CIBC GIC is better
- Thread starter kk2018
- Start date
I was on my way to get a GIC with Nova Scotia until I saw this topic. I would like to share my two cents on the CIBC GIC program.
First of all, I am applying through an agent so from applying to colleges to arrival in Canada, everything is guided by my agent. Now, I am not going to name the consulting company here but they have been in business for quite some time now.
CIBC is relatively new to the GIC program so not many people know about it. They either suggest you to go for Nova Scotia or for ICICI Bank(For India)
I told my agent about CIBC and they had no idea about it but they still had a look into it and gave me a green flag upon seeing their procedure.
I made my payment to CIBC using NEFT on late night of 12 September 2019(this is after the timings of NEFT were closed). So We can safely assume the payment may have went through on the morning of 13th September. Called my bank to confirm if the funds were remitted and yes they were.
I received a mail from them acknowledging the receipt of form A2.
I received my GIC certificate on the morning of 18th September 2019. So in a nutshell, I received my GIC after three business day of making the payment.
Had it been with Nova Scotia, it would have taken over a week minimum that too if there were no mistakes made during the transaction.
Time matters a lot here as people going for January know how late I am to file my VISA.
For people reading it here for the first time and applying from India :
TL;DR Go for CIBC GIC any day. Smooth and fast processing. No need for international wire transfers, all you need to do is make an RTGS/NEFT payment to a bank in India itself.
First of all, I am applying through an agent so from applying to colleges to arrival in Canada, everything is guided by my agent. Now, I am not going to name the consulting company here but they have been in business for quite some time now.
CIBC is relatively new to the GIC program so not many people know about it. They either suggest you to go for Nova Scotia or for ICICI Bank(For India)
I told my agent about CIBC and they had no idea about it but they still had a look into it and gave me a green flag upon seeing their procedure.
I made my payment to CIBC using NEFT on late night of 12 September 2019(this is after the timings of NEFT were closed). So We can safely assume the payment may have went through on the morning of 13th September. Called my bank to confirm if the funds were remitted and yes they were.
I received a mail from them acknowledging the receipt of form A2.
I received my GIC certificate on the morning of 18th September 2019. So in a nutshell, I received my GIC after three business day of making the payment.
Had it been with Nova Scotia, it would have taken over a week minimum that too if there were no mistakes made during the transaction.
Time matters a lot here as people going for January know how late I am to file my VISA.
For people reading it here for the first time and applying from India :
- Select $10000 and select currency as INR. You do not need to pay in CAD and you do not need to pay the C$150 or C$200 processing fee for CIBC GIC.
- Mandatory fields that must be filled out on the A2 form include:
a- RTGS/NEFT Reference Number (Page 3)
b- Bank and Branch name (Page 3)
c- Account Number (Page 3)
Please note that this must be the account number for which the payment is originating from. In the case that the payment is sent to Standard Chartered Bank from the student’s local bank’s account number or the student’s loan account, that is the account number the student must write down, not the student’s personal account number.
d- Payer signature (Page 4)
Kindly send completed A2 form to both Mailbox.ISBO@cibc.com and payments.che@sc.com in JPEG/ PDF format within 1 business day from sending your payment.
TL;DR Go for CIBC GIC any day. Smooth and fast processing. No need for international wire transfers, all you need to do is make an RTGS/NEFT payment to a bank in India itself.
Hi, I am trying to initiate RTGS from my citibank account. Citi doesn't provide field to enter comments, so i am unable to enter ISBO 2019 + Name data anywhere in the transaction.
Can i proceed making txn without this information. Anyone done the transfer using citi account or without this information in the txn and got GIC successfully.
Can i proceed making txn without this information. Anyone done the transfer using citi account or without this information in the txn and got GIC successfully.
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Are you trying it yourself using the INB facility or did you visit your bank in person regarding this?
Also the payment instructions clearly states that the payment may be returned or cancelled if the required details are not mentioned so why take the risk. Even if it doesn’t get cancelled it will sure cause unnecessary delay in your application process.
hii guys i have one query ..
in bank passbook my name is- vaibhavkumar girishbhai patel while in passport my name is vaibhav girishbhai patel
i want to do gic from cibc ..will this difference will cause any problem?
in bank passbook my name is- vaibhavkumar girishbhai patel while in passport my name is vaibhav girishbhai patel
i want to do gic from cibc ..will this difference will cause any problem?
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.
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.
Hii I mailed my A2 to CIBC but forgot to enter my bank address is it okay ? I entered my rest of the details RTGS number and account number
Hi, I have a question, please help me. I have chosen USD as my payment currency and have received instructions from CIBC. But now I am wondering if what kind of currency the monthly amount CIBC gives me is when I go to Canada, CAD or USD as I send them?
p/s: feel so stupid but I really don't have any idea. My friend said if I paid in USD then they would pay me back in USD. That happens when we fail study permit application and request a refund right?
p/s: feel so stupid but I really don't have any idea. My friend said if I paid in USD then they would pay me back in USD. That happens when we fail study permit application and request a refund right?
I paid in Indian currency. Will they pay me back in Indian currency once I reach there? You paid USD equivalent of 10000CAD which basically means you will get CAD whatever the currency in which you paid.
That was exactly what I thought at first, but when my friend said I would get USD, I started to feel quite confused T_T Anyways, I decided to pay in USD just today. Hope that will be fine. I can't wait because my intake is January 2020. We can't tell for sure if how long it will take to process.
CIBC is real quick and you will get your GIC in atmost 2 working days.
