Urgent help please | GIC from the Philippines

[engr777]

Hello everyone. For those who applied from the Philippines via SDS and have paid GIC from a Philippines bank account (either online or thru the branch), could you kindly shed some light on the process and the fees added on top of the GIC amount? Thanks!

 

[pjml_lil1]

Hello everyone. For those who applied from the Philippines via SDS and have paid GIC from a Philippines bank account (either online or thru the branch), could you kindly shed some light on the process and the fees added on top of the GIC amount? Thanks!

Hi. Here’s our experience for Scotiabank GIC.

1. Create Scotiabank online account. Just search online and register. Lots of helpful tips on YouTube as well. Make sure to register your name as it appears on your passport.
2. Wait for the deposit instructions from Scotia. Once you have it, you can now pay for the GIC thru your bank. Wire transfer ito, so you have to go to your bank.
3. Check your bank’s requirements for wire transfer. Good to call them ahead of time. For our case (Security Bank), we prepared the LOA from school, SDS requirement stating GIC required for SP application, and deposit instructions from Scotia.
4. Go to your bank, fill out the forms, and submit! Important to note here that the bank account should be under your name. Scotia is strict about it. Your GIC might not be approved if you fail to transfer from your own bank acct. For us, it was a joint account. But my name was there as primary acct holder.
5. You will receive a mail from Scotia if the transaction is successful
   

As for the fees, i think it will vary. For our case, we only paid the transaction fee for Scotia (200 CAD i think). Security Bank naman, can’t remember if there was a fee, but if ever it was minimal you won’t even notice. The biggest “cost” I would say is the exchange rate. Banks have higher exchange rates, so dun sila bumabawi.

 

[engr777]

Hi. Here’s our experience for Scotiabank GIC.

1. Create Scotiabank online account. Just search online and register. Lots of helpful tips on YouTube as well. Make sure to register your name as it appears on your passport.
2. Wait for the deposit instructions from Scotia. Once you have it, you can now pay for the GIC thru your bank. Wire transfer ito, so you have to go to your bank.
3. Check your bank’s requirements for wire transfer. Good to call them ahead of time. For our case (Security Bank), we prepared the LOA from school, SDS requirement stating GIC required for SP application, and deposit instructions from Scotia.
4. Go to your bank, fill out the forms, and submit! Important to note here that the bank account should be under your name. Scotia is strict about it. Your GIC might not be approved if you fail to transfer from your own bank acct. For us, it was a joint account. But my name was there as primary acct holder.
5. You will receive a mail from Scotia if the transaction is successful

As for the fees, i think it will vary. For our case, we only paid the transaction fee for Scotia (200 CAD i think). Security Bank naman, can’t remember if there was a fee, but if ever it was minimal you won’t even notice. The biggest “cost” I would say is the exchange rate. Banks have higher exchange rates, so dun sila bumabawi.

Hi pjml_lil1. Thanks for sharing your experience. I am planning to acquire GIC from CIBC but I guess the procedure will be the same. Did you transfer from a Php account or a USD account? And how many days after sending the money that you received the GIC certificate?

Thanks again for taking the time in responding to this thread. It's really helpful for us who are first-timers.

 

[pjml_lil1]

Hi pjml_lil1. Thanks for sharing your experience. I am planning to acquire GIC from CIBC but I guess the procedure will be the same. Did you transfer from a Php account or a USD account? And how many days after sending the money that you received the GIC certificate?

Thanks again for taking the time in responding to this thread. It's really helpful for us who are first-timers.

Process will most likely be the same. I transferred with a PHP account. Security Bank converted my payment to CAD, then an international bank facilitated the payment (HSBC I think) to Scotia. Security Bank coordinated the transaction for us.

I got the Investment Direction (considered as the GIC certificate) to be submitted as part of SDS application after 5 working days. It could take up to 10 working days though.

It took me time to learn about the latest process too, so I’m glad to help. My tip is to work closely with your bank. Call them before visiting the branch to confirm they can indeed facilitate the transaction and what you need to prepare.

 

[Melodee]

Hi pjml_lil1. Thanks for sharing your experience. I am planning to acquire GIC from CIBC but I guess the procedure will be the same. Did you transfer from a Php account or a USD account? And how many days after sending the money that you received the GIC certificate?

Thanks again for taking the time in responding to this thread. It's really helpful for us who are first-timers.

I got my GIC thru CIBC too. I rmailed them firsg and they gave me the online application link. Then I follwed all their instructions. You will receive emails from them after you fill out the online applications

 

[Melodee]

You got the options in currencies though. Yes there is additional charges (transfer fees)

 

[engr777]

Process will most likely be the same. I transferred with a PHP account. Security Bank converted my payment to CAD, then an international bank facilitated the payment (HSBC I think) to Scotia. Security Bank coordinated the transaction for us.

I got the Investment Direction (considered as the GIC certificate) to be submitted as part of SDS application after 5 working days. It could take up to 10 working days though.

It took me time to learn about the latest process too, so I’m glad to help. My tip is to work closely with your bank. Call them before visiting the branch to confirm they can indeed facilitate the transaction and what you need to prepare.

Hi pjml_lil1, thanks for the clarification. I'll contact my bank to check for further requirements. Thanks again!

 

[engr777]

I got my GIC thru CIBC too. I rmailed them firsg and they gave me the online application link. Then I follwed all their instructions. You will receive emails from them after you fill out the online applications

Hi Melodee. Thanks for replying. Which bank in the Philippines? And was it a recent transaction? How was your experience?