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RBC International Student GIC Program

Get an RBC International Student GIC

Are you an international student planning to study in Canada? One of the requirements of the study permit application process is providing proof of financial support. A Canadian Guaranteed Investment Certificate (GIC) is a preferred option to provide proof of funds as established by 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, China, the Philippines, Vietnam, 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 a few simple steps.

1Apply Online

Before You Arrive in Canada

  • 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.
Apply Now (opens in new window)

2Transfer 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 22,895, except for the province of Quebec. Applicants who intend to study in Quebec must meet Quebec’s minimum financial requirement; this amount can be found here (opens external site in new window).
  • Your wire transfer will cover the following**:
    • The purchase of your 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.

We’ll then send you your RBC GIC Contribution Details document (also known as an Investment Confirmation).

3Visit Us

  • Once in Canada, call 1-866-756-1107 to book an appointment at an RBC Royal Bank branch (opens in new window). (Please bring your passport and study permit from the Government of Canada to your appointment.)
  • We’ll verify your identity and your GIC shall be redeemed for its full value (i.e., its principal plus accrued interest) and credited to your Personal Deposit Account (PDA).

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 Bankinglegal disclaimer 1 and/or the RBC Mobilelegal disclaimer 1 app, giving you 24/7 access to your RBC accounts
  • Provide the advice, support, and community connection you need for your new beginning in Canada.

You can then have your GIC proceeds deposited into this PDA.

If you want to have your GIC proceeds 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 proceeds deposited, your GIC will be redeemed for its full value (principal plus accrued interest).

Frequently Asked
Questions

A legal resident living in one of the following countries can apply for the RBC International Student GIC Program:

  • Antigua & Barbuda
  • Brazil
  • China
  • Colombia
  • Costa Rica
  • India
  • Peru
  • Philippines
  • Saint Vincent and the Grenadines
  • Trinidad & Tobago
  • Vietnam

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

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

  • 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 https://www.cdic.ca (external site opens in new window) 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 RBC Pre-Arrival Service Team to request a refund of the funds you wired to us, subject to the terms 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 cancellation letter, etc.). Please note, your refund will be less the CAD 200 RBC handling fee, a CAD 25 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 to meet the proof of financial support requirement for a study permit as established by the Government of Canada.

Have a Question?

Contact the Pre-Arrival Service Team (opens modal pop-up window)

Call Us   Collect: 1-506-864-2275

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.

Apply Online (opens in new window)

RBC Mobile is operated by Royal Bank of Canada, RBC Direct Investing Inc. and RBC Dominion Securities Inc. RBC Mobile Student Edition is intended for clients under the age of 22. RBC Online Banking and Telephone Banking are provided by Royal Bank of Canada. Standard message and data charges apply. Transaction fees may apply for bill payments or fund transfers made through Online Banking and are separate from access fees.