5 Easy Steps for Money Transfer to GIC Account from India

For individuals looking to study, work, or settle in Canada, a GIC (Guaranteed Investment Certificate) account is a crucial financial requirement. It demonstrates that you have sufficient funds to cover your expenses while residing in Canada. Transferring money to a GIC account from India is a straightforward process that involves a few essential steps.

 In this article, we will guide you through five easy steps to transfer money to Canada from India.

Step 1: Choose a Canadian Financial Institution:

The first step in the process is to select a reputable Canadian financial institution that offers GIC accounts. It's crucial to research and compare different institutions to find the one that suits your needs best. Consider factors such as interest rates, account fees, customer service, and the reputation of the institution.

Step 2: Open a GIC Account:

Once you have chosen a financial institution, you need to open a GIC account. Most Canadian banks and financial institutions allow you to open an account online, which simplifies the process. Provide the necessary documentation, such as your passport, proof of address, and any other documents required by the institution. Review the terms and conditions carefully before proceeding.

One can even open GIC account in India, Financial Institutions like Orient Exchange offers this kind of service.

Step 3: Initiate the Money Transfer:

After successfully opening your GIC account, you need to Send Money Abroad from your Indian bank account to the Canadian financial institution. Start by contacting your Indian bank to inquire about the available methods for international money transfers. Most banks/FI offer options like wire transfers or demand drafts. Choose the method that suits your convenience and budget. Be mindful of any fees or charges associated with the transfer.

Step 4: Complete the Necessary Documentation:

To comply with legal and regulatory requirements, you will need to complete certain documentation. This typically includes providing identification documents, proof of the source of funds, and any forms required by the Canadian financial institution. Ensure that you have all the necessary paperwork ready and submit it to the institution as per their instructions.

Step 5: Track the Transfer and Confirm Receipt:

Once you have initiated the money transfer, keep track of its progress. Monitor the transaction through your Indian bank and the Canadian financial institution to ensure the funds are successfully transferred. It may take a few days for the funds to reflect in your GIC account. Once the funds are received, you will receive confirmation from the Canadian financial institution.

Conclusion:

Above steps simplifies the student procedure to Open and transfer funds to GIC Account in Canada. From choosing trusted financial institution to confirming the funds, students must examine all the steps in-order to cut the unnecessary charges.