How to Transfer Money from India to Canada?
Money Transfer from India to Canada can be done in 4 simple steps.
- Enter the amount in Canadian Dollars, choose the purpose of remittance and click on 'get rates'.
- Compare the exchange rates from nearest RBI approved exchange houses, choose any and book online.
- You can now share the required KYC documents for verification. Once verified, transfer the amount to the chosen exchange house via NEFT/RTGS.
- Wire transfer will be initiated as soon as the amount is credited. The money should be credited in the beneficiary account within 48 working hours.
Modes for Outward Remittance from India to Canada
What is wire transfer?
Wire Transfer (TT Transfer/SWIFT Transfer) is an electronic mode of fund transfer (through SWIFT), with which you can transfer money from your Indian Bank account to an overseas bank account. Indian Banks and RBI approved Authorized Dealers has arrangements with over 400+ major banks across the globe to receive SWIFT messages which ensures safe and secure outward remittance from India. Account holders of any Bank in India (resident and non-resident) can do a wire transfer from India.
What is a foreign currency Demand Draft?
A Foreign Currency Demand Draft is another facility for making international money transfer for educational payments, medical fees, VISA fees or migrating to other countries etc. Demand drafts are a safe option for making international money transfer as it is made 'favouring' the beneficiary. DDs can be reissued if lost or stolen.
Main Purposes of Sending Money to Canada from India
- Tuition Fee Payments to Universities or Colleges in Canada
- Living Expenses of Indian Students in Canada
- Payment to GIC account
- Sending Money to any close relative in Canada
- Remittance by tour operators to agents or hotels in Canada
- Visa/Emigration fees
- As gift to a Canadian resident
- Fee for participation in conferences or training
- Emigration Consultancy Fee
Documents Required for Wire Transfer from India to Canada
Any of these documents can be required depending on the purpose of remittance.
- Govt issued photo ID proof of the sender (Passport/Voter’s ID/Aadhar Card)
- PAN card copy of the sender
- Filled A2 Form cum declaration with signed by the sender
- Purpose proof (University letter/Prospectus) stating the amount to be transferred and account details (for tuition fee payments only)
- Beneficiary passport copy (for maintenance of close relative & gift remittance only)
- GIC account opening letter (only for sending money to GIC account)
Beneficiary details to be shared:
- Beneficiary Bank Name & Address
- Beneficiary Name & Address (as given in bank)
- SWIFT Code & Transit Code
- Beneficiary Account Number
- 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.