Which Bank is Better for International Students: CIBC or Scotiabank?
Choosing the right bank for managing your finances is crucial, especially if you are an international student. Two popular financial institutions in Canada, CIBC and Scotiabank, often come up in discussions. In this article, we compare these banks when it comes to opening a Genius Investment Certificate (GIC) account. By the end of this comparison, you'll have a clear idea of which bank might be better suited for you.
Branch Availability
One of the essential factors to consider is branch availability. CIBC has a broader network of branches across Canada, making it more accessible for students who might need to visit a physical location frequently. On the other hand, Scotiabank has a slightly less extensive network, which could be a convenience factor for those who prefer more localized access.
Interest Rates
CIBC offers higher interest rates compared to Scotiabank. For international students, the higher returns on your GIC can significantly contribute to your financial stability during your studies. If you are looking for a bank that can offer better returns on your savings, CIBC is definitely the way to go.
Application Processing Time
CIBC demonstrates its efficiency by offering faster application processing times. On average, customers are issued GIC certificates within 2 to 4 days. Conversely, Scotiabank typically takes 3 to 7 days to process applications. This can be a crucial factor if you are planning to open a GIC as part of your financial planning and need quick access to funds.
Application Fee
Scotiabank charges a slightly higher application fee, making the whole process a bit more expensive. Specifically, CIBC levies a fee of 150 CAD, while Scotiabank charges 200 CAD for the same process. While this may not seem like a significant difference, it is something to keep in mind if you are budget-conscious.
Rejection Rate
CIBC has a more lenient approach to application rejections. If there is a minor discrepancy, such as an incorrect address, CIBC will allow you to rectify the issue and complete the application. In comparison, Scotiabank tends to reject applications more quickly. This shows that CIBC is more forgiving, which can be reassuring for international students who might have varying levels of familiarity with Canadian addresses.
Payment Options
CIBC offers more flexibility in payment options. You can pay in the local currency or opt for a wire transfer. This makes the process smoother and more convenient. However, Scotiabank does not accept payments in local currency, which can make the application process a bit more complicated. If you are looking for an easier and more straightforward process, CIBC might be the better choice.
Additional Benefits with CIBC
To sweeten the deal, CIBC offers a generous signing bonus. If you provide the code itsyourmanal@, you can get an additional 25 CAD for free as a signing bonus. This offer is valid for unlimited use with a lifetime validity. This can be a significant perk, especially if you are budget-conscious when opening a GIC account.
Opening a GIC Account with CIBC
For those who prefer the convenience of an online process, CIBC provides detailed instructions through a video. By watching this video, you can walk through the entire process step by step, ensuring a smooth and hassle-free experience.
In conclusion, for international students looking to open a GIC account, CIBC stands out as a more favorable option due to its higher interest rates, faster processing times, and more lenient rejection policies. While Scotiabank also has its merits, it might be worth giving CIBC a closer look for its additional benefits and flexibility in payment options. Happy banking!