It literally says on the CIBC GIC page that there is no processing fees for foreign currencies. So everyone will pay in their local currencies as Canadian Students won't need a GIC.
SCOTIA GIC OR CIBC?
- Thread starter Saqusamz
- Start date
The currency diff they ask you to pay compared to forex is nearly 20k making its same anyways
Hi Friends,
I am kind of decided to open by GIC with CIBC looking at no processing fee and no program fee claims. however , Looking at the live exchange and the bank exchange ( the different is expected for sure but will that be this much ??)
At the time of posting this,
As per XE.com
10,000CAD = 567,812.64INR
1 INR = 0.0176114 CAD ----- 1 CAD = 56.7813 INR
Last updated: 2020-11-06 18:35 UTC
and as per the CIBC GIC Website, it shows 589,448.87 for 10,000CAD(1CAD = 58.94INR in this case) The difference from Live Exchange rate to the amout displayed in the CIBC GIC Screen is ~22k. Is this expected ?? is this the same for everyone who went through the process ??
Everyone mentioned Scotia Bank 10,000+200 = 10200 CAD. Will that also be of same scenario ?? like you pay 10200* 58.94 = ~6,01,237.84 INR ?? or the bank exchange rate is compensated there and comes around the same amount as we are paying for CIBC in INR ???
Can someone please make me understand this math so that I can take this to the closure.
Looking forward for your reply.
-Sreesai
I am kind of decided to open by GIC with CIBC looking at no processing fee and no program fee claims. however , Looking at the live exchange and the bank exchange ( the different is expected for sure but will that be this much ??)
At the time of posting this,
As per XE.com
10,000CAD = 567,812.64INR
1 INR = 0.0176114 CAD ----- 1 CAD = 56.7813 INR
Last updated: 2020-11-06 18:35 UTC
and as per the CIBC GIC Website, it shows 589,448.87 for 10,000CAD(1CAD = 58.94INR in this case) The difference from Live Exchange rate to the amout displayed in the CIBC GIC Screen is ~22k. Is this expected ?? is this the same for everyone who went through the process ??
Everyone mentioned Scotia Bank 10,000+200 = 10200 CAD. Will that also be of same scenario ?? like you pay 10200* 58.94 = ~6,01,237.84 INR ?? or the bank exchange rate is compensated there and comes around the same amount as we are paying for CIBC in INR ???
Can someone please make me understand this math so that I can take this to the closure.
Looking forward for your reply.
-Sreesai
Scotia Bank. Good response to queries via online portal. However I was told by a visa consultant ( doing my case on my own just asked for their experience as they are friends) that all scotia transaction they saw had been rejected once due to some mistake. (very strict policy)
Habib Canadian Bank. Best option if staying in Toronto as they have only 3 branches in Canada all in Toronto. However, they do not pick up calls and reply to emails very late. Which is why I could not confirm if I could access my money from different cities and if there will be charges.
Why I chose CIBC. Do not be fooled by their no service charges for transaction is USD. Their conversion rate is so high that it will cost you more than 10200 cad in the end(e.g. convert the quote they are offering in usd to CAD from google, it will be more than 10200 CAD and if you select CAD then the total cost will be 10150 CAD). However, Their CAD option is 10150Cad which is 50 Cad less than other banks. Also if you use referral program you and the person who will refer you will receive 25 CAD additional https://www.cibc.com/en/special-offers/isbo-refer-a-friend.html (PM/ inbox me if you want email for referral). This is a total of 100 CAD savings. Also they issue GIC very quickly. I got mine in less than 12 hours after sending the money. This can also be seen in posts by other users in. Extra Note. They allow transaction from joint account only if you send them copy of your passport, copy of other joint account holder passport and a bank document stating you both have a joint account. They have a deadline for all transactions, and they say that ignore deadline on CAD transaction. However if your transaction expires it is better to login and start a new transaction (previous transaction will have expired written on it)
Habib Canadian Bank. Best option if staying in Toronto as they have only 3 branches in Canada all in Toronto. However, they do not pick up calls and reply to emails very late. Which is why I could not confirm if I could access my money from different cities and if there will be charges.
Why I chose CIBC. Do not be fooled by their no service charges for transaction is USD. Their conversion rate is so high that it will cost you more than 10200 cad in the end(e.g. convert the quote they are offering in usd to CAD from google, it will be more than 10200 CAD and if you select CAD then the total cost will be 10150 CAD). However, Their CAD option is 10150Cad which is 50 Cad less than other banks. Also if you use referral program you and the person who will refer you will receive 25 CAD additional https://www.cibc.com/en/special-offers/isbo-refer-a-friend.html (PM/ inbox me if you want email for referral). This is a total of 100 CAD savings. Also they issue GIC very quickly. I got mine in less than 12 hours after sending the money. This can also be seen in posts by other users in. Extra Note. They allow transaction from joint account only if you send them copy of your passport, copy of other joint account holder passport and a bank document stating you both have a joint account. They have a deadline for all transactions, and they say that ignore deadline on CAD transaction. However if your transaction expires it is better to login and start a new transaction (previous transaction will have expired written on it)
Hi, thank you for the details. Even thought I already opened the account with CIBC and got it done in <2 days, I am just curious to understand the point you have shared about the currency conversion charges. are you sure that the Currency conversion charges won't be that much for Scotia bank ?
because when we are saying 10,000 CAD(1CAD = 58.94INR was charged for me ..2/- additional to what actual forex rate is at that time). No additional service charge or nothing. However with Scotia or even with SBI/ICICI, you will be paying additional 250$ minimum right ?
So are you implying that, Scotia bank will charge the forex rate exactly as what you see in google at that moment (I mean if its 56.5 then it will be 56.5 ?)? and won't charge any additional amount as currency conversion charges ?
and also if we select in CAD, its coming about 10150 which still undergoes conversion problem where the INR to CAD conversion charges needs to be born by the user right which is generally the case anywhere. Please shed some more light and correct me if my understanding is wrong so that It gives more knowledge on this and will for sure help many other aspirants looking for answers on this topic.
Thanks,
Sreesai
because when we are saying 10,000 CAD(1CAD = 58.94INR was charged for me ..2/- additional to what actual forex rate is at that time). No additional service charge or nothing. However with Scotia or even with SBI/ICICI, you will be paying additional 250$ minimum right ?
So are you implying that, Scotia bank will charge the forex rate exactly as what you see in google at that moment (I mean if its 56.5 then it will be 56.5 ?)? and won't charge any additional amount as currency conversion charges ?
and also if we select in CAD, its coming about 10150 which still undergoes conversion problem where the INR to CAD conversion charges needs to be born by the user right which is generally the case anywhere. Please shed some more light and correct me if my understanding is wrong so that It gives more knowledge on this and will for sure help many other aspirants looking for answers on this topic.
Thanks,
Sreesai
I am from Pakistan so at the moment we only have option to send in CAD or USD so in these cases CAD is cheapest option
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CIBC is the best option as they are very fast in processing the GIC and their methods of money transfer are very comfortable and easy to understand. Scotia takes a lot of time. I paid my GIC funds to Standard Chartered Bank on 17th May 2021 12:50pm and got the Investment advice letter on 18th May 2021 03:39 am!!! That's CIBC's commitment to speed.