International student GIC program

1. First, check you meet the eligibility requirements for the Student Direct Stream on the Canada.ca website. Please also review the terms and conditions of our GIC program (PDF, 76 KB).
2. Next, apply online to take part in our GIC program. You'll need to upload your ID and other supporting documents during the application process.
3. Once your HSBC Student Chequing Account is opened, you'll need to deposit $10,225 for your GIC into the account. 
4. Once you have your deposit confirmation from us, you will have fulfilled the SDS program requirements. You can then submit your student visa application.
5. When you arrive in Canada, you'll need to visit one of our branches with your original ID documents. We'll then issue your GIC, which will be paid back to you over 12 months, with interest.

A GIC (also known as a guaranteed investment certificate) is an investment product that gives you a guaranteed interest rate over a fixed period of time.

When you arrive in Canada, you'll need to visit one of our branches to confirm your participation in our GIC program, and to set up your GIC. During your visit, the $10,225 in your HSBC Student Chequing Account will be applied as follows:

• $8,000 will be deposited in a 60-day non-redeemable GIC that automatically renews at maturity. Payments of $1,333 (plus interest) will be made to your chequing account every 60 days (6 payments over approximately a year).
• $2,000 plus any funds remaining after charging the program fee will be left in your chequing account.

The money from your GIC is intended to help cover your living expenses while you're studying. If you believe your living expenses will be higher, you may need additional funds when you move to Canada.

As part of our international student GIC program, we'll set up a Student Chequing Account for you.

First of all, you'll need this account so you have somewhere to deposit the funds for your GIC. Then, when you arrive in Canada, we'll use that money to fund your GIC. 

Once your GIC is set up, the money in it will be paid into your chequing account in 6 regular installments. You'll then be able to use the account for your day-to-day banking.

Our Student Chequing Account has no limits on how many transactions you can make, and there's no monthly account fee.

If your study permit or visa is refused, or if you withdraw from enrollment at a designated learning institution, you can withdraw from our international student GIC program.

How to withdraw from the program

1. First of all, please email isp_sds@hsbc.ca with your refusal or withdrawal letter (as provided by Immigration, Refugees and Citizenship Canada) and a completed Withdrawal Request for International Student GIC Program (SDS) (PDF). Make sure the subject of your email is 'ISP Withdrawal Application'.
2. Once we've received your completed request, we'll confirm your study permit status with Immigration, Refugees and Citizenship Canada.
3. We'll close your chequing account (and your GIC, if you opened one) and will send the funds back to the account you originally sent them from.
4. Your refund may take up to 8 weeks from the date we receive your correctly completed withdrawal request. If any corrections are needed, your refund will be delayed.

$10,000 is the amount required by the Canadian government to cover your first year’s living expenses. We'll divide this up in 6 equal payments to you, which will be paid into your HSBC Student Chequing Account.

$200 is the fee for using our international student GIC program.

$25 is reserved to cover any additional fees to make sure your deposit doesn’t fall below the required $10,000. Examples include exchange fees, wire fees, and any fees charged by intermediary banks that process the transfer. Any unused amount will be credited back to your Canadian bank account.

You will need to upload colour, digital copies of the following documents in .jpg or .pdf format:

1. Your passport: You’ll need a clear image of both the photo page and the signature page if these are on two different pages.

2. Proof of Canadian university/college enrollment: You’ll need a letter from your university or college addressed to you, showing that you've secured your spot and have a student ID number. We can’t accept letters that clearly state they cannot be used as proof of enrollment for visa purposes.

3. Proof of address: If you’re already an HSBC customer, please use your most recent bank statement.

Other acceptable proof of address documents include:

• utility bills issued within the last 3 months
• a bank statement from the last 3 months
• a lease contract or tenancy agreement
• council tax or property billing statement issued with the last 3 months
• a driver’s license
• a national ID card