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GIC Problems in Pakistan

GMP97

Hero Member
Jun 25, 2019
858
120
27
Pakistan, Karachi
Category........
STUDY
Visa Office......
Abu Dhabi
App. Filed.......
22-11-2019
Passport Req..
19-12-2019
VISA ISSUED...
23/12/2019
LANDED..........
25/12/2019
I dont know why? They are saying you will go abroad then who will fund your account I thinks thats the reason. very very very cheap staff working in pakistani banks
Thats just ridiculous they should know the only reason you are opening the account is to go abroad i got my gic through meezan bank as well from karachi it was a hassle but finally got it in the end you should allied bank
 

SohailArif

Star Member
Jul 1, 2020
88
17
5% educational tax has been exempted in this new budget. You can use habib bank for direct PKR to CAD transfer, as they have branch in Canada.
 

SohailArif

Star Member
Jul 1, 2020
88
17
can you share a link where it is mentioned that 5% tax is no more?
You can confirm it with the bank, I have confirmed it, I saw it somewhere but couldn't find the link, went to the exchange to get the info. And they also told me its been waived off, and also saw many people posting related to it, a guy deposited his GIC and fees recently with no 5% tax.
 
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CP18

Full Member
Jun 20, 2020
46
23
Pakistan
Category........
STUDY
I cannot confirm whether the 5% tax is waived off but I know one thing for sure from my personal experience that if you pay the GIC funds and declare them as "living expenses" and not as "education related payment " there will be no 5% tax. Just explain the bank that these funds are for personal living expenses.
 
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Reactions: Taimoor rana

Ahadch3357

Hero Member
Nov 3, 2019
344
101
21
Wazirabad, Pakistan
Category........
CEC
I cannot confirm whether the 5% tax is waived off but I know one thing for sure from my personal experience that if you pay the GIC funds and declare them as "living expenses" and not as "education related payment " there will be no 5% tax. Just explain the bank that these funds are for personal living expenses.
Which Account did you opened? PKR/FC?
 

Ojay104

Newbie
Jul 15, 2020
1
0
Hey Salam
everyone new to this forum
I have few queries if please someone could sort them out.

1) I have Valid acceptance letter from a college in canada payed the tution fee and admission fee

2) I have made no student visa id or anything

3) I have done my ielts and have degree evaluated from canadian university

I know i have to get police certifications, medical done, and show proof of funds

What i have to do next and what are the procedures, I am trying to avoid SDS somehow, is there another way to show proof of funds and what i have do or which bank do i have to contact to get it done
 

Kashif01

Star Member
Jul 8, 2020
109
31
Hey Salam
everyone new to this forum
I have few queries if please someone could sort them out.

1) I have Valid acceptance letter from a college in canada payed the tution fee and admission fee

2) I have made no student visa id or anything

3) I have done my ielts and have degree evaluated from canadian university

I know i have to get police certifications, medical done, and show proof of funds

What i have to do next and what are the procedures, I am trying to avoid SDS somehow, is there another way to show proof of funds and what i have do or which bank do i have to contact to get it done
so you can show your bank statement 4 million or plus is the suggested amount or if you have any properties to your name you can evaluate them by a a property dealer on his stamp pad. but ill say sds have good chances of approval and you dont need to show any proof. best of luck
 

Kashif01

Star Member
Jul 8, 2020
109
31
hey, guys so I was reading and there is a lot of confusion regarding the GIC. SO let me share my experience.
first of all for choosing a bank in CANADA never go for Scotia bank they are the worst they wasted my whole month on address issues
2: Use CIBC( Canadian imperial bank of commerce) after scotia I tried this bank and to my surprise, I received the GIC within 12 hours of sending money from pak.
3: there is no 5% tax your banks are frauding you it's for your personal use. make that clear to the bank.
4: you need to be a filer to open a foreign currency account.
5: goto any income tax lawyer and they will do it for you in 2-3K
6:your banks cant refuse to open a foreign currency account for you. if asked why you want to open just say for personal use.
7: if you any further queries feel free to msg me. best of luck
 

bilalmehar381

Star Member
Jul 17, 2020
107
36
Calgary Alberta
Category........
PNP
hey, guys so I was reading and there is a lot of confusion regarding the GIC. SO let me share my experience.
first of all for choosing a bank in CANADA never go for Scotia bank they are the worst they wasted my whole month on address issues
2: Use CIBC( Canadian imperial bank of commerce) after scotia I tried this bank and to my surprise, I received the GIC within 12 hours of sending money from pak.
3: there is no 5% tax your banks are frauding you it's for your personal use. make that clear to the bank.
4: you need to be a filer to open a foreign currency account.
5: goto any income tax lawyer and they will do it for you in 2-3K
6:your banks cant refuse to open a foreign currency account for you. if asked why you want to open just say for personal use.
7: if you any further queries feel free to msg me. best of luck
I have bank account in HBL in PKR currency and I talked with my branch manager to transfer money to scotia bank, manager said we can't handle foreign curracy accounts, he reffered me to main branch in our city (Gujranwala). He said you must have a CAD currency account, then we will transfer your money from that account. I think he lied to me he don't wanna get his hands dirty that's why he referred me to other branch. He don't even know what is GIC and why is it so. Kindly guide me is he telling me truth or just wasting my time?