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 in common parlance. Students would have to deposit a fixed amount of money in this account (varies among banks) before coming to Canada. This is proof that the student has money to manage their expenses after reaching there.

Once in Canada, a first-time amount of say 2000 CAD to 12,000 CAD (this figure depends on the GIC bank) would be released to the student’s bank account from the GIC account. This is to cover the student’s initial expenses in Canada. Apart from this, every month the student would receive equal installments of the remaining amount + interest, to meet their monthly expenses from the GIC account. After 12 months, the student would have received back their full deposit amount of the GIC investment with interest. A few bank also provide students with the option to withdraw the total amount upfront on arrival in Canada or to even maintain it as an investment and withdraw fully after the maturity period. This is how a GIC account for a student works.

Blog Post: All you need to know about GIC Account in Canada for Indian Students

1.ICICI Bank Canada

2.CIBC

3.Bank of Montreal

4.Scotiabank

1.Expert assistance: Our GIC experts will assist you in opening your GIC account from the bank of your choice. Our team will ensure that your GIC account is set up properly and meets all the necessary requirements.

2.Money Transfer Discount: Get a discount of Rs 3000 on your first money transfer (minimum CAD 10,000) to the GIC account. This means more savings!

3.Dedicated Support: ExTravelMoney.com provides dedicated support both on GIC account opening and money transfers to Canada. We'll help you throughout the process to ensure that everything is completed flawlessly.

It depends on the bank. Here is a table with the expected GIC account opening timelines of each bank.

Once your GIC account is successfully opened, you will receive an instruction sheet with payment details to both your registered email and the bank's GIC portal. This instruction sheet will contain the details of the bank account in Canada to which you've to transfer the GIC money. You can make then initiate the payment from India via wire transfer using the SWIFT code provided in the sheet. Typically it'll take 24 to 48 working hours for the funds to be credited in Canada.

Once payment is received by the GIC bank, usually it'll take about 2 to 5 working days to get the GIC certificate.

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.

Students who register for opening a GIC account with ExTravelMoney.com will get upto 50 CAD welcome bonus upon account activation. This offer is currently only available for Simplii and CIBC GIC account openings.

To redeem the Rs. 3000 discount, you need to open a GIC account through ExTravelMoney.com. Upon successful opening, you’ll receive a GIC Offer Coupon Code from ExTravelMoney (sent to your email).
Then, book a money transfer of a minimum CAD 10,000 to your GIC account via our website and use the GIC Offer Coupon Code during the transaction. When the Coupon Code is applied, you’ll get FLAT Rs 3000 OFF from your transfer.

This is a limited-period offer and is set to expire on Aug 31, 2025, at 11:59 PM. Don't miss out on this amazing offer and apply for a GIC account via ExTravelMoney for more savings!