When going from India to Canada you must carry the Canadian dollar currency. The Canadian dollar is the official currency of Canada and the accepted legal tender there. A resident Indian may carry up to USD 3,000 or its equivalent in Canadian dollars (approximately CAD 3,740) as cash when going from India to Canada.

Amounts greater than USD 3,000 equivalent can be carried but not as cash. A maximum of USD 25,000 or its equivalent in Canadian dollars (approximately CAD 31,000) with maximum USD 3,000 equivalent in cash and rest in forex cards, travellers cheques, or a combination of both can be carried to Canada from India. The approximate amounts mentioned above are subject to changes and depends on the Canadian dollar rate in India.

A resident Indian can carry a maximum of Rs 25,000 when going abroad from India to Canada. However, do remember that Indian rupees are usually not accepted for exchange anywhere outside India. When going to Canada it is recommended to convert Indian rupees for Canadian dollars in India itself before you begin your trip.

The Canadian dollar is the 5th most held reserve currency in the world after the USD, Euro, Japanese yen and British pound. It counts for approximately 2% of the global reserve.

The various denominations of the Canadian dollar banknotes are $5, $10, $20, $50, and $100. Coins in circulation range in denominations of 5¢, 10¢, 25¢, 50¢, $1, and $2.

Interesting Fact : The $1 coin is called a loonie and the $2 coin a toonie

The advantages of a forex card depend upon the bank or money changer issuing them. Ideally, a forex card with no activation charges, ATM withdrawal fees abroad, inactivity fees and zero encashment fees would be best. Also, an important thing for students or travellers abroad to keep in mind is the exchange rate at which the bank or money changer is ready to load the foreign currency (Canadian dollar in this case) in the forex card.

You can obtain Canadian dollars from ;

1. Your bank

2. Any RBI authorized money changer

You’d have to physically visit your bank or the many money changers stores present in your town or city to know their exchange rate. Only by comparing the exchange rates offered by all these forex stores, would you be able to know which forex stores to choose to get Canadian dollars at the best exchange rates. Frankly, in today’s world where all manner of information can be found online, this is such a time consuming and ineffective process. Instead simply visit Extravelmoney.com.

ExTravelMoney is the best way to get Canadian currency in India. Compare exchange rates of forex stores near you online and place buy currency order online itself. Lock the best exchange rate you find and in fact, get the currency door delivered to you! It’s such a simple process to get currency conveniently in the best way possible.

To find the best prepaid travel card for Canada simply choose from the many multi-currency forex cards available in ExTravelMoney. You can compare the exchange rates of forex cards offered by the banks and money changers in your location. By comparing, you can find out the forex card offering the best exchange rates in your city without having to move from your home. You can even book the forex card online and get it door delivered to your home or office!

The documents required for buying Canadian dollar in India are ;

1. A valid Indian Passport

2. A confirmed air ticket showing travel within 60 days to Canada from date of buying currency

3. PAN card (if required and mandatory for Forex card)

4. Valid Canadian Visa

A person can avail foreign exchange up to USD 2,50,000 within the “Liberalized remittance scheme” for the purpose of going abroad for employment.

Source : RBI circular

As per RBI rule, a person can buy foreign currency 60 days before their date of travelling abroad. In case, if they are not able to use this foreign exchange within the 60 day period, then they must surrender it to their bank or to an RBI licensed money changer.