From the past decade Canada has become favorite study destination for Indian students due to various factors like top class education, beautiful cities, friendly immigration process and many more.
As part of the Canadian student visa application process, Indian students are required to open a Guaranteed Investment Certificate (GIC) account to prove their financial stability.
In this comprehensive guide, we will walk you through the process of opening a GIC account and transferring funds to it with the assistance of Orient Exchange.
What is GIC Account?
A Guaranteed Investment Certificate (GIC) is a secure investment option offered by Canadian banks as a prerequisite for obtaining a student visa. It ensures that students have a certain amount of funds available to cover their living expenses during their initial period in Canada. Typically, students need to deposit CAD $10,000 in a GIC account, and this amount is released in installments to cover living expenses over a specified period.
How to Open a GIC Account:
Choose a Participating Bank:
Research and select a participating bank approved by Immigration, Refugees and Citizenship Canada (IRCC). Major banks like Scotia bank, ICICI Bank, SBI Canada Bank, and more offer GIC accounts for international students.
Collect Required Documents:
Prepare essential documents, including your passport, Letter of Acceptance from a Designated Learning Institution (DLI), and other identification documents as per the bank’s requirements.
Apply Online or Offline:
Most banks offer both online and offline application methods. Online applications usually involve submitting scanned copies of documents, while offline applications might require you to visit a branch or submit documents by mail.
In India many Money Transfer Companies offers GIC Account opening facility, students can use these services effectively.
Fill the Application Form:
Complete the GIC account application form accurately, providing personal and academic details as required.
Review Terms and Conditions:
Carefully read and understand the terms and conditions of the GIC account. This includes details about the account’s maturity period, withdrawal options, and more.
What is Study Permit? When it is needed.
Before you transfer funds to your GIC account, ensure you have obtained your study permit from IRCC. This permit is required for opening a GIC account and entering Canada.
Now its time to transfer Funds from Indian Bank Account:
To transfer funds from your Indian bank account to your GIC account, follow these steps:
- Exchange Rate
Research about exchange rates to send money abroad, as it will fluctuate continuously, students must use special facilities like rate blocking offered by most of the Online Money Transfer Services.
- Visit Online Money Transfer Services:
Initiate an international wire transfer (also known as a Telegraphic Transfer) to the specific account provided by your chosen bank for GIC deposits Provide the necessary details, including the GIC account number and recipient bank details.
- Keep Track of Transfer Charges:
International wire transfers may involve certain fees and currency conversion charges. It’s essential to inquire about these fees with your Indian bank to ensure you are aware of the total amount you’ll need to transfer.
- Ensure Accurate Information:
Double-check all information provided during the funds transfer process to prevent any errors that could delay the transfer.
- Monitor Transfer Status:
After initiating the transfer, monitor its progress. Your Money Transfer Services will provide you with a reference number or receipt, which can be used for tracking purposes.
- Confirm GIC Account Credit:
Once the funds are successfully transferred, your Money Transfer Services will credit your GIC account with the designated amount. This amount will be disbursed to you in installments as specified in the GIC terms.
End Tip:
Opening a GIC account and transferring funds is looks complex process for Indian students who are planning to study in Canada. By following our comprehensive guide, you can navigate through these processes with confidence, ensuring a solid financial foundation during your educational journey abroad.
Remember to conduct thorough research, maintain accurate records, and stay informed about the latest guidelines and requirements from both the participating bank and IRCC. With the right preparation, your transition to studying in Canada will be smoother and you can focus on making your academic experience more effective.