17) Q. What is the timeframe for the entire process?
A.
Step 1 Following receipt of the completed application form, Scotiabank will send you an encrypted email confirming the Investment Account Number and provide wire transfer instructions (to transfer money) within 5 business days to enable you to purchase the GIC. Please allow for time difference, weekends and other Public Holidays in Canada.
Step 2 You will be required to remit $10,050 CAD to Scotiabank. (International wire transfer takes about 3 to 5 business days. Please check with your local remitting bank for a more specific time frame).
Step 3 A confirmation of the GIC details (such as issue date, maturity date, and interest rate) will be sent to you via encrypted email within three (3) business days (postponed accordingly for Canadian Public Holidays) after receipt of your wire payment. You must submit a copy of the confirmation to the Canadian High Commission along with your Study Permit Application. You are also responsible for printing a copy of this GIC confirmation, delivered to you electronically, for your records.
