Hey guys, i am in a big dilemma . I want to pay my gic as soon as possible. Like there was an error with my address for Scotia, but now that is corrected, and i can make the transfer on Monday, 1st July, but in the meantime since i thought Scotia GIC wont work out, i had registered for CIBC as well, i still havent got the confirmation details, but i have heard from people its really fast and i will get the GIC certificate within 3 days. So guys suggest me your opinions what should i do. My classes start 3rd of September and i want to apply for visa as soon as possible
SCOTIA GIC OR CIBC?
- Thread starter Saqusamz
- Start date
GIC from CIBC is perhaps the easiest way to get one. I got my GIC within 4 days. I'm an Indian student btw so..
Few reasons I chose CIBC:
- Faster processing than any other bank (Literally 4 days from creating an account to getting my GIC)
- One of the major banks of CA, meaning bank branches in every city (ICICI was not in my college city)
- No processing fee. Unlike Scotia, no $200 fee. You can get your GIC for $10000 exact.
- Option to make payment in your home currency. Like I'm from India, so I did RTGS of said amount in INR, unlike other banks where you have to make a wire transfer.
- No problems if different address in passport and bank.
Process:
1. Register an account with CIBC GIC
2. Fill application form. You will also get the amount in INR for your GIC amount.
3. Once done, you will receive a confirmation email - application received.
4. By next day you will receive another email - action required.
5. Login to your CIBC GIC account and under your application, there will be an Instruction Letter.
6. Its a 4 page document where the first two pages are the payment instructions. READ EVERYTHING CAREFULLY. Fairly simple ofcourse. Last two pages are A2 Form. Take print out of all pages.
7. Goto your bank and hand them over the print out. Its straightforward from there. CIBC has a VOSTRO account in an Indian bank. So basically you are transferring the amount in INR through RTGS/NEFT.
8. The A2 Form, as mentioned, needs to be signed and stamped by the bank. Most of the bank won't do it since money is NOT being sent out of the country. Don't panic, its absolutely fine. On the top right corner of your A2 form, there is space for "Reference No.". Tell your bank person to fill that up. That's important. That's the reference number of your transaction.
9. Scan the A2 Forms and email them as mentioned in the instruction letter. This is important.
10. That's it. You will receive a confirmation email that payment is received.
11. Within a few days you will get your GIC. It will be available in your CIBC GIC account for download.
Good luck
Few reasons I chose CIBC:
- Faster processing than any other bank (Literally 4 days from creating an account to getting my GIC)
- One of the major banks of CA, meaning bank branches in every city (ICICI was not in my college city)
- No processing fee. Unlike Scotia, no $200 fee. You can get your GIC for $10000 exact.
- Option to make payment in your home currency. Like I'm from India, so I did RTGS of said amount in INR, unlike other banks where you have to make a wire transfer.
- No problems if different address in passport and bank.
Process:
1. Register an account with CIBC GIC
2. Fill application form. You will also get the amount in INR for your GIC amount.
3. Once done, you will receive a confirmation email - application received.
4. By next day you will receive another email - action required.
5. Login to your CIBC GIC account and under your application, there will be an Instruction Letter.
6. Its a 4 page document where the first two pages are the payment instructions. READ EVERYTHING CAREFULLY. Fairly simple ofcourse. Last two pages are A2 Form. Take print out of all pages.
7. Goto your bank and hand them over the print out. Its straightforward from there. CIBC has a VOSTRO account in an Indian bank. So basically you are transferring the amount in INR through RTGS/NEFT.
8. The A2 Form, as mentioned, needs to be signed and stamped by the bank. Most of the bank won't do it since money is NOT being sent out of the country. Don't panic, its absolutely fine. On the top right corner of your A2 form, there is space for "Reference No.". Tell your bank person to fill that up. That's important. That's the reference number of your transaction.
9. Scan the A2 Forms and email them as mentioned in the instruction letter. This is important.
10. That's it. You will receive a confirmation email that payment is received.
11. Within a few days you will get your GIC. It will be available in your CIBC GIC account for download.
Good luck
Howdy all,
I am in a slightly different dilemma with CIBC. I registered for GIC on June 26, but chose CAD (as the INR conversion rate offered by CIBC was costing Rs 20,000 more than market rate of CAD). Unfortunately, when I got the confirmation, it specified that this would have to be a wire transfer, which is exactly what I was trying to avoid, as my passport and bank addresses are different.
I have written back to CIBC to switch my transaction to INR (I can't re-enter the application and change my selection). They claim to respond in 24 hours, but have not done so. My questions for forum members:
1. Has anyone corresponded with CIBC over the phone?
2. If I do not hear back and go ahead with wire transfer of CAD 10,150, is the transaction as slow and problem-ridden as with Scotia?
What are your experiences? Thanks a million!
I am in a slightly different dilemma with CIBC. I registered for GIC on June 26, but chose CAD (as the INR conversion rate offered by CIBC was costing Rs 20,000 more than market rate of CAD). Unfortunately, when I got the confirmation, it specified that this would have to be a wire transfer, which is exactly what I was trying to avoid, as my passport and bank addresses are different.
I have written back to CIBC to switch my transaction to INR (I can't re-enter the application and change my selection). They claim to respond in 24 hours, but have not done so. My questions for forum members:
1. Has anyone corresponded with CIBC over the phone?
2. If I do not hear back and go ahead with wire transfer of CAD 10,150, is the transaction as slow and problem-ridden as with Scotia?
What are your experiences? Thanks a million!
1.Keep in mind the timezone difference between your country and Canada. I always got prompt replies, but they were early in the morning when I sent them in the evening the previous day.
2. Yes, all wire transfers are like that
As far as I know, the team for ISBO is contactable by email only. Also, you will never get the exact exchange rate as you can see on google or any other site. The CAD became stronger by Rs 1 and that increased my GIC payment from 5.35 lakh to 5.41 lakh. Price fluctuation matters. Their spread(what they take in addition to exchange rate) is very nominal.
If all goes well, expect to get your investment advice letter in 2 business days. You can access the letter from the isbo.cibc. com platform.
What problem are you expecting? For me, my local bank sent my money in the name of the primary account holder( I have a joint account and am the secondary account holder). Also, my name is hyphenated in the middle in my bank account which added to confusion. I finally opened a new account with my full name, as it is in my passport and it got through with no issues. Every time I sent a mail, I got a prompt reply considering the time difference.
No, that is not a problem at all, I didn't even give the form to the bank, I just filled it up myself. Don't worry, you will get your GIC without issue. You will get a mail when your GIC is processed.
Another way of contacting them is through Live Chat. That option is available usually after 7:30 PM IST (Time difference in CA) on the main page of CIBC website (at the bottom)
I have personally chatted twice and their chat team is very helpful and responsive. Solved all my problems clearly. So I would highly suggest your try that to get instant update/solution on your matter.
Good Luck