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General
What is a GIC Account?
When is the best time to open a GIC Account for studying in Canada?
How can we withdraw funds from a GIC Account?
GIC Transfer
Can a third-party in India transfer or deposit funds into my GIC Account?
Yes, third party transfers to GIC accounts are possible from India. However, for a 3rd party to deposit funds into the GIC Account, prior authorization from the student must be submitted to the Bank.
Can ExTravelMoney transfer money to a GIC account in Canada from India?
Yes, ExTravelMoney can initiate money transfer from an Indian bank account to a GIC account
in Canada.
We regularly facilitate such transactions for Indian students going to study abroad in
Canada and are well versed with GIC Account transfers.
Is it possible to initiate the first transfer to a GIC account through ExTravelMoney?
When you receive an account opening letter for a GIC account there will be a clause given.
If it’s mentioned that the first transfer should be directly from the student’s account or
that parents or 3rd party transfers are not allowed to transfer, then the transfer should
happen from the student’s bank itself (even in such cases, we’d be usually able to help).
However, after the first transaction, we would be able to make a transfer to a GIC account.
This varies according to the rules provided by the bank where you are having your GIC
account.
How to send money to a GIC account in Canada from India through ExTravelMoney.com?
KYC Documents
What are the documents required for sending money to GIC Account from India?
Cancellation & Refund
Will my GIC amount be refunded if my GIC application or Canadian Study Permit (Canada student visa) is rejected?
Yes, your GIC amount will be refunded in case your GIC application or Canadian Study permit
is rejected or you withdraw from your course for any reason whatsoever.
For the refund process, you must contact the GIC bank and request a refund of funds.
The balance amount will be refunded to you after the deduction of any applicable fees by the
GIC bank and the sending bank in India (ExTravelMoney does not charge any fees for refund).
The Processing Fee (charged by GIC bank, usually CAD 200) and the Wire Transfer Charge
(charged by sending bank when transferring GIC amount from India and charged by GIC bank
when refunding this amount) are non-refundable.
Also, when refunding the amount in CAD, the receiving bank in India will be getting the
amount after conversion to INR at the Outward Remittance Sell Rate (lower than Interbank
rate) applicable for the day.
ExTravelMoney.com is not responsible for any fees or charges levied by the sending bank,
correspondent bank/intermediary bank, and the GIC bank. ExTravelMoney.com does not take
liability for any foreign currency exchange gain or loss resulting from processing,
transferring, rejecting and returning of such funds.
The amount you finally get back after refund of your GIC funds may be different from the
amount you deposited because of the above mentioned charges and foreign exchange conversion
rate.
How to request a refund of the amount in my GIC Account if my Canadian Study Permit application is rejected?
Your Canadian Study Permit could get rejected for any number of reasons. It is unfortunate
but sometimes it happens.
Whatever the reason, in such a circumstance, you can request a refund of the funds in your
GIC account.
All of you have to do is prove any one of the following;