Banking Blog
Send Money from India to Canada
Posted on May 30, 2020 in
Remittance
Yes, You read it right. This post about how to bring your money from India to Canada.
There are numerous services to transfer money the other way But we have very less options to bring money from India to Canada.
Option 1 - Mutual Transfer
You have a close friend in Canada who wanted to send money to India. You send your INR to his Indian account and He sends CAD to your Canadian account. This is win-win method for both you and your friend. You get best middle market rate (rate you see when you google “1 CAD to INR”) and it’s quick.
Two problems in this option: - You should find someone every time you want to bring money - Person you find should be trustworthy
Option 2 - IMT through bank
International Wire transfer : You can have someone (Indian resident) walk-in to the any big bank in India and ask them to send international wire by providing your Canadian bank details. Some banks such as ICICI, Kotak and HDFC offer this service online where you can send money out of India from your NRE account.
Issues with this option - Wire transfer through SWIFT is decade old, slow and buggy. It becomes super expensive to get your money back if something goes wrong - Exchange rate is bad, Will have additional fees to both send and receive a wire.
At the time of writing,
Middle market rate is 54.91
Kotak remittance rate is 56.25
Fees to send is ₹1,000 and Fees to receive wire in Canada range from $10 - $20
Investigation fee. $25 to $35 for requesting tracing services
Option 3 - Transferwise
Transferwise recently opened up option to send money to Canada from India. But even here you need someone who is an Indian resident create an Transferwise account.
Process is pretty straightforward, You fill in how much you want to send (Min: ₹20,000 Max: 3.25Lakhs for others and 6.5Lakhs for oversees education), Enter your Canadian bank account details, Upload their PAN and transfer money from their Indian bank account. Transferwise uses middle market rate but charges fees depending on amount you send,
it is
₹858 for sending ₹20,000
₹6,427 for sending ₹3.25 Lakhs
₹12,361 for sending ₹6.5 Lakhs
Option 4 - Instarem
Instarem uses middle market rate but charges less than Transferwise. Fees depends on transfer amount
it is
₹350 for sending ₹20,000
₹2438 for sending ₹3.25 Lakhs
₹4875 for sending ₹6.5 Lakhs
There is still no cost effective and efficient way to send money from India to Canada. Students, Immigrants and people requiring medical treatment overseas still suffer delays and exorbitant fees.
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