Update Meezan Bank is now offering GIC from PKR and their transaction charges is less (only 6000 rs) as compared to Habib Metro (16000 rs) so I will recommend to go to Meezan bank.
Following is my experience with the GIC transaction.
Received Masters Admission in Mid Feb
Pakistani Side
Bank Alfalah
First opened Dollar account in Bank Alfalah due to some reference in the bank. It took 3 weeks to open the account. They refused my request to add Pakistani address in the beneficiary address even when I displayed them the instructions from the bank. Also they were forcing the 5% tax on me.
At this moment Canada Lock down started and I stopped the transaction.
I started doing research on the following banks by visiting them.
Main Questions
Do you have experience with GIC, Will you charge tax and can beneficiary address be Pakistani.
Meezan Bank. Had experience with transaction but were charging 5% tax.
HBL. Did not have experience with the transaction but were giving positive response to other questions. And they had a 6-month cash hold time before any transaction could be done. This can be avoided with links.
Faisal Bank. Did not have experience with the transaction (when I visited them) but were giving positive response to other questions.
Allied Bank. Did not have experience with the transaction (when I visited them) but were giving positive response to other questions.
Standard Chartered Bank. Did not have experience with the transaction but were giving positive response to other questions. However, their account opening was weird. They required a check of $500 for initial deposit.
Habib Metropolitan bank. Had experience with transaction but were charging 5% tax. Also they did transaction from PKR also. No other bank was willing to do so.
After deferring my admission, I opened my account in Faisal bank as they were charging no Tax. Before depositing the initial amount, I double checked that will they add code ISBO 2020 in field F70 as required by CIBC. They immediately said we will not do this transaction. Weeks ago, our head office rejected this because they said Pakistani can not invest in other countries.
At this point I found out that the 5% tax had been waived off
I went straight to Habib metropolitan Bank (Update Meezan Bank is now offering transaction from PKR and is cheaper less transaction charges). Opened my account in one week and got my GIC after submitting the form in 2.5 days.
Canada Side
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. And since it is a sister concern of Habib metropolitan (both owned by AG Zurich) there will be less transaction charges. 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. 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 (PM/ inbox me if you want email for referral). This is a total of 75 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 this group.
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)
So in short for quick, cheap and hassle free experience I will recommend to go to (Update Meezan Bank is more cheaper and also doing transaction from PKR account) . Transaction from pkr will be cheaper than dollar account as you will have to first pay conversion rate on PKR to USD and then on conversion of USD to CAD instead of PKR to CAD only. For Canada side I will recommend CIBC for quick service or Habib Canadian only if you will live in Toronto.