HSBC International Student GIC Program (SDS)

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HSBC International Student GIC Program (SDS)

International Student GIC Program (SDS)

Our GIC program helps you satisfy the application requirements for the Canadian government's Student Direct Stream (SDS) program by showing proof of funds.

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Terms & conditions (GIC details included) Download

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Before you arrive

You will be opening a bank account first to receive the funds for your GIC. The GIC process will be completed when you visit our branch in Canada.

Start the process

Review the Terms & conditions and your eligibility.
Apply online, and upload digital copies of your ID and documents.
Open your bank account to deposit the CAD $10,300 for your GIC.
Wire the GIC deposit to your new account.
Once you have your deposit confirmation from us, you’ve fulfilled the SDS program requirements.
Submit your student visa application.

After you arrive

When you arrive in Canada, visit our branch with your original ID documents.
We will issue your GIC, which will be paid back to you over 12 months with interest.

Common questions

Passport – You’ll need a clear image of both the photo page and the signature page if these are on two different pages.
Proof of Canadian university/college enrollment – You’ll need a letter from your university/college addressed to you, showing that you have 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.
Proof of address – If you’re already an HSBC customer, please use your most recent bank statement.

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

4. You’ll need colour digital copies of your supporting documents in .jpg or .pdf format

You need a bank account to first deposit the funds for your GIC.
When you arrive in Canada, we’ll use that deposit to fund your GIC.
Your bank account will be a student chequing account with no transaction fees.
In Canada, chequing accounts are used for day-to-day transactions. Savings accounts are used for saving, and there are typically fees when you go over a certain number of transactions.

$10,000 is the amount required by the Canadian government to cover your first year’s living expenses. We will divide this up in 6 equal payments to you.
$200 is the program fee.
$100 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.

A GIC (Guaranteed Investment Certificate) is an investment product with a guaranteed interest rate over a fixed period of time.
When you arrive, receive $2,000 (plus any unused fees) for immediate use in your deposit account.
The remaining $8,000 will be put into a GIC, which will be paid back to you in equal installments over 12 months with interest.

What if your Visa or Study Permit is withdrawn or refused?

Program withdrawal can only be processed when you meet one of the following conditions

Your study permit application has been refused; or
You have withdrawn from enrollment at a designated learning institution

You will need to provide the following documents to HSBC Bank Canada by email to isp_sds@hsbc.ca:

Applicant’s refusal or withdrawal letter as provided by Immigration, Refugees and Citizenship Canada
Completed Withdrawal Application Form

Once HSBC Bank Canada has confirmed the withdrawal, HSBC Bank Canada will close your account and wire the funds and any unused part of the $100 additional deposit back to your account in your name from where you originally sent the funds to us. The $200 administration fee is not refundable.

Complete the Withdrawal Application Form and email your refusal letter provided by Immigration, Refugees and Citizenship Canada with the application form to isp_sds@hsbc.ca.

Please make sure the subject of the email is “ISP Withdrawal Application”.

If your withdrawal request is incomplete or required documents are missing, we will contact you for more information. In this case, there will be a delay in the withdrawal process.

When we receive your completed withdrawal request, we will confirm your study permit status with Immigration, Refugees and Citizenship Canada.

HSBC Bank Canada will close your chequing account (and GIC, if you opened one), and wire the funds back to your account in your name from where you originally sent the funds.

The refund may take up to 8 weeks from the date the correctly completed withdrawal request is received. If there are any corrections required, the refund will be delayed.

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International Student GIC Program (SDS)

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Winner of "Best International Onboarding Experience in Canada" by Cosmopolitan Business Awards 2022†

Before you arrive

Start the process

After you arrive

Common questions

What supporting documents do you need?

Why do you need a bank account?

What does your deposit cover?

How does the GIC work?

What if your Visa or Study Permit is withdrawn or refused?

Program withdrawal can only be processed when you meet one of the following conditions

You will need to provide the following documents to HSBC Bank Canada by email to isp_sds@hsbc.ca:

1. Apply for a withdrawal

2. Confirm your status

3. Wire Bank you funds

4. Receive your funds

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Winner of "Best International Onboarding Experience in Canada" by Cosmopolitan Business Awards 2022^†