Extravelmoney helps Indian students heading to Canada send money to their GIC accounts quickly at minimum costs. Students can save up to 5% compared to banks or other money transfer service providers. The entire amount can be transferred in a single transaction. We also provide door-step KYC verification via our 6000+ RBI-authorised partnered outlets across India. The whole process can be completed in 2 working days.

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 commonly.

Immigration, Refugees and Citizenship Canada (IRCC) has determined the proof of funds amount (excluding tuition + travel) to be 22,895 CAD (since Sept 1 2025) for 1 person in all provinces/territories except Quebec. For Quebec, it is 24,617 CAD.

How does it work?

• Before you travel to Canada: you transfer funds to the bank’s student GIC / investment account. The bank then issues a confirmation document that you can use as part of your visa documentation (exact document name varies by bank).
• After you arrive in Canada: you visit a branch (or follow the bank’s arrival process) to verify your identity and activate your banking access.
• How you get your money: this depends on the bank/program option you choose.

• Some programs credit the full GIC value (principal + accrued interest) to your bank account after identity verification.
• Some programs let you disburse all or part of your funds upfront, or choose a structure that provides equal monthly payments.

Please Note: The Student Direct Stream (SDS) ended in Nov 2024 and students now apply via the regular study permit stream, where a GIC is accepted but not mandatory. But it remains a widely used and accepted way to demonstrate financial support. Also, some banks explicitly allow smaller GIC investments (e.g., Scotiabank says students can invest as low as $5,000), but the student must still meet the Government’s overall proof-of-funds requirement through a mix of documents.

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

Opening a GIC Account is very easy.

• The first step is to decide which bank to go with. Choose one that has a wide network. Most banks have an online application for opening a GIC account.
• Then your documents such as Passport copy and Proof of Enrollment etc. need to be submitted online.

• Enter the amount (in CAD) you need to transfer to your GIC account and click on ‘Get Rates’.
• Enter your location in India to get bids from RBI authorized exchange houses & banks in your area.
• Choose any one bid, and place your order by entering your contact details. You can now upload the required KYC documents.
• Once the KYC is verified, you can transfer the funds directly to the exchange house/banks’s account as NEFT/RTGS transfer.
• Your money will now be wired. Your GIC account will receive the credit within the next 48 working hours.

• Indian Passport of the student
• University Acceptance Letter
• GIC Account Opening Letter
• Any govt approved photo id proof of sender
• Sender's PAN Card

Note:The sender can be the student or his/her parents.

Yes, your GIC amount will be refunded in case your GIC application or Canadian Study permit is rejected or you withdraw from your course for any reason whatsoever.

For the refund process, you must contact the GIC bank and request a refund of funds.

The balance amount will be refunded to you after the deduction of any applicable fees by the GIC bank and the sending bank (ExTravelMoney does not charge any fees for refund).

The Processing Fee (charged by GIC bank, usually between CAD 150 to CAD 200) and the Wire Transfer Charge (charged by sending bank when transferring GIC amount from India and charged by GIC bank when refunding this amount) are non-refundable.

Also, when refunding the amount in CAD, the receiving bank in India will be getting the amount after conversion to INR at the Outward Remittance Sell Rate (lower than Interbank rate) applicable for the day.

ExTravelMoney.com is not responsible for any fees or charges levied by the sending bank, correspondent bank/intermediary bank, and the GIC bank. ExTravelMoney.com does not take liability for any foreign currency exchange gain or loss resulting from processing, transferring, rejecting and returning such funds.

The amount you finally get back after refund of your GIC funds may be different from the amount you deposited because of the above-mentioned charges and foreign exchange conversion rate.

• All foreign currency transactions are subject to Service Tax.
• Foreign Exchange and Money Transfer services are available though Tied-up Reserve Bank of India approved Authorized Dealers only. All foreign exchange transactions are subjected to AML/CFT/KYC & FEMA policies instructed by Reserve Bank of India.