India Credit Card Payment

[praveenkumarsr]

Guys can we use India Credit card for payment of CIC fees?

 

[Andy2109]

If Mastercard or Visa - YES.

 

[praveenkumarsr]

It's a VISA card. It requests for address details while paying it. Does Indian address matter for the payment?

 

[Andy2109]

No. It does not.
Most of the people do not prefer to pay by Indian Credit Card because the conversion rate charged by Indian Banks for CAD carries huge margin and is a big hole in the pocket for the card holder.

 

[praveenkumarsr]

No. It does not.
Most of the people do not prefer to pay by Indian Credit Card because the conversion rate charged by Indian Banks for CAD carries huge margin and is a big hole in the pocket for the card holder.

Yeah, but I don't have any other option. What other options can I try.

 

[Andy2109]

Without any doubt, getting a CAD Draft is the cheapest option available.

 

[praveenkumarsr]

Without any doubt, getting a CAD Draft is the cheapest option available.

Okay. Let me look for that. I have CAD in my Canadian dollar account. Can this help me in anyway? And do you know the Indian banks that would provide this service?

 

[Andy2109]

If the CAD in your account does not cover the full fees, it is of no use.
All public sector and private banks in India have correspondent banking relationship with Canadian Banks. You can ask for a CAD Draft from any Bank you hold an account in India.

 

[praveenkumarsr]

If the CAD in your account does not cover the full fees, it is of no use.
All public sector and private banks in India have correspondent banking relationship with Canadian Banks. You can ask for a CAD Draft from any Bank you hold an account in India.

I have sufficient funds in CAD account. Any suggestions how to go for that? I have it in ICICI Canada.

 

[Andy2109]

Approach ICICI Bank in your city in India and ask them if they can raise a debit on your ICICI Bank Canada Account and issue a Draft in CAD. You will avoid all exchange conversion process.
If not, getting a CAD Draft from any Indian Bank debiting your Rupee account is the only way.

 

[praveenkumarsr]

Approach ICICI Bank in your city in India and ask them if they can raise a debit on your ICICI Bank Canada Account and issue a Draft in CAD. You will avoid all exchange conversion process.
If not, getting a CAD Draft from any Indian Bank debiting your Rupee account is the only way.

Thanks Andy! Let me check and I will update, as it may be useful for others!

 

[praveenkumarsr]

It is said "certified cheque, bank draft or money order". What does he mean by certified and even the bank draft be certified?

 

[Andy2109]

Bank Draft cannot be certified. Bank Draft means that the Bank holds the money and will be paid on Demand by CIC. So it need not be certified.
For payment to CIC, you cannot issue a personal cheque which can bounce (with no sufficient balance or stop payment instruction). Your cheque has to be certified by the Bank meaning - the Bank has to take (block) money from your account and certify the cheque. If CIC presents this cheque, the Bank will honour it.

In simple terms, CIC wants confirmed payment in the form of certified cheque, Draft or MO with no risk of bouncing.

 

[Dilli]

Thanks Andy! Let me check and I will update, as it may be useful for others!

Hey Praveen - I believe at max you may be paying 1000-1500 INR (30CAD) total in extra which is not that bad even if you get your INR converted to CAD.

Indian Banks may not charge more than one rupee per dollar exchange rate commission. (means bank may sell you CAD at 54 or may be 53.5 if CAD is trading at 55). You need to pay 550 CAD to CIC. So you loose around 550-800 INR in conversion. Moreover Bank Draft rates may be cheaper in India (My assumption) as compared to if you get from here. Here it is around 20 CAD (ICICI Canada rate). So more or less it would be same for you if you get a draft from India or Canada.
But getting from Indian Bank would be more convenient.

 

[praveenkumarsr]

Thanks Guys for all your inputs!

I have received the Bank DD from HDFC Bank in India. They have given a DD which looks like a cheque. The details of the DD are,

PAY to the order of - "Receiver General for Canada"
Date - 23 07 2013

THE BANK OF NOVA SCOTIA (with address is present in the DD)

Will this be okay? Or do I need to add any other details? I am worried as my first application was returned due to uncertified check and I list 3 months now. So I don't want to do the same mistake now. So please help.