GIC payment issues

[Jagjit2019]

You can mail them and ask them to change

It will be more lengthy and complicated now.

 

[yesWeCanada]

Yeah bro I understand.

Actually, my agent created the GIC for me in CAD. Unfortunately I could don't make the payment as I was occupied since last 4-5 days due to my father's surgery. Now when I told my agent to apply in INR they told me that it cannot be done as previous application was in CAD.

So, I am still looking to figure out the best and cheap way.
Thomas Cook is also charging high similar to my two Indian bank accounts (HDFC and Standard Chartered), Extravelmoney had issues (stupid ones) as there are little bit ink stains on my address details.

So now trying and still discussing with Western Union, EbixCash etc. I will be getting 3-4 days so will take time an choose the wise option. More importantly, every forex service does not support GIC so that is an another issue.

How much are the banks charging? Also, before asking CIC to change currency make sure the amount is not more than the current you are paying with SWIFT transaction. Because no point in changing it if you will end up paying more. I have done swift for investment purposes in hdfc and charges were less compared to the amount. Now the swift can be sent from your account online. See into that. If you ask me, just do the swift and be done with it if the amounts are not ridiculously high. There are bigger problems to solve in the SP journey Also, dont depend on these agents, double check their work. They create more problems than helping us. Also, hope your father is recovering well. Good luck man!

 

[Jagjit2019]

How much are the banks charging? Also, before asking CIC to change currency make sure the amount is not more than the current you are paying with SWIFT transaction. Because no point in changing it if you will end up paying more. I have done swift for investment purposes in hdfc and charges were less compared to the amount. Now the swift can be sent from your account online. See into that. If you ask me, just do the swift and be done with it if the amounts are not ridiculously high. There are bigger problems to solve in the SP journey Also, dont depend on these agents, double check their work. They create more problems than helping us. Also, hope your father is recovering well. Good luck man!

That’s make sense a bit.

So I do use HDFC Netbanking and so is the swift option there on App or it has to be done vi browser?

it’s just simply done and I don’t have to visit the bank in that case?

 

[itsmecan]

Yeah bro I understand.

Actually, my agent created the GIC for me in CAD. Unfortunately I could don't make the payment as I was occupied since last 4-5 days due to my father's surgery. Now when I told my agent to apply in INR they told me that it cannot be done as previous application was in CAD.

So, I am still looking to figure out the best and cheap way.
Thomas Cook is also charging high similar to my two Indian bank accounts (HDFC and Standard Chartered), Extravelmoney had issues (stupid ones) as there are little bit ink stains on my address details.

So now trying and still discussing with Western Union, EbixCash etc. I will be getting 3-4 days so will take time an choose the wise option. More importantly, every forex service does not support GIC so that is an another issue.

Your agent is not giving you right information. You can ask CIBC to cancel this request(which I believe anyways will expire after said cutoff date) and ask your agent to recreate it in INR. It is very convenient and you can directly fund it from your local bank account. Bear in mind the exchange rates will be on a higher side than what you see on google which is a trading rate and not buying/selling. They are always determined by the finance house.

Alternatively, there are third party online exchange houses like bookmyforex, etc where you would be expected to transfer money into an unknown money changers account in INR and they will transfer that money to CIBC in CAD. Although they provide very competitive rates as compared to banks, I find it risky to transfer money into 3rd party accounts. Besides, I believe it will create issues while asking for refund as well as I understand they will only refund it back into account they received from and with proper documentations/ID.

Do a proper research with whatever option you go with.

 

[Jagjit2019]

Your agent is not giving you right information. You can ask CIBC to cancel this request(which I believe anyways will expire after said cutoff date) and ask your agent to recreate it in INR. It is very convenient and you can directly fund it from your local bank account. Bear in mind the exchange rates will be on a higher side than what you see on google which is a trading rate and not buying/selling. They are always determined by the finance house.

Alternatively, there are third party online exchange houses like bookmyforex, etc where you would be expected to transfer money into an unknown money changers account in INR and they will transfer that money to CIBC in CAD. Although they provide very competitive rates as compared to banks, I find it risky to transfer money into 3rd party accounts. Besides, I believe it will create issues while asking for refund as well as I understand they will only refund it back into account they received from and with proper documentations/ID.

Do a proper research with whatever option you go with.

thanks for such great help.

I did speak to the agent today and she said that after cancelling the previous application and when she tried creating a new one then the system did nothing led her to create in INR and also she told that I cannot create any second application with the same passport.

On the other hand, yes I understand that using agents would involve third party accounts and that could be a problem and that’s why once the previous application got expired I told her to get it done in INR now but that could not happen.

I have asked the login details from her and will login. Can I do anything from my end now after logging in?

 

[yesWeCanada]

That’s make sense a bit.

So I do use HDFC Netbanking and so is the swift option there on App or it has to be done vi browser?

it’s just simply done and I don’t have to visit the bank in that case?

Yes, the option is there in bank web app, outward remittance is the option. But even if you go to the bank, they will charge the same amount. So I suggest do it at the bank only so that they make sure its going to the correct account. Basically I am telling you to be careful since its a huge money and time bound!

 

[yesWeCanada]

Your agent is not giving you right information. You can ask CIBC to cancel this request(which I believe anyways will expire after said cutoff date) and ask your agent to recreate it in INR. It is very convenient and you can directly fund it from your local bank account. Bear in mind the exchange rates will be on a higher side than what you see on google which is a trading rate and not buying/selling. They are always determined by the finance house.

Alternatively, there are third party online exchange houses like bookmyforex, etc where you would be expected to transfer money into an unknown money changers account in INR and they will transfer that money to CIBC in CAD. Although they provide very competitive rates as compared to banks, I find it risky to transfer money into 3rd party accounts. Besides, I believe it will create issues while asking for refund as well as I understand they will only refund it back into account they received from and with proper documentations/ID.

Do a proper research with whatever option you go with.

This is very very good suggestion. Totally agree.

 

[itsmecan]

thanks for such great help.

I did speak to the agent today and she said that after cancelling the previous application and when she tried creating a new one then the system did nothing led her to create in INR and also she told that I cannot create any second application with the same passport.

On the other hand, yes I understand that using agents would involve third party accounts and that could be a problem and that’s why once the previous application got expired I told her to get it done in INR now but that could not happen.

I have asked the login details from her and will login. Can I do anything from my end now after logging in?

CIBC has a good customer service who usually respond within 24 hours. Did you try writing to them? Last time I communicated with them via Mailbox.ISBO@cibc.com. You can explain your situation and see how they can help you with this.

 

[Jagjit2019]

I have myself created a new application after cancelling the existing one as I took the details from my agent. Finally, it is in INR now so I will directly make NEFT/RTGS as they would be giving the Indian bank as intermediary to transfer the funds.

My final query is that can I change the email address later on as my agent had created a new random email for my GIC application?

 

[yesWeCanada]

I have myself created a new application after cancelling the existing one as I took the details from my agent. Finally, it is in INR now so I will directly make NEFT/RTGS as they would be giving the Indian bank as intermediary to transfer the funds.

My final query is that can I change the email address later on as my agent had created a new random email for my GIC application?

Ohh man, god damn these agents! Why create it in a different email address? I dont know about this. I guess you have to call or email them about this also.

 

[Jagjit2019]

Ohh man, god damn these agents! Why create it in a different email address? I dont know about this. I guess you have to call or email them about this also.

No worries, I have the email information and they will share the password too.

But I was just asking that I will get it update by contacting CIBC later on after GIC and visa application. Hopefully, it would be done.

 

[yesWeCanada]

No worries, I have the email information and they will share the password too.

But I was just asking that I will get it update by contacting CIBC later on after GIC and visa application. Hopefully, it would be done.

Yeah, I think it will be pretty straight forward

 

[itsmecan]

No worries, I have the email information and they will share the password too.

But I was just asking that I will get it update by contacting CIBC later on after GIC and visa application. Hopefully, it would be done.

CIBC uses your email ID as log-in. I don't think you would be able to change this in the future for security reasons. Better write to them to ensure this can be done.

 

[Jagjit2019]

I understand that bro no issues. Once I am done with my GIC, visa application and reach Canada then I can get it change by visiting the branch itself if applicable. Till then I have the email and password for the login so that will work.

 

[yesWeCanada]

I understand that bro no issues. Once I am done with my GIC, visa application and reach Canada then I can get it change by visiting the branch itself if applicable. Till then I have the email and password for the login so that will work.

I just thought of it, change the password since the agent also knows it Just in case, who knows