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CIBC GIC is better

selvakk

Champion Member
Nov 28, 2018
2,385
513
Went with CIBC and transfer in INR. 2 questions:

1. My bank manager, at Kotak Mahindra, could not receive confirmation from higher ups/head office that they could process the RTGS transfer. Said he would get back to me, but has not.

2. Is there an issue later in Canada if the GIC is in my name at my bank/permanent address in Delhi, while my passport (from 2012) has my address from Pune, where I was teaching and living when passport was last renewed. (I have mostly lived in the US since then, and now there is no time to get any thing done about the passport as time's a runnin' out!)

Thanks a million, y'all!

1. You can add beneficiary and do a RTGS transfer from Netbanking itself. The RTGS transfer is like any other you would do.

You only have to ensure the remarks have to mention ISBO 2019 + Your name.

2. Your bank address won't have any effect in your GIC application. Use the same address as your passport as your passport will be your valid ID in Canada.
 

ajaybyrd77

Newbie
Jul 2, 2019
5
0
1. You can add beneficiary and do a RTGS transfer from Netbanking itself. The RTGS transfer is like any other you would do.

You only have to ensure the remarks have to mention ISBO 2019 + Your name.

2. Your bank address won't have any effect in your GIC application. Use the same address as your passport as your passport will be your valid ID in Canada.
Hello again. Well I guess the GIC application already started with the request approved and numbered by CIBC and it already has my non-passport address (my permanent/parents' address in Delhi). Are you saying that CIBC will not hand me my GIC installments in Canada because my passport/ID will not have an address matching the one on their records? (Again, my passport was renewed with a Pune address when I worked there; my permanent residence has always been in Delhi.) Thanks a million!!
 

selvakk

Champion Member
Nov 28, 2018
2,385
513
Hello again. Well I guess the GIC application already started with the request approved and numbered by CIBC and it already has my non-passport address (my permanent/parents' address in Delhi). Are you saying that CIBC will not hand me my GIC installments in Canada because my passport/ID will not have an address matching the one on their records? (Again, my passport was renewed with a Pune address when I worked there; my permanent residence has always been in Delhi.) Thanks a million!!
I can't say as I haven't gone to Canada and gotten my GIC. I would suggest you ask them first before transferring any money. I am just making a logical assumption that in Canada, your passport is your only proof of address, so if there is a mismatch there could be an issue. I would suggest you ask them. If you send a message now, you should get a reply by tomorrow morning.
 

subal2011roy

Member
Jul 11, 2019
11
8
Complete the online form. After that account will be created in the CIBC isbo portal. There you will find payment instructions and how to transfer money to CIBC. Each step is given in detail in the payment instructions.
Hi,
My question is do we need to put the passport address during ISBO GIC registration? If anyone used different address will that create any issue like address mismatch in Scotia Bank? in fact, I've already created GIC account and received the payment instruction but prior to fund transfer I want to make sure that address will create any problem or not?
 

subal2011roy

Member
Jul 11, 2019
11
8
I also did my gic with cibc bank and received gic certificate in one day after transferring money. The A2 form is to be filled and mailed to the given mail id. It will be used by the intermediary bank and not the local bank with which you are doing RTGS/neft
Hi,
My question is do we need to put the passport address during ISBO GIC registration? If anyone used different address will that create any issue like address mismatch in Scotia Bank? in fact, I've already created GIC account and received the payment instruction but prior to fund transfer I want to make sure that address will create any problem or not?
 

subal2011roy

Member
Jul 11, 2019
11
8
I would prefer CIBC over scotiabank. I assume you have choose payment mode as INR in CIBC! The Reasons are

  • if chosen CIBC you have to transfer money via RTGS/NEFT to CIBC’s India account at mumbai standard chartered. So it is fater and cheaper but in Scotia you have to wire transfer!
  • If you are not good in negotiating the conversion rate for dollar to rupee would be high for you in wire ransfer
  • It is definitely cheaper as if you choosen to pay in canadian dollar you have to pay $10200(2%fee) in scotiabank and $10150(1.5% fee) in CIBC if chosen CAD
  • CIBC issues certiticate in 2 business days after sending payment
  • I have heard that many times scotia rejects payment ( due to minor mistake in information in international wire tranfer )
  • There is only 1 option in scotia for getting a credit card ( you earn scene points- redeemable for movies) but in CIBC you have option for 3 types of credit card as per your need - CIBC Aventura(it is visa platinum), CIBC Divedend( for extra cashback, normal visa) and CIBC Aero ( for extra airmiles but has a yearly fee of $39)
  • Also you Earn $60 when you open a GIC between May 1, 2019 and September 30, 2019 on CIBC
  • you can also get $25 referral bonus (use email vrajshah229@gmail.com)
Hi,
Is that will be a problem if I chosen only 10000 CAD during the GIC form filling. I received the payment instruction mail where 10000 CAD mentioned.
 

FarzanHyder

Full Member
Oct 4, 2018
37
3
Guys i have done the NEFT transaction for GIC with CIBC today morning and mailed the A2 form as well. By when can i get the GIC? I havent received the acknowledgement mail yet.
 

jiosi

Star Member
Jun 2, 2019
57
3
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.
To make international payment easy (RTGS) CIBC has made an account in Standard Charter bank so we have to write 2 beneficiary banks.
 

selvakk

Champion Member
Nov 28, 2018
2,385
513
Hi,
My question is do we need to put the passport address during ISBO GIC registration? If anyone used different address will that create any issue like address mismatch in Scotia Bank? in fact, I've already created GIC account and received the payment instruction but prior to fund transfer I want to make sure that address will create any problem or not?
Use the address as in the passport, bank account address will not cause issue.
 

selvakk

Champion Member
Nov 28, 2018
2,385
513
Hi,
Is that will be a problem if I chosen only 10000 CAD during the GIC form filling. I received the payment instruction mail where 10000 CAD mentioned.
If you choose to pay in CAD, you will have to wire the money using SWIFT wire transfer and not RTGS. This will take the same time as Scotia Bank.
 

selvakk

Champion Member
Nov 28, 2018
2,385
513
Guys i have done the NEFT transaction for GIC with CIBC today morning and mailed the A2 form as well. By when can i get the GIC? I havent received the acknowledgement mail yet.
Give them a day or two, keeping in mind the time difference. I got my GIC before getting the mail, so check the ISBO platform.
 

FarzanHyder

Full Member
Oct 4, 2018
37
3
Give them a day or two, keeping in mind the time difference. I got my GIC before getting the mail, so check the ISBO platform.
I had initiated the payment before the deadline, but after the deadline its showing that the wire transfer has been expired. Although my transaction was initiated 2hrs before the deadline.
 

selvakk

Champion Member
Nov 28, 2018
2,385
513
I had initiated the payment before the deadline, but after the deadline its showing that the wire transfer has been expired. Although my transaction was initiated 2hrs before the deadline.
You will have to contact them and find out the next steps. The deadline is for them to receive the money, not for you to send the money. It will take more time for them to receive it. You will have to send a mail to them now.