+1(514) 937-9445 or Toll-free (Canada & US) +1 (888) 947-9445

Gic funds not accepted

Andy0075

Full Member
Oct 29, 2018
24
0
Hello guys, i send my gic on thursday and got swift copy from local bank on friday. The problem is this that i sent exact $10200 as i was not aware of international charges but my bank took 1 around rs1800 as their fees and around rs1400 other international charges. But my agent told me that you have to pay around $30 extra as it may got deducted, as scotia bank do not accept amount less than 10200. So i am now in very much tension. I called scotia bank and they told me that they have not received the money yet. What are my chances of rejection of gic? please reply asap.
 
Last edited:

Anu@kapoor

Full Member
Oct 24, 2018
44
13
Hi Scotia bank will be able to update you only when they receive the funds as intermediatery bank is involved. You should push your bank to check as to where your funds are right now. If scotiS bank doesn't find your funds sufficient they will return it .
Sharing my experience. My bank put the wrong passport number in the Swift copy so my payment got rejected. When I again sent the money they were not accepting it so to avoid delay I opened my account in ICICI bank transferred money and received my gic in one week. But because of Scotia bank disapproval twice the whole process took 1 month. Also I want to tell you that 100 dollars got deducted in the whole process .
 

Priyavart Rajain

Hero Member
Aug 29, 2017
525
26
21
New Delhi , india
VISA ISSUED...
24-08-2018
LANDED..........
02-07-2018
Hello guys, i send my gic on thursday and got swift copy from local bank on friday. The problem is this that i sent exact $10200 as i was not aware of international charges but my bank took 1 around rs1800 as their fees and around rs1400 other international charges. But my agent told me that you have to pay around $30 extra as it may got deducted, as scotia bank do not accept amount less than 10200. So i am now in very much tension. I called scotia bank and they told me that they have not received the money yet. What are my chances of rejection of gic? please reply asap.
Don't worry , scotiabank will receive the complete amount , and let me tell you, the amount that you will get in your scotia investment account will be 10000CAD , not 10200CAD, why you ask? because the 200CAD are the charges of scotiabank itself , so you dont need to send any extra money, also, the charges that your bank took will cover all the extra charges, so don't worry . One thing I would like to mention is don't beleive on your consultants or agents blindly, find information on your own and be self aware, don't let anyone misguide you. Cheers Man!
 

achsah346

Star Member
Aug 19, 2018
67
8
Well, when i was in the same situation i called scotia bank nd they asked me to wait for 10-12 working days and contact bank in case i don't get. So i waited for about 14 days nd contacted bank they tracked the wire transfer and within 2 days money was back in my account but with less 45000 rs and after two days i jst sent again.
Which bank u have contacted dear ? Bank of Nova Scotia intermediary bank?
 

AGoodSoul

Star Member
Jul 5, 2015
173
41
Hello guys, i send my gic on thursday and got swift copy from local bank on friday. The problem is this that i sent exact $10200 as i was not aware of international charges but my bank took 1 around rs1800 as their fees and around rs1400 other international charges. But my agent told me that you have to pay around $30 extra as it may got deducted, as scotia bank do not accept amount less than 10200. So i am now in very much tension. I called scotia bank and they told me that they have not received the money yet. What are my chances of rejection of gic? please reply asap.
Hi Andy

I had similar issue so I had sent a money transfer of $10300. And guess what... The 1400 INR charge was not deducted from it. It was applied to my saving account in India from the sending /source bank. So Scotia Bank did my GIC for $ 10,100 ($200 admin fee taken out)

When u fill wire transfer forms... It has option whom to charge extra fees etc. You have to tell the officer at your source bank that don't reduce my transfer money ( that's why I went to the branch to avoid digital banking screw up).

Just cross check with Ur local bank and tell them to ensure they apply nostro or other charge to your source AC (not receiver)

Relax all will be well
 

Mani05

Newbie
Jul 26, 2018
9
1
Well, when i was in the same situation i called scotia bank nd they asked me to wait for 10-12 working days and contact bank in case i don't get. So i waited for about 14 days nd contacted bank they tracked the wire transfer and within 2 days money was back in my account but with less 45000 rs and after two days i jst sent again.
Which bank did contacted after 14 days indian or scotia bank?
 

Jasssss

Newbie
Jan 25, 2019
3
0
That's alright .. just make sure..not to convert them please. Nd keep asking bank about funds.. good luck!
Brother i also asked my manager she told me they can't track the payment. But she said the money will automatically comes into your account within 10 days.Now what can I do
 

Paras11111

Newbie
Feb 11, 2019
2
0
Hii my gic got rejected due to mismatch of dob..i got mail from scotia bank on 1feb 2019. Till the date i did nor receive the payment..can any one help ...how many days it will take
 

Kash3007

Newbie
Jan 28, 2019
4
0
Hi Guys,

I've transferred funds to my GIC account 3 days back. I haven't got any confirmation from scotia bank yet. How long does it take for them to confirm?
 

Pateldpk

Star Member
Jan 1, 2019
68
5
Hi Guys,

I've transferred funds to my GIC account 3 days back. I haven't got any confirmation from scotia bank yet. How long does it take for them to confirm?
It takes normally 7-10 business days to get GIC. Wait for more 3 days you will get it if there is no address mismatch AND less fund.
 

Kash3007

Newbie
Jan 28, 2019
4
0
In the bank(Address) my apartment name is mentioned but in the passport my house num is mentioned . Rest everything is same. Will that be a problem?
 

Pateldpk

Star Member
Jan 1, 2019
68
5
In the bank(Address) my apartment name is mentioned but in the passport my house num is mentioned . Rest everything is same. Will that be a problem?
Best solution for you to changed the address line in bank before wire payment but you already did it. Normally bank understand Typo error or missing characters - "/" - "Short forms" - "order sequence" but in your case the whole word is missing so i am not sure about it but don't worry be positive and wait for the response.
 

nihal95

Newbie
Apr 12, 2018
7
0
Hi guys. Can anyone help me how long does it actually take for the funds to be returned back to my bank account after being rejected ? I transferred my GIC funds to Scotiabank on 26th Feb and received a secure mail on 28th Feb that my wire transfer has been rejected due to the following reason - ORDERING INSTITUTION COUNTRY IS MISSING. Till now, I haven't received any updates about my rejected funds.
 
Last edited: