All about GIC

[greatdavid]

Thanks for your time . please help with GIC. I just heard about it this evening!

1. How do I open a Canadian bank account while still in my country? Can I? What's the process?

2. Can I get someone in Canada who is not my official sponsor to deposit the money into the account? It's sometimes so expensive to do wire transfers. Huge transaction fees.

3. Imagine I have not paid school fee. How much in the GIC will convince the officer that I have enough money? I'm thinking of a 2 year Diploma/degree.

4. How long does it take to get a GIC?

 

[John Immanuel]

• To begin with, you will need to choose the bank or credit union that is near your home.
• Most banks provide the basic accounts such as chequing and savings.
• To open an account, you will need your landed immigrant papers and any other identification that proves your place of residence.
• It’s important for you to open a chequing account in particular, as most Canadian employers pay by direct deposit right into your account.
• Another step you will need to do is getting a secured credit card, so that you can start building your credit history in Canada.
• You can build this history by showing that you pay off your bills and loans in a timely manner.
• Having a good credit history is essential when you want to get a mortgage to buy a home, or get a loan to start a business.


•If you prefer to open your Canadian bank account before your move, a safe and a cost-effective way to bring your funds and have them readily available for you after you immigrate will be opening your Canadian bank account when you are still in your country origin.
• Most Canadian banks allow future clients to start their bank account application online.
• And even some of these banks are present in some countries where immigrants come from, through direct branches, representative offices or local partners.


• Scotiabank, for example, offers immigrants to Canada a convenient channel to open a bank account, send money and apply for a credit card before leaving their home country. To do that, they just need to visit a Scotiabank branch in India and complete the referral form for a new deposit account.

• Contact the bank you want to open an account with before moving, discuss with them your options and mail them all the required forms to start your pre-arrival banking process.
• But note that you can’t withdraw any funds from your Canadian account, until you activate your account by visiting the branch in person after you move to Canada.

 

[John Immanuel]

How long does it take to get a GIC?

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

 

[greatdavid]

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

This can only work where there is Scotiabank in my home country right? Does the bank allow you to create the account online and send the money through some other bank into the newly created Scotiabank account.

 

[John Immanuel]

Does the bank allow you to create the account online

Yes, Of course it allows. But I'm not sure if it allows you to transfer money from some other bank immediately into the newly created bank account.
Kindly visit https://www.scotiabank.com/ca/en/0,,20,00.html to create online account.