If you are moving to the UK or Dubai, you usually pack your bags, land, and walk into a bank to open an account.

Canada is different.

If you are applying for a Student Visa (SDS Stream), the Canadian government demands you open a bank account and deposit a massive amount of money before they even grant your visa.

It’s called the GIC (Guaranteed Investment Certificate), and in 2025, it is the biggest financial hurdle for Sri Lankan students.

Here is the step-by-step guide to handling the GIC, picking the right bank (Scotiabank vs. CIBC), and the one mistake that ruins credit scores for new immigrants.

1. The $20,635 GIC Requirement

 

Let’s start with the scary number. To apply for the Student Direct Stream (SDS) visa, Immigration Canada requires proof that you have $20,635 CAD (approx. Rs. 4.5 Million – check current rates) deposited in a Canadian bank.

This is not tuition fees. This is for your living expenses.

How it works:

1. You Wire the Money: You send the $20k+ to a Canadian bank from Sri Lanka.

2. They Lock It: The bank holds this money. You cannot touch it.

3. The “Drip Feed”: Once you land in Canada, they give you ~$2,000 immediately. The rest is released to you in monthly installments over 1 year.

Why? To ensure you don’t run out of money and work illegally.

2. Which Bank Should You Choose?

 

For Sri Lankans, there are really only two main contenders that make the GIC process easy.

Option A: CIBC (Canadian Imperial Bank of Commerce)

 

• Best For: Ease of use from Sri Lanka.

• The Student Deal: Their “Smart Account for Students” has NO monthly fees.

• Why it wins: CIBC has a specific “International Student Pay” portal that makes wiring money from Sri Lankan banks (Commercial, Sampath, etc.) slightly less painful regarding paperwork.

• Bonus: They often have a referral bonus ($50-$100) if you sign up through a link.

Option B: Scotiabank (StartRight Program)

 

• Best For: Perks and Movies.

• The Student Deal: The Scotiabank StartRight program is famous among immigrants. They offer a fee-free “Preferred Package” for your first year.

• Why it wins: They own the Scene+ rewards program. Your debit card points can get you free movie tickets at Cineplex cinemas (which is a huge part of Canadian social life).

3. The “Credit Score” Trap

 

In Sri Lanka, we try to avoid debt. If you have zero debt, you are “financially responsible.”

In Canada, if you have zero debt, you are a ghost.

You need a “Credit Score” to rent a good apartment, get a phone plan, or buy a car. The only way to build a score is to get a Credit Card and pay it off every month.

The Strategy:

1. When you activate your GIC account, ask the bank for a “Newcomer Unsecured Credit Card.”

2. They will usually give you a card with a $1,000 limit (even with no job history).

3. Use it for groceries and pay it off in full every Friday.

4. Never withdraw cash from a Credit Card (Interest is 22%+ immediately).

4. Transferring Your “Extra” Money

 

The GIC covers your basics, but you will likely bring extra cash for laptops, winter coats, and furniture.

Do NOT use your Sri Lankan bank for this. Once your GIC is settled, use Wise to transfer any additional monthly allowance from home.

• Bank Wire: Fees + Bad Rate = You lose ~$40 per $1,000.

• Wise: Low Fee + Mid-Market Rate = You keep more CAD.

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Summary Checklist

 

1. Apply for the GIC at least 1 month before your visa appointment.

2. Choose CIBC or Scotiabank (Avoid smaller banks; their branches are harder to find).

3. Print the “GIC Certificate” – You need this document for the Visa Officer.

4. Unlock the funds: You must visit the branch in person when you land in Toronto/Vancouver to activate the account.