GIC Problems in Pakistan

[razabuneri]

Dear Students, I mentioned this many times that there must be non-issue to send money from PKR account. This is only the lack of guidelines from central bank (state bank) to commercial banks regarding this. The bankers even know the procedure still for the reason they refuse. I request to send this issue to reach to finance ministry and of course to governor state bank. Use each forum but not limited to media, PM portal, state bank website, finance ministry website, personal approach to MPs. This is shame for us in India the SDS student can do transfer using the mobile apps. In future these students will be your your source to increase FX reserve I bet.

 

[Moonlight1120]

Hello Everyone. Can someone let me know which bank branch in Karachi can send money through PKR account. I need to submit urgently. Thanks.

 

[Abdul Waheed]

Asalam alykum Everyone,
Today I visited Habib Metropolitan Bank I.I Chandigarh Road branch I asked about GIC process they said they will do my wire transfer to Canada in both bank Scotia or even Habib Canadian. I asked him that Its important that I have to open Foreign currency account because of that I have to file myself with FBR. But he said I can easily wire transfer my money through normal PKR Account. So I've open account in habib metropolitan. They did many cases for GIC and they wire transfer money for GIC. I request you please visit habib metropolitan bank and get information about GIC. I visited I.I Chandigarh road branch karachi

 

[razabuneri]

Yes, they can. This depends on officials. Technically and legally there is no issue to send GIC from PKR from any commercial bank in Pakistan.

 

[Rabia_Athar]

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

Yes Please, what is the procedure to get the degrees verified from canadian University?

 

[Rabia_Athar]

Update Meezan Bank is now offering GIC from PKR and their transaction charges is less (only 6000 rs) as compared to Habib Metro (16000 rs) so I will recommend to go to Meezan bank.

Following is my experience with the GIC transaction.
Received Masters Admission in Mid Feb
Pakistani Side
Bank Alfalah
First opened Dollar account in Bank Alfalah due to some reference in the bank. It took 3 weeks to open the account. They refused my request to add Pakistani address in the beneficiary address even when I displayed them the instructions from the bank. Also they were forcing the 5% tax on me.
At this moment Canada Lock down started and I stopped the transaction.
I started doing research on the following banks by visiting them.

Main Questions
Do you have experience with GIC, Will you charge tax and can beneficiary address be Pakistani.

Meezan Bank. Had experience with transaction but were charging 5% tax.

HBL. Did not have experience with the transaction but were giving positive response to other questions. And they had a 6-month cash hold time before any transaction could be done. This can be avoided with links.

Faisal Bank. Did not have experience with the transaction (when I visited them) but were giving positive response to other questions.

Allied Bank. Did not have experience with the transaction (when I visited them) but were giving positive response to other questions.

Standard Chartered Bank. Did not have experience with the transaction but were giving positive response to other questions. However, their account opening was weird. They required a check of $500 for initial deposit.

Habib Metropolitan bank. Had experience with transaction but were charging 5% tax. Also they did transaction from PKR also. No other bank was willing to do so.

After deferring my admission, I opened my account in Faisal bank as they were charging no Tax. Before depositing the initial amount, I double checked that will they add code ISBO 2020 in field F70 as required by CIBC. They immediately said we will not do this transaction. Weeks ago, our head office rejected this because they said Pakistani can not invest in other countries.

At this point I found out that the 5% tax had been waived off

I went straight to Habib metropolitan Bank (Update Meezan Bank is now offering transaction from PKR and is cheaper less transaction charges). Opened my account in one week and got my GIC after submitting the form in 2.5 days.

Canada Side

Scotia Bank. Good response to queries via online portal. However I was told by a visa consultant ( doing my case on my own just asked for their experience as they are friends) that all scotia transaction they saw had been rejected once due to some mistake. (very strict policy)

Habib Canadian Bank. Best option if staying in Toronto as they have only 3 branches in Canada all in Toronto. And since it is a sister concern of Habib metropolitan (both owned by AG Zurich) there will be less transaction charges. However, they do not pick up calls and reply to emails very late. Which is why I could not confirm if I could access my money from different cities and if there will be charges.

Why I chose CIBC. Do not be fooled by their no service charges for transaction is USD. Their conversion rate is so high that it will cost you more than 10200 cad in the end. However, Their CAD option is 10150Cad which is 50 Cad less than other banks. Also if you use referral program you and the person who will refer you will receive 25 CAD additional (PM/ inbox me if you want email for referral). This is a total of 75 CAD savings. Also they issue GIC very quickly. I got mine in less than 12 hours after sending the money. This can also be seen in posts by other users in this group.

Extra Note. They allow transaction from joint account only if you send them copy of your passport, copy of other joint account holder passport and a bank document stating you both have a joint account. They have a deadline for all transactions, and they say that ignore deadline on CAD transaction. However if your transaction expires it is better to login and start a new transaction (previous transaction will have expired written on it)

So in short for quick, cheap and hassle free experience I will recommend to go to (Update Meezan Bank is more cheaper and also doing transaction from PKR account) . Transaction from pkr will be cheaper than dollar account as you will have to first pay conversion rate on PKR to USD and then on conversion of USD to CAD instead of PKR to CAD only. For Canada side I will recommend CIBC for quick service or Habib Canadian only if you will live in Toronto.

Thanks for such deails

 

[Moonlight1120]

Hi all. Meezan bank is not doing my GIC in PKR account. Can someone please tell me which branch and who did this transaction in PKR.

 

[Rabia_Athar]

Update Meezan Bank is now offering GIC from PKR and their transaction charges is less (only 6000 rs) as compared to Habib Metro (16000 rs) so I will recommend to go to Meezan bank.

Following is my experience with the GIC transaction.
Received Masters Admission in Mid Feb
Pakistani Side
Bank Alfalah
First opened Dollar account in Bank Alfalah due to some reference in the bank. It took 3 weeks to open the account. They refused my request to add Pakistani address in the beneficiary address even when I displayed them the instructions from the bank. Also they were forcing the 5% tax on me.
At this moment Canada Lock down started and I stopped the transaction.
I started doing research on the following banks by visiting them.

Main Questions
Do you have experience with GIC, Will you charge tax and can beneficiary address be Pakistani.

Meezan Bank. Had experience with transaction but were charging 5% tax.

HBL. Did not have experience with the transaction but were giving positive response to other questions. And they had a 6-month cash hold time before any transaction could be done. This can be avoided with links.

Faisal Bank. Did not have experience with the transaction (when I visited them) but were giving positive response to other questions.

Allied Bank. Did not have experience with the transaction (when I visited them) but were giving positive response to other questions.

Standard Chartered Bank. Did not have experience with the transaction but were giving positive response to other questions. However, their account opening was weird. They required a check of $500 for initial deposit.

Habib Metropolitan bank. Had experience with transaction but were charging 5% tax. Also they did transaction from PKR also. No other bank was willing to do so.

After deferring my admission, I opened my account in Faisal bank as they were charging no Tax. Before depositing the initial amount, I double checked that will they add code ISBO 2020 in field F70 as required by CIBC. They immediately said we will not do this transaction. Weeks ago, our head office rejected this because they said Pakistani can not invest in other countries.

At this point I found out that the 5% tax had been waived off

I went straight to Habib metropolitan Bank (Update Meezan Bank is now offering transaction from PKR and is cheaper less transaction charges). Opened my account in one week and got my GIC after submitting the form in 2.5 days.

Canada Side

Scotia Bank. Good response to queries via online portal. However I was told by a visa consultant ( doing my case on my own just asked for their experience as they are friends) that all scotia transaction they saw had been rejected once due to some mistake. (very strict policy)

Habib Canadian Bank. Best option if staying in Toronto as they have only 3 branches in Canada all in Toronto. And since it is a sister concern of Habib metropolitan (both owned by AG Zurich) there will be less transaction charges. However, they do not pick up calls and reply to emails very late. Which is why I could not confirm if I could access my money from different cities and if there will be charges.

Why I chose CIBC. Do not be fooled by their no service charges for transaction is USD. Their conversion rate is so high that it will cost you more than 10200 cad in the end. However, Their CAD option is 10150Cad which is 50 Cad less than other banks. Also if you use referral program you and the person who will refer you will receive 25 CAD additional (PM/ inbox me if you want email for referral). This is a total of 75 CAD savings. Also they issue GIC very quickly. I got mine in less than 12 hours after sending the money. This can also be seen in posts by other users in this group.

Extra Note. They allow transaction from joint account only if you send them copy of your passport, copy of other joint account holder passport and a bank document stating you both have a joint account. They have a deadline for all transactions, and they say that ignore deadline on CAD transaction. However if your transaction expires it is better to login and start a new transaction (previous transaction will have expired written on it)

So in short for quick, cheap and hassle free experience I will recommend to go to (Update Meezan Bank is more cheaper and also doing transaction from PKR account) . Transaction from pkr will be cheaper than dollar account as you will have to first pay conversion rate on PKR to USD and then on conversion of USD to CAD instead of PKR to CAD only. For Canada side I will recommend CIBC for quick service or Habib Canadian only if you will live in Toronto.

can you please mention the branches and city of pakistani bank as well
?

 

[razabuneri]

Hi Guys, I managed sending GIC so let I tell my Story, please follow

1: Opened USD Account in Meezan Bank (You can open Joint A/C) for this you need to be filer. To be filer is easy it takes just 15 minutes but you will have to go to some tax expert.
2: After filer submit USD A/C opening forms . It takes 3-5 working days that your account will be functional . Now your Account is open.
3: Deposit USD in your account more than CAD. 10,000 say deposit USD.8500
4 Open ICBC Page and apply for account. Two things must be ready with you to upload 1/ Your Passport 2/LOA.
5 With 2/days CIBC will open your account and will send you detail.
6 Print the CIBC detail one page and go to your Bank with Passport Copy, CNIC Copy, LOA Copy.
7 They will fill in a form for you and will ask you a cheque for same amount (Amount mentioned in CIBC Account detail.
8 Once you saw that your balance is reduced it means they have sent your money,
9 After say 12 hours you will receive GIC Letter.


I already had USD A/c i Meezan so it took just 12 hours that received GIC. Experience with Meezan Was amazing.

 

[bilalmehar381]

There is no need of FC account and to be a filer, You can send GIC from your PKR account as State Bank allows you to send any type of education expenses abroad.

 

[bilalmehar381]

Hi Guys, I managed sending GIC so let I tell my Story, please follow

1: Opened USD Account in Meezan Bank (You can open Joint A/C) for this you need to be filer. To be filer is easy it takes just 15 minutes but you will have to go to some tax expert.
2: After filer submit USD A/C opening forms . It takes 3-5 working days that your account will be functional . Now your Account is open.
3: Deposit USD in your account more than CAD. 10,000 say deposit USD.8500
4 Open ICBC Page and apply for account. Two things must be ready with you to upload 1/ Your Passport 2/LOA.
5 With 2/days CIBC will open your account and will send you detail.
6 Print the CIBC detail one page and go to your Bank with Passport Copy, CNIC Copy, LOA Copy.
7 They will fill in a form for you and will ask you a cheque for same amount (Amount mentioned in CIBC Account detail.
8 Once you saw that your balance is reduced it means they have sent your money,
9 After say 12 hours you will receive GIC Letter.


I already had USD A/c i Meezan so it took just 12 hours that received GIC. Experience with Meezan Was amazing.

Meezan bank is best when it comes to services but I just want to say there is no requirement of FC account if you want to send GIC.

 

[razabuneri]

There is no need of FC account and to be a filer, You can send GIC from your PKR account as State Bank allows you to send any type of education expenses abroad.

My dear you are OK but when you go to bank they don't do this. I raise this issue in this forum to take this issue ministry of finance and state bank. In reality the bank ask for FC account

 

[bilalmehar381]

My dear you are OK but when you go to bank they don't do this. I raise this issue in this forum to take this issue ministry of finance and state bank. In reality the bank ask for FC account

I sent mine via PKR account, banks are not aware of the procedue so you have to convience them via state bank notification then ask them to consult their remittance department. Then they will be aware and send your moeny. That's why I said DM me I will guide you properly. The thing is why I'm ecouraging people to send via PKR because I want to normalise this procedure so the banks will be familiar with this GIC ASAP and future students don't need to go through the complex procedure of FC account. I hope it helps.

 

[canada11]

So in short, to summarize, all PKR accounts are eligible to transfer money to Canada for GIC. Most of the people working in bank branches have no idea so they say No.

Use this document as shared by one in thread https://www.sbp.org.pk/fe_manual/pdf/2018/Chapter-17.pdf para 38 Section iii where it says "..........., if not being remitted to the institution, can, however, be sent to the student himself via SWIFT, telegraphic transfer or demand draft."

As told by one in thread ask the branch people to check with Remittance department.

 

[UsmanM]

Is it possible to send GIC payment through my personal PKR account or does it have to be a joint account with parents?