I dont know why? They are saying you will go abroad then who will fund your account I thinks thats the reason. very very very cheap staff working in pakistani banks
GIC Problems in Pakistan
- Thread starter MAliMujtaba
- Start date
GMP97
Hero Member
- Jun 25, 2019
- 120
- 26
- Category........
- STUDY
- Visa Office......
- Abu Dhabi
- App. Filed.......
- 22-11-2019
- Passport Req..
- 19-12-2019
- VISA ISSUED...
- 23/12/2019
- LANDED..........
- 25/12/2019
Thats just ridiculous they should know the only reason you are opening the account is to go abroad i got my gic through meezan bank as well from karachi it was a hassle but finally got it in the end you should allied bank
5% educational tax has been exempted in this new budget. You can use habib bank for direct PKR to CAD transfer, as they have branch in Canada.
You can confirm it with the bank, I have confirmed it, I saw it somewhere but couldn't find the link, went to the exchange to get the info. And they also told me its been waived off, and also saw many people posting related to it, a guy deposited his GIC and fees recently with no 5% tax.
I cannot confirm whether the 5% tax is waived off but I know one thing for sure from my personal experience that if you pay the GIC funds and declare them as "living expenses" and not as "education related payment " there will be no 5% tax. Just explain the bank that these funds are for personal living expenses.
FC , as most of the banks do not wire transfer funds abroad from local currency account
Hey Salam
everyone new to this forum
I have few queries if please someone could sort them out.
1) I have Valid acceptance letter from a college in canada payed the tution fee and admission fee
2) I have made no student visa id or anything
3) I have done my ielts and have degree evaluated from canadian university
I know i have to get police certifications, medical done, and show proof of funds
What i have to do next and what are the procedures, I am trying to avoid SDS somehow, is there another way to show proof of funds and what i have do or which bank do i have to contact to get it done
everyone new to this forum
I have few queries if please someone could sort them out.
1) I have Valid acceptance letter from a college in canada payed the tution fee and admission fee
2) I have made no student visa id or anything
3) I have done my ielts and have degree evaluated from canadian university
I know i have to get police certifications, medical done, and show proof of funds
What i have to do next and what are the procedures, I am trying to avoid SDS somehow, is there another way to show proof of funds and what i have do or which bank do i have to contact to get it done
so you can show your bank statement 4 million or plus is the suggested amount or if you have any properties to your name you can evaluate them by a a property dealer on his stamp pad. but ill say sds have good chances of approval and you dont need to show any proof. best of luck
hey, guys so I was reading and there is a lot of confusion regarding the GIC. SO let me share my experience.
first of all for choosing a bank in CANADA never go for Scotia bank they are the worst they wasted my whole month on address issues
2: Use CIBC( Canadian imperial bank of commerce) after scotia I tried this bank and to my surprise, I received the GIC within 12 hours of sending money from pak.
3: there is no 5% tax your banks are frauding you it's for your personal use. make that clear to the bank.
4: you need to be a filer to open a foreign currency account.
5: goto any income tax lawyer and they will do it for you in 2-3K
6:your banks cant refuse to open a foreign currency account for you. if asked why you want to open just say for personal use.
7: if you any further queries feel free to msg me. best of luck
first of all for choosing a bank in CANADA never go for Scotia bank they are the worst they wasted my whole month on address issues
2: Use CIBC( Canadian imperial bank of commerce) after scotia I tried this bank and to my surprise, I received the GIC within 12 hours of sending money from pak.
3: there is no 5% tax your banks are frauding you it's for your personal use. make that clear to the bank.
4: you need to be a filer to open a foreign currency account.
5: goto any income tax lawyer and they will do it for you in 2-3K
6:your banks cant refuse to open a foreign currency account for you. if asked why you want to open just say for personal use.
7: if you any further queries feel free to msg me. best of luck
I have bank account in HBL in PKR currency and I talked with my branch manager to transfer money to scotia bank, manager said we can't handle foreign curracy accounts, he reffered me to main branch in our city (Gujranwala). He said you must have a CAD currency account, then we will transfer your money from that account. I think he lied to me he don't wanna get his hands dirty that's why he referred me to other branch. He don't even know what is GIC and why is it so. Kindly guide me is he telling me truth or just wasting my time?
I have to transfer my first year tuition fee to CANADA, do I need foreign currency account? Kindly guide me regarding this issue also.
Thanks for your response. Can you tell me in how many days my tuition fee will be wired to CANADA?