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Send Money from India to Canada with BookMyForex

Canada is often referred to as mini-Punjab, with many Indians making it their home. The flow of money between India and Canada is significant due to the considerable number of Indian students studying there. This necessitates regular money transfers from India to Canada. When it comes to foreign remittance, BookMyForex offers the best rates, quick transfers, and affordable service.

The platform simplifies the funds transfer process, making it as straightforward and seamless as possible. Regardless of whether you're sending funds for education, family maintenance, or medical purposes, we assure competitive rates better than any other in the Indian forex market.

Exclusive Tie-Ups With Leading Banks for International Money Transfer 

BookMyForex has partnered with leading Indian banks, Yes Bank and RBL Bank, alongside other trusted service providers. This partnership ensures that we provide quick, secure, and cost-effective international money transfer service to those looking to send funds abroad.

Ways of Sending Money to Canada from India:

You have primarily two ways to transfer money abroad:

1: Wire Transfer (swift transfers)

2: Demand Drafts (money orders)

What is a Wire Transfer?

Wire transfer is the easiest and best way to remit money to Canada from India. Though wire transfers are even done by banks, it is cheaper to use platforms like BookMyForex. Banks in India charge anywhere from Rs. 500 to Rs. 1000 to process them. Moreover, most foreign banks that receive the funds also charge a foreign correspondent fee ranging from CAD 10 to CAD 40. In contrast, BookMyForex offers zero transfer fees and the best forex rates for your wire transfer to Canada.

What is a Foreign Currency Demand Draft?

Typically, demand drafts are physical paper drafts issued in foreign currencies. It is another convenient way to send funds to Canada. The one thing to keep in mind is this method is much more time-consuming. A wire transfer, on the other hand, only takes 12 to 48 hours to complete.

How to Transfer Money from India to Canada with BookMyForex?

BookMyForex is India's leading online platform where you can do secure and easy wire transfers from India to Canada. All you need to do is open our website and follow the below-mentioned steps:

1. Order Details: Submit your city, the transfer country, and the amount you want to send.

2. Customer Details: Verify the remitter's details using an AADHAR card and PAN card.

3. Eligibility Check: Share the purpose of the remittance and upload the necessary documents.

4. Beneficiary Details: Submit the beneficiary's name, address, bank details, and SWIFT code.

5. Review Order: Check the order details before completing the payment online.

After you successfully finish the required steps, a digital A2 form will be generated. Your transfer will be processed by our partner bank, following doorstep KYC verification, and you will be provided with a SWIFT acknowledgment thereafter.

Why is BookMyForex the Best Platform for International Money Transfers?

BookMyForex is regarded as India's most reliable platform for money transfers abroad. Here are some of the reasons why the platform is the preferred choice for many:

1. Online Booking Process: Our online boo

king process is designed to provide a smooth and efficient transfer experience. Wire transfers to Canada can be booked online in five minutes. 

2. Most Affordable Services: Get the most affordable rates on wire transfers along with the best level of service. Using BookMyForex, you can save up to 5% on remittance orders.

3. Book Now Pay Later Option: Using this option, customers can lock rates for up to 3 days by making a refundable deposit of 2%. Our commitment to innovation is evident in this feature. 

4. Fastest Method of Money Transfer: Wire transfers through BookMyForex are a much better choice than demand drafts. In most cases, transfers are processed within 12 to 48 working hours.

5. Live and Transparent Rates: We display 24*7 live and transparent transfer rates so that you can place your order whenever it's convenient for you, regardless of the time of day. 

6. Discounts Available for Students: We offer students studying abroad exclusive discounts and cashback when they transfer tuition fees via wire transfer to Canada under the "BookMyForex Student Offer".

7. Best & Reliable Services: We strongly believe in providing our customers with a secure and hassle-free experience. We work with trusted & authorized banks for the processing of remittances. 

Factors to Consider When Sending Money from India to Canada

1. Exchange Rate: Ensure the best value for money by comparing rates from different services.

2. Transfer Fees: Clarity on the fee structure beforehand avoids unexpected expenses and helps in identifying the most economical transfer option.

3. Transfer Speed: Prioritize a service in line with your urgency - opt for rapid transfer or go for a slower, less expensive option.

4. Service Provider: Opt for a trusted provider for international money transfers. Seek a service that partners with authorized banks and provides transparent exchange rates.

5. Regulatory Compliance: Choose a provider that manages smooth transfers, complying with the regulatory norms of both countries involved.

6. Security: Go for a platform that prioritizes top-rated security features, ensuring the safety of your financial and personal data.

7. Tax Collected at Source (TCS): Keep in mind that TCS of 5% for education and medical remittances, and 20% for other remittances exceeding INR 7 lakh in a fiscal year is applicable. However, transfers of less than INR 7 lakh within a fiscal year are exempt from TCS.