Frequently Asket Questions (FAQs) Remittances
Remittance is the process of sending money, usually by a person working abroad, to someone in their home country.
How it works:
- Sender transfers money through a bank or service provider.
- Processing involves fees and exchange rates.
- Recipient collects the money via bank or cash pick-up.
For sending a remittance, you’ll typically need the following identification:
- Government-issued ID (passport, driver’s license, national ID)
- Proof of address (utility bill, bank statement)
- Sender’s details (full name, contact info)
- Recipient’s details (name, contact, country)
Additional documents may be required depending on the service provider and the amount being sent.
The time it takes for a remittance to reach its destination can vary significantly based on several factors, including the countries involved, the remittance service provider, the chosen transfer method, and any potential delays due to compliance or security checks anti-money laundering (AML) and know your customer (KYC). Delays can occur if additional documentation is required for compliance purposes, especially for larger transactions or if the purpose of the transfer raises any concerns.
- Proof of enrollment at the educational institution
- A valid student visa
- Supporting documents like an invoice or fee schedule from the institution
- Yes, limits may vary based on your country’s remittance policies and regulations. Some countries have specific caps on educational remittances and living expenses.
Frequently Asket Questions (FAQs) Guaranted Investment Certificate(GIC)
A Student GIC (Guaranteed Investment Certificate) is a financial product offered by Canadian financial institutions. It is designed for international students studying in Canada to demonstrate proof of funds required for their living expenses during their stay.
While not mandatory, a GIC is a commonly used and accepted form of proof of funds when applying for a Canadian study permit. It helps demonstrate to immigration authorities that students have the financial means to cover their living expenses during their studies.
Typically, a Guaranteed Investment Certificate (GIC) requires CAD $10,000 for students, plus any processing fees charged by the financial institution.
No, the GIC is meant to cover living expenses while studying in Canada. Tuition fees must be paid separately.
No, the GIC is released in installments. A portion is provided upon arrival, and the remaining amount is distributed throughout the year.
Major Canadian banks like Scotiabank, CIBC, RBC, and ICICI offer GICs for international students.
Frequently Asket Questions (FAQs) Travel Cards
A travel card is a prepaid card that you can load with foreign currency for use while traveling abroad.
You load funds onto the card in your desired currency, and you can use it for purchases or withdrawals like a debit card while traveling. It helps avoid currency conversion fees.
- Locks in exchange rates
- Avoids fluctuating currency rates
- Convenient for purchases and withdrawals abroad
- Accepted widely at ATMs and stores
Travel cards can be used globally at ATMs, stores, and online retailers that accept the card network (Visa, MasterCard, etc.).
Yes, they are secure with PIN protection and can be blocked if lost or stolen. Many offer fraud protection features.
Yes, most travel cards allow you to reload funds online or via a mobile app.
Frequently Asket Questions (FAQs) Travel Insurance
Travel insurance is a policy that provides financial protection for unexpected events or emergencies while traveling, such as medical issues, trip cancellations, or lost luggage.
It typically covers:
- Medical emergencies
- Trip cancellations or delays
- Lost or stolen baggage
- Emergency evacuations
- Travel-related accidents
The process for applying for a study visa varies depending on the country you plan to study in. Generally, you will need to submit an applicatioaYes, travel insurance is recommended, especially for international trips. It provides security against unforeseen events that could lead to financial loss or complications.n form, provide supporting documents such as proof of acceptance from a recognized institution, proof of financial means, and possibly attend an interview at the embassy or consulate.
It’s best to purchase travel insurance soon after booking your trip to ensure coverage for cancellations or other pre-trip incidents.
Costs vary based on factors like trip length, coverage type, traveler’s age, and destination. Typically, it ranges from 4% to 10% of the total trip cost.