HSBC - Your child's overseas education companion
Overseas education entails managing finances, applying to various schools, as well as being prepared for the uncertainties of staying abroad alone, and the whole process can be very exhausting. This is why HSBC provides you with a comprehensive solution and all the necessary assistance to help you take care of your child's banking needs.
Begin your student life in an organised way with an HSBC account. Pay rent, track money, get money transferred and do so much more before you get there, with an HSBC NR account.
Overseas Education Key Benefits
- Initiate your Overseas account opening before arrival - our dedicated team will assist you with opening a non-resident account in India as well as a local account overseas. The local and overseas account opening journey will start while you are still in India for smooth transition. There are no service charges for international account opening through International Banking Centre (IBC) for HSBC Premier customers
- Our global network covers more than 100 cities, including popular education, travel and immigration hubs London, New York, Vancouver and Hong Kong
- Global View Global Transfer - you and your children can manage worldwide HSBC accounts with one single log-on, and make fee-free real-time transfers whenever you want
- Preferential rates on money transfer for tuition fees and overseas education related costs
- Loans for education purposes* with preferential pricing through loan against property for secured loan or through personal loan for unsecured loan
- Transfer of credit history for your children to avail credit products abroad
- Supplementary debit/credit cards from India with worldwide acceptance for children to use upon arrival in foreign countries/regions
*Please note that Tax at source (TCS) will be collected at applicable rates and these loans would not qualify for lower rate of Tax collected at source (TCS) which applies to loans under section 80E.
If you’re our Premier customer, we also offer
- Global Premier status in all countries/regions for your children - now they can enjoy the same privileges as you
- HSBC Premier Mastercard Credit Card for your children aged 18 and above
- Contactless HSBC Premier Platinum Debit Card for your children with worldwide acceptance without withdrawal fee at HSBC ATM India/Overseas
Please click here to know more about HSBC Premier and eligibility.
Study in Canada
As one of the leading destinations for studying abroad, Canada welcomes thousands of Indian students through various programmes every year. As much as this transition is exciting and life-altering for both, the student and the parent, it can be quite overwhelming too.
International Student Programme
HSBC India bank accountholders can avail of the International Student Programme (SDS – India) which also supports students with their visa application process to study in Canada. From assisting you online or over the phone, our global network is here to help make things easier for you. This is an exciting time for you and we want to help make things as easy as possible. With our global network, most of the process can be done online or over the phone.
Study Direct System (SDS) – India
The Study Direct System (SDS) – India is an administrative framework designed and implemented in partnership with the Canadian Consulate in India and Colleges and Institutes Canada (CICan). There are CICan colleges which admit students from India and the SDS – India helps process these applications. Further information can be found on the CICan website, including a full list of member institutions.
The Study Direct System – India is open to Indian nationals only. Students interested in submitting applications under the programme are encouraged to contact the participating college of their choice for information.
SDS – India checklist
The SDS – India involves close cooperative partnership and feedback from the participating colleges to ensure student compliance with the terms of their study permits. Essential to the programme feedback mechanism is the student's consent to the institution for providing information on attendance. The student must sign the consent declaration on the SDS – India checklist in order to be processed under this programme. The study permit application checklists have to be submitted along with a pre-application medical examination as part of the SDS – India checklist.
All students are strongly encouraged to submit supporting documents as indicated in the checklist to facilitate the processing of their applications. Please visit www.hsbc.ca/1/2/sdsindia for details.
In Canada, there are more than 200 degree-granting institutions – public and private universities, university colleges, institutions of technology, and specialised institutions – for higher education that one can choose from. Ontario and Quebec have the highest number of universities.
Native Canadians can go for higher education after obtaining a high school diploma (which is completion of primary and secondary education). International students need to have completed education courses, which are on par with Canadian standards. A Master's degree is a specialised study which is typically of two years, while a Doctorate or PhD normally takes three to six years to complete.
Study Abroad Frequently Asked Questions (FAQs)
How to obtain a Guaranteed Investment Certificate (GIC)?
According to the Citizenship and Immigration Canada guidelines, approximately $10,000 CAD per year is required to cover living expenses, and does not include tuition fees. This requirement is fulfilled through the purchase of a participating GIC, and evidence that you have paid your tuition. HSBC is a partner bank for GIC and can help make this simpler for you. For more information on GIC, please visit hsbc.ca
Do I need to get medical insurance if I study in Canada?
Yes. International students staying in Canada are required to have medical insurance before they leave home, and must prove their insurance coverage before they start school. Students should know how much they need to pay if certain medical situations arise.
What is the difference between Canada's colleges and universities?
In Canada, colleges and universities are different institutions. Universities focus on academic and professional programmes, while colleges focus more on career training and trades.
Colleges tend to be more directly career-oriented than universities, and offer hands-on training. Generally, colleges offer certificate programmes, which are typically one-year long or less, and diploma programmes, which take normally 2 or 3 years to finish. Undergraduate degrees typically take 3-4 years to complete for full-time students. Universities generally allow students to combine subject areas (e.g. Bachelor of Science in Chemistry and Biology) for a 'double major'.
Your pre-departure checklist
As the day of departure approaches, make sure you have ticked these off your list:
Banking and insurance
- Arrange for an account pack containing your child's debit/credit card and cheque book, prior to your child's departure
- Arrange for appropriate insurance (e.g. travel, personal, health, etc.)
- Read your institution's information for newcomers
- Take your accommodation contract (if you have university accommodation)
Travel/Immigration and visas
- Check passport validity, and ensure you have the required visa
- Check your tickets, and confirm flights
- Take all appropriate documents (e.g. vaccination certificates – a short medical history will be helpful if you need to see a doctor)
- Take photocopies of your passport, documents (personal details and visa page) but keep these separate from the originals
How can HSBC Premier help?
As an HSBC Premier customer, you have the advantage of a whole range of privileges at your disposal as you begin your student life in Canada.
With HSBC Premier, indulge in a premium banking experience that caters to you and your personal economy, exclusively. We offer a range of services from Wealth Management solutions to guiding and assisting you with investments to seamless global transfers. HSBC Premier offers you:
Enjoy a high daily transaction limit on the HSBC Premier Platinum Debit Card, along with exclusive dining privileges.
Experience the convenience of the global network of HSBC Premier centres, 24-hour HSBC Premier PhoneBanking, Internet Banking, and mobile banking facility.
HSBC Premier Credit Card provides a variety of golf, travel, dining, shopping, and entertainment offers around the world along with airport lounge access, and a fantastic Reward Points programme.
Access to HSBC Financial Advisors/Relationship Managers.
Freedom to manage and grow your own portfolio by giving you access to a range of self-help tools.
Comprehensive wealth solutions to support your needs across education, protection, retirement, and for managing and growing your wealth.
Digital solutions to help you easily access and manage your investments.
Your family accounts
Along with your guidance, give your family the freedom of managing their own money with HSBC Premier Parents/Spouse/Children accounts.
Manage all your HSBC accounts worldwide with Global View/Global Transfer and make seamless real-time transfer of funds between all eligible international accounts through instant access at home and abroad. This service is provided free of cost exclusively to HSBC Premier customers.
Emergency assistance overseas if you lose your money/cards.
Range of mortgage solutions and flexible repayment options to fulfil your financial needs.
Visit our International Services page. Make the most of studying abroad with HSBC.
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