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.
- 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.