Applying for a Canadian study permit requires strong proof of financial support. One of the most trusted and widely accepted ways to meet this requirement is by purchasing a Guaranteed Investment Certificate (GIC) from a Canadian bank.
Through ApplyBoard, international students can easily apply for the RBC International Student GIC Program. This program helps you meet Immigration, Refugees and Citizenship Canada (IRCC) financial requirements while also giving you access to banking services once you arrive in Canada.
This detailed guide explains how the RBC Student GIC Program works, its benefits, step-by-step application process, fees, eligible countries, and frequently asked questions.
What is a GIC and Why Do You Need One?
A Guaranteed Investment Certificate (GIC) is a secure investment product offered by Canadian banks. For international students, a GIC serves as official proof of financial support for a study permit application.
When you buy a GIC through RBC via ApplyBoard:
- You deposit a required amount of money into an RBC investment account.
- You receive a verifiable document that immigration officers can trust.
- After arriving in Canada, the GIC is redeemed and the money (plus interest) is transferred into your personal bank account.
How It Works
Once you have a letter of acceptance from an eligible Canadian institution, apply online for your GIC below. Once approved, an RBC advisor will reach out to open your new RBC Investment Account. After you wire transfer funds into it, you’ll get a verifiable document to use as Proof of Financial Support on your Canadian Study Permit application. It’s that easy!
Key Benefits of the RBC Student GIC Program
- Strengthens your study permit application with a trusted Canadian bank document
- Uses ApplyProof verification technology so immigration officials can easily confirm your proof of funds
- Earns a guaranteed fixed interest rate on your investment
- Protected by the Canada Deposit Insurance Corporation (CDIC)
- Gives you access to RBC’s digital banking and over 1,100 branches across Canada once you arrive
- Helps you open a personal bank account smoothly after landing in Canada
Who Can Apply?
The RBC Student GIC Program through ApplyBoard is currently available to international students from the following countries:
- Brazil
- China
- Colombia
- Costa Rica
- India
- Peru
- Philippines
- Vietnam
Applicants should also have a letter of acceptance from an eligible Canadian institution.
How the RBC Student GIC Program Works (Step-by-Step)
Step 1: Apply Online
Submit your application for the RBC International Student GIC Program through ApplyBoard.
Once approved, RBC will open your Investment Account (usually within three business days).
Step 2: Transfer Funds
After receiving confirmation that your account is open, send a single international wire transfer.
Important details:
- Minimum amount required by IRCC: CAD 20,635 (for most provinces)
- Students going to Quebec must meet Quebec’s separate financial requirement
- Maximum wire transfer amount allowed: CAD 30,000
Your wire transfer will cover:
- The GIC purchase amount
- RBC one-time handling fee of CAD 200
- Any third-party international wire transfer fees charged by other banks
Example calculation: If you wire CAD 20,900 and non-RBC fees total CAD 25, RBC will deduct the CAD 200 handling fee. Your GIC principal will be CAD 20,675.
After RBC receives your funds, they will issue your RBC GIC Contribution Details (Investment Confirmation) document.
Step 3: After You Arrive in Canada
- Call 1-866-756-1107 to book an appointment at an RBC Royal Bank branch.
- Bring your passport and study permit.
- RBC will verify your identity and redeem the GIC (principal + accrued interest).
- The full amount will be credited to your new Personal Deposit Account (PDA).
Fees and Processing Times
| Item | Details |
|---|---|
| RBC Handling Fee | CAD 200 (non-refundable) |
| Minimum GIC Amount (most provinces) | CAD 20,635 |
| Maximum Wire Transfer | CAD 30,000 |
| Account Opening Time | Within 3 business days of approval |
| GIC Certificate Issuance | Approximately 3 business days after payment is received |
Frequently Asked Questions
Can I get a refund if my study permit is refused?
Yes. You must provide proof of the study permit refusal to your RBC advisor. You will receive a refund of your deposit minus the CAD 200 handling fee (which is non-refundable).
What if I need to defer my program start date?
Contact your assigned RBC advisor. They can help update your GIC accordingly.
How long does it take to receive the verifiable GIC certificate?
After RBC receives your payment, it usually takes about 3 business days to process and issue the verifiable certificate on the ApplyProof platform.
Who should I contact for questions about my application?
After receiving your account details, contact your assigned RBC advisor directly. Always include your full name, SRF number, and date of submission for faster assistance.
Why Choose RBC Through ApplyBoard?
RBC is Canada’s largest bank, with a long history dating back to 1869 and more than 1,100 branches across the country. Combining RBC’s reliability with ApplyBoard’s ApplyProof verification technology gives immigration officers greater confidence in your financial documents.
This combination can improve the strength of your study permit application and make your transition to Canada smoother.
What other information should I know about?
About RBC International Student GIC Program
Founded in 1869, RBC (Royal Bank of Canada) has grown into Canada’s largest bank and one of the leading financial institutions in North America. With more than 1,100 branches across the country, RBC provides individuals and businesses with a broad range of banking and financial services.
Closing Remarks
The RBC Student GIC Program offered through ApplyBoard is a clear, secure, and widely accepted way for eligible international students to meet Canada’s proof of funds requirement. By following the simple online process, transferring the required amount, and completing the steps after arrival, you can satisfy IRCC requirements while also setting up your Canadian banking relationship early.
If you have already received a letter of acceptance from a Canadian institution and come from one of the eligible countries, you can start your GIC application today through ApplyBoard.
Always double-check the latest IRCC financial requirements and Quebec-specific rules, as amounts can change. For the most new information, refer to the official ApplyBoard RBC Student GIC Program page at https://www.applyboard.com