the account should be on your name or have the joint account with your name as well. Your name has to be there in the account from where you are transferring the amount.
CIBC GIC is better
- Thread starter kk2018
- Start date
That means I can not transfer through agent right? I will have to do it on my own
Guys, why does it show wire transfer on the right panel while applying for GIC from cibc? I'm transferring 10,000 CAD in inr
Guys I just got my GIC in 13 hours, I made my wire transfer payment through forex agent, so it is completely fine to pay through forex agents, you have to just select CAD as a payment currency and make sure that the forex agent is experienced enough in students related transfers(Fees and GIC).
can you tell me what you put under 'remitting bank'? is this is the bank from which you'll be sending money from??
Hi, I got admission for Conestoga and gave medicals already and now was about to open a GIC account in CIBC which is almost last step before filing VISA application and trying to see how much will that be to deposit 10,000CAD.
However as per the current rates, it is locked at 589,448.87 INR which is roughly 10381.4 CAD as per the current market rate. so for 10,000CAD we are paying 381 CAD extra be it for currency conversion or whatever. As it was mentioned like there is no processing fee unlike Scotia bank which needs 200CAD extra for the processing. Is this 381 is just because of the currency conversion where that extra ~2-3 INR per CAD got added?
will this be same for Scotia also ? like for 10,000 CAD we will pay 5.89+ 200$ Extra ??
Can someone please help me understand if my understanding is wrong here so that it clears the clouds and sets the tone right ?
Looking forward to hear from you all.
Thanks,
Sreesai
However as per the current rates, it is locked at 589,448.87 INR which is roughly 10381.4 CAD as per the current market rate. so for 10,000CAD we are paying 381 CAD extra be it for currency conversion or whatever. As it was mentioned like there is no processing fee unlike Scotia bank which needs 200CAD extra for the processing. Is this 381 is just because of the currency conversion where that extra ~2-3 INR per CAD got added?
will this be same for Scotia also ? like for 10,000 CAD we will pay 5.89+ 200$ Extra ??
Can someone please help me understand if my understanding is wrong here so that it clears the clouds and sets the tone right ?
Looking forward to hear from you all.
Thanks,
Sreesai
Yes, that extra 381 will go towards the currency conversion. Every bank will charge something to do the conversion when you pay in your home currency and then transfer to the destination bank which might have their own processing fees for account opening (200 for scotia and none for CIBC). You might have noticed that you can pay in CAD too and then CIBC will charge $150 as the processing charges. That way, you can negotiate on the exchange rate with the forex agent that you will use to pay in CAD(wire transfer). When selecting to pay in home currency, in the exchange rate itself have included the currency conversion and processing charges.
Thank you
Thank you so much for your quick response. I just did a quick math and posting the same here. If you don't mind, can you clear the air here looking at the below math so that I can bring this to closure.
Right now
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 amount 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 10000* 58.94+200*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 ???
Looking forward for your reply.
-Sreesai
Thank you so much for your quick response. I just did a quick math and posting the same here. If you don't mind, can you clear the air here looking at the below math so that I can bring this to closure.
Right now
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 amount 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 10000* 58.94+200*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 ???
Looking forward for your reply.
-Sreesai
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 amount displayed in the CIBC GIC Screen is ~22k. Is this expected ?? is this the same for everyone who went through the process ?? -- YES
Everyone mentioned Scotia Bank 10,000+200 = 10200 CAD. Will that also be of same scenario ?? like you pay 10000* 58.94+200*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 ???
You probably need to look at the scotia bank for that and see how much they quote. I used CIBC, so have no idea about the SCOTIA bank.
Everyone mentioned Scotia Bank 10,000+200 = 10200 CAD. Will that also be of same scenario ?? like you pay 10000* 58.94+200*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 ???
You probably need to look at the scotia bank for that and see how much they quote. I used CIBC, so have no idea about the SCOTIA bank.
Thank you once again for your response. Yeah I will Certainly do that once just to see what it will be. However I got enough confidence after your reply to go ahead with CIBC. Thank you for your response
