Are you having problems making GIC payment from Nigeria? Do not worry! This article will help you learn how to Make GIC Payment From Nigeria. We’ll explain all you need to know about making a GIC payment of CAD 20,635 or more (As of January 1, 2024, the minimum GIC amount is CAD 20,635 for international students).
But first, what is a Guaranteed Investment Certificate (GIC)?
Imagine a very secure savings account at a Canadian bank, but with an additional benefit. You save a certain amount of money (CAD 20,635 or more) for a specific period of time. It’s like locking your money in a vault for a while, but with a sweet reward! The bank guarantees the safety of your money (no worries there) and even gives you back with an interest – a thank you for being so responsible.
Why is this GIC payment important for Nigerians looking to study in Canada?
This GIC payment is particularly important for Nigerians looking to study in Canada. If you wish to study abroad in Canada as an international student, the GIC shows Canada that you are responsible and have enough money to support yourself while there. It’s like showing them you’re not just coming for a reckless journey, but also that you’re prepared to handle your living expenses.
The best thing is? You will not be entirely broke when you arrive in Canada! Every month, you’ll get access to a portion of your GIC money, allowing you to focus on having a fantastic time studying and exploring.
This blog post will walk you through each step of the GIC payment process. We’ll break it down into easy steps so you may complete this prerequisite and pursue your study abroad desire.
The best part? You will not be entirely broke when you arrive in Canada! Every month, you’ll get access to a portion of your GIC money, allowing you to focus on having a fantastic time studying and exploring.
The Steps to Make GIC Payment from Nigeria
This article will walk you through each step of the GIC payment process. We’ll break it down into easy steps so you may complete this prerequisite and pursue your study abroad desire.
Funding Your USD Domiciliary Account for GIC Payment
- Find Your Bank Partner: Locate a Nigerian bank like Access Bank or GTBANK that offers USD Domiciliary accounts. This lets you hold and transfer US Dollars.
- Fuel Up Your Account: Let’s say your GIC amount is CAD 20,635, which translates to roughly USD 15,700 (exchange rates may vary). To make this single transfer, you’ll likely need a combination of cash deposits and inflows (bank transfers).
- Important Transfer Rules: Keep these in mind:
- One Transfer Only: You can only make a single GIC payment.
- Matching Names: Ensure the account name on your GIC application matches your Nigerian bank account to avoid delays or return of funds.
- Origin Matters: Your transfer must originate from your Nigerian bank account.
- Cash vs. Inflow: Nigerian banks typically limit daily cash deposits to USD 10,000. However, inflows (bank transfers) have no such limit. Here’s how to strategically combine them:
- For a CAD 20,635 (USD 15,700) GIC, you’ll need:
- Cash deposit: USD 10,000
- Inflow: USD 5,700 (transferred from another account)
- For a CAD 20,635 (USD 15,700) GIC, you’ll need:
- Pro Tip: Don’t try depositing USD 15,700 in cash. Banks won’t allow transfers exceeding the daily cash deposit limit.
Opening Your GIC Account in Canada
- Head to the CIBC Website: Visit https://www.cibc.com/en/special-offers/international-student-gic.html to create your profile.
- Student GIC Program: Apply for the Student GIC program.
- Minimum and Maximum: The minimum GIC payment is CAD 10,000, and the maximum is CAD 50,000.
- Select Your Country: Choose Nigeria as your resident country.
- USD Payments: Don’t tick the “Pay in Canadian Dollars” box.
- USD Quote: You’ll see a USD equivalent for your GIC amount. This amount will be reserved for 20 minutes while you complete the application.
- Wait for Confirmation: CIBC will contact you within 1-2 business days with your GIC account number for the transfer.
- Nigerian Bank Transfer: Visit your Nigerian bank and make the payment from your USD Domiciliary account.
Important Reminders:
- You can only pay once before arriving in Canada.
- The account name on your GIC application and your Nigerian bank account must match.
- Upon arrival in Canada:
- 70% of your GIC funds (up to a maximum of CAD 14,444.50) will be placed in a GIC program account with payments spread over a year.
- You’ll earn an annual interest rate of 0.5% on this GIC program account.
- The remaining 30% of your funds will be immediately accessible.
Conquering your GIC payment is just one step closer to your Canadian study adventure!
If you need assistance with your study abroad process, you can connect with our immigration experts at www.unicollegelink.com/immigration-hub or send an email to info@unicollegelink.com
