Open a bank account to begin the process of joining the Student Direct Stream program
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The Guaranteed Investment Certificate (GIC) for international students is a risk-free investment that allows you to earn interest on your investment over a set period of time.
National Bank can help you purchase a GIC for international students. This is part of the requirements for the Student Direct Stream program offered by the Department of Immigration, Refugees and Citizenship Canada. To learn more about these requirements, visit the Government of Canada page.
Your principal is 100% guaranteed at maturity. What's more, your GIC deposits are covered by the Canada Deposit Insurance Corporation (CDIC).
Apply online from your home country to open a chequing account for newcomers.
Once you’ve received the confirmation that your account has been opened, when you receive your banking details, or within 90 days of opening your account, you’ll need to make a single SWIFT® wire transfer of 20,700 CAD to your new account from your home country.
Finalize your account opening at one of our branches when you arrive in Canada. Visit one of our branches to have an advisor confirm your identity. You’ll then have access to 4,680 CAD in your bank account. The rest of the amount will be invested in GICs.
Do you have questions about the process? Follow the steps outlined in our Help centre.
Ready to start?
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To be eligible to open a National Bank of Canada GIC as an international student in the department of Immigration, Refugees and Citizenship’s Student Direct Stream program, you need to meet the following criteria.
The Department of Immigration, Refugees and Citizenship reserves the right to modify this list. The National Bank of Canada also reserves the right to modify this list at any time without prior notice. Consult the official website for more information.
GICs are investments that don’t require you to pay any fees, and at National Bank of Canada, we won’t charge you when you open your account either.
Once you have applied for a bank account and completed the wire transfer by following the correct steps, you can obtain your Letter of Attestation – Investment Directions Confirmation in 3 business days. You’ll then be able to proceed with your study permit application through the Department of Immigration, Refugees and Citizenship Canada's Student Direct Stream program.
By choosing our GICs for international students, you’ll also get our offer for newcomers and enjoy benefits to reach your goals.1
We’ll reimburse your investment if your application to the Government of Canada’s Student Direct Stream program is refused, or if there’s a study stoppage in progress (in which case we’ll reimburse the remaining amount).* Certain proxy identification and wire transfer fees will be charged on the returned funds.
Benefit from our offer for newcomers when you choose National Bank of Canada.
Ensure peace of mind when you open a bank account with no fixed monthly fees for up to 3 years or any purchase requirements.**
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There are 3 main steps to follow, first from your country of
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During a request for a Student Direct Stream program, the Department of Immigration, Refugees and Citizenship Canada requires a deposit of 20,635 CAD in GICs to properly sustain yourself in Canada during the first year. However, at National Bank of Canada, we ask you to make a wire transfer of 20,700 CAD for the following reasons: 4,680 CAD will remain in your bank account, and the remaining 20 CAD will go towards paying the incoming wire transfer fees.
We also recommend investing 16,000 CAD in 10 GICs of 1,600 CAD each. Each month, over a period of 10 months, one GIC will mature, and the amount of 1,600 CAD plus accumulated interest will be deposited into your bank account.
No, you cannot apply for the Student Direct Stream program if you’re already in Canada. This program is reserved for eligible international students currently living outside of Canada at the time of their study permit application.
However, we’d be happy to help guide you with your financial needs if you’re already in Canada. Contact us for personalized support.
Yes. The wire transfer can be sent from any account, as long as the bank account details are correct. Learn more on how to make your wire transfer.
Write to us with details of your request, and we’ll get back to you as soon as possible.
Get information quickly with the help of our Facebook Messenger chat option.
Call us today and get the answers you need.
Baseline savings of $334.92 over three years for the account
Save a minimum of $334.92 over three years if you meet the following conditions:
Open a bank account online before arriving with our secure form or visit a branch upon arrival.
Sign up for our offer for newcomers
Savings of $334.92 based on:
First year: no flat monthly fee (savings of $15.95/month for 12 months)
Second year: flat monthly fee of $7.98 instead of $15.95 (savings of $7.97/month for 12 months)
Third year: flat monthly fee of $11.96 instead of $15.95 (savings of $3.99/month for 12 months)
To be eligible for savings, you must commit to keeping the account and package for a minimum of 36 months. You will receive no further discounts if the products are cancelled. The full flat monthly fee of $15.95 will be applied to your banking package from the fourth year. You’ll be able to browse our packages and choose the one that best suits your needs.
** Maximum savings of $574.20 over three years for the account
Your savings will be $574.20 over 3 years with your newcomer’s banking package on a fixed monthly fee ($15.95/month x 36 months) if you meet the following conditions.
To be eligible for this, you agree to maintain this account for a minimum of 36 months. You agree that there are no additional savings available from the moment you longer keep these products. You’ll pay the full fixed monthly fee of $15.95/month for your banking package starting in the fourth year after you sign up for the offer for newcomers. You’ll be able to browse our packages and choose the one that best suits your needs.
Overall savings of up to $671.30 over 3 years
You could enjoy a maximum overall savings of $671.30 over 3 years without the following fees being charged:
Note on savings
To enjoy the full savings, you must keep the products and services and carry out all required transactions for a minimum of 36 months unless otherwise indicated. If you fail to meet the conditions of the offer, your savings will be lower. Your savings will be lower if you do not order cheques and/or choose to not receive paper statements by mail for free the first year.
If during a given month, you keep your bank account and banking package but do not keep all of the other products and services indicated or do not carry out all the required transactions (e.g. only one electronic bill payment per month instead of two), you will be charged National Bank's service fee for that month. The service fee will be $7.98 monthly for the second year and $11.96 for the third. You will still enjoy monthly savings of $7.97 during the second year and $3.99 during the third.
Finally, if you no longer hold a bank account or banking package for newcomers, you will no longer be eligible for savings.
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