SCOTIA GIC OR CIBC?
- Thread starter Saqusamz
- Start date
They are fairly new to GIC for International students. Scotiabank was the first to have such a program, and they were the only Canadian bank in the GIC program before CIBC came.
Updates:
Two full business days (in Canada time) and no response from ISBO about my request to switch transaction from CAD to INR (see my previous post for details).
Talked for 25 mins on the phone and 3 mins on live chat today--those guys cannot tackle these types of requests (or even access a specific request with the GIC request no.). They can only suggest waiting another day or two.
(P.S. One would hope all aspirant Westerners would already understand at least the time zone difference and some of you gyanis won't have to point that out.)
Two full business days (in Canada time) and no response from ISBO about my request to switch transaction from CAD to INR (see my previous post for details).
Talked for 25 mins on the phone and 3 mins on live chat today--those guys cannot tackle these types of requests (or even access a specific request with the GIC request no.). They can only suggest waiting another day or two.
(P.S. One would hope all aspirant Westerners would already understand at least the time zone difference and some of you gyanis won't have to point that out.)
If you're tired of waiting, simply create a new application and cancel this one. Application can be cancelled by emailing or calling them (calling them would be faster)
The difference in new application would be the exchange rate.
My exchange rate was just approx 4000 from the live rate, which is why I was surprised when you mentioned 20000 difference.
Hope this sorts out your problem.
Good luck
Dear full memberIf you're tired of waiting, simply create a new application and cancel this one. Application can be cancelled by emailing or calling them (calling them would be faster)
The difference in new application would be the exchange rate.
My exchange rate was just approx 4000 from the live rate, which is why I was surprised when you mentioned 20000 difference.
Hope this sorts out your problem.
Good luck
,Kindly note that I did call and also chatted live. This is for future applicants: only ISBO can enter the system and resolve issues after one has successfully placed a GIC request and been allotted a GIC request number; one HAS TO then wait for ISBO's response through email. After 2.5 business day (but 7 total days), I was able to place a new request in INR. And so begins a new cycle of awaiting approval. Lage raho buntea bhai, MBBS!
GIC from CIBC is perhaps the easiest way to get one. I got my GIC within 4 days. I'm an Indian student btw so..
Few reasons I chose CIBC:
- Faster processing than any other bank (Literally 4 days from creating an account to getting my GIC)
- One of the major banks of CA, meaning bank branches in every city (ICICI was not in my college city)
- No processing fee. Unlike Scotia, no $200 fee. You can get your GIC for $10000 exact.
- Option to make payment in your home currency. Like I'm from India, so I did RTGS of said amount in INR, unlike other banks where you have to make a wire transfer.
- No problems if different address in passport and bank.
Process:
1. Register an account with CIBC GIC
2. Fill application form. You will also get the amount in INR for your GIC amount.
3. Once done, you will receive a confirmation email - application received.
4. By next day you will receive another email - action required.
5. Login to your CIBC GIC account and under your application, there will be an Instruction Letter.
6. Its a 4 page document where the first two pages are the payment instructions. READ EVERYTHING CAREFULLY. Fairly simple ofcourse. Last two pages are A2 Form. Take print out of all pages.
7. Goto your bank and hand them over the print out. Its straightforward from there. CIBC has a VOSTRO account in an Indian bank. So basically you are transferring the amount in INR through RTGS/NEFT.
8. The A2 Form, as mentioned, needs to be signed and stamped by the bank. Most of the bank won't do it since money is NOT being sent out of the country. Don't panic, its absolutely fine. On the top right corner of your A2 form, there is space for "Reference No.". Tell your bank person to fill that up. That's important. That's the reference number of your transaction.
9. Scan the A2 Forms and email them as mentioned in the instruction letter. This is important.
10. That's it. You will receive a confirmation email that payment is received.
11. Within a few days you will get your GIC. It will be available in your CIBC GIC account for download.
Good luck
I did payment on 5 Sept (3.00 pm ist) and mailed scanned copy...GIC from CIBC is perhaps the easiest way to get one. I got my GIC within 4 days. I'm an Indian student btw so..
Few reasons I chose CIBC:
- Faster processing than any other bank (Literally 4 days from creating an account to getting my GIC)
- One of the major banks of CA, meaning bank branches in every city (ICICI was not in my college city)
- No processing fee. Unlike Scotia, no $200 fee. You can get your GIC for $10000 exact.
- Option to make payment in your home currency. Like I'm from India, so I did RTGS of said amount in INR, unlike other banks where you have to make a wire transfer.
- No problems if different address in passport and bank.
Process:
1. Register an account with CIBC GIC
2. Fill application form. You will also get the amount in INR for your GIC amount.
3. Once done, you will receive a confirmation email - application received.
4. By next day you will receive another email - action required.
5. Login to your CIBC GIC account and under your application, there will be an Instruction Letter.
6. Its a 4 page document where the first two pages are the payment instructions. READ EVERYTHING CAREFULLY. Fairly simple ofcourse. Last two pages are A2 Form. Take print out of all pages.
7. Goto your bank and hand them over the print out. Its straightforward from there. CIBC has a VOSTRO account in an Indian bank. So basically you are transferring the amount in INR through RTGS/NEFT.
8. The A2 Form, as mentioned, needs to be signed and stamped by the bank. Most of the bank won't do it since money is NOT being sent out of the country. Don't panic, its absolutely fine. On the top right corner of your A2 form, there is space for "Reference No.". Tell your bank person to fill that up. That's important. That's the reference number of your transaction.
9. Scan the A2 Forms and email them as mentioned in the instruction letter. This is important.
10. That's it. You will receive a confirmation email that payment is received.
11. Within a few days you will get your GIC. It will be available in your CIBC GIC account for download.
Good luck
But i didn't received any payment confirmation mail or any other mail from cibc...
Is it usually happens or is something wrong?
Please reply
CIBC is far better if you have some address issues in Scotia Bank. Unlike Scotia, CIBC won't follow wired transfer. They have their indian bank account at Standard Chartered, Mumbai. You can transfer the money to that Standard Chartered Bank from any bank through RTGS or NEFT. The process time is faster.
In my case GIC was done within 13 hours.
You can only pay 10000CAD, but In Scotia you have to pay 10200CAD.
Another difference is, Scotia gives the 10000CAD in 10 division whereas CIBC gives it in 8 divisions.
Bro so will there be any problem in accessing the fund as it is transferred to an indian account.
Also, is it necessary that the funds have ro be transferred the next day the account is created
Also, is it necessary that the funds have ro be transferred the next day the account is created
CIBC is far better if you have some address issues in Scotia Bank. Unlike Scotia, CIBC won't follow wired transfer. They have their indian bank account at Standard Chartered, Mumbai. You can transfer the money to that Standard Chartered Bank from any bank through RTGS or NEFT. The process time is faster.
While doing the payment ask the bank employee to put (ISBO <year> and your full name) in the addition reference column during transaction. For example (“ISBO 2019” and “Sachin Tendulkar”).
After the completion of the transaction ask the bank to provide UTR number. You need this while filling the A2 form.
In my case GIC was done within 13 hours.
You can only pay 10000CAD, but In Scotia you have to pay 10200CAD.
Another difference is, Scotia gives the 10000CAD in 10 division whereas CIBC gives it in 8 divisions.
do you mind elaborate a bit more on this?
Can I wire transfer from my parent's account?
thanks
Hi,
I got my passport issued when I was in college so my address on my passport is my college address. Also, my bank account has different address. What should I fill in the contact address details when I am applying for CIBC GIC account? Please advise.
Thanks
No there is $200 processing fee you have to pay $10200 to get $10000 gicGIC from CIBC is perhaps the easiest way to get one. I got my GIC within 4 days. I'm an Indian student btw so..
Few reasons I chose CIBC:
- Faster processing than any other bank (Literally 4 days from creating an account to getting my GIC)
- One of the major banks of CA, meaning bank branches in every city (ICICI was not in my college city)
- No processing fee. Unlike Scotia, no $200 fee. You can get your GIC for $10000 exact.
- Option to make payment in your home currency. Like I'm from India, so I did RTGS of said amount in INR, unlike other banks where you have to make a wire transfer.
- No problems if different address in passport and bank.
Process:
1. Register an account with CIBC GIC
2. Fill application form. You will also get the amount in INR for your GIC amount.
3. Once done, you will receive a confirmation email - application received.
4. By next day you will receive another email - action required.
5. Login to your CIBC GIC account and under your application, there will be an Instruction Letter.
6. Its a 4 page document where the first two pages are the payment instructions. READ EVERYTHING CAREFULLY. Fairly simple ofcourse. Last two pages are A2 Form. Take print out of all pages.
7. Goto your bank and hand them over the print out. Its straightforward from there. CIBC has a VOSTRO account in an Indian bank. So basically you are transferring the amount in INR through RTGS/NEFT.
8. The A2 Form, as mentioned, needs to be signed and stamped by the bank. Most of the bank won't do it since money is NOT being sent out of the country. Don't panic, its absolutely fine. On the top right corner of your A2 form, there is space for "Reference No.". Tell your bank person to fill that up. That's important. That's the reference number of your transaction.
9. Scan the A2 Forms and email them as mentioned in the instruction letter. This is important.
10. That's it. You will receive a confirmation email that payment is received.
11. Within a few days you will get your GIC. It will be available in your CIBC GIC account for download.
Good luck