Posted on: 14-10-16 03:41:02
I have been working in Thailand since Feb 2014, Now i am going to apply study visa in Canada.
For study visa i need to transfer CAD 10,200 in GIC, Scotia Bank,
Can i transfer that amount from Thailand? Or i must transfer it from India.
Thank you
Money can be transferred from any part of the world. Just a question why in GIC ?
Hope you know GIC's are locked for specific times and if money is withdrawn prematurely you end up paying penalty. Your best bet may be to transfer money in chequing account and take decision of locking in GIC once you land here
Quote:
Originally posted by AAR
I have been working in Thailand since Feb 2014, Now i am going to apply study visa in Canada.
For study visa i need to transfer CAD 10,200 in GIC, Scotia Bank,
Can i transfer that amount from Thailand? Or i must transfer it from India.
Thank you
-----------------------------------------------------------------
Growing Old Is Mandatory ..Growing UP is Optional
I believe it is student visa requirement of having money in GIC account in Canada. It is a special type of GIC where a part of it is released every month to the student for monthly expenses.
Back to the original question - yes, you can transfer the amount from Thailand and explain it the the visa granting office that you had the funds in Thailand so you transferred from there.
-----------------------------------------------------------------
A Delhite in Toronto
Contact some bank in Canada, ask them open a black account and send you info so that you can transfer dough from outside.... Using the info send to you by the said Canadian bank, you can ask you local bank to send money. If the money is not in dolla, you may have to first convert. Good luck; lord knows we could use every dollar sent in by outsiders.
Just transfer to a checking account. You can wire transfer from anywhere. Both incoming & outgoing charge is usually there for wire transfer. Plus they will make their usual 2-3 % on foreign exchange rate.
Do not transfer to a GIC, they give a paltry 1-2 % interest any ways, so its not like you are losing money in interest.
Some GIC's are iron clad contracts and you CAN'T break them even with penalties. So your money is stuck there until maturity of the term. Do not confuse Fixed Deposits (FD) in India with GIC's in Canada. FD interest rates are much higher, and generally easier to break with lesser penalties, than GIC's.
You are better of with a high interest savings account in Canada than some GIC.
-----------------------------------------------------------------
America Ka Vyapaari Canada Ka Bhikari
http://www.democraticindian.com/wp-content/uploads/2015/09/karunanidhi_democraticindian-740x740.jpg" border="0" alt="http://www.democraticindian.com/wp-content/uploads/2015/09/karunanidhi_democraticindian-740x740.jpg" />
Looks like he is talking about this GIC from Scotia for $ 10,000. Not sure why they are charging him a $ 200 fee for the GIC ! so making it $ 10,200.
Looks like an exclusive program for student's from India. So he is right the money has to come form his account in India. Or could be a Joint account with his parent's too. But his name has to be somewhere. if it comes from somewhere else it won't be in Indian Rs., so not sure if Scotia will accept it or not.
http://www.scotiabank.com/ca/common/pdf/startright/SSGP-Program-Guide-India-Final-April2016.pdf
See " Funding your new account " in PDF above.
-----------------------------------------------------------------
America Ka Vyapaari Canada Ka Bhikari
http://www.democraticindian.com/wp-content/uploads/2015/09/karunanidhi_democraticindian-740x740.jpg" border="0" alt="http://www.democraticindian.com/wp-content/uploads/2015/09/karunanidhi_democraticindian-740x740.jpg" />
