- Quick Guide: Getting Started with GIC Payments
- To Get Started
Quick Guide: Getting Started with GIC Payments
What is GIC?
The Guaranteed Investment Certificate (GIC) is a mandatory requirement for all international students applying to schools in Canada under the Student Direct Stream (SDS) category. When the GIC account is funded, the money is treated as proof of funds and would be released to the student every month for 12 months for their study abroad and maintenance expenses along with interest. This account is offered by banks and financial institutions in Canada only.
When are students required to make a GIC payment?
Students must open and fund their GIC account prior to applying for a visa to Canada.
What is the required GIC amount?
The authorities recommend a minimum investment of CAD 10,000 as the GIC amount for a Canada student visa. Students can deposit anywhere between CAD 10,000 to CAD 50,000 in their respective savings accounts at a time.
What are the extra charges for GIC, if any?
Canadian banks and financial institutions could charge up to $300 for processing GIC payments. We strongly recommend sending at least $10,300 to ensure the payment goes through smoothly. Any excess funds paid towards the processing fee will be available in the student’s GIC February 2023 account. Also, please note that Lulu Forex, our regulated partner, charges up to $30 to cover banking fees to process these transfers.
What are major providers of GIC?
Top GIC providers in Canada are CIBC, Scotiabank, and Simplii Financial, all of which are available in Flywire Agents Platform.
Which currency should the student open the GIC account in?
It is best to open the GIC account in CAD as this allows you to use the Flywire agent platform to easily send funds into the student GIC account and because it is more economical.
Why choose Flywire for GIC payments?
- Flexible payment methods and competitive rates with no unexpected fees
- Fully online experience for students (digital copies of documents are accepted)
- Digital LRS Form instead of cumbersome paper forms banks or ADIIs use
- User friendly and secure payment process (similar to the current process you use to send education payments)
- Easy payment tracking in the same dashboard you use for education payments today
- Dedicated agent support and around-the-clock multilingual payer support
- Streamlined refund process in case of visa rejection
To Get Started
- Select payment option “GIC payment” in the Agent platform.
- Select the type of GIC account to be paid.
- Select the student to pay and input payment amount.
Click on “Save request” or “Review and send” to trigger email notification to
the student. After that complete the steps that are very similar to the
process you are following for Pay Any School payments today.