A lot of Indians have settled in Canada and it is often referred as mini-Punjab. The flow of money between India and Canada is huge. Canada also attracts a significant number of Indian students which means a lot of the Indian students or their parents have to transfer money from India to Canada. So if you're looking for best rates, faster transfer and excellent customer support, we at BookMyForex.com will help you in transferring money.

Modes of Sending Money to Canada from India:

You have two to transfer money from India to Canada: 1: Wire Transfer (Swift Transfers) 2: Demand Drafts (money orders)

What is a Wire Transfer?

Wire-transfer is the easiest and best way to transfer money from India to Canada. Though wire transfers are actually done by banks, it is cheaper to use the services of companies since like BookMyForex. These online marketplaces will get you a better rate than banks. However, wire-transfers can be expensive. As Banks in India charge anywhere from Rs. 500 to Rs. 1000 to process it. Moreover, most foreign banks that receive the money also charge a foreign correspondent fee ranging from CAD 10 to CAD 40.

What is a Foreign Currency Demand Draft?

You can send money to Canada through foreign currency demand drafts. Demand Drafts are physical paper drafts, issued in a specific foreign currency instead of a sending to a specific recipient. Demand drafts are much cheaper than wire-transfers. You have to pay just the demand draft fee to your bank or service provider. There is no need to pay any fee to the foreign bank receiving the money. This helps you save a lot.

However, the problem with demand drafts is that the process takes much longer to transfer money. It can take longer for the recipient to receive the money because you have to mail the demand draft physically. Once they receive it, it takes few days to en-cash the demand draft. The total number of days combined creates a large gap (maximum up to 10 days) in actually receiving the funds. So demand drafts work out better if there is no emergency. If you need to transfer money from India to Canada on a planned basis with sufficient notice, use demand drafts.

How much money can be sent to Canada from India?

According to RBI’s LRS policy Indians can send up to $2,50,000 or its equivalent per year per person abroad to Canada.

What are the purposes under which you can Transfer money from India to Canada?

You can send money abroad from India for the following 8 reasons:

1: Studies abroad
2: Business Trip
3: Medical Treatment Abroad
4: Maintenance of close relatives abroad
5: Emigration
6: Going Abroad on Employment
7: Gift or Donation
8: Private Visits abroad

What Beneficiary details do you need to transfer money from India to Canada?

- Beneficiary Bank Name, Swift Code, Routing number & Correspondent Account No.
- Beneficiary Name, Address (as given in bank)
- Remitter Name, Account Number and Purpose of Transaction with KYC.
- Filled A2 Form cum declaration with signature

What is the Documentation Required to Transfer Money From India to Canada?

You need following documents: —Original and valid passport
—Valid visa for the country of travel (except where VISA on arrival applies)
—Confirmed ticket-showing travel within 60 days of taking foreign exchange
—PAN (Form 60/61 in case PAN missing)
—Apart from this KYC of sponsoring company would be required as per RBI guidelines

What are the Benefits of making a Wire Transfer via Bookmyforex.com?

—Smarter, Faster & Most Trusted Way to Transfer Money from India to Canada.

—Send Money Abroad from India to Canada at the lowest possible rates.
—Best Rate Guarantee – Find us a BETTER RATE & we’ll beat it.
—Fastest Transfers – Book your order online and have your transfer processed in the next 12 – 48 business hours.
—Best customer support, available 24×7 on every medium (FB/Twitter/Call/Email)
- There are no foreign transaction fees or hidden charges. Notes:

All foreign currency transactions are subject to Service Tax.
Foreign Exchange and Money Transfer services are available though Tied-up Reserve Bank of India approved Authorized Dealers only. All foreign exchange transactions are subjected to AML/CFT/KYC & FEMA policies instructed by Reserve Bank of India.