Notice: fwrite(): write of 958 bytes failed with errno=122 Disk quota exceeded in /home/ktbyj26l9lpd/public_html/giantmigration.in/wp-content/plugins/wordfence/vendor/wordfence/wf-waf/src/lib/storage/file.php on line 42
How to transfer money to a GIC account in Canada
  • Home
  • How to transfer money to a GIC account in Canada

How to transfer money to a GIC account in Canada

How to transfer money to a GIC account in Canada

How to transfer money to a GIC account in Canada

 

Hey there! Welcome to today’s blog that will guide you through a comprehensive account of How to transfer money to your GIC (Guaranteed Investment Certificate) account. Multiple doubts revolve around this area when it comes to seeking a Student Visa via a Direct Program. But not any longer; we will have to clarify all your concerns that keep troubling you around GIC. Continue reading this blog for more information, starting from the basics of GIC and how to get started with it so that you can cement your admission abroad.

Let’s begin with the basics;

What is a Guranteed Investment Certificate (GIC) for International Students in Canada?

Consider the Guranteed Investment Certificate as the Fixed Deposit of Canada, intended to return your money with fixed low returns. However, in the case of the Visa applications it is used for holding deposit money meant for subsistence in a foreign land. To explain in other words, it is an investment instrument that provides a guarantee to the Visa authorities that you are able and can afford to live in the Country apart from affording the Course fee.

It acts as proof of financial strength when applying for a Student Visa. However, it is mostly used in cases of an expedited Visa application made under the Student Direct Program. But remains optional for regular student Visa applications.

So, it becomes an essential element to secure a student Visa. In order to qualify for a student visa, applicants must show that they have sufficient funds also bear their living expenses while in the Country. The proof will need to be furnished along with your application documents.

Note: Parallelly, the GIC is mainly used as a low-risk savings product offered by various banks and credit Unions in Canada. It’s a popular choice amongst people looking for safe returns

How much is the amount needed for GIC to secure a Visa Application? 

The minimum amount to open a Guranteed Investment Certificate is CAD10, 000 (Converts to around 617,000 INR, which may vary based on exchange rates). The amount may differ within and outside Quebec City. In addition to this, if a family member is tagging along may invite an additional deposit amount.

 

The key steps involved in transferring money in a GIC are:

  1. First, you need to identify a Canadian Financial Institution that offers GICs to Non-residents, mainly a reputed bank or a credit union( we have provided a short list of options you can try later in the bog). Make sure the bank where you wish to open a GIC account also has a home branch, presence in your Country. Along with it, It has to meet the required criteria, especially for a Student Direct stream.
  2. You will need to approach these branches in India and open a foreign national GIC account. Bring together the relevant documents required, like a passport and proof of address from your home country.
  3. After your account is opened, you will be provided with a Canadian GIC number to which you need to transfer funds internationally. Make sure you consider the extra fees levied along with the transfers. However, there are alternate channels like Wise that do the same work for less transfer fees. This is usually done via wire transfer from your home country bank. You may need to provide additional documents verifying the source of funds.
  4. The successful transfer would be followed by the issuance of a Guranteed Investment Certificate outlining the necessary details.
  5. Attach the GIC along with your student visa application to Immigration, Refugees and Citizenship Canada as proof of sufficient funds. You will be good to go.

 

The financial institution that facilitated your GIC will hold the invested funds securely in your student investment account. You will only be able to access this money once you have arrived in Canada and confirmed your identity in person with the bank. This is mainly done to ensure your resources are available to cover your living expenses during your studies.

We understand that the process could be difficult for some, but if you are caught in a dilemma try reaching out to any Visa Agent in Delhi, who will better assist you with the updated details and further provide the necessary help needed.

Our agency is also available in Dubai and Qatar.

What are the banks that I can contact for opening a GIC?

  1. RBC Royal Bank – One of the largest banks in Canada, which has a remittance partnership with major banks in India like SBI, HDFC, ICICI etc.
  2. TD Canada Trust – Another big bank with a dedicated team to serve international clients. Offers wire transfers from most Indian banks.
  3. BMO Bank of Montreal(BMO) – Well-established bank that allows wire transfers from the State Bank of India and other major Indian banks.
  4. Scotiabank – Has branches across India to facilitate international money transfers from banks like Punjab National Bank.
  5. ICICI Bank Canada – A subsidiary of ICICI Bank, one of the largest private banks in India. Familiar interface and easy transfers from ICICI Bank account.

While you may not be familiar with some, I hope you can recall with ICICI Bank. For further assistance you can try reaching out to any Visa Consultants in Delhi, who will better assist you with the updated details and further provide the necessary help needed.

We could clarify some of your doubts about GIC and you can proceed ahead with your application.

 

 

Frequently Asked Questions

Q.1 What are the other fees charged by banks to open and wire the money to a GIC account?

Answer. While we may be unable to specify this for every bank. We could share a basic insight into ICICI’s transfer-related fees. ICICI has 2 additional fees for sending the funds to your GIC, which are CAD 150 as account processing fee and CAD 25 as bank charges, if applicable

 

Q.2 Can my request for a GIC can also be rejected?

Answer. Yes, your GIC application can be rejected on the grounds of insufficient funds to meet the minimum for GIC or the inability to provide a relevant source of funds to showcase the source of funds.

Share:

Leave Comment

Recent Comments

    ×

      Get a Free consulting

       


      Fatal error: Uncaught wfWAFStorageFileException: Unable to verify temporary file contents for atomic writing. in /home/ktbyj26l9lpd/public_html/giantmigration.in/wp-content/plugins/wordfence/vendor/wordfence/wf-waf/src/lib/storage/file.php:51 Stack trace: #0 /home/ktbyj26l9lpd/public_html/giantmigration.in/wp-content/plugins/wordfence/vendor/wordfence/wf-waf/src/lib/storage/file.php(658): wfWAFStorageFile::atomicFilePutContents('/home/ktbyj26l9...', '<?php exit('Acc...') #1 [internal function]: wfWAFStorageFile->saveConfig('livewaf') #2 {main} thrown in /home/ktbyj26l9lpd/public_html/giantmigration.in/wp-content/plugins/wordfence/vendor/wordfence/wf-waf/src/lib/storage/file.php on line 51