Myth around GIC remittance in Canada for Indian Students
In India there are many students who dreams to study in Canada because of quality higher education options at reasonable cost and get good Job opportunities, earn and settle in Canada.
Once the university is finalized, Students need to open a GIC account under Student GIC program before entering to Canada.
What is GIC transaction
GIC – Guaranteed Investment Certificate, is basically a fixed account in the name of student who travel to Canada for the purpose of education. Through this process Canadian government is ensures that students who come to study in Canada should have sufficient funds to support their expenses during the courses.
Student GIC program is currently available to individuals who are citizens of and holding a valid passport issued by the countries such as India, China, Phillippines, Vietnam, Morocco and Senegal.
As specified by Immigration, Refugees & Citizenship Canada (IRCC), to get a study permit, students should open a Student GIC Program account and can deposit an amount between $10,000 CAD – $50,000 CAD. Usually CAD 200 is charged as program fees and deducted from the deposited amount. That is, if wire transfer is done for CAD 10200, CAD 10000 will be deposited in GIC account and remaining will charged for program fees
Banks where Indian students can open GIC account are Bank of Nova Scotia, ICICI bank and Canada Imperial Bank.
- Student's GIC remittance from India is a delayed process:
- Student's GIC remittances from India are very costly:
- GIC outward remittance be done through ADII players will get rejected:
But there is few Myth around GIC remittance for Indian students which is exposed
Once you get GIC account opening letter from bank it is very easy to send money within 2 days. But one need to select correct Foreign exchange company who has necessary expertise in GIC remittances such as Orient Exchange
Outward remittance are not too expensive and you need to compare the best rate. You may check the rates online offered by various Banks and AD II. Consider the various charges associated with remittance before arriving at the final cost.
NO it will not be rejected. Student need to select correct ADII players who knows how to process the transaction. AD II are authorized by RBI to provide these services through their tie-ups with Banks. We have tie-ups with multiple banks to process such transactions.
Student GIC program is currently available to individuals who are citizens of and holding a valid passport issued by the countries such as India, China, Phillippines, Vietnam, Morocco and Senegal.
Students’s GIC remittances from India required more documents: Any Remittances from India required certain minimum documents as advised by Reserve Bank of India. We process the transaction with necessary documents to ensure that money reaches its final destination without any hiccups.
How to transfer Money from India to GIC account Canada?
- Visit our website url:send-money-abroad select the location and select the purpose.
- You can compare the rates with other competitors. Our rates are based on live IBR rates.
- Place the order and contact details. You can upload the KYC documents or visit our nearby branch.
- After verification of KYC done from branch. You can pay the payment through direct payment in our website from your Individual saving account only.
- Once payment received our processing team will process the transaction and Swift copy will be provided accordingly
Documents which is required from the students to send money abroad for GIC program
- University Offer Letter
- GIC letter including amount and bank details
- Student Passport Copy(First page and Last Page)
- Student Pan Card copy
Note : While filling the forms for remittance, please note that in GIC Overseas Education transactions, the remitter and beneficiary name, address should be same.