How to Open Canadian Imperial Bank of Commerce (CIBC) International Student Account from Your Home Country

One of the challenges foreign students face is how to seamlessly fund their education abroad. Most times, international students find it difficult to operate bank accounts in the countries where the are schooling, warranting them to carry cash or patronize international money transfer operators.

Canadian Imperial Bank of Commerce, CIBC offer international students schooling or intending to school in Canada opportunity to open and fund their students bank accounts right from their home countries. With CIBC funding of your education expenses is made easy. You can open Canadian bank account right at the comfort of your home at your country of origin or residence.  You can fund your account with your local currency.

About Canadian Imperial Bank of Commerce

Canadian Imperial Bank of Commerce is largest commercial bank in Canada formed by merger of 2 chartered banks – Canadian Bank of Commerce (established in 1867) and the Imperial Bank of Canada (established in 1875).  It offers multinational banking services.

Types of  CIBC International Students Account Programs

CIBC offers two classes of accounts for international students: Student GIC Program, and Student Deposit Program.

Student GIC Program

There account is for international student who are yet to come to Canada for their studies.

The Student GIC Program Account includes a student bank account and a GIC Program Account which will be paid into your student bank account over 12 months once you arrive in Canada.

In collaboration with Canadian Government, the Student GIC Program helps you apply for a Study Permit by meeting the Immigration, Refugee and Citizenship Canada guidelines for funds needed for your living expenses while studying in Canada.

If you have been accepted at one of CIBC partner colleges, you can send minimum $10,000 CAD up to $20,000 CAD in any currency offered by us to enroll in the Student GIC Program and will be given a proof of investment to help you apply for a Study Permit. A CIBC Smart™ Account for Students will be opened for you and the GIC payments will be released into this account.

When you arrive in Canada:

  • $8,000 CAD will be placed into a GIC Program account with eleven equal payments disbursed over a one year period
  • Annual interest rate will be 0.5% for each of the GICs
  • The remaining amount, minimum $2,000 CAD up to $12,000 CAD, will be deposited into your deposit account

Student Deposit Program

The Student Deposit Program includes a student bank account that will be activated once you arrive in Canada.

If you have been accepted at one of the bank`s partner colleges, you can send minimum $1,000 CAD up to $20,000 CAD in any currency offered by CIBC to enroll in the Student Deposit Program.

A CIBC Smart™ Account for Students will be opened for you which qualifies you for no monthly fee, unlimited transactions and free Interac e-Transfers. Benefits last until your graduation date (up to four years) plus six additional months after graduation. Upon your arrival in Canada and visit to a CIBC Banking Centre,  your bank account be activated for you with your funds.

Requirement to Open Student GIC Program Account

  1. Your passport
  2. Letter of admission in pdf/jpg format
  3. Name of the campus you will attend

Methods of Payment

There are two payment methods available to you:

  • Online/Mobile Banking NEFT/RTGS Transfer from India

This method of payment is only available for people from India. So if you are from India, you can complete your Bank Wire either through National Electronic Funds Transfer or Real-Time Gross Settlement (RTGS) payment network for online transfer.

  • Online Bank Wire Transfer for other Countries

This method of payment is available for students from other countries. All the banks globally offer Wire Transfer online remittance service, which you can access from online banking section. You can contact your local bank for more information.

Benefits of Opening CIBC International Student Account

  • You can open and fund your account from any countries of the world, without first coming to Canada
  • Offers you the opportunity to fund your account using your local currency
  • Zero transaction and transfer charges for the first 4 years and 6 months. This is a great benefit. By 4 year you would have finished or about to fish with your studies, depending on the program you are running.

Additional Benefit

CIBC runs international students referral program

You get $25 each time you refer a friend to open account with CIBC. Not only you will get $25, but your friend will also get $25. The more people you refer, the more bonuses you receive. Isn`t it a cool way to make money as a student? Yes, it`s.

Anyone who has Canadian account can refer a friend and you both will earn $25 bonus.

How it works

  1. Share the information about CIBC international student deposit program to friends and family who  have got admission to study in Canada
  2. Tell the person you are referring to input your email address on "Referral Program" section of the application form. Note: You must have Canadian bank account, and the email must be same with the one you used in opening your account.
  3.  Once the application is processed, which will take about 1 business day, both of you will receive $25 bonus each.

How to Apply for CIBC Student Account

Completing online application for CIBC Students GIC Program or Student Deposit Program account can take only few minutes. Follow the steps below to apply:

  • Visit CIBC webpage for international students deposits account at
  • Click on Apply now
  • select the program you are apply ( Student GIC Program or Student Deposit Program). Student GIC Program is usually the default program for you, if your location is not yet Canada.
  • Select your payment countries. This will expose payment method available to your country
  • Select currency you want to pay with. Note all currencies are available at the moment. Th 4 currencies available are: United States Dollar (USD), Australian Dollar (AUD), Japanese Yuan (JPY), and EURO (EUR). If you live outside these four countries/ regions, you can make your payment in USD or EUR.
  • Click on payment option gateway and complete your online Wire Transfer.
  • Once completed, your application will be processed within 1 business day. While that is in progress, you will be able to track your application status by logging onto the bank online platform.
  • When you arrive Canada, visit any of the bank's branches and get a debit card and you can access your money right away.
Before you move to Canada, know more about Canada and Canadians.

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