Scotiabank GIC Process to follow from Pakistan

[hasanghalib]

Not necessary, I have received funds from Canada itself from some of my relatives in my account, How come a financial institution is unable to send the money to Pakistan. its all bulshit

Did they reject your application immediately after resubmitting? If thats the case, its strange. In my case, i resubmitted the application and they took almost 3 weeks to send the email that they have processed my refund. Now its upto "my bank" to respond. The issue is on our end,Pakistani banks should know how to deal with remittances.

What about you, have you received your money?

 

[Hajraibsal]

T

Not necessary, I have received funds from Canada itself from some of my relatives in my account, How come a financial institution is unable to send the money to Pakistan. its all bulshit

No idea. One of my fellows received the funds in 1st attempt without any problem using the specific hbl branch code. Thats what i'm telling you its the incompetency of our bank, not theirs.
Even i am confused, i talked to scotia bank's agent today and she said they dont have any record of rejection in my case. Thats weird
Anyhow, let me know if you come up with the solution.

 

[Hajraibsal]

What about you, have you received your money?

Not yet. I just got the email today that it would take 3-4 days for the funds to reach my account. Same thing happened last time and ultimately it was rejected. Lets see what comes now

 

[hasanghalib]

T

No idea. One of my fellows received the funds in 1st attempt without any problem using the specific hbl branch code. Thats what i'm telling you its the incompetency of our bank, not theirs.
Even i am confused, i talked to scotia bank's agent today and she said they dont have any record of rejection in my case. Thats weird
Anyhow, let me know if you come up with the solution.

It seems they do not have coordination among themselves

 

[Hajraibsal]

It seems they do not have coordination among themselves

Yeah exactly

 

[hasanghalib]

Not yet. I just got the email today that it would take 3-4 days for the funds to reach my account. Same thing happened last time and ultimately it was rejected. Lets see what comes now

Any luck for your money?

 

[Hajraibsal]

Any luck for your money?

Yes i got it last week on thursday.
I used the swift code of hbl headoffice this time and when i got email from scotia bank, i contacted remittance department of hbl. They sent instructions to the branch and ultimately after 3-4 days, i got my money.

 

[atif ali]

Hello GUYS.
NEED HELP.
I have account in mcb Pakistan in rupees account. Can I do wire transfer to scotiabank and will exchange automatically rupees to cad dollars??

 

[atif ali]

Guys. For GIC Funds transfer from Pakistani Bank. Should ur account be in US Dollars? Or Pakistani currency is ok?

 

[atif ali]

Another question.
Remittance information
( FIELD 70)
value" SSGC"
WHAT IS THIS??
PLEASE explain me.

 

[Simba112]

Another question.
Remittance information
( FIELD 70)
value" SSGC"
WHAT IS THIS??
PLEASE explain me.

Speak with your bank they should be able to guide you. Remmittance can be different between banks or countries. Some, prefer to have fcy while others just do conversion from local currency

 

[atif ali]

I've sent my GIC from HABIB METRO BANK(commercial market RWP). They sent money through my PKR account. Do you know how to get your GIC refund in PKR account?
Please help if you can. Thanks in advance

DID this bank paid deposit easily ? can you guide me how did u paid?
And what is
Remittance information
( FIELD 70)
value" SSGC"
WHAT IS THIS??
PLEASE explain me.

 

[StruggleHard]

I have recently (15/01/2020) got my GIC certificate from Scotiabank and because there is no clear information available online for Pakistani students I have decided to write the complete process which I followed, also I chose Scotiabank because they have branches everywhere in Canada, unlike Habib Canada.

1. Open GIC account: Follow the link to open GIC account on scotia (https://startright.scotiabank.com/student-gic.html)

a. (Note: If you have a middle name as I have mine Adnan Athar Janwari make sure you put your middle in 1st name column on scotia form with “-” because scotia form does not allow space in first name Example: Frist name as Adnan-Athar Last name as Janwari

b. The name should match with your passport name

c. Make sure you save or print screen the address whatever you mention on the Scotia form because you will need that exact same address while transferring funds.

(Timeline: takes few hrs to active)


2. Open foreign currency Account: For transferring funds you need to have foreign currency account (dollar account) in any bank (I used Bank Al Habib) and for that, you need to be tax filer 1st so be filler and open the foreign currency account ASAP ( Timeline: In my case, it took 1 week)


3. Fund Transfer:

Provide below info to the bank for fund transfer

Name: Enter the student’s first and last name [note: Enter exactly as stated in Passport].
Address: Enter the home address of the student as stated in the application.
Account Number: Enter the 15-digit Scotiabank Investment account number (provided above).



Beneficiary Bank Information (Field 57)
THE BANK OF NOVA SCOTIA
TRANSIT 35972 SSG Transaction Processing
4715 Tahoe Blvd
Mississauga, Ontario, L4W 0B4
SWIFT Code: NOSCCATTCOL



a. Note: Most of the students are paying 5% tax by mention Purpose of Remittance as “Study/something study related” GIC account is your personal so if you mention Purpose of remittance as personal you will save your 5% tax this what I did and received the certificate in 5 days

b. Send and receiver add should be (Pakistan one in both)

c. For safe side send 100 CAD more

d. (Timeline: Took five days to receive my GIC certificate after transition)



Doc bank asked in my case:

Passport copy

GIC Amount cheque

Print screen of my GIC account details.

Hope this will help.

No need to open USD account, as it is costly when you convert two times and also a time taking procedure. Just go to your bank and tell them regarding SBP circular which you can read here https://av.sc.com/pk/content/docs/pk-foreign-exchange-facilities.pdf'

If bank refuse then just email State bank at facilitation.fx@sbp.org.pk and also call them, in a single day they will take action against bank & your funds will be sent from PKR account on priority in a single day.

I did the same.

 

[Muhammad.Hamza.101.]

I am in need of some guidance. I have submitted my uni fee but gic is left. As of today, i am 17 years old and will be turning 18 in November, until then I can’t become a filer which means I can’t open up a FC acc. Someone with experience or knowledge please help

 

[Usman ijaz]

I got refusal of study permit and I was applying for refund of my Scotia bank student Gic funds and waited 20 days. Scotia processed my refund application and released my funds to my bank account in pakistan ( which i haven't received yet) but other day i got an email from scotiabank that my refund wire got rejected and thay mentioned a reason of rejection as " BANEFICIARY BANK RETURNED. UNABLE TO APPLY DUE TO NO CAD CORRESPONDENT BANK FOR BENEFICIARY BANK". can anyone help me to understand this problem. When i contacted Scotia bank thay said contact to your bank in pakistan as it is rejected by beneficiary bank. And when i am contacting my bank in pakistan thay said "we don't know anything. We haven't rejected any payment". My bank account in pakistan is in SMABA bank and it is a US DOLLAR account. Is there anyone who can help me out in this?

Brother the same thing is happening to me.I have also applied twice once was rejected and same reason was mentioned from ScotiaBank.Now this time it 10 day I have got mail from bank but I have not received my money.
If you have got your money back in your account than kindly tell me how?
My whatsapp is :03486096044