GIC payment issues

[orwell46]

I have myself created a new application after cancelling the existing one as I took the details from my agent. Finally, it is in INR now so I will directly make NEFT/RTGS as they would be giving the Indian bank as intermediary to transfer the funds.

My final query is that can I change the email address later on as my agent had created a new random email for my GIC application?

Hi,
If the GIC account is created in INR, can we directly transfer the funds from our savings bank account via NEFT? Did you check if the exchange rate you are getting this way is any better than creating account via CAD option?
Let us know how it went after you have transferred

 

[yesWeCanada]

Hi,
If the GIC account is created in INR, can we directly transfer the funds from our savings bank account via NEFT? Did you check if the exchange rate you are getting this way is any better than creating account via CAD option?
Let us know how it went after you have transferred

GIC account cannot be created in INR, only transfer amount can be in INR or CAD. So if you select INR then they will give you an Indian bank account to send money and they dont have exchange rate mentioned for INR when the instruction was created. But they will have mentioned the amount (10k CAD to INR)to be sent with an exchange rate at that time, thats why 6 days deadline. So if you are doing RTGS, then only about 25 to 30 rupees will cost. I suggest doing it from the bank if its convenient, meaning from your account only but ask the Bank to do it.

 

[orwell46]

GIC account cannot be created in INR, only transfer amount can be in INR or CAD. So if you select INR then they will give you an Indian bank account to send money and they dont have exchange rate mentioned for INR when the instruction was created. But they will have mentioned the amount (10k CAD to INR)to be sent with an exchange rate at that time, thats why 6 days deadline. So if you are doing RTGS, then only about 25 to 30 rupees will cost. I suggest doing it from the bank if its convenient, meaning from your account only but ask the Bank to do it.

Thanks, have you made the payment in INR? If yes, was the transferred amount less than what you would have paid if you had converted INR into USD and then asked bank to pay?

 

[yesWeCanada]

Thanks, have you made the payment in INR? If yes, was the transferred amount less than what you would have paid if you had converted INR into USD and then asked bank to pay?

I have made payment in INR through RTGS from bank. I calculated the rate at which they applied for 10k CAD. I see its 61.7 INR for 1 CAD. Basically I did not calculate then what was the rate and was it cheaper. I just wanted it to be done faster and felt INR transfer was faster and easiest. So I took that. If you see it costed me around 10k rupees. I payed for my college through flywire and they put 60.5 inr for 1 cad around same time. Of course there was a difference of 2 days and rates might change. So in short I did not care then, I wanted it to be done faster.

 

[Jagjit2019]

GIC account cannot be created in INR, only transfer amount can be in INR or CAD. So if you select INR then they will give you an Indian bank account to send money and they dont have exchange rate mentioned for INR when the instruction was created. But they will have mentioned the amount (10k CAD to INR)to be sent with an exchange rate at that time, thats why 6 days deadline. So if you are doing RTGS, then only about 25 to 30 rupees will cost. I suggest doing it from the bank if its convenient, meaning from your account only but ask the Bank to do it.

Thanks for the assistance. But I will prefer online RTGS as there is just one branch of my bank in the city where I live and I have been using onilne functions since last 6 years so I am 100% confident about my bank's transactions and feasibility.

 

[Jagjit2019]

I just thought of it, change the password since the agent also knows it Just in case, who knows

I don't have the email password yet with me but no problem I have requested for email change and the CIBC team is working on that.

 

[Jagjit2019]

Hi,
If the GIC account is created in INR, can we directly transfer the funds from our savings bank account via NEFT? Did you check if the exchange rate you are getting this way is any better than creating account via CAD option?
Let us know how it went after you have transferred

Yes in INR it is bit convenient if it is GIC.

I have converted and checked if the application is in CAD then it would be 10150 CAD and your bank will charge you one or two rupees more than the current rate as I have confirmed the same from my two banks.
If it is in INR, which would be 10000 CAD then CIBC will charge 0.016 as extra for each CAD exchange rate which would still be little less than the first option.

Moreover, in the first option which is in CAD, bank will charge some fees around Rs. 2000-2500 plus GST so the total amount will go way past the first option.

Lastly, if this was not GIC and I had to remit 10150 CAD from India, then I would have 101% used forex agents like EbixCash, Thomas Cook, Western Union etc. because they charge much less than the bank.

This is my entire personal experience with banks and all the agents in these past 2-3 days.

 

[orwell46]

Let us know how it went after you have made the payment online on your own

 

[Jagjit2019]

I don't have the email password yet with me but no problem I have requested for email change and the CIBC team is working on that.

OMG!!
Yesterday I did email CIBC team to update my email ID and they have updated it as I a unable to login with the previous email but I can login with the updated one with the same password.

Unfortunately, I could not see my created GICs (both cancelled and active one)
Its too shocking and ridiculous now. I have emailed them again now and shared the scenario what has happened.

 

[Jagjit2019]

Let us know how it went after you have made the payment online on your own

Yeah sure.

 

[yesWeCanada]

INTERNATIONAL STUDENT GIC REFERRAL PROGRAM
Get $25 when you refer a friend to CIBC†
Help friends and family get a GIC or student bank account required for a student visa.
Are you applying for a student visa too? Learn more about the International Student GIC and the Student Deposit Program.

Here is the link for detail:

https://www.cibc.com/en/special-offers/isbo-refer-a-friend.html

For referral here is the CIBC active account detail:

Name: zafar kokab
Email: zafariqbalkokab@hotmail.com

Please dont do this, we here to help each other out. Its not specific to one person, we can use emails of our friends who are also opening GIC account

 

[Jagjit2019]

Please dont do this, we here to help each other out. Its not specific to one person, we can use emails of our friends who are also opening GIC account

That's what I was also going to say.

 

[Jagjit2019]

Let us know how it went after you have made the payment online on your own

Finally I have completed my GIC payment and the letter as well.