About CIBC Bank
CIBC is a leading North American financial institution committed to creating enduring value for all our stakeholders — our clients, team, communities, and shareholders. We are guided by our purpose — to help make your ambition a reality, and our focus on creating a more secure, equitable and sustainable future through our environmental, social and governance (ESG) principles.
CIBC
CIBC International Student Banking Offer (ISBO)
As an international student who is preparing to study abroad, we know there’s a lot to do before you arrive, and that the banking system in Canada may be different from the one in your home country. That’s why we developed the CIBC ISBO Program. At CIBC, we’re dedicated to supporting you at every step of your journey in Canada
Key Program Highlights:
- Use our secure online platform to submit your application within 5 minutes
- Conveniently make payments in your preferred currency with no additional fee prior to arrival in Canada
- Once funds have been deposited into your GIC Program account, you’ll receive a confirmation of funds letter for study permit application
- View the status of your application in real-time on our online platform
- Our team of experts is available to assist you 24 hours a day and 7 days a week in multiple languages
Additional Benefits:
- Enjoy the perks of unlimited transactions and no monthly account fees up until six months after your graduation date (up to four years)
- Access to free Interac e-Transfers for transferring money from one Canadian account to another
- Credit card options with $0 annual fees and a minimum limit of $1000 are available.
The CIBC ISBO program has two options to select from:
1. CIBC Student GIC Program1
In collaboration with the 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 for countries supported by the Government’s program.
Transfer a minimum of $5,000 CAD and up to $50,000 CAD in your preferred currency2 to meet the minimum financial requirement of $20,635 CAD.
Once you arrive in Canada and activate your account, you will receive the funds locked in your GIC Program account in monthly disbursements over the course of the first year.
Here is an example of how the disbursements will work once you activate your account at a CIBC Banking Centre. Note: this example is based on transferring the equivalent of $20,635 CAD in a foreign currency.
70% of your funds (up to a maximum of $14,444.50) will be placed into a GIC Program account with 11 equal payments disbursed over a one-year period;
The remaining amount will be available in your chequing account after activation
After 12 months, you will have received your full investment back, plus any earned interest
2. CIBC Student Deposit Program3
Transfer a minimum of $2,500 CAD up to $50,000 CAD in any currency offered2 by us to enroll in the CIBC ISBO Deposit Program before you move to Canada. You will have access to your funds once you have arrived in Canada and complete the activation steps at a CIBC Banking Centre.
* Posting information relating to CIBC or ISBO Program is not, and should not be construed as, solicitation or invitation for availing services, by CIBC. Information by CIBC in relation to ISBO will be available to non-Canadian residents only at their request. *
1 Students can send a minimum of $5,000 CAD up to $50,000 CAD in any currency offered by CIBC to enroll in the GIC program. You will be required to open a CIBC Deposit account to purchase GICs. Your expected arrival date should be within 365 days (12 months) of the date you submit your ISBO application. If you are arriving later than 365 days, you will need to wait and apply when you are within 365 days of arriving in Canada. You must be 15 years or older to submit an ISBO application.
2 CIBC foreign exchange rates apply. Foreign exchanges rates applied incorporate a spread by CIBC.
3 Students can send a minimum of $2,500 CAD up to $50,000 CAD in any currency offered by CIBC to enroll in the CIBC Student Deposit Program. Your expected arrival date should be within 365 days (12 months) of the date you submit your ISBO application. If you are arriving later than 365 days, you will need to wait and apply when you are within 365 days of arriving in Canada. You must be 15 years or older to submit an ISBO application.
4 A transaction includes cheques, withdrawals, transfers, pre-authorized payments, bill payments (including CIBC Credit Cards and CIBC Personal Lines of Credit) and debit purchases. For all accounts, transfers to CIBC-branded loans (excluding CIBC Personal Lines of Credit), mortgages and investments (registered and non-registered) are free. Other fees (in addition to any transaction fee) include: withdrawals from non-CIBC bank machines, Interac e-Transfer transactions (the Interac e-Transfer fee is waived for CIBC Smart Accounts, CIBC Premier Service Accounts and for clients who are enrolled in CIBC Advantage for Youth, CIBC Smart for Students, CIBC Smart for Seniors (on the CIBC Smart Account) and CIBC Advantage for Students (on the CIBC Everyday Chequing Account) and transactions in foreign currency (including cheques written in currencies other than the account currency)
5 Available with participating financial institutions.
*Terms and Conditions apply. Please visit cibc.com/isbo for further details. Products and their features may change at any time.