Simplii Financial™ International Student Banking Offer + IDP

GIC stands for Guaranteed Investment Certificate. The purchase of a GIC is mandatory for any student applying for a Canadian Study Permit through the SDS, however they can be purchased by anyone interested in providing additional support to their permit application. After applying for a Simplii GIC, we will provide you with a Government approved investment advice letter that can be used to demonstrate proof of funds as part of your study permit application process. The ISBO GIC Program is currently available to students in over 75 countries.

Setting up and pre-funding your Canadian account prior to arrival will give you faster access to your funds immediately after arriving in Canada. It also helps to avoid the challenges associated with completing foreign exchange transfers or travelling with large amounts of cash. Additionally, you can receive your GIC certificate which can be used to support your study permit application. 

For all accounts funded using foreign currency, Simplii Financial charges no processing fees while signing up for ISBO products via the Student GIC Program or the Student Deposit Program.

For students interested in funding their account using Canadian dollars, a processing fee of 1.5% is applied.

The application takes around 5 minutes. In order to complete the application, you’ll need your passport and a selfie. Simplii usually processes your application on the same day.

Within a couple business days of submitting your application, Simplii Financial will send you bank wire instructions on how to transfer money and fund your account in your preferred currency.

Applicants from India can currently complete their transfers through the NEFT and the RTGS payment networks. The program is also in the process of introducing new payment methods including credit card.

No. Only one international wire transfer is allowed until you arrive in Canada and activate your account. But once you're here, you can receive funds, send global money transfers, pay bills and so much more.

For our Student GIC Program: Students can deposit anywhere between $10,000 and $20,000 CA into their account prior to arrival.

Upon arriving in Canada you will get $2,000 CA upfront into your day-to-day Simplii Financial No Fee Chequing Account. The $8,000 CA will remain in your GIC account. Over the next 10 months, $730 of your investment will be paid out from your GIC account into your No Fee Chequing Account every 30 days. The final payment of $700 will be disbursed during month 11, at which point you will have received your $10,000 CA investment back plus interest.

For our Student deposit Program: Students can deposit anywhere between $1,000 and $20,000 CA to their new account. Once it transfers, the money will wait until your arrival at which point you receive unrestricted access to all funds.

Absolutely! Your debit card will be mailed to your Canadian address after your arrival. You'll have to activate it before you can use it by following the instructions included with the card and calling 1-888-723-8881 Opens your phone app..

If your student permit request is declined or cancelled or if you withdraw from your studies after arriving in Canada, you can request a full refund by logging in to our online platform. Your transaction history will appear and you'll be able to select Initiate Refund. Once we confirm your study permit cancellation and notify the Canadian Consulate of your request, we'll send your refund to your bank account back home without any deductions.

As a client of Simplii Financial, you’ll receive unlimited no-fee access to all CIBC branded ATMs.