The qualifying norms
The people, who live in China, the Philippines, India, or Vietnam, can get the processing of their study permit in Canada within 20 days. The country has a new and accelerated application system to issue the study permit. Its name is the Student Direct Stream.
Its great requirement in applying is the submission of Guaranteed Investment Certificate that shows having an investment account and the balance of CAD $10,000.
Apart from the studies in Canada the candidates must give time for the research to know the details of all the banks to that offer the excellent GIC. We have conducted this research on your behalf.
Here is a comparison of banks located in the country that provide fast, easy and affordable GICs. Moreover this research, leads to an ideal option in the market. It is the CIBC Student GIC program. Its online application process is easy. Also, there is a free bank account for students when they arrive.
The Student Direct Stream and the need for a GIC
Before we compare the basics are:
The Student Direct Stream commenced in June 2018 for allowing the processing of study permit applications belonging to the residents of specific countries within 20 calendar days. This is faster in comparison to the processing time for applications of study permits that are submitted in the regular stream.
The applying norms for a study permit in this Direct Stream, involve meeting these:
The best bank for GIC
The GIC account is a worthwhile investment. You get the money returned from the GIC on starting the studies in Canada. Students receive CAD $2000 when they arrive in Canada, and $8000 is paid in installments spread over one year.
We performed the research of six large banks Canada to compare the GIC options available to global students who apply in the Student Direct Stream.
Another important factor is that the signing up for a GIC, is not a one-time deal. You sign up for the bank account to access the money in GIC, and also for registering to get the cheque account. It is used for daily expenses.
Choosing a bank and the comparison of options
For serving all the four participating countries the
Winners are CIBC and Scotiabank. Between them the lowest fees Is of the CIBC. This bank allows students to open their GIC free. While Comparing the Application Process the
Winners are CIBC and Scotiabank. Both allow students to apply in a quick and easy online manner. CIBC is online and also capable of completing the GIC application in the digital format. There is access from any device/location. Its mobile banking app is also very effective. While Comparing the Bonus Perks the Winner again is CIBC. It offers a cash bonus after signing up. No program fee is charged.
Additionally there is No Monthly Fee in CIBC, HSBC Scotiabank, and BMO. Moreover, CIBC as well as Scotiabank provide Unlimited Free Transactions every Month.
Finally there is Free Global Money Transfer in CIBC and HSBC, but the Winner is CIBC.
Students, who apply to get the study permit in the Regular Student Program, can select setting up student bank account availing the services of CIBC before they travel to Canada. It allows global students to deposit an amount in the range of CAD $1,000 and $10,000. CIBC has around 1,000 branches and offers 3,000 ATMs, to access the funds.
To conclude we can say that the finest choice for GIC is CIBC - Student GIC Program
Signing up for it is simple. The person must just click a link, and also complete the online form. The CIBC contacts you and instructs on the method to transfer funds to the GIC.
The norm is to be a legal resident living of the four countries. Also submit details about the program for which you obtained the approval in Canada, the identification information of passport.
You can apply within 365 days of the starting date for the study program.
We bring the facts and guidelines regarding such matters and you can contact us.