Secure Your Future, One Investment at a Time
Open your GIC bank account for smooth financial security abroad!
GIC Bank Account
At Lorien Finance, we’re all about making your study abroad journey as smooth as possible. We’ve teamed up with the Royal Bank of Canada to offer an easy and secure way to open Guaranteed Investment Certificates (GIC) accounts. If you're heading to Canada for your studies, a GIC is a must-have—it’s like a financial passport that proves you’re all set for your big adventure.
As per Immigration, Refugees and Citizenship Canada (IRCC) requirements under the Student Direct Stream (SDS) application process, students are required to invest CAD 20,635 in the form of a Guaranteed Investment Certificate (GIC) with authorised Canadian Banks, to provide proof of funds to the Government of Canada.
Let us take care of the paperwork while you prepare for the exciting chapter ahead!
Kickstart your Canadian dream with our GIC bank account!
Connect with us today!
Before you arrive in Canada
Step 1: Apply Online
- Submit your application online for the RBC International Student GIC Program.
- Your RBC Investment Account, which will hold your GIC will be opened within three business days of your application being approved.
Step 2: Transfer Funds
- Once you receive the email confirming that your Investment Account has been opened, you will need to make a one-time international wire transfer to pay the minimum GIC amount established by IRCC plus any applicable fees including RBC one-time handling fee of CAD 200 as well as the International Wire Transfer fee. Your one-time international wire transfer cannot exceed CAD 30,000. Your wire transfer will cover the following:
- The purchase of your initial GIC
- RBC one-time handling fee of CAD 200
- International Wire Transfer fee and charges. (These amounts may vary)
- Once RBC receives the one-time wire transfer, they send you your RBC GIC Contribution Details document (also known as an Investment Confirmation), which you’ll need to submit to the Government of Canada with your Student Direct Stream (SDS) study permit application.
On arrival in Canada
Step 3: Visit Royal Bank of Canada
- Once you’re in Canada, connect with the Royal Bank of Canada to book an appointment at your nearest branch. Ensure carrying your passport and study permit from the Government of Canada to your appointment.
- RBC would verify your identity to activate your GIC reimbursement payments. You can also open a personal deposit account during your appointment and have your GIC payments deposited in this account.
- Once you have a personal deposit account with any Canadian bank, your GIC will be redeemed to its full value (principal plus accrued interest). An initial lump sum payment will be paid to your account and the balance remaining will be invested in a Subsequent GIC in order to meet the requirements of the SDS program. Your Subsequent GIC’s principal will be divided into twelve equal payments, to be paid to you each month of your Subsequent GIC’s one-year term, along with accrued interest applicable to each payment, until the funds are depleted in the twelfth month.
Why choose the Royal Bank of Canada?
One of Canada’s largest banks:Royal Bank of Canada has been helping international students and newcomers to Canada for over 150 years.
Bank account designed for students:RBC offers students the flexibility they need without any monthly fee for full-time students.
An app built for students:RBC Mobile Student Edition of the RBC Mobile app gives students quick access to the features they use the most.
Convenient access to your money:Royal Bank of Canada has Canada’s largest combined branch and Automatic Teller Machine (ATM) network.
Why choose Lorien Finance to secure RBC’s GIC account?
Quick Approval:Generally, securing a student GIC can be a daunting task. But with Lorien Finance, students have access to experts who can reach out to the bank and help resolve their queries on time.
Ease of Use:Students can contact us by filling out a form on the website, and our most trusted experts will contact them to help with any query.
100% Free Assistance:Our services are free of cost, and we do not charge our students for helping them apply for their education loans.
Reliable:At Lorien Finance, we ensure your experience is seamless and trustworthy. Our reliable experts ensure your funds are safe and accessible, giving you peace of mind for your study abroad journey.
To apply for an RBC International Student GIC Program, you'll need the following documents:
- A valid passport that's not expired.
- A letter of acceptance from a post-secondary designated learning institution in Canada.
- A completed RBC International Student GIC Program Application form.
- A scanned copy of your passport's picture page.
- Your Tax Identification Number (TIN).
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