GIC Wire Transfer
- Thread starter Ravinder Reddy
- Start date
Don't Worry Mr.Reddy 
If you have filled the Account details correctly, the money will surely reach the bank. It took around 9 days for my confirmation receipts to reach me.
I know this could be frustrating as the amount is big and the transfer is to an overseas bank, but being patient is the only thing that can be done right now.
I hope you registered with Nova Scotia for a GIC program using your Passport, and they allotted you with an account number,Right?
If you have filled the Account details correctly, the money will surely reach the bank. It took around 9 days for my confirmation receipts to reach me.
I know this could be frustrating as the amount is big and the transfer is to an overseas bank, but being patient is the only thing that can be done right now.
I hope you registered with Nova Scotia for a GIC program using your Passport, and they allotted you with an account number,Right?
Yes I am with Nova Scotia Bank and I have a account no.
But my main concern is i had done a transaction of exactly 10,200 which should be credited to my account with Nova Scotia but if the intermediate bank charges some money from the 10,200 amount the required amount doesn't reach my account.
In such case what will be the next step to be taken.???
But my main concern is i had done a transaction of exactly 10,200 which should be credited to my account with Nova Scotia but if the intermediate bank charges some money from the 10,200 amount the required amount doesn't reach my account.
In such case what will be the next step to be taken.???
Bro, from what my Bank told me , the extra amount i.e the transaction charges can be paid by them. You have to talk to them regarding this.
I think most of the charges at the Nova Scotia bank are covered as the Original Amount of GIC is 10,000 CAD. The extra 200 is the transaction fees at their end.
BUT, still their ARE some charges ( maybe for Swift transfer etc) , so the answer to your problem is " you need to connect with your Indian Bank asap".
If you are concerned what if the money falls short less than 10,200 $ , the GIC mail that we received states something like that if the money is short it will be sent back and they will deduct their charges as well before sending it.
Hope it helps !!
I think most of the charges at the Nova Scotia bank are covered as the Original Amount of GIC is 10,000 CAD. The extra 200 is the transaction fees at their end.
BUT, still their ARE some charges ( maybe for Swift transfer etc) , so the answer to your problem is " you need to connect with your Indian Bank asap".
If you are concerned what if the money falls short less than 10,200 $ , the GIC mail that we received states something like that if the money is short it will be sent back and they will deduct their charges as well before sending it.
Hope it helps !!
Normally people transfer more than 10200 so that after the intermediate bank charges are deducted, an amount excess of 10200 reaches Scotiabank. If they receive a lesser amount, they will return the amount to the parent account.
However, there is an option with the parent bank in which they pay for the charges initially & then deduct it from your account subsequently. Hope 10200 reaches Scotia bank.
All the best.
Regards
SS
However, there is an option with the parent bank in which they pay for the charges initially & then deduct it from your account subsequently. Hope 10200 reaches Scotia bank.
All the best.
Regards
SS
My experience is frustrating and different. On 13th June this year I have sent money 10200 CAD from my SB AC of State Bank of India to my GIC ac in Scotia bank. But after 13 days I visited my bank and know that the money was not transferred. I asked the reason the Bank person showed me the message which was showing many reasons among them the first one is I have to transfer 10230 CAD. I do not know why but again do all the things which I have done 13 days before- this time I tried to transfer 10230 CAD. I do not know where this 30 CAD is going and why Scotia Bank never tells about it.
- Nirmalya ( if you know pls guide, mail me nirmalya.nil@gmail.com
- Nirmalya ( if you know pls guide, mail me nirmalya.nil@gmail.com
I did it through SBI. 30$ is the charges for SBI to transfer your Money, conversion + service charges. Technically SBI takes 10$ from that 30 and remaining 20$ goes to Bank of Montreal through whom SBI routes your transfer. So that exactly 10200 required for Scotia Bank is got. Your lucky that they did not transfer your money or else Scotia would have rejected your transfer. Imagine if SBI and their partner had taken the 30$ from your 10200$ transfer then only 10170 would have reached Scotia and they would have easily rejected your transfer. You would have gone through hell to get a refund!
It will take 6 working days to get your GIC, on the 5th day you can always call their customer care to check if your money has reached. Give it at least 5 working days.
It will take 6 working days to get your GIC, on the 5th day you can always call their customer care to check if your money has reached. Give it at least 5 working days.
If I had paid my gic with the rate of 52.220 and if it reaches Nova Scotia and current would be 54 so there are chances of rejection
If my passport address is different from my account address from which I have paid my gic so there are chances of rejection from noNo Scotia
No. The bank will wire transfer the amount in CAD. Once it is sent then later on even if the conversion rate changes it does not affect your original transfer.
This will be rejected the passport address and the account address should match.