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Get an RBC International Student GIC

Are you an international student planning to study in Canada? The Government of Canada Student Direct Stream (SDS) program helps speed up your study permit application process. One of the conditions of the Student Direct Stream (SDS) program is having a Canadian Guaranteed Investment Certificate (GIC)

in order to provide proof of funds to the Government of Canada. We can help with that.

To participate in the RBC International Student GIC Program, you must be a legal resident living in one of the following countries: India, Antigua & Barbuda, Brazil, Colombia, Costa Rica, Peru, Saint Vincent and the Grenadines, or Trinidad & Tobago.

Students from China can visit our Chinese International Student GIC Program page.

How To Get Your GIC

You can get your RBC GIC and access your money in just a few simple steps.

Before You Arrive In Canada


Apply Online

  • Submit your application online for the RBC International Student GIC Program.

  • Your RBC Investment Account, which will hold your GIC will be opened within three business days of your application being approved.


Transfer Funds

  • Once you receive the email confirming that your Investment Account has been opened, you will need to send us a single, one-time international wire transfer to pay the minimum GIC amount established by Immigration, Refugees and Citizenship Canada (“IRCC”) plus any applicable fees mentioned below. Your single, one-time international wire transfer cannot exceed CAD 30,000. The minimum amount established by IRCC is currently CAD 20,635, except for the province of Quebec. SDS applicants who intend to study in Quebec must meet Quebec’s minimum financial requirement; this amount can be found here.

  • Your wire transfer will cover the following**:

  • The purchase of your initial GIC;

  • RBC One-Time Handling Fee: CAD 200; and

  • Non-RBC International Wire Transfer (IWT) Fees and Charges (which may be charged by third parties involved in the international wire transfer process). Such amounts may vary.

**Once we receive your wire transfer, we will deduct the CAD 200 handling fee. The balance, less any non-RBC fees and charges that may be charged by other financial institutions involved in your wire transfer, will be the amount invested as principal for your Initial GIC. For example, if you wire CAD 20,900, and non-RBC IWT fees and charges total CAD 25, your Initial GIC will be issued with a principal investment amount of CAD 20,675 (CAD 20,900 wire transfer less CAD 200 RBC handling fee and CAD 25 in non-RBC IWT fees and charges).

We’ll then send you your RBC GIC Contribution Details document (also known as an Investment Confirmation), which you’ll need to submit to the Government of Canada with your Student Direct Stream (SDS) study permit application.

When you arrive in Canada


Visit Us

  • Once in Canada, call 1-866-756-1107 to book an appointment at an RBC Royal Bank branch. (Please bring your passport and study permit from the Government of Canada to your appointment.)

  • We’ll verify your identity to activate your GIC reimbursement payments. You can also open a personal deposit account (PDA) during your appointment.

If you choose to open a PDA with RBC during your appointment, your advisor can help you:

  • Open the PDA

  • Set up your access to RBC Online Banking1 and/or the RBC Mobile1 app, giving you 24/7 access to your RBC accounts

You can then have your GIC reimbursement payments deposited into this PDA.

If you want to have your GIC reimbursement payments deposited into a PDA at another Canadian financial institution, you will need to provide the following information:

  • the name of the financial institution

  • the financial institution number

  • the financial institution branch number and address

  • your account number

  • your name associated with the account

Once you confirm the PDA into which you’d like your GIC reimbursement payments deposited, your GIC will be redeemed for its full value (principal plus accrued interest). An initial lump sum payment will be paid to your PDA and the balance remaining will be invested in a new GIC (“Subsequent GIC”) in order to meet the requirements of the Student Direct Stream (SDS) program.

Your Subsequent GIC’s principal will be divided into twelve (12) equal payments, to be paid to you each month of your Subsequent GIC’s one-year term, along with accrued interest applicable to each payment, until the funds are depleted in the twelfth (12th) month.

Why International Students Choose RBC

One of Canada’s largest banks

We’ve been helping international students and newcomers to Canada for more than 150 years.

A bank account designed for students

The flexibility you need with no monthly fees for full-time students2

An app built for students

Our RBC Mobile Student Edition of the RBC Mobile app1 gives you quick access to the features students use the most.

Convenient access to your money

We have Canada’s largest combined branch and Automatic Teller Machine (ATM) network.

Frequently Asked Questions

A Guaranteed Investment Certificate (GIC) is a type of investment that’s common in Canada, and that has a guaranteed rate of return for a fixed period of time.

  • A legal resident living in one of the following countries:

  • Antigua & Barbuda

  • Brazil

  • Colombia

  • Costa Rica

  • India

  • Peru

  • Saint Vincent and the Grenadines

  • Trinidad & Tobago

You can apply for the RBC International Student GIC program if you are:

If you are a legal resident living in China, please visit our Chinese International Student GIC Program page.

  • Planning to study in Canada and have received an acceptance letter from an eligible Canadian educational institution; and

  • Planning to open a sole RBC Investment Account and Guaranteed Investment Certificate (GIC) in your own name

No – you must transfer the funds to purchase your RBC GIC by a single, one-time international wire transfer.

Royal Bank of Canada is a member of the Canada Deposit Insurance Corporation (CDIC). The CIDC protects your deposits for up to $100,000 per insured category at financial institutions that are CDIC members. Coverage is free and automatic – you don’t have to sign up. Please visit for more information.

If your study permit application is rejected by the Government of Canada, or if you decide not to attend school in Canada for another reason, you can contact the

to request a refund of the funds you wired to us, subject to the term and conditions of your initial application for the RBC International Student GIC Program. Please provide us with a reason and evidence (e.g., study permit rejection letter from Immigration, Refugees, and Citizenship Canada (“IRCC”), enrollment cancelation letter, etc.). Please note, your refund will be less the CAD 200 RBC handling fee, a CAD 40 return wire fee, and any other non-RBC international wire transfer fees that may be charged by third parties involved in the initial or return wire processes. The remaining funds will be returned to the same account from which they were originally wired to RBC.

Please bring the following documents to your branch appointment:

  • your passport

  • your study permit (e.g. IMM1442) from the Government of Canada

Provided your application to the RBC International Student GIC Program is approved, your RBC GIC will be issued and a “GIC Contribution Details” document (also referred to as your “Investment Confirmation”) will be issued and sent to you by secure email, typically within 3 business days of RBC’s receipt of your funds. This document sets out the details of your GIC, including its term, principal, interest rate, and other important information. You can then use your GIC Contribution Details document, along with any other required documents, to apply for your Canadian study permit under the Government of Canada’s Student Direct Stream (SDS) program.

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Get your RBC International Student GIC

Apply online for the RBC International Student GIC Program, which can help you meet the requirements of your Canadian study permit application through the Government of Canada’s Student Direct Stream (SDS) program study permit.