Canada has been one of the most popular study-abroad destinations among students. The country provides a wide range of programs to meet the interest of every student, offers an easy to allow students to study in a foreign country, and provides various scholarship opportunities and simple and quick financial management options. One such option is having a GIC account that enables students to manage their finances and transfer money to and from Canada to India and other countries. And if you wish to know more about GIC accounts and how to transfer money to GIC accounts, continue reading the blog and find out!
What is a GIC Account?
The GIC full form is a Guaranteed Investment Account which is a fixed account that the students who wish to study in Canada are required to have for the purpose of investing their money in Canadian banks for their academic cost. The student deposits a fixed amount of money in their GIC account. For this process, Canadian banks charge a depositing fee of CAD 200 (INR 12,303). This amount of money is considered as the proof of funds required to ensure that a student can fund the cost of their studying. Every month for 12 months, this amount of money is released to fund the study abroad and other maintenance expenses along with the interest of the student. Banks like ICICI Bank, Nova Scotia and Canada Imperial Bank are some of the popular choices of students to open a GIC account.
Also Read: What is GIC Canada?
What is the Purpose of a GIC Account?
The following are the reasons for having a GIC account
- A GIC account enables students to have an easy and accessible financial journey and saves them from the hassle of managing money in a foreign country
- It is a proof of funds and also helps students to manage their expenses and university cost easily
- A GIC account enables a safe transfer of money under the surveillance of the Canadian bank authorities
- This saves the students from the trouble of visiting a bank time and again after landing in Canada and already makes the money accessible to you
How to Transfer Money to GIC Account?
The following are the steps to answer the question of how to transfer money to GIC account:
- Once you opened the account, you will be required to complete the verification procedure in order to transfer money.
- You will have to place a request to your bank in India for a “Money Transfer” to the GIC account in Canada.
- Submit copies of your KYC documents and initiate a fund transfer
- Keep in check with exchange rates which may cause your large transactions to be even more expensive
- ICICI has 2 additional fees for sending the funds to your GIC:
| Types | Amount | In INR |
| Processing Fees | CAD 150 | 9251 |
| Bank Charge (if applicable) | CAD 25 | 1541 |
Also Read: Things to Consider When Transferring Money Abroad
GIC Requirements
As a part of your application process to open a GIC bank account, it is required to be with a value of CAD 10,000 (6.16 Lakh ) at a Canadian bank or other financial institution. The following are the documents required to include with your application:
- A letter of attestation
- An investment balance confirmation
- An investment directions confirmation letter
- A GIC certificate
After this, you then would have to provide this letter or certificate with your student visa to the Government of Canada
How to Open a GIC Account?
The following are the steps to open a GIC account:
- In order to open a GIC account, one must first select the bank where they wish to open the account. A candidate must do proper research to find the suitable one that meets all the required criteria
- The next step is to visit the bank’s website for the GIC student program
- Then, register for the program and complete email verification in order to activate your account
- Log in using your username and password
- Fill out the online application form
- You may also be required to scan your passport and enrollment proof
- This will automatically generate a Canadian GIC account number
- Now you can transfer the required amount of money to your new GIC account number
Also Read: ADIB International Money Transfer
How Long Does it Take to Open a GIC Bank Account
The duration of opening a GIC bank account may vary depending on the bank and the program you have chosen. For example, programs like ICICI student GIC take up to 6 business days including 5 business days for transfer to reach the destination and an additional day to collect your paperwork and register on the site.
FAQs
The following are some common reasons for GIC rejection:
Not having enough funds to meet the GIC requirements
Not able to provide sufficient and clear identity documents
Unable to show a clear source of funds
The following are some popular options for GIC in India:
ICICI Bank
SBI Canada
Scotia Bank
HSBC Bank of Canada
Complete the online application form. You may also be required to scan your passport and enrollment proof. This will automatically generate a Canadian GIC account number.
This was all about how to transfer money to GIC account. Visit Fly. Finance to know more about such topics.
