Hi.. I have read so many comments from people regarding issues in getting GIC from meezan and different banks so I want to share my experience.. it took in total 4 business days for me to get GIC from Scotiabank. I remitted my amount thru MCB Foreign currency account. Here is what I have done.
1. Became tax filer
2. Opened foreign currency account (usd) in mcb
3. Deposited $8200 USD in my account.
4. Maintained this amount for 3 business days to avoid 0.5% charges on transaction.
5. Provide mcb with all my relevant docs including LOA, fee structure, Scotiabank gic account details, passport copy.
6. I remitted $10,400 CAD and Mcb took 2 business days to remit my amount.
7. When Scotiabank received my payment they took 2 business days to issue my investment directions certificate.
8. Total charges deducted bank fees/charges and all $90 USD.. NO TAXES NO EXTRA CHARGES
Scotiabank received total 10400 CAD in which they deducted 200CAD for their processing fee and rest deposited to my account which is $10200 CAD
I hope this will help you guys!