Guys i need help in sending money to scotia bank gic account as well.
Like others, these were the instructions i recieved.
Please use the following information when sending a wire transfer:
Send Instruction to:
THE BANK OF NOVA SCOTIA
44 King Street West Toronto, Ontario, Canada M5H 1H1
SWIFT Code: NOSCCATT
Beneficiary Bank Information (Field 57)
THE BANK OF NOVA SCOTIA
TRANSIT 35972 SSG Transaction Processing
4715 Tahoe Blvd Mississauga, Ontario, L4W 0B4
SWIFT Code: NOSCCATTCOL
Beneficiary Information (Field 59)
Name: Enter the student’s first and last name [note: Enter exactly as stated in Passport]. Address: Enter the home address of the student in India.
Account Number: Enter the 15-digit Scotiabank Investment account number (provided above).
Remittanc Information (Field 70)
Enter the value “SSGP”.
Now my question is what does this field no. Mean? And what does line in bold below bank's name under beneficiary bank information mean? Please help.
Also how much ammount gic certificate they issue if i transferred 10,250$ in order to avoid rejection due to less amount.
Have you visited the bank to fill the A2 form yet? If you go to the bank, it will be mentioned on the form as Beneficiary Bank Information instead of Field 57 or Beneficiary Information or Bank details instead of field 59 or Remittance information instead of Field 70.
TRANSIT 35972 is the transit number which is similar to ABA or routing number and you definitely need to quote this for your transactions. Your bank should be able to guide you on this, A2 bank differs from bank to bank, some may not have it mentioned on the form since they might not be transacting CAD that much as compared to USD, GBP or EURO.
If I can break this down for you, this is what different countries uses for making payments and it is a mandatory field:
CAD - Transit number
GBP - Sort Code
USD - ABA/Routing Number
Euro - IBAN
You can write against the ABA field as
TRANSIT 35972 and your bank would know about it. Also. some banks may not ask you for a copy of the instructions but I suggest you to give it to them since your home branch may not be doing the transaction, the information get sent to a different team to instruct the payments. And you should mention the purpose as Education and you would need to submit a copy of your offer letter to them as a proof.
Please ensure you enter all the details as indicated by Scotia Bank including name and address as per your passport (sender and receiver is YOU). Send only $10,200 as mentioned by Scotia (nothing more or nothing less) but you need to clearly tell your bank that you will bear all the remittance charges as applicable. Its hard to decide whether it will be $30, $50 or $100 since there may be an intermediary bank involved which may also incur extra charges but these charges will automatically be deducted from your personal bank account.
The GIC certificate issued will be for $10,000, ($ 200 is an administrative charges).
I hope I have given you enough guidance here and if I have missed out on anything let me know.
Good Luck !
