GIC Problems in Pakistan

[GMP97]

Salam,

This is for all of you. You can transfer money via transferwise to any foreign account from your pakistani bank account.

That is the best option for all of you.

This doesn't apply to anyone sending money for GIC
GIC requires bank to bank transfer

 

[GMP97]

Hi Guys,

Good to have this forum. Need help concerning the GIC as well. I am applying for Winter 2021 intake in Ontario. I have become the filer as suggested by the banks and ready to pursue my case. The only issue I am facing is that Meezan Bank says that 5% of my total amount that I am sending for GIC will be deducted as advance tax, since the purpose of GIC is studying (directly or indirectly), so the tax is liable. However, when I asked the banker from UBL, he deliberately told me to not mention anything about studies and just claim to send money for personal use; this way your tax would not be deducted. Can someone suggest, what is going on, and how to go about it?

Thanks in advance.

Yes there is a way to send money without tax but its very hard to covince the bankers so i would suggest pay the 5% and be done with it

 

[m.suhaibhameed]

Yes there is a way to send money without tax but its very hard to covince the bankers so i would suggest pay the 5% and be done with it

Can you suggest how can we do it? I can still try.

 

[GMP97]

Can you suggest how can we do it? I can still try.

Try another bank and tell them the money is nust for personal hse

 

[Taimoor rana]

Hi Guys,

Good to have this forum. Need help concerning the GIC as well. I am applying for Winter 2021 intake in Ontario. I have become the filer as suggested by the banks and ready to pursue my case. The only issue I am facing is that Meezan Bank says that 5% of my total amount that I am sending for GIC will be deducted as advance tax, since the purpose of GIC is studying (directly or indirectly), so the tax is liable. However, when I asked the banker from UBL, he deliberately told me to not mention anything about studies and just claim to send money for personal use; this way your tax would not be deducted. Can someone suggest, what is going on, and how to go about it?

Thanks in advance.

Open a new US Dollar account in Faisal bank. It would be perfect if you live in Lahore bcz most of the banks in Lahore Know this procedure. I you want to know about a specific bank branch DM me. And with out any taxation.

 

[omarasimd005]

This doesn't apply to anyone sending money for GIC
GIC requires bank to bank transfer

Then the best way is to open USD Account with Faysal Bank or Standard Chartered.

 

[omarasimd005]

Are you sure it will be accepted by the foreign banks? Have you tried it? Also any taxes that are implied on it?

I have tried it sending money from Pakistan to UAE and it works perfectly fine for me, I have send money to one of my friend in USA as well and it works fine.

I live in UAE so I mostly do transfers through it.

There is a fee that they'll charge but that is minor furthermore no taxes deducted, max amount that can be transferred in one go is 9K I guess.

 

[Maham malik]

Are you sure it will be accepted by the foreign banks? Have you tried it? Also any taxes that are implied on it?

Hi,
I have done the GIC process from Samba bank F11 branch. 100 dollars were paid by me as bank transaction charges. I have transfered the amount and waiting for GIC which may take 4 to 5 days.

 

[Maham malik]

Did you get GIC certificate and for which intake are you applying for?

Not yet..i am applying for the intake of Sep 2020.

 

[Maham malik]

Have you paid gic through local or foreigner account and what are you going for? Masters or diploma?

I have paid the GIC from forigen currency account and to open FC account i have filed my tax reurtns as well. I am going for 3 years Advance diploma program.

 

[Maham malik]

So from foreign currency account, they don't charge you extra 5% tax? And when are you planning to file visa as current situation is pretty much bad. Are you applying by the assistance of IDP consultants?

I have paid 100 USD extra to the bank as a transaction charges. yes i am gonna apply after my medical examination which is still pending due to the Lockdown. No i am not applying through IDP.

 

[Maham malik]

Have you paid 10200 gic amount and 100 dollars extra and where are getting assistance from?

Yes above 10,200CAD i have paid 100 USD becuase these are the transaction charges. Branch head assist me regarding the transaction procedure.

 

[m.suhaibhameed]

Hi,
I have done the GIC process from Samba bank F11 branch. 100 dollars were paid by me as bank transaction charges. I have transfered the amount and waiting for GIC which may take 4 to 5 days.

So you didn't pay 5% tax and paid only $100 as bank charges?

 

[Huzaifa_Azhar]

Hello guys,
I am facing problems in opening dollar account.I am also a filer, i have already tried to open a foreign currency acc3in meezan bank, but they rejected. I don,t know why?
I am from Lahore. Can any suggest me a bank branch where the staff knows about GIC process?

 

[GMP97]

Hello guys,
I am facing problems in opening dollar account.I am also a filer, i have already tried to open a foreign currency acc3in meezan bank, but they rejected. I don,t know why?
I am from Lahore. Can any suggest me a bank branch where the staff knows about GIC process?

what did they say? why did they reject ?