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GIC payment issues

J

Jagjit2019

Hero Member
Feb 5, 2019
322
34
India
Hello All,

I have got the payment instructions for GIC in CIBC after my application.

Now the problem is how to pay this. I have two saving accounts in two different banks but both are charging higher exchange rates. For example - if today's CAD rate was Rs.58.80, they are charging Rs.60.22.

Due to this reason I found that Western Union, Thomas Cook, Bookmyforex etc much cheaper as compared to banks. So my question is that is there anyone who have made the GIC payment successfully via these options?

Thanks in advance.
 
rogelcorral

rogelcorral

Champion Member
Jun 15, 2018
1,490
464
Jagjit2019 said:
Hello All,

I have got the payment instructions for GIC in CIBC after my application.

Now the problem is how to pay this. I have two saving accounts in two different banks but both are charging higher exchange rates. For example - if today's CAD rate was Rs.58.80, they are charging Rs.60.22.

Due to this reason I found that Western Union, Thomas Cook, Bookmyforex etc much cheaper as compared to banks. So my question is that is there anyone who have made the GIC payment successfully via these options?

Thanks in advance.
Click to expand...
AFAIK, exchange rate differs. It depends on whether you’re buying or selling. Not to mention that the rates do fluctuate everyday, if not every hour. Others may correct me, though.

Also, GIC must be paid from applicant’s own bank account from home country. This was the rule before. Not sure if it changed now.
 
J

Jagjit2019

Hero Member
Feb 5, 2019
322
34
India
rogelcorral said:
AFAIK, exchange rate differs. It depends on whether you’re buying or selling. Not to mention that the rates do fluctuate everyday, if not every hour. Others may correct me, though.

Also, GIC must be paid from applicant’s own bank account from home country. This was the rule before. Not sure if it changed now.
Click to expand...
Thanks bro, but I have seen few threads here where people have paid using WU so am looking for similar way and steps.
 
rogelcorral

rogelcorral

Champion Member
Jun 15, 2018
1,490
464
Jagjit2019 said:
Thanks bro, but I have seen few threads here where people have paid using WU so am looking for similar way and steps.
Click to expand...
The best source of information would be your intended bank, if they would accept WU payment. Don’t rely too much on other people’s experience unless supported by the established rules. The last thing you need is your payment being rejected by the recipient bank. Suggest to talk to CIBC about this. Just my two-cents and best wishes to you.
 
J

Jagjit2019

Hero Member
Feb 5, 2019
322
34
India
rogelcorral said:
The best source of information would be your intended bank, if they would accept WU payment. Don’t rely too much on other people’s experience unless supported by the established rules. The last thing you need is your payment being rejected by the recipient bank. Suggest to talk to CIBC about this. Just my two-cents and best wishes to you.
Click to expand...
Thanks bro for the help.
I have already emailed CIBC and waiting for them to revert tomorrow probably.
 
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Y

yesWeCanada

Hero Member
Aug 5, 2021
680
244
Jagjit2019 said:
Hello All,

I have got the payment instructions for GIC in CIBC after my application.

Now the problem is how to pay this. I have two saving accounts in two different banks but both are charging higher exchange rates. For example - if today's CAD rate was Rs.58.80, they are charging Rs.60.22.

Due to this reason I found that Western Union, Thomas Cook, Bookmyforex etc much cheaper as compared to banks. So my question is that is there anyone who have made the GIC payment successfully via these options?

Thanks in advance.
Click to expand...
I have done CIC GIC last month and they give instructions along with the rate mentioned in it. Thats why there is a deadline for it, I think its 6 days from instruction email. Also, I think they have tied up with local bank in Mumbai to get the money, then it will be transferred to Canada. It was pretty smooth for me. I sent the money from the loan account to this account mentioned in the PDF. It took about 3 days, we did RTGS. So I am very very confused how the hell my CIC GIC got done without paying any exchange charges. Ok I got it, I had chosen INR as currency and not CND collars. I choose it because I did not see much difference in prices. I will still post this because this might help others, maybe little for you. Dont worry you will find a way. Just spend some time on youtube and here.
 
J

Jagjit2019

Hero Member
Feb 5, 2019
322
34
India
yesWeCanada said:
I have done CIC GIC last month and they give instructions along with the rate mentioned in it. Thats why there is a deadline for it, I think its 6 days from instruction email. Also, I think they have tied up with local bank in Mumbai to get the money, then it will be transferred to Canada. It was pretty smooth for me. I sent the money from the loan account to this account mentioned in the PDF. It took about 3 days, we did RTGS. So I am very very confused how the hell my CIC GIC got done without paying any exchange charges. Ok I got it, I had chosen INR as currency and not CND collars. I choose it because I did not see much difference in prices. I will still post this because this might help others, maybe little for you. Dont worry you will find a way. Just spend some time on youtube and here.
Click to expand...
They give instructions means CIBC? And which loan account you are talking about, did you took education loan?

Even I received the instructions sheet but there is no rate and no Mumbai account details. I received instructions mentioning "SWIFT MT103"
 
Y

yesWeCanada

Hero Member
Aug 5, 2021
680
244
Jagjit2019 said:
They give instructions means CIBC? And which loan account you are talking about, did you took education loan?

Even I received the instructions sheet but there is no rate and no Mumbai account details. I received instructions mentioning "SWIFT MT103"
Click to expand...
Yeah I mentioned in the end of reply that I used INR as currency of transfer and not dollars. Thats why I got a Indian bank account number(i think it was ICICI or standard chartered) to send money to. I think you have selected dollars thats why its a swift transaction. Your bank should be able to do a swift, with some charges along with the cnd dollar rate on that day.
Yes, I took an SBI Edu loan. Sorry for the confusion. Just dont worry too much about the rate. If you have time then look for best rates, otherwise use the best and safe option to send the money. My info might not be of much help since it was a INR transaction.
 
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A

alfakido

Star Member
Nov 26, 2020
85
35
I did RTGS, You can also pay INR to their SC bank Hyderabad Branch.
Jagjit2019 said:
Hello All,

I have got the payment instructions for GIC in CIBC after my application.

Now the problem is how to pay this. I have two saving accounts in two different banks but both are charging higher exchange rates. For example - if today's CAD rate was Rs.58.80, they are charging Rs.60.22.

Due to this reason I found that Western Union, Thomas Cook, Bookmyforex etc much cheaper as compared to banks. So my question is that is there anyone who have made the GIC payment successfully via these options?

Thanks in advance.
Click to expand...
 
J

Jagjit2019

Hero Member
Feb 5, 2019
322
34
India
yesWeCanada said:
Yeah I mentioned in the end of reply that I used INR as currency of transfer and not dollars. Thats why I got a Indian bank account number(i think it was ICICI or standard chartered) to send money to. I think you have selected dollars thats why its a swift transaction. Your bank should be able to do a swift, with some charges along with the cnd dollar rate on that day.
Yes, I took an SBI Edu loan. Sorry for the confusion. Just dont worry too much about the rate. If you have time then look for best rates, otherwise use the best and safe option to send the money. My info might not be of much help since it was a INR transaction.
Click to expand...
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.
 
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