Different Canadian banks may offer GIC programs with different minimum and maximum deposit amounts. Always check the terms and payment instructions issued by your GIC provider before transferring money.

Once your GIC application is approved, your Canadian bank or GIC provider will issue payment or wire-transfer instructions. You can then use ExTravelMoney to compare forex rates from available RBI-authorised banks and money changers, choose a suitable provider and place your GIC transfer request. The remittance is completed through the selected forex provider using the bank details supplied by your GIC provider.

Also Read: Best Way to Send Money to GIC Account Online for Indian Students

ExTravelMoney is a forex comparison and booking platform. It allows you to compare rates and transfer options from RBI-authorised forex providers. Your GIC remittance itself is processed by the bank or money changer you select through the platform.

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Yes, you can transfer funds to supported Canadian GIC accounts provided you have valid payment instructions from the bank.

Also Read: GIC Comparison; Which Bank is Best For Indian Students in Canada?

Scotiabank's current Student GIC Program allows eligible students to invest between CAD 5,000 and CAD 50,000. Its stated wire-transfer range is CAD 5,200 to CAD 50,200, with CAD 200 covering the applicable program/wire-processing fee.

Always use the amount shown in your own Scotiabank payment instructions, as program terms can change.

CIBC sets its own Student GIC Program limits. The amount you should transfer is the amount specified during your CIBC application and in the payment instructions issued to you. Do not assume that the IRCC living-expense requirement and the CIBC GIC deposit amount will always be identical.

Mostly yes, but first check the rules of your chosen GIC provider. Some banks allow a range of GIC deposit amounts, while others may impose specific limits. Check your bank's program terms and follow the exact funding instructions provided before sending additional money.

Most of the time, payment is expected from the student’s own Indian savings bank account. Whether a third-party or parent-funded transfer is accepted depends on the requirements of the GIC provider and the remittance provider. Before initiating the payment, confirm that the sender name, source of funds and payment reference will comply with the instructions issued by your Canadian bank.

Requirements can vary depending on the forex provider and the purpose of remittance. You may typically be asked for documents such as your passport, PAN, university or study-related documents, GIC payment instructions and KYC information. The selected forex provider may request additional documents depending on the transaction and applicable regulatory requirements.

Once you place your GIC transfer order on ExTravelMoney, document collection and verification usually take up to 1 working day. After the required documents are completed and the payment is made to the selected forex provider, the GIC transfer is typically processed within 4 to 48 working hours.

The exact credit time can vary slightly depending on the chosen bank or money changer, banking hours, intermediary banks and the receiving GIC provider.

After your remittance reaches the Canadian GIC provider and is matched to your application, the bank credits the funds to your GIC program and issues the relevant GIC confirmation or investment certificate. You can then use this document as part of your study permit proof-of-funds documentation.

Not necessarily. IRCC requires students to demonstrate that they have sufficient financial resources, but a GIC is only one accepted way of showing proof of financial support. Other forms of financial evidence may also be accepted depending on the applicant's circumstances.

Students studying in Quebec must meet Quebec's separate financial-capacity requirements in addition to applicable federal study-permit requirements. For applications from January 1, 2026, Quebec requires CAD 24,617 for one person's basic needs for one year, with separate costs such as tuition also taken into account.

A GIC may form part of your financial evidence, but you should follow the requirements applicable to your individual immigration and study situation.

Your GIC holds the money you’ve set aside for living expenses in Canada. You usually don’t get the full amount at once. After you arrive in Canada and complete the bank’s activation process, the GIC funds are released according to the bank’s payout schedule. Those payments are typically credited into your regular Canadian bank account, which is the account you actually use for day-to-day spending like rent, groceries, bills and cash withdrawals.

So in simple terms:
GIC = money set aside and released over time
Regular bank account = where you receive and use that money

Usually, no. Your college primarily provides admission and tuition-related information. The GIC provider or Canadian bank issues the actual funding and payment instructions for your GIC. You should always transfer according to those instructions rather than relying on a general amount mentioned elsewhere.

Yes. That is one of the main reasons to use ExTravelMoney. You can compare available forex rates from multiple RBI-authorised providers before choosing where to place your GIC transfer request. This can help you compare the INR cost of funding the required CAD amount instead of approaching individual providers separately.

ExTravelMoney does not charge customers a separate platform or convenience fee for comparing available forex rates and placing a service request.

Before sending a large GIC payment, verify the beneficiary details, exact amount, payment reference, bank instructions and applicable charges supplied by your GIC provider.

Yes. If your GIC transfer is processed under education/studies abroad under the Liberalised Remittance Scheme (LRS), TCS applies only when your total LRS remittances in the financial year exceed ₹10 lakh.

From 1 April 2026, the TCS rate for education remittances is:

• Nil up to ₹10 lakh
• 2% on the amount above ₹10 lakh
• Nil if the education remittance is funded through an eligible education loan from a specified financial institution

TCS is tax collected at source, not a transfer fee. It is reflected against the PAN of the person making the remittance and can generally be adjusted against their income-tax liability or claimed as a refund when filing the applicable income-tax return, subject to their tax position.

Also Read: How To Claim TCS Refund Online When Filing ITR?

Yes. It is calculated on a prescribed taxable value rather than on the entire remittance amount. Simply speaking, what this means is that, if CAD 23,448 is roughly ₹15.9 lakh, the GST would be around ₹1,000–₹1,100, based on current forex GST valuation rules. The exact amount will vary slightly with the exchange rate on the day of transfer.

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