How to save money on your GIC for Canadian education? CIBC GIC for International Students

When I open, a GIC account is the first thing that springs to mind.

There are many choices, but two of the most well-liked ones are CIBC Bank and Scotia Bank; let me be clear, CIBC is way better than Scotia Bank.

Here are the steps I followed:

• Go to the CIBC website https://isbo.cibc.com/#/payment
• . Select student GIC program
• In the amount section, put 10,000CAD. Here you can make payment in INR or CAD.
• If you select INR — You must do RTGS/NEFT from any Indian bank for the amount shown on the page in INR currency.

Steps for registration:

1. Click on student information for login.
2. Write your name exactly the same as your Passport.
3. Student ID — Given in offer letter (Optional)
4. Tentative Arrival date- Select any date near the first day of your college/university.
5. Give the correct address as written on the Passport; don’t leave a single word on Passport (here no comments limit)
6. Then write down Contact number details, Email ID, and Passport details like DOB and expiry date.

At the end of the form, there is an option “Are you applying through the Referral Program?” tick yes and enter itsyourmanal@gmail.com This way; you will get an additional $25 bonus, roughly 1600 INR.

9. In the next step, enter Your Indian bank details, bank name, account number and PAN number- from where you will do RTGS/NEFT. (If you select CAD, this step will be skipped — if you choose CAD, you can do a wire transfer from a bank or forex agent; that’s why here CIBC bank will not ask for an Indian bank account number and PAN)

10. In the declaration box: Do tick mark on all four boxes (This is nothing, but you’re allowing Indian standard chartered bank of Mumbai to send your money to other countries)

11. Here whole process is completed. Within 12 to 48 hours, you will receive an account confirmation mail from CIBC after verifying all details.

12. After verifying all details by CIBC, they will send an instruction sheet.

13. Read the instruction sheet. They have mentioned all kinds of details over there. Make payment accordingly.

Important:

• Please don’t get confused here CIBC already helped us with the conversion rate (INR mode only). Whatever the final amount we need to transfer, they give us on that instruction sheet. No need to deposit extra; they have included all the deductions, which will be the final amount in INR.
• Go to your bank which has your account (Note: GIC should be transferred through student’s account only, don’t transfer it from your parent account), ask for the RTGS form and write the info given on instruction page no.2 (Standard Chartered bank account details and the final amount in INR that you have to transfer ) and on RTGS FORM MENTION “ISBO 20XX — Full Student name and last name” (sample written on instruction page No 1- This pattern will change every year) as senders message to receiver and do the normal RTGS.
• Please don’t get confused about the bank name or address because we are transferring money to CIBC pool a/c at the standard chartered bank, which later transfers money to CIBC. So, don’t worry about foreign exchange or something. Just make normal RTGS from the given details in the instructions on page no 2. Standard chartered bank ties up with CIBC.
• Get the RTGS/NEFT Reference Number from the bank at the end of the transaction.
• Now here bank role is done.
• The whole process is completed, and within two days, You will receive a GIC certificate (Investment advice letter) and welcome letter. You must submit a GIC certificate (Investment advice letter) while filling visa.
• However, you must submit a Welcome letter to CIBC bank to activate your GIC account in Canada.

CIBC Customer Support Details:

Email: mailbox.lSBO@ClBC.com

Toll-Free number (India): +1800121661661

Referral Details:

• If you pay GIC to CIBC, GET 25 CAD for free, and you may use the referral.
• In the referral Box, mark YES and Enter my referral id: itsyourmanal@gmail.com
• Name: Yash Singla
• You will get a CAD 25 bonus on opening a GIC account once you land in Canada and activate the account. You will get see 25 dollars extra in your bank balance.

This process has been explained in a video in several languages. You may check them out for your ease.

English: https://www.youtube.com/watch?v=osk7kqgjTBY

Hindi: https://www.youtube.com/watch?v=cttJCZRNNYA

Malayalam: https://www.youtube.com/watch?v=rUe73JBS-KA

Punjabi: https://www.youtube.com/watch?v=NI9RuMDhEok

Tamil: https://www.youtube.com/watch?v=k4e6hnKX8Ro

Use the refer code to save money, and all the best for your journey in Canada. Cheers!