GICs for international students: what happens to my money if my trip is compromised?

Depending on the situation, there are several solutions available to help you get your money back.

If you don’t make it to Canada:

It’s possible to reclaim your money via an outgoing wire transfer.

You’ll need to:

• Contact the branch you chose when you opened your account.
• Be identified by one of our advisors and be deemed eligible.
• Once this is complete, an outgoing wire transfer will be sent to you with the funds.
• Certain wire transfer fees will be deducted from your account balance.

Please note that if you don’t request an outgoing wire transfer, a notice of inactivity will be sent to you after 365 days, and a fee will be charged to your account. Other external fees may apply. Consult the deposit account contract for more information.

If you need to leave Canada and return to your home country:

If you’re already in Canada and have been identified at a branch, you will have to do the following:

If your money is available in your bank account

• Create an outgoing wire transfer request.

If your money is already invested in GICs

• Contact your branch with an official document of withdrawal from your school or the government to apply for a buyback.
• Your GICs will be redeemed, and your principal repaid, but you will not receive any of the accumulated interest.
• Once the funds have been retrieved from your account, make an outgoing wire transfer request through your online bank.

If your arrival to Canada has just been delayed:

If you’ve already booked an appointment with an advisor at a branch, you can simply change your appointment date. However, the $20,700 wire transfer must still be sent within 90 days of opening your bank account to prevent it from being closed.

Also, if your arrival to Canada is delayed for more than 365 days, a notice of inactivity will be sent, and a fee will be charged to your account.