The dream destination for many international students looking to get a quality education is Canada. Some of the main factors that make Canada a leading choice for students looking to study abroad are high-quality education, potential employment possibilities, and a multicultural atmosphere.
To arrive in Canada and begin your higher education, it takes a lot of preparation. It is always a good idea to review the requirements set forth by the Canadian Government to make the process run more smoothly. And GIC is one such requirement. You need to make a money transfer from India to Canada GIC Account. This guide looks at what it is, why is it needed, and how you can get it with Orient Exchange.
Table of Contents
An overview of GIC
Guaranteed Investment Certificates(GICs), are proof of funds to qualify for a Canadian visa. This applies to students who select the SDS (Student Direct Stream) programme to study in Canada.It requires a money transfer from India to Canada GIC Account. You will not need further financial proof to show the IRCC (Immigration, Refugees, and Citizenship Canada) that you have enough money to pay your tuition and living costs.
Why and why can create a GIC account?
A GIC account is essential for all students who want to live and study at a Canadian university. You must deposit a short-term, liquid investment with a Canadian bank, typically lasting up to a year, to get your GIC. The suggested GIC payment is 10,000 Canadian dollars, which you can do once you have arrived in Canada.
The cost of living for your first year in Canada gets covered by this investment. For the first 12 months following the verification of your identity, the money gets transferred to you every one or two months.
The application process for GIC
Here’s how the application process work to obtain the GIC.
- Registration for bank service
Students must sign up online with a Canadian bank that is recognized by the government. Some options include ICICI Bank Canada or Scotia Bank Canada. You’ll receive a password after registering, which you may use to access your email account. You will then receive the GIC Application Form in your email account.
- Submission of application form
You will receive an email with a link to the Student GIC Program application form after creating an email account. It is possible to submit the application form offline or online. You must thoroughly fill out the form for the online option before sending it, together with the documents. If you prefer to use the offline mode, you can download the form, print it, fill it out completely, add your signature, and deliver it in person.
- Funding the account
After submitting the application form, you will get financing information for the international money transfer. You can use any Indian bank account to deposit a GIC payment of 10,000 Canadian dollars as the amount and 150 Canadian dollars as processing fees. You will receive a confirmation in your account after you send money overseas for the application.
- Applying for visa
You will have to visit the Canadian visa office to apply for a study permit or visa. Include a copy of your GIC confirmation and international money transfer details with your application for a study permit or visa.
Let Orient Exchange process your GIC and take care of the money transfer from India to Canada
We understand that the entire process can be challenging and time-consuming. Orient Exchange offers a hassle-free solution to help you complete the process seamlessly. Besides finishing the GIC application process on your behalf, we will also help you send money overseas from India to Canada. Contact us today to know more details about our GIC application services.
