Sending Money from India to GIC Account in Canada
Extravelmoney helps Indian students heading to Canada send money to their GIC accounts quickly at minimum costs. Students can save up to 5% compared to banks or other money transfer service providers. The entire amount can be transferred in a single transaction. We also provide door-step KYC verification via our 6000+ partnered outlets across India. The whole process can be completed in 48 working hours.
What is a GIC Account?
GIC means Guaranteed Investment Certificate and it's an investment account. This account is offered by a Canadian Bank. There are many different types of GIC accounts and GIC account for international students in Canada is one among that.
Students would have to deposit a fixed amount of money in this account (Usually CAD 10,000 + CAD 200 = CAD 10,200). This money is treated as proof of funds and would be released to the student every month for 12 months for their study abroad and maintenance expenses along with interest.
Opening a GIC Account in Canada
Opening a GIC Account is very easy. The first step is to decide which bank to go with. Choose one that has a wide network. Most banks have online application for opening a GIC account. Your documents such as Passport Copy and Proof of Enrollment etc needs to be submitted online. You can find more details here.
How to send money to GIC account in Canada from India?
- Enter the amount (in CAD) you need to transfer to your GIC account and click on ‘Get Rates’.
- Enter your location in India to get bids from RBI authorized exchange houses & banks in your area.
- Choose any one bid, and place your order by entering your contact details. You can now upload the required KYC documents.
- Once the KYC is verified, you can transfer the funds directly to the exchange house/banks’s account as NEFT/RTGS transfer.
- Your money will now be wired. Your GIC account will receive the credit within the next 48 working hours.
Documents required for sending money to GIC Account from India
- Indian Passport of the student
- University Acceptance Letter
- GIC Account Opening Letter
- Any govt approved photo id proof of sender
- Sender's Pan Card
Note: The sender can be the student or his/her parents.
Will my GIC amount be refunded if my GIC application or Canadian Study Permit (Canada student visa) is rejected?
Yes, your GIC amount will be refunded in case your GIC application or Canadian Study permit is rejected or you withdraw from your course for any reason whatsoever.
For the refund process, you must contact the GIC bank and request a refund of funds.
The balance amount will be refunded to you after the deduction of any applicable fees by the GIC bank and the sending bank (ExTravelMoney does not charge any fees for refund).
The Processing Fee (charged by GIC bank, usually between CAD 150 to CAD 200) and the Wire Transfer Charge (charged by sending bank when transferring GIC amount from India and charged by GIC bank when refunding this amount) are non-refundable.
Also, when refunding the amount in CAD, the receiving bank in India will be getting the amount after conversion to INR at the Outward Remittance Sell Rate (lower than Interbank rate) applicable for the day.
ExTravelMoney.com is not responsible for any fees or charges levied by the sending bank, correspondent bank/intermediary bank, and the GIC bank. ExTravelMoney.com does not take liability for any foreign currency exchange gain or loss resulting from processing, transferring, rejecting and returning such funds.
The amount you finally get back after refund of your GIC funds may be different from the amount you deposited because of the above-mentioned charges and foreign exchange conversion rate.
- All foreign currency transactions are subject to Service Tax.
- Foreign Exchange and Money Transfer services are available though Tied-up Reserve Bank of India approved Authorized Dealers only. All foreign exchange transactions are subjected to AML/CFT/KYC & FEMA policies instructed by Reserve Bank of India.