Learn about how to Open and transfer funds to GIC account in Canada with Orient Exchange

For Indian students, Canada is one of the most desirable locations due to its high educational standards and high quality of life. Canada's universities are among the greatest in the world, providing globally recognized education that is admired throughout the globe.

A large number of international students migrate to Canada for higher education each year because of its vibrant cities, greater employment possibilities, scenic beauty, ethnic variety, and outstanding quality of life.

The cost of living and the fee you pay for education is comparatively lower than most countries that have the same infrastructure and features. The features said here are of world-class standards and have fulfilled many students dreams.

These features give you the freedom to research various domains which is part of your learning curve. It also allows you to work during your course time, thus making you financially independent even before you become a working professional. So, the first step to such a country starts with creating a GIC account in Canada.

What is a GIC Account and why is it required?

The Guaranteed Investment Certificate, or GIC, is an investment program that is suggested for overseas students who intend to study in Canada under the SDS (student direct stream) program. In order to be eligible for a student visa to start your studies in Canada, all overseas students must deposit one year's living costs into a Canadian bank.

GIC accounts, as the name implies, are savings accounts that pay fixed returns to all qualifying applicants over a certain period. This is a must-to-follow procedure that all students must meet if they choose to pursue a course through the student direct stream.

So How to Open a GIC Account?

The first step is to decide which bank you want to open your Guaranteed Investment Certificate (GIC) account with. Consider if the bank you choose has a large network of branches and ATMs throughout Canada, particularly in the region where you will be staying.

To open a GIC account, most banks offer an online registration process. Use it to fill out the application and submit it online. Your documentation, such as a copy of your passport, pan card, university offer letter, government-issued ID card, and/or proof of enrollment, will be needed to create it successfully.

After that, you will be allotted an account number and transfer instruction document & other details will be shared with you. You will be asked to transfer the funds to that account through a wire transfer.

Transfer Funds To GIC Account

Once the transaction is completed and the account is credited with your funds, you will get a GIC certificate confirmation for the same. You can now use that GIC certificate confirmation to apply for the Canadian study permit.

You can activate the GIC account in Canada by visiting the bank where you have created the GIC account once you land in Canada or the account can be activated from India also if opened thru a digital bank which does not have physical branches to fulfill your invaluable dreams.

Which banks that offer GIC accounts in Canada for Indian Students?

When it comes to opening a GIC account with a bank, you have got four options to select from. They are BMO, Simplii (Digital arm of CIBC), ICICI, Scotia Bank, and CIBC. Let us discuss them.

Bank of Montreal (BMO)

They are Canada’s oldest bank and accepts wire transfer CAD 20835 under their GIC program. GIC Account in Canada earns an interest, which is currently 4.2% (approx.) per annum.

GIC account will be set up with CAD 20635 and CAD 200 as the GIC program fess the balance amount will be transferred to and the checking account which gets opened simultaneously along with the GIC account in Canada with a single & simple application process.

It takes only few minutes for opening GIC account and to provide instructions letter to fund the account. Once the funds remitted to GIC account, within 24 -48 working hours GIC certificate will be issued.

Indian student who has at least 14 years of age, valid passport, pan card and letter of admission from Canadian School/university can apply for GIC account.

Student can avail credit card with CAD 1000 and CRA can be mapped without any annual charges until the student completes his education and has an added advantage even after the student completes his education up to 1 year more, he/she will be given free banking until he settles down with his work.

Debit and credit cards can be issued in USD also on the request basis. A strong network of branches & ATM in Canada, USA & 11 countries more such as Philippines, Vietnam etc…. ensure that student does not face any issues during their stay in abroad.

ICICI Canada:

The first thing to say here is that it is different from the ICICI bank in India. Though, both are part of the same organization.

Since it is a known name among the students, most of them prefer to open an account with them. But it must be noted that the whole process is the same for all irrespective of the banks.

With ICICI you get to have access to their mobile app, which makes the task of payments easier.

The cons here are, though they have tie-ups with the Canada Post and are accessible from 6000+ locations, they have only 7 branches in Canada. This comes as an issue when you have to travel to a branch to solve any payment issues or any banking needs.

Apply for Student GIC Programme in ICICI

Simplii (Digital arm of CIBC):

Simplii is the award-winning digital banking arm of CIBC bank, offering great rates and free daily banking to the students. Nearly 2 million personal banking clients across Canada uses Simplii.

Simplii provides attractive features to the students such as No Fee banking for lifetime, No Fee Credit card with CAD 2000 limit, Debit card will be delivered to Indian Residence before the travel date and Free access to 3400+ ATMs of CIBC.

No Fee on the Global Money transfers to 130+ countries. Account can be activated from India only in case student provides the Canadian residential address and phone number.

CIBC:

Another prominent bank in Canada that provides a GIC program to Indian students is the Canadian Imperial Bank of Commerce. They are especially well-known for their expedited application processing, lower application fees, and greater approval rates.

You may also receive a Student Credit Card with no annual fees and loads of rewards and travel incentives when you create a student account with them only until the period of the education.

The cons here are the higher exchange rates which will reduce the value of money and the number of pay-out installments.

Scotia Bank:

It's one of the biggest banks you can find in Canada with 1100+ branches and 4000+ ATMs across Canada. It makes it an ideal choice for any student who wishes to open a GIC account.

The cons here are very high processing fees and a very strict application process which makes the success rate comparatively low since the slightest error can delay or cancel the whole process.

	BMO	ICICI	Simplii	CIBC	Scotia
GIC Application Fee	150	150	200	200	200
Account Opening Time	Instant	Instant	1 day	1-2 days	2-4 days
Number of Branches in Canada	900+	7	Digital	1200	1100+

How does GIC Account Work and How to send money to a GIC Account from India?

Let us explain it to you,

A student who wishes to study in Canada under the SDS program creates a GIC account with one of Canada's banks. Make a wire transfer to the account in the amount of CAD$20,635. The program fees are $200.

From your GIC account, 4635 CAD$ will be deposited to your student chequing bank account once you arrive in Canada.

For the next 12 months, you'll get a monthly payment of around 1333 CAD$ plus any interest earned on the remaining 16000 CAD$ in your GIC Account in Canada. These funds are distributed to guarantee that you have enough money to cover your living and study costs while in Canada.

How to send Money to GIC Account in Canada?

You can send money from India to a GIC account in two ways.

1. Through Money Transfer Service Providers like Orient Exchange
2. Through Banks

Sending Money through Orient Exchange:

The best option which you can make payment to a GIC account in Canada is the money transfer service providers or the forex dealers. Since we do money transfers to Canada from India regularly, we have a better understanding of the market. We have experts who keep track of the exchange rates to give you the best rates in the market.

You can search for the Canadian dollar rate for today and then compare it with the rates provided by us to believe in our best services. Since our primary area of focus is a forex, we provide some discounts on fees and exchange rates that will gift you with some extra cash at the end of the day.

And the most notable part is that we provide online services enabling you to send and make payments right from your home.

Send Money To GIC Account

Sending Money Through Banks:

Almost all banks make GIC payments to Canada so, you would only need to visit the bank branch in which you have a savings account and then request the service you are in need.

They will initiate the process and you will be asked to submit the required documents like the passport, pan card, GIC transfer instructions document and the enrolment form issued by the university.

Once they are verified, you will then be asked to make the payments. Though they assist you at all times, the exchange rate would be expensive and thus you will be losing some money here and there till you complete the process.