Scotiabank2019-03-13T05:25:02+01:00
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Scotiabank is Canada’s international bank, serving over 23 million customers in almost 50 countries. When you bank with Scotiabank, you have access to over 900 branches and over 3,500 Scotiabank ABMs across Canada, so it’s easy to find one near your school or residence.

Scotiabank is the bank of choice for International students as it has helped more students get their study permit than any other bank in Canada with the Scotiabank Student Guaranteed Investment Certificate (GIC) Program. Once International Students arrive in Canada, they have the Scotiabank StartRight® Program1 available to them which includes a no-fee chequing account, a credit card, movie rewards and more.

Scotiabank Student GIC Program

Scotiabank offers the Student GIC Program to International students from four countries: China, India, Vietnam and the Philippines. GIC program helps International students meet the proof of funds requirements of the Citizenship and Immigration Canada (CIC) guidelines quickly so that they can apply for a study permit.

Learn more about the StartRight® Program1

Have Questions? These FAQs may help

Is a GIC required to apply for a study permit?2019-01-25T06:14:01+01:00

Yes, proof of a GIC in the amount of $10,000 CAD is a mandatory document that must be submitted with your application for a study permit through the Student Direct Stream. Visit Immigration Canada for more details.

What is the process of applying for a GIC?2019-01-25T06:15:32+01:00

Applying for a GIC is safe, simple and easy.

Follow these steps:

1. Complete the Scotiabank Student GIC Program Application online.
2. Scotiabank will open a Guaranteed Investment Account and send you a secure email with your Investment Account number and wire transfer details.
3. Transfer funds to your Investment Account from a financial institution in your home country.
4. Scotiabank will send you a confirmation email with the “Investment Directions Confirmation” when funds are in your Investment Account, which you will submit as part of the required documents to support your study permit application.

For more details, please visit here.

What should I apply for first: the Study Permit or a GIC?2019-02-01T10:34:33+01:00

Proof of a $10,000 GIC is a mandatory document that must be provided with your study permit application through the Student Direct Stream. Therefore, we recommend that you apply for your study permit after you receive a confirmation that your funds have been deposited in your Investment account.

How long does it take to apply and receive confirmation for a GIC?2019-01-17T11:24:26+01:00

The Scotiabank Student GIC Program application takes approximately 10 minutes to complete. Once completed, Scotiabank will send you a secure email confirmation within 48 hours, which will include your account details and wire transfer instructions. You can then fund your new account by wiring your money to your new account. You should plan for your international wire transfer to take approximately 5 business days to reach Scotiabank. For more details, download the Scotiabank Student GIC Program Guide.

Can I deposit more than $10,000 CAD in my Investment Account?2019-01-17T11:25:48+01:00

Yes, with the Scotiabank GIC Program you can deposit up to $50,000 CAD in your Investment account.

Does getting a GIC mean I also get a bank account in Canada?2019-01-29T06:38:24+01:00

No, you will need a chequing account in order to access your funds.

You can open a student bank account with Scotiabank once you arrive in Canada. There is no monthly fee associated with the Scotiabank Student Banking Advantage Plan account

How do I receive my funds once I reach Canada?2019-01-25T06:39:30+01:00

Once you transfer funds to your Scotiabank GIC account, make an appointment to visit any of our 900 plus Scotiabank branches across Canada to access your funds when you arrive in Canada. A financial advisor will assist you in opening a student bank account and depositing $2,000 CAD plus any accrued interest into this account. The remaining amount will be disbursed monthly for twelve months into your student bank account until you receive the full value of your investment.

Can I get a refund if my study permit application is declined?2019-01-07T06:48:12+01:00

Yes, in the event of your study permit getting declined or rejected, you can apply for a refund. For more details, download the Scotiabank Student GIC Program Guide.

See how the Scotiabank Student GIC Program helped Lois get a study permit and feel more confident about her studies.

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1. Scotiabank StartRight® Program, created for Canadian Permanent residents from 0–3 years in Canada, International Students and Foreign Workers.