Refund of CIBC GIC deducted more than 400 dollars

[jweekend]

I did as I said in my post. I'm gonna assume you think there's nothing wrong with a 53-58 spread, without informing the source of the exchange rate.

did they charge you an incorrect bank exchange rate? no

cibc sell you cad at 58 and buy from you at 53. What's there not to understand?

 

[ragiii]

Whats the refund in terms of INR? It should be almost same.

 

[Savan986]

I wasn't informed by them.
I paid a local currency(INR) branch in my country in CIBC's name. It was 56.45571 when I applied from this portal https://isbo.cibc.com/#/payment
No idea what happens behind the scene with the money, they just applied a refund exchange rate of 53.890925 and stole about 5% of the GIC.

CAN YOU TELL ME WITH WHOM HELP YOU HAVE ATTACHED THE " REFUND REQUEST FORM " ?

As I want to apply for refund, but dont know how to fill refund form ?

Can we fill it by ourselves ?

If you have any paid contact who can help me to fill out , please let me know,

Thanks

 

[Savan986]

This is due to fx rate differences on the buy and sell side. This is normal and how banking works gloabally where you are exchanging currencies. I don't see there's anything you can do since you agreed to this when you signed up for the GIC. See CIBC's terms and conditions:

https://www.cibc.com/content/dam/special_offers/international-student-gic/isbo-terms-and-conditions-en.pdf

Returns and Refunds: A. If, for whatever reason, a funds transfer or any other payment you make via the Online Platform is returned or refunded to you, we will reconvert the returned or refunded funds at the then-prevailing CIBC foreign exchange rate for the relevant currency pair. This foreign exchange rate may be different than the one quoted to you when you transferred funds to us. The funds will be transferred back to the exact same bank and account they were originally sent from. This means you may not receive the amount that you originally transferred or paid and you shall be responsible for any resulting Losses, including any foreign exchange losses due to fluctuations in foreign currency pricing, and any intermediary bank charges or fees. We may also charge you a refund processing fee, which will be disclosed to you on the Online Platform.

CAN YOU TELL ME WITH WHOM HELP YOU HAVE ATTACHED THE " REFUND REQUEST FORM " ?

As I want to apply for refund, but dont know how to fill refund form ?

Can we fill it by ourselves ?

If you have any paid contact who can help me to fill out , please let me know,

Thanks

 

[Savan986]

So, I've canceled my GIC from India amid the pandemic and asked for a refund. It was approved and they sent me about 400 Canadian dollars less than what the gic was worth.
So like they sent me 9484 CAD instead of 9980 CAD. What do I do?

When I asked them before initiating a refund, the support team told me the exchange rate would be the same as the portal used for applying. I'm so confused They kinda deducted my dad's 1-month salary at once with false information and no details.

CAN YOU TELL ME WITH WHOM HELP YOU HAVE ATTACHED THE " REFUND REQUEST FORM " ?

As I want to apply for refund, but dont know how to fill refund form ?

Can we fill it by ourselves ?

If you have any paid contact who can help me to fill out , please let me know,

Thanks