CIBC GIC payment in CAD instead of INR (cheaper?)

[namdrax]

Hello,
I searched various GIC threads, but I couldn't find a lot of Indian students who paid their GIC in CAD. It seems like everybody paid in INR by NEFT/RTGS.
However, I checked the CIBC website and they are charging INR 5,99,592 for CAD 10,000 (that is Rs.23,000 over the current exchange rate!!).
I understand that if I pay in CAD, I would have to pay an extra $150 but it still turns out to be cheaper than paying in INR:
5,76,600 (ie. $10,000 GIC) + 8,649 (ie. $150 program fee) + 3000 (my bank forex charges) = INR 5,88,250
I would still save around 11k if I pay in CAD.
(Exchange rate from xe.com as of now 1 CAD = 57.66 INR)

Am I missing something here? Students who have paid their GIC in CAD through wire transfer can you please share your experience?

 

[Shaild]

Hello,
I searched various GIC threads, but I couldn't find a lot of Indian students who paid their GIC in CAD. It seems like everybody paid in INR by NEFT/RTGS.
However, I checked the CIBC website and they are charging INR 5,99,592 for CAD 10,000 (that is Rs.23,000 over the current exchange rate!!).
I understand that if I pay in CAD, I would have to pay an extra $150 but it still turns out to be cheaper than paying in INR:
5,76,600 (ie. $10,000 GIC) + 8,649 (ie. $150 program fee) + 3000 (my bank forex charges) = INR 5,88,250
I would still save around 11k if I pay in CAD.
(Exchange rate from xe.com as of now 1 CAD = 57.66 INR)

Am I missing something here? Students who have paid their GIC in CAD through wire transfer can you please share your experience?

The rate you see on XE & google are trading rates not the actual buying rates. Check with your bank or the exchange house on the CAD buying rate & then do the calculation. It might still be cheaper by few thousand rupees but some people like me like the convenience of paying the money directly from my bank account online in INR than going through all the paper work to do a foreign exchange via third party sources.

 

[namdrax]

The rate you see on XE & google are trading rates not the actual buying rates. Check with your bank or the exchange house on the CAD buying rate & then do the calculation. It might still be cheaper by few thousand rupees but some people like me like the convenience of paying the money directly from my bank account online in INR than going through all the paper work to do a foreign exchange via third party sources.

Oh yes, later I went and confirmed with the bank, the rates were slightly higher but the difference was still coming to 8k. However, I couldn't find a single person who had done CIBC GIC payment in CAD probably because of the reasons you stated. So I think I will also have to go with NEFT/RTGS process. Thanks a lot for your reply!

 

[ShreyaDen]

Oh yes, later I went and confirmed with the bank, the rates were slightly higher but the difference was still coming to 8k. However, I couldn't find a single person who had done CIBC GIC payment in CAD probably because of the reasons you stated. So I think I will also have to go with NEFT/RTGS process. Thanks a lot for your reply!

Yes I've paid gic in cad dollar it's cheaper but you Will have to do it through an exchange rate conpany I got mine even cheaper

 

[Satvik212]

Thosw who are using CIBC, there is a referral bonus of 25CAD where both who is referred and one who is referring gets it. I would suggest to use referral email so that 25bucks doesn't get wasted atleast someone gets.
Below is my referral email if anybody wishes to use can. And thank you in advance.
Referral email:- satvikaghara2000@gmail.com

 

[namdrax]

Yes I've paid gic in cad dollar it's cheaper but you Will have to do it through an exchange rate conpany I got mine even cheaper

Ohh, finally found someone who did! Btw, a question: don't we have to do transfer funds from an account of the same name as passport to CIBC? And how much time did it take to receive the Welcome Letter after doing the payment?

 

[ShreyaDen]

Ohh, finally found someone who did! Btw, a question: don't we have to do transfer funds from an account of the same name as passport to CIBC? And how much time did it take to receive the Welcome Letter after doing the payment?

Yes same address as passport my foreign exchange person who helped me made a temporary account for me in sbm bank with the same address linked to by bank account so the amount was transferred from there in cad dollars so I saved up the amount and yes I recieved mine through email as well through the gic portal in less than 24 hrs the welcome letter and gic confirmation transfer payment receipt done!

 

[namdrax]

Yes same address as passport my foreign exchange person who helped me made a temporary account for me in sbm bank with the same address linked to by bank account so the amount was transferred from there in cad dollars so I saved up the amount and yes I recieved mine through email as well through the gic portal in less than 24 hrs the welcome letter and gic confirmation transfer payment receipt done!

That's amazing, I'll inquire with my local forex agent, thanks!

 

[ShreyaDen]

That's amazing, I'll inquire with my local forex agent, thanks!

Which state are you from?

 

[tarun.patel]

Hello,
I searched various GIC threads, but I couldn't find a lot of Indian students who paid their GIC in CAD. It seems like everybody paid in INR by NEFT/RTGS.
However, I checked the CIBC website and they are charging INR 5,99,592 for CAD 10,000 (that is Rs.23,000 over the current exchange rate!!).
I understand that if I pay in CAD, I would have to pay an extra $150 but it still turns out to be cheaper than paying in INR:
5,76,600 (ie. $10,000 GIC) + 8,649 (ie. $150 program fee) + 3000 (my bank forex charges) = INR 5,88,250
I would still save around 11k if I pay in CAD.
(Exchange rate from xe.com as of now 1 CAD = 57.66 INR)

Am I missing something here? Students who have paid their GIC in CAD through wire transfer can you please share your experience?

this is the correct method to pay lesser amount... ihave paid my GIC and tuition fee in CAD

 

[tarun.patel]

Yes I've paid gic in cad dollar it's cheaper but you Will have to do it through an exchange rate conpany I got mine even cheaper

I saved around 15K

 

[tarun.patel]

That's amazing, I'll inquire with my local forex agent, thanks!

orient exchange will help

 

[Siniditto]

Hi please help regarding gic payment in cibc in cad.. as my payment got rejected twice in scotia bank and now my money is cad in federal bank. If i convert to inr and then pay gic then i will lose around 23k. Can we pay in cad in cibc. What will be the procedures to pay in cad? Within how many day we will get gic if amount is transfered.

 

[lovepreet_singh]

Hii... i have Indian nationality but I live in Spain and I have Spain PR... i have indian address on my passport... i want to know that how can i open a GIC account from Spain in cibc and pay in your euros???
if with Indian address .... then I don't have an account in India...
with indian address ... can I pay from spain in euros???

 

[reshma8716]

Hi,

I am also trying to do the payment via CAD. Did you all pay the tax amount(TDS) as the transactions are more than 7 lakh(university fee and gic amount from one account)?