There is no rate on saturday and sunday. Check the updated rate tomorrow at 10:30 or 11 am .
Sending money to GIC account from India
- Thread starter mamze
- Start date
Is it necessary to send gic money from student account who wants to apply for canada study visa? Or money can be sent from his/her parents account?
Hi Sama, from which bank will you be wiring your GIC funds? Exchange rate is different from bank charges i.e processing fee or transaction charges. Your GIC fund that you show is $10,000, Scotia Bank is charging us $200 for the administrative charges and the total amount they need to receive is $10,200. You need to tell your bank that you will be bearing all the charges since Scotia needs to receive the full amount otherwise your payment will be rejected. The remitting bank will charge you certain amount which is the processing fee + GST 18%, this is excluding the amount $10,200.Today dollar rate was 54.35..if I pay GIC amount..any additional charges will be applicable or not ..I mean any additional charges means dollar rate was 54.35 to 55.35...
Here is a rough calculation = $10200 x 55.35 + (Processing fee + GST 18%) + any additional cost that may incur (since you will be bearing all the charges). I would say roughly $30 to $ 50 extra.
And is that the exchange rate quoted by the bank or on the website? And did you speak to your bank about the wire transfer, they should be able to guide you.
I hope this helps.
SBI BANKHi Sama, from which bank will you be wiring your GIC funds? Exchange rate is different from bank charges i.e processing fee or transaction charges. Your GIC fund that you show is $10,000, Scotia Bank is charging us $200 for the administrative charges and the total amount they need to receive is $10,200. You need to tell your bank that you will be bearing all the charges since Scotia needs to receive the full amount otherwise your payment will be rejected. The remitting bank will charge you certain amount which is the processing fee + GST 18%, this is excluding the amount $10,200.
Here is a rough calculation = $10200 x 55.35 + (Processing fee + GST 18%) + any additional cost that may incur (since you will be bearing all the charges). I would say roughly $30 to $ 50 extra.
And is that the exchange rate quoted by the bank or on the website? And did you speak to your bank about the wire transfer, they should be able to guide you.
I hope this helps.
Sbi bankHi Sama, from which bank will you be wiring your GIC funds? Exchange rate is different from bank charges i.e processing fee or transaction charges. Your GIC fund that you show is $10,000, Scotia Bank is charging us $200 for the administrative charges and the total amount they need to receive is $10,200. You need to tell your bank that you will be bearing all the charges since Scotia needs to receive the full amount otherwise your payment will be rejected. The remitting bank will charge you certain amount which is the processing fee + GST 18%, this is excluding the amount $10,200.
Here is a rough calculation = $10200 x 55.35 + (Processing fee + GST 18%) + any additional cost that may incur (since you will be bearing all the charges). I would say roughly $30 to $ 50 extra.
And is that the exchange rate quoted by the bank or on the website? And did you speak to your bank about the wire transfer, they should be able to guide you.
I hope this helps.
Yes you are right and you cannot have forex transaction on the weekends.There is no rate on saturday and sunday. Check the updated rate tomorrow at 10:30 or 11 am .
Ok, just tell them you will be bearing all the charges and good luck.SBI BANK
Sbi bank
Did you open your account with ICICI Canada or do you have an Indian account with ICICI bank. I have had horrible experience with them and I guess it also depends on the area wise. I don't intend to use ICICI Canada either since they don't have a branch in the area where I will be going.This proess is easier thru ICICI as per my exp.
The money has to go from your account as far as I am told, I think previously they used to allow it from the parent's account. And I have also heard people sending it from joint account as well. Check what is mentioned on the payment instructions, it will say whether joint account is allowed or not. In mine it states the account has to be solely in my name. You can always email the bank and find out.Is it necessary to send gic money from student account who wants to apply for canada study visa? Or money can be sent from his/her parents account?
Nope i don have any account wid ICICI. U jst have to transfer the funds to Icici n then take the slip of ur money transfer to ICICI widin 2-3 days(else that slip gts invalid) n then ICICI will itself transfer the funds to the intended colg thru western union. Its very easy. U jst need to go to the ICICI bank aftr money transfer frm ur own bank acc.Did you open your account with ICICI Canada or do you have an Indian account with ICICI bank. I have had horrible experience with them and I guess it also depends on the area wise. I don't intend to use ICICI Canada either since they don't have a branch in the area where I will be going.
I would suggest u to ask ur agent abt the form for the transaction purpose to get IFC code. I got it frm my agent as well which has all the instructions.
I hope it hlps u out.
hey,Nope i don have any account wid ICICI. U jst have to transfer the funds to Icici n then take the slip of ur money transfer to ICICI widin 2-3 days(else that slip gts invalid) n then ICICI will itself transfer the funds to the intended colg thru western union. Its very easy. U jst need to go to the ICICI bank aftr money transfer frm ur own bank acc.
I would suggest u to ask ur agent abt the form for the transaction purpose to get IFC code. I got it frm my agent as well which has all the instructions.
I hope it hlps u out.
I was talking about GIC not the tuition fees? We cannot use Western Union for GIC payments.
And I didn't quite get what you mentioned on the above. Why would you pay it to ICICI when you can directly get it done through Western Union? Unless ICICI has Western Union in their branch.
Can you please clarify?
Yes u r right. I mistakenly wrote that about the tution fee.hey,
I was talking about GIC not the tuition fees? We cannot use Western Union for GIC payments.
And I didn't quite get what you mentioned on the above. Why would you pay it to ICICI when you can directly get it done through Western Union? Unless ICICI has Western Union in their branch.
Can you please clarify?
Yes, gic doesn’t have to be done thru western union. I paid thru Bank of India n didnt face ny issues.
Okay, no worries.Yes u r right. I mistakenly wrote that about the tution fee.
Yes, gic doesn’t have to be done thru western union. I paid thru Bank of India n didnt face ny issues.
Do you know if we need the Police Clearance Certificate for filing the visa?
Have you applied for GIC account opening or not? Once the account is open, instructions will be given on how to transfer the money.Wire transfer is compulsory or not for GIC amount payment??
After you have wired $10,200, then only the bank will issue you the GIC certificate which you need for filing the visa.
I am not sure what other ways you can send the money to the foreign bank unless you live outside India?