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CIBC GIC is better

jiosi

Star Member
Jun 2, 2019
57
3
He is having GIC with CIBC bank where he need to transfer money in Indian rupees and the actual amount is there on the GIC details, there is no points of transferring extra that too in CAD.
I too had selected CAD 10,000 to transfer which was 5 lakh something in Indian rupees. But if he hasn't selected the ammount yet he can select CAD 10,150.
 

kk2018

Hero Member
Oct 24, 2018
223
29
I too had selected CAD 10,000 to transfer which was 5 lakh something in Indian rupees. But if he hasn't selected the ammount yet he can select CAD 10,150.
Why cibc ? Nobody wants headache of doing wire transfer so this is better . need to select Indian rupees as currency option as this will be rtgc transfer and yes you have to pay the fees which is also converted in rupees and added to gic amount .
 

jiosi

Star Member
Jun 2, 2019
57
3
Why cibc ? Nobody wants headache of doing wire transfer so this is better . need to select Indian rupees as currency option as this will be rtgc transfer and yes you have to pay the fees which is also converted in rupees and added to gic amount .
The whole process is easy thou!
 

jiosi

Star Member
Jun 2, 2019
57
3
Just a quick comparison between Scotia GIC and CIBC GIC process:
- CIBC uses modern RTGS or NEFT whereas Scotia uses old wire transfer technology
- CIBC does not have rigid rules for receiving money transfer whereas Scotia has rigid rules where your name and address should exactly match with your passport
- CIBC normally receive money within 1 day of your transfer whereas Scotia may take 3-5 days
- CIBC is fast in responding for any queries. I am not sure how fast Scotia is.
- I never heard about any issues with CIBC, whereas I heard a lot more complain with Scotia GIC transfers
- CIBC gives $25 when someone refers you. You may use my email as referral cpu0079@yahoo.com ( cpu0079 at yahoo dot com). Scotia don't give any referral bonus.

Hope this helps. Let me know if I have missed any points or I have misrepresented anything.
 

selvakk

Champion Member
Nov 28, 2018
2,393
514
Just a quick comparison between Scotia GIC and CIBC GIC process:
- CIBC uses modern RTGS or NEFT whereas Scotia uses old wire transfer technology
- CIBC does not have rigid rules for receiving money transfer whereas Scotia has rigid rules where your name and address should exactly match with your passport
- CIBC normally receive money within 1 day of your transfer whereas Scotia may take 3-5 days
- CIBC is fast in responding for any queries. I am not sure how fast Scotia is.
- I never heard about any issues with CIBC, whereas I heard a lot more complain with Scotia GIC transfers
- CIBC gives $25 when someone refers you. You may use my email as referral cpu0079@yahoo.com ( cpu0079 at yahoo dot com). Scotia don't give any referral bonus.

Hope this helps. Let me know if I have missed any points or I have misrepresented anything.
While your points are right. RTGS and NEFT are domestic methods of transfers and cannot be compared to the Wire system which is still used for international transactions.

Wire transfers have stricter standards then RTGS and NEFT where RBI has notified that only account number and IFSC code is to be taken into consideration and not name etc.
 
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jiosi

Star Member
Jun 2, 2019
57
3
While your points are right. RTGS and NEFT are domestic methods of transfers and cannot be compared to the Wire system which is still used for international transactions.

Wire transfers have stricter standards then RTGS and NEFT where RBI has notified that only account number and IFSC code is to be taken into consideration and not name etc.
yes, that could be correct. However, the money we transfer using RTGS or NEFT is ultimately received by the CIBC bank in Toronto, hassle less - which is our ultimate goal.
 

selvakk

Champion Member
Nov 28, 2018
2,393
514
yes, that could be correct. However, the money we transfer using RTGS or NEFT is ultimately received by the CIBC bank in Toronto, hassle less - which is our ultimate goal.
You mentioned "old wire transfer technology" and " Let me know if I have missed any points or I have misrepresented anything". I am just stating that the point that wire transfer technology is old is wrong. The word wire transfer does go back to the time of the telegraph, but now most transfers are done using the SWIFT system which is modern and efficient, and therefore not old.
 

Shubham123

Star Member
Jun 28, 2019
120
14
Hello Everyone,
Please help me Scotia bank has denied my gic request.
I have different address on my passport( to be specific i applied for passport when i was in hostel) and bank account (where I have my permanent address ).
Now what should i do?
And in cibc do i need to add my permanent address or my passport address.
Please help me i am running out of time.....
 

Shubham123

Star Member
Jun 28, 2019
120
14
Just a quick comparison between Scotia GIC and CIBC GIC process:
- CIBC uses modern RTGS or NEFT whereas Scotia uses old wire transfer technology
- CIBC does not have rigid rules for receiving money transfer whereas Scotia has rigid rules where your name and address should exactly match with your passport
- CIBC normally receive money within 1 day of your transfer whereas Scotia may take 3-5 days
- CIBC is fast in responding for any queries. I am not sure how fast Scotia is.
- I never heard about any issues with CIBC, whereas I heard a lot more complain with Scotia GIC transfers
- CIBC gives $25 when someone refers you. You may use my email as referral cpu0079@yahoo.com ( cpu0079 at yahoo dot com). Scotia don't give any referral bonus.

Hope this helps. Let me know if I have missed any points or I have misrepresented anything.
Please help me i need
 

selvakk

Champion Member
Nov 28, 2018
2,393
514
Hello Everyone,
Please help me Scotia bank has denied my gic request.
I have different address on my passport( to be specific i applied for passport when i was in hostel) and bank account (where I have my permanent address ).
Now what should i do?
And in cibc do i need to add my permanent address or my passport address.
Please help me i am running out of time.....
For CIBC you will need to use your passport address. Address in your bank does not matter as it is an RTGS transfer and that information is not taken.You will need to have an account in your name exactly as it is in your passport.
 

Shubham123

Star Member
Jun 28, 2019
120
14
For CIBC you will need to use your passport address. Address in your bank does not matter as it is an RTGS transfer and that information is not taken.You will need to have an account in your name exactly as it is in your passport.
Thanks for your response but in offer letter and other document i have my permanent address what about that ?
 

Shubham123

Star Member
Jun 28, 2019
120
14
Got my GIC. It was a smooth process. And yeah, didn't need any stamp or sign on the A2. Thanks for the help! :)
Hello, i just got the approval of gic from cibc bank. However there are two benificary account no and names ( one is mine and another is of a bank of Mumbai) to which account no i need to deposit the funds?
 

selvakk

Champion Member
Nov 28, 2018
2,393
514
Hello, i just got the approval of gic from cibc bank. However there are two benificary account no and names ( one is mine and another is of a bank of Mumbai) to which account no i need to deposit the funds?
How are there two beneficiary numbers and names ?

In the payment instruction PDF you will have a table box with beneficiary name Canadian imperial bank of commerce, which will have a standard chartered bank IFSC code and bank account no. You have to transfer to that account.