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Frequently Asket Questions (FAQs) Remittances

What is remittance, and how does it work?

Remittance is the process of sending money, usually by a person working abroad, to someone in their home country.

How it works:

  1. Sender transfers money through a bank or service provider.
  2. Processing involves fees and exchange rates.
  3. Recipient collects the money via bank or cash pick-up.
What type os identification are required for sending a Remittance ?

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.

How long does it take for a remittance to reach its destination?

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.

What are the requirements in Educational remittance?
  • Proof of enrollment at the educational institution
  • A valid student visa
  • Supporting documents like an invoice or fee schedule from the institution
Are there limits on the amount I can remit?
  • 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)

What is a 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.

Is a GIC required for a Canadian study permit?

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.

How much money is required for a GIC?

Typically, a Guaranteed Investment Certificate (GIC) requires CAD $10,000 for students, plus any processing fees charged by the financial institution.

Can the GIC be used for tuition fees?

No, the GIC is meant to cover living expenses while studying in Canada. Tuition fees must be paid separately.

Can the GIC be accessed all at once?

No, the GIC is released in installments. A portion is provided upon arrival, and the remaining amount is distributed throughout the year.

Which financial institutions offer GICs for students?

Major Canadian banks like Scotiabank, CIBC, RBC, and ICICI offer GICs for international students.

Frequently Asket Questions (FAQs) Travel Cards

What is a travel card?

A travel card is a prepaid card that you can load with foreign currency for use while traveling abroad.

Do I need a study visa to study 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.

What are the benefits of using a travel card?
  • Locks in exchange rates
  • Avoids fluctuating currency rates
  • Convenient for purchases and withdrawals abroad
  • Accepted widely at ATMs and stores
Where can I use a travel card?

Travel cards can be used globally at ATMs, stores, and online retailers that accept the card network (Visa, MasterCard, etc.).

Are travel cards secure?

Yes, they are secure with PIN protection and can be blocked if lost or stolen. Many offer fraud protection features.

Can I reload funds?

Yes, most travel cards allow you to reload funds online or via a mobile app.

Frequently Asket Questions (FAQs) Travel Insurance

What is 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.

What does travel insurance cover?

It typically covers:

  • Medical emergencies
  • Trip cancellations or delays
  • Lost or stolen baggage
  • Emergency evacuations
  • Travel-related accidents
Do I need travel insurance?

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.

When should I purchase travel insurance?

It’s best to purchase travel insurance soon after booking your trip to ensure coverage for cancellations or other pre-trip incidents.

How much does travel insurance cost?

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.