Bank Review · Walk-In Activation

BMO International Student GIC Review (2026)

By Virendra Singh, Founder & Lead Reviewer • ✓ Audited against BMO’s Program Guide & GIC Terms PDFs · August 2026

How we score: cost (40%), payout flexibility (25%), application simplicity (20%), refund fairness (15%). Scores are set by our editorial team alone — see how we review and how we make money.

The facts at a glance

Program name

BMO International Student GICvia the NewStart pre-arrival channel; GIC issued by Bank of Montreal Mortgage Corporation

GIC amount

CAD $22,895reflects the IRCC requirement in effect since September 1, 2025 (outside Quebec)

Program cost

$134 service fee + $16 per wire$134 charged once at GIC setup — non-refundable under any circumstances, even on visa refusal

Wire rules

One wire, $23,050–$75,000up to TWO wires (combined max $75,000) if you pre-verify ID by email first; $16 fee applies to each

Who can send

You, or a joint account with parentsa parent’s own account only if you’re 17 or under, or after ID pre-verification with proof of relation

Eligible countries

13 countriesAntigua & Barbuda, China, Colombia, Costa Rica, India, Morocco, Pakistan, Peru, Philippines, Senegal, St Vincent & the Grenadines, Trinidad & Tobago, Vietnam

Minimum age

14and you must plan to arrive in Canada within 12 months

Payout on landing

$6,895 + ten monthly $1,600initial payment two days after activation; interest arrives with the final payment — complete after 10 months

Branch visit

Walk in — no appointmentthe only Big Five program that says so explicitly

Account perk

Fee-free up to 1 year post-graduationthe longest student-pricing runway of the five

Where BMO actually wins

Let’s be precise, because BMO’s old reputation needs an update. Its 13-country list is broad — but TD’s current list covers 26 countries, including every single one of BMO’s thirteen, at no program fee. So BMO is never your only door. What BMO genuinely offers is convenience and room: a single transfer anywhere from $23,050 to $75,000 (a ceiling only RBC matches), so GIC money and settlement funds travel together; walk-in branch activation — no appointment, unique among the five, and a real gift in September when every bank branch in a university town is booked solid; and the longest fee-free banking runway, running while you study and for a full year after graduation.

The payout schedule — monthly, like TD

BMO’s terms are precise: $6,895 lands two days after you activate at a branch, then $1,600 arrives every month for ten months, with accumulated interest in the final payment — your full $22,895 plus interest complete after 10 months. (If you read somewhere that BMO pays “every two months,” you’ve found an outdated guide — the current schedule is monthly.) Under the hood, the GIC is split into ten Short Term Investment Certificates, each earning BMO’s posted rate at schedule setup; no interest accrues on amounts paid out within 30 days of the issue date.

Who can send the money — the clearest rules of any bank

BMO publishes what others leave vague. Funds must come from your own account or an account you share with your parents in your home country. A wire from anyone else’s account gets rejected — with two exceptions: a parent’s own account is accepted if you’re 17 or under, or if you’ve completed the ID pre-verification process including proof of relation (a passport page showing the relationship works). The same pre-verification — emailing copies of your passport pages and a government ID to BMO’s NewStart ID address, then waiting for their confirmation email — is what unlocks a second wire, up to a combined $75,000. Send one wire only, and no documents are needed at all. Funding is Canadian dollars only.

What we like & what to watch

How to apply, step by step

1. Check the 13-country list — then compare TD.

   If your country is on BMO’s list, it’s on TD’s too. Choose BMO for the walk-in activation, the $75,000 single-wire room, or the post-graduation banking runway — not because you have to. You must be 14+ and arriving within 12 months.

2. Apply through BMO’s NewStart portal.

   Valid passport and admission letter (PDF or JPEG) ready. Residents of some countries get instant processing and account details within minutes; others are emailed a request for additional documents via secure email.

3. Optional: pre-verify ID if you need two wires or parent funding.

   Email passport copies (all corners visible, single image per document) and a government ID to BMO’s NewStart ID address, then wait for their confirmation before wiring.

4. Send $23,050–$75,000 in CAD.

   $22,895 becomes the GIC, $134 pays the program fee, $16 covers BMO’s wire fee, and about $5 plus anything extra waits in your account. Sender-side bank charges are your responsibility — pad the transfer so at least $23,050 survives them.

5. Receive the GIC certificate for IRCC.

   Issued within about five business days of the money arriving, emailed via secure email, carrying the BMMC name — legitimate and accepted.

6. Land, walk into any BMO branch — no appointment.

   Bring the passport from your application, immigration documents, school letter, welcome letter, and GIC certificate. Studying in Quebec? Bring your CAQ (Quebec Acceptance Certificate) too. $6,895 arrives two days after activation; the monthly schedule begins a month later. Ask about the student credit card at the same visit.

If your visa is refused

BMO refunds your principal and any interest earned — minus wire fees, and minus the $134 that never comes back. Two published details worth knowing: the refund goes to the account your first wire was sent from (even if two accounts funded the program), and there’s a defined process — email BMO’s refunds address (refunds.newstart@bmo.com for most countries), or the Beijing office for residents of China. Deferring your studies instead? That has its own process: call BMO’s international collect line at 1-514-877-7738 rather than starting a refund.

BMO GIC questions, answered