When studying abroad, international students must often set up specific types of accounts to meet immigration and living requirements. Here’s a guide on the different accounts available for students in Canada, Germany, New Zealand, and the UK, with Santamonica providing assistance in setting up these accounts.
A GIC (Guaranteed Investment Certificate) is a secure, interest-bearing account offered by Canadian banks. It is commonly required by the Canadian government as proof that international students have sufficient funds to cover their first year of expenses. The GIC guarantees both the return of the initial deposit and accumulated interest over time.
Most Canadian banks offer an online process for setting up a GIC account. Students should choose a bank with branches near their place of residence. After the account is set up, the bank provides instructions to transfer funds. As of January 1, 2024, the minimum deposit required has increased to CAD 20,635.
Santamonica collaborates with multiple financial institutions to offer free GIC account setup, helping students with the account opening and fund transfer process.
In Germany, international students need a "blocked account" to show they have adequate funds for living expenses. The account restricts monthly withdrawals to encourage budgeting and is required for visa approval.
Santamonica partners with financial institutions to facilitate the opening of blocked accounts at no additional cost. They assist students in transferring funds, ensuring they meet visa requirements.
The Funds Transfer Scheme, supported by Immigration New Zealand and managed by ANZ, allows international students to demonstrate they have access to funds for living expenses. Students transfer money into the FTS account, from which a set monthly amount is released.
The FTS is for students aged 13 and older from eligible countries and may be required for their visa application. Santamonica offers guidance in setting up FTS accounts to ensure a smooth fund transfer and visa approval process.
ICICI UK offers a zero-balance account for international students studying in the UK. The account provides easy access to funds, no ATM withdrawal fees, and no Nostro charges for money transfers through Santamonica.
Opening the account before arrival simplifies initial setup, with minimum documentation needed. Santamonica assists students with the entire process, making it a convenient and cost-effective option for managing expenses in the UK.
Santamonica’s experience with international banking requirements makes it a valuable resource for students looking to manage finances effectively while studying abroad.