Let me guess — you’ve been celebrating your Canada university admit with your family in Lucknow or Kanpur, and now someone just dropped the big question: “Beta, GIC ka payment kaise hoga?”

Yeah. That moment.

The GIC — Guaranteed Investment Certificate — is a mandatory CAD 10,000 deposit (roughly ₹6.2–6.5 lakhs depending on the day’s rate) that Canadian immigration requires before approving your student visa. It’s not optional. It’s not negotiable. And if you get the exchange rate wrong, you could lose ₹10,000–₹20,000 just on the conversion — before you’ve even landed in Canada.

I’ve spoken with dozens of students from Raebareli, Kanpur, and Lucknow who made this payment through their regular bank without comparing rates first. Most of them regret it. This guide is for you — so you don’t make the same mistake in 2026.

And yes, MyForexer (📞 +91 9839522555) is here to help you every step of the way.

What Exactly Is a GIC and Why Does Canada Require It?

The GIC Canada payment is essentially proof that you have funds to support yourself during your first year in Canada. Here’s how it works:

You deposit CAD 10,000 with an approved Canadian financial institution (like CIBC, Scotiabank, or SBI Canada). Once you land, the first installment is released to you immediately. The rest comes in monthly installments — like a financial safety net.

For immigration purposes, this demonstrates genuine financial intent. It’s part of Canada’s Student Direct Stream (SDS) visa process, and without it, your study permit is simply not processed.

Quick Calculation (2026 estimate):

• CAD 10,000 at ₹62.50/CAD = ₹6,25,000
• CAD 10,000 at ₹63.80/CAD = ₹6,38,000
• That ₹13,000 difference? That’s just from the exchange rate.

This is exactly why comparing rates before you transfer matters — and why students from Lucknow and Kanpur are increasingly calling MyForexer at +91 9839522555 before initiating the transfer.

How to Send GIC Payment from India in 2026 — Step by Step

Sending money internationally for education falls under RBI’s Liberalised Remittance Scheme (LRS), which allows Indian residents to remit up to USD 2,50,000 per financial year for permitted purposes — and education is absolutely one of them.

Here’s the basic process:

Step 1: Choose your GIC provider (CIBC, Scotiabank, or the institution your university recommends) Step 2: Get their wire transfer/SWIFT details Step 3: Contact MyForexer (+91 9839522555) to lock in the best CAD rate Step 4: Fill out Form A2 (mandatory for LRS remittances) Step 5: Submit KYC documents — passport, visa application copy, university offer letter, PAN card Step 6: Transfer gets processed through an RBI-authorized partner

MyForexer works with RBI-authorized AD Category-1 banks and forex dealers, so every transaction is fully compliant with FEMA regulations. No grey areas. No stress.

Bank vs MyForexer — Let’s Talk Real Numbers

This is where it gets interesting. I always tell students: don’t assume your bank gives you the best rate. Check first.

Students from Raebareli especially tell me they never knew a service like MyForexer existed until a friend told them. Don’t be that person who finds out after the transfer.

What About TCS — Will It Hit Your GIC Payment?

Yes, TCS (Tax Collected at Source) applies on foreign remittances under LRS. Here’s the 2026 rule you need to know:

• Remittances up to ₹7 lakhs/year: 0% TCS (for education-related transfers through recognized institutions)
• Above ₹7 lakhs via education loan: 0.5% TCS
• Above ₹7 lakhs without education loan: 5% TCS

Since a GIC payment is typically around ₹6.2–6.5 lakhs, most students fall below the ₹7 lakh threshold — meaning zero TCS if properly routed.

MyForexer’s team (+91 9839522555) guides you on exactly how to structure your remittance to stay compliant and minimize tax outgo. This is the kind of advice your regular bank branch in Kanpur probably won’t proactively give you.

Common Mistakes Students from UP Make During GIC Transfers

I’ll be direct — these are real mistakes I’ve seen:

Mistake 1: Going with the bank rate without comparing A student from Lucknow sent CAD 10,000 at ₹64.10/CAD through his bank. MyForexer was offering ₹62.95 that same day. He overpaid by ₹11,500. Ouch.

Mistake 2: Not locking the rate in advance CAD rates fluctuate daily. If you wait too long after getting your offer letter, the rate might move against you. MyForexer offers rate lock and rate alert services — you set your target rate, they notify you when it hits.

Mistake 3: Wrong SWIFT details This causes the transfer to bounce back, sometimes with charges. MyForexer double-verifies recipient SWIFT/IBAN details before processing.

Mistake 4: Ignoring Form A2 Without this RBI form, your remittance can be held or flagged. MyForexer helps you fill it correctly.

Mistake 5: Sending too early or too late GIC providers have specific processing timelines. Send too early and your admission date might not match. Send too late and your visa gets delayed. MyForexer advises on optimal timing based on your visa slot.

Why Students in Lucknow, Kanpur & Raebareli Trust MyForexer

Here’s the thing about cities like Raebareli and Kanpur — forex services used to mean a long trip to a bank, confusing paperwork, and zero guidance on rates. That’s changed.

MyForexer brings big-city forex expertise to your doorstep:

✅ Live rate comparison — you see what the market rate is, not just what the bank quotes ✅ Best price guarantee — if you find a better CAD rate, they’ll match it ✅ Rate alerts — set your target CAD/INR rate and get notified automatically ✅ Doorstep delivery & support — no need to travel to a branch ✅ Scam protection guaranteed — every partner is RBI-authorized ✅ End-to-end documentation support — from Form A2 to SWIFT confirmation

📞 Call MyForexer: +91 9839522555

Whether you’re in Gomti Nagar in Lucknow, Civil Lines in Kanpur, or right here in Raebareli — MyForexer is just a call away.

One More Calculation Before You Decide

Let’s say the CAD/INR rate on your transfer date is:

• Bank rate: ₹63.90/CAD → GIC payment = ₹6,39,000
• MyForexer rate: ₹62.85/CAD → GIC payment = ₹6,28,500
• Your saving: ₹10,500 — that’s two months of groceries in Canada! 🍁

And that saving doesn’t include the avoided processing fees and TCS optimization. The numbers speak for themselves.

🙋 FAQ — GIC Canada Payment from India 2026

✅ Conclusion — Don’t Leave ₹10,000+ on the Table

Sending your GIC payment from India to Canada isn’t just a bank transaction — it’s one of the most important financial decisions you’ll make at the start of your study abroad journey. A difference of ₹1/CAD translates to ₹10,000 on a CAD 10,000 transfer. And in 2026, with exchange rates swinging daily, that difference can easily be ₹15,000–₹20,000.

Students from Lucknow, Kanpur, and Raebareli deserve the same access to sharp forex rates and expert guidance that big-city students get. That’s exactly what MyForexer delivers — live rates, transparency, RBI-authorized transfers, and genuine support.

So before you walk into your bank and accept whatever rate they quote you — make one call.

📞 MyForexer: +91 9839522555 🛡️ Scam Protection Guaranteed | RBI-Authorized Partners | Best Rate Promise

Your Canada dream is too important to overpay for.