Student GIC Program

Welcome Chinese Students

Plan your education in Canada

Student from China? The Scotiabank Student GIC program can help you effectively plan your education in Canada. Get all the details below about how the process works and what you need to apply.

Apply Now

Scotiabank is Canada’s most international bank, serving over 23 million customers all over the world. With over 1,000 Scotiabank branches and more than 3500 Scotiabank ABMs across Canada, it’s easy to find one near your school or home.

You can also take advantage of the Scotiabank StartRight® Program1 which offers international students like you, useful Canadian banking services, so you can focus on your studies. Ask a Scotiabank advisor about the bank account with no monthly fees2 and an unsecured credit card with movie and entertainment rewards3.

Overview

The Scotiabank Student GIC Program (SSGP) enables you to meet the requirements of the Citizenship and Immigration Canada guidelines and provides access to funds to help pay for living expenses while you’re studying in Canada.

Under the Scotiabank Student GIC Program (SSGP), you can purchase a Guaranteed Investment Certificate (GIC) from Scotiabank for $10,000 Canadian dollars (CAD). A GIC is an investment account that offers a guaranteed interest rate over a fixed period of time.

  • $2,000 CAD plus any accrued interest will be deposited into your personal bank account when you arrive in Canada
  • Each month, for 12 months, you'll receive a portion of the balance of your investment back, plus interest.
  • You can use these funds to help pay for living expenses while you're studying in Canada.
  • After 12 months, you'll have received your $10,000 CAD investment back.
  • The fee for this program is $200 CAD.

Get Started

1.Read the Scotiabank Student GIC Program Guide.

The Guide will help you complete your Scotiabank Student GIC Program application and answer any questions you may have about the Program.

2.Complete your Scotiabank Student GIC program application

Complete the Scotiabank Student GIC application online—make sure you fill out all the required fields.

OR

Visit a designated Scotiabank partner bank in China at the Bank of Beijing, Bank of Xi'an or China Everbright Bank. A Scotiabank partner bank officer will complete the SSGP application with you, ensuring all required fields have been filled out correctly and submit it to Scotiabank on your behalf. We'll process your application right away and email your Scotiabank Investment account information and wire transfer details to your Partner Bank in China. Your Scotiabank partner bank Officer will share this information with you.

3.If you apply online, we send you a link to register for the Scotiabank Secure email Service

You’ll receive a confirmation email from ems@scotiabank.com in your personal email within a few minutes of your application submission. Follow the instructions to access the Scotiabank Secure Email Service. This service ensures that all communications between Scotiabank and you, including your personal and confidential information, is protected.

Important: Register for the Scotiabank Secure Email Service using the same email address you provided on your Scotiabank Student GIC program application. Once you have accessed your secure mailbox, you will see an email confirming that we have received your Scotiabank Student GIC program application. We'll process your application right away and send you a secure email with your Scotiabank Investment account number and wire transfer details. Keep this information. You'll need it to wire funds to Scotiabank from a financial institution in China.

Send Funds

4. You transfer funds to Scotiabank

You must wire transfer $10,200 CAD (in Canadian dollars) from your bank in China to Scotiabank in Canada ($10,000 CAD will be deposited into your Scotia Investment account and $200 CAD will pay for the program fees).

5. We email a confirmation when funds are in your Scotiabank Investment account.

Once Scotiabank receives your wire transfer, we’ll move the funds to your Scotiabank Investment account and send you an email with "Investment Directions Confirmation".

If you applied through a Scotiabank partner bank, we will email the Investment Directions confirmation to your partner bank in China. Your Scotiabank partner bank officer will share this information with you.

International wire transfers may take five days (or more) to reach Scotiabank, so please account for the full time required.

Apply For Your Study Permit

6. You apply for your Study Permit

Submit your completed Study Permit application and your Investment Directions Confirmation to the Canadian Embassy in China.

Please refer to the Canadian Visa office for Study Permit application submission guidelines and dates for each session intake. We accept applications for the Scotiabank Student GIC Program all year round and will issue a confirmation when funds are received. Please account for sufficient time to meet study permit application deadlines.

Settle In Canada

7. Open your Scotiabank personal bank account

When you arrive in Canada, visit your choice of over 1,000 Scotiabank branches to open a personal bank account and complete the Scotiabank Student GIC Program process.

8. We will deposit funds into your new personal bank account.

Your new Scotiabank branch will transfer funds from your Scotiabank Investment account as follows:

$2,000 CAD plus any accrued interest will be deposited in your personal bank account, and

$8,000 CAD will be deposited into a 1-year fixed term GIC. Your GIC amount and interest will be automatically deposited into your personal bank account in 12 monthly payments.

If your Study Permit is declined or cancelled

If your Study Permit is declined or cancelled, Scotiabank will return your $10,000 CAD investment or the remaining balance if you have already received a portion of the funds. You will need to prove that:

  1. Your Study Permit has been declined or cancelled.
    OR
  2. Your application for admission to a Canadian Educational Institution has been declined.
    OR
  3. You have withdrawn enrolment from a Canadian Educational Institution.

If you withdraw from your studies in Canada, tell your Scotiabank branch that you are returning to China.
We'll close your account(s), then you can request your refund when you return to China.

Follow these 2 simple steps to request your Scotiabank Student GIC Program refund. Once Scotiabank has received and approved your refund request, it may take up to 4 weeks for you to receive your refund.

1. Review the Scotiabank Student GIC Program Guide

The Scotiabank Student GIC Program Guide can help you ensure that your GIC Refund Request is completed and submitted correctly. If the request form is incorrect or incomplete your refund may be delayed.

2. Complete the Scotiabank Student GIC Refund Request online

Start Now

OR

Visit one of the designated branches at the Bank of Beijing, Bank of Xi'an or China Everbright Bank. One of the Scotiabank Partner Bank Officers will download the SSGP Refund Request form, complete it with you at the bank and submit it on your behalf. Please note The SSGP Refund Request form must be typed.

View the full refund process

The refund process

  1. We review your application
    If information is incomplete or incorrect we will return your refund request with an explanation. You will need to correct the issue and re-apply.
  2. We seek confirmation
    Once your refund request is approved, we'll contact the Canadian Embassy in China. We'll confirm with them that your Study Permit has been declined or cancelled.
  3. We wire funds to your bank in China
    We'll wire your funds back to your original bank account in China. For security reasons, funds can only be returned to a bank account in your own name in China. After we wire your funds, we'll email you confirmation of the transfer through the Scotiabank Secure Email Service. If you applied through one of our partner banks, we'll send an email confirmation to your Scotiabank partner bank Officer.
  4. You receive your funds
    The international wire transfer may take five-ten days to reach your account in China.