Send Money Abroad From India to Canada
Whether your motive for transferring money to Canada from India for academics, the upkeep of a relative, or medical tourism, Remit Forex will make the entire process painless and straightforward. Not only that, but we provide the best rates in the Indian forex market anytime you send money from India. Canada is a country in North America that stretches from the United States to the Arctic Circle in the north. Because of the large number of Indians who have settled in Canada. The amount of money flowing between India and Canada is enormous. Canada also attracts many Indian students, which means that many Indian students and their parents must move funds from India to Canada. So, if you want the lowest prices, a speedier transfer, and exceptional customer service, Remit Forex can help you send money to Canada online.
Documentations required
Your legitimate ID evidence and a PAN Card are vital documents when sending money abroad.
These credentials will make it easier for you to make an international money transfer from India to Canada.
What are the most prevalent ways for Indian residents to send money to Canada?
Online Wire Transfer (Swift Transfers)A wire transfer is an electronic transfer of funds from one bank to another. Wire transfers are a type of international money transfer. This method of transfer is both quick and safe. They're also utilised to send money from abroad to India. For example, suppose you live in Canada, and your parents live in India. You can send money to your parents via wire transfer. Let's imagine an Indian student is studying in another country. The wire transfer service allows the student's parents to send money. The SWIFT (Society for Worldwide Interbank Financial Telecommunication) network is the most prevalent wire transfer method. The SWIFT network is an electronic messaging system. Its network includes over 11,000 banks in over 200 countries. This network is used to transfer data from one bank to the next. It also has wire transfer instructions.
Demand DraftsA demand draft is a payment method that allows a person to move money from one bank account to another. Demand drafts, unlike conventional checks, require signatures to be cashed. The Federal Reserve suggested additional restrictions in 2005 in response to an increase in the fraudulent use of demand drafts, enhancing a victim's entitlement to a refund and holding banks more liable for cashing fraudulent checks.
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Most Common resasons to transfer money from india to Canada
- Overseas education
- Living expenses of students studying abroad
- Gift remittance
- Emigration
- Medical treatment
- Participation in Global Conference or training
How can you send money from India to Canada securely and conveniently
- Choose an authorised remittance partner: For a safe and hassle-free transaction, always use an Authorised dealer with an AD II licence from (Regulators like) RBI while sending money from India to Canada.
- Be aware of your transactional limit: The RBI has set several limits and rules for receiving money from India under the Liberalized Remittance Scheme. A person from India can send up to USD 250,000 per fiscal year to meet their needs in another country.
- Foreign exchange rates: It is always best to acquire information on the most recent exchange rates and associated costs of the services offered for a smooth and cost-effective transaction.
remitforex, the answer for all your QUERIES
If you are looking to make an international payment from India, particularly from India to Canada, please get in touch with us by visiting our website www.remitforex.com and submitting a query, or by calling us at 1800 102 0555 . WhatsApp us at +91 8129922232 or emailing us at care@remitforex.com. You can also visit any Unimoni- remitforex branch in India, for a hassle-free and quick transfer from India.
Frequently Asked Questions
- You can quickly transfer significant sums of money from India to Canada via remit forex
- Choose the recipient and provide specific information about them
- Provide accurate bank account information and update the amount sent to Canada
- Select a payment method
- Give the senders address proof and information
Remit Forex processes outward remittances through India's trustworthy and authorised banks. We track orders and update you on their status until the funds are transferred from India to the beneficiary's account. Remit Forex processes your online transaction through a secure HTTPS connection with the highest levels of encryption available
According to the new rule, all remittances over INR 7 lakh will be subject to a 5% TCS (tax collected at source) under the RBI's Liberalized Remittance Scheme (LRS). The application of Tax Collected at Source was notified by the Finance Act of 2020 on March 27th, 2020, with effect from October 1st, 2020.
Remember, TCS (tax collected at source) will only apply to amounts above INR 7 lakh in a fiscal year, not the overall quantity. For example, if you transfer INR 10 lakh in a financial year, TCS will apply a 5% rate to the extra INR 3 lakh, resulting in a tax of INR 15,000.
TCS will apply at a rate of 0.5 per cent on remittances for foreign study, but only if the amount transferred is the result of a loan from a bank. Consider the following scenario: the total sum is INR 15 lacs. TCS of 0.5 per cent will be applied to Rs. 8,00,000 (amount after Rs. 7 lac is deducted), and the tax collected will be Rs. 4000 in this case.
- Name of the Beneficiary Bank, Swift Code, Routing Number, and Correspondent Account Number
- Name and Address of Beneficiary (as given in bank)
- KYC requires the remitter's name, account number, and transaction purpose.
- A2 form completed and signed cum declaration.
According to the RBI's LRS policy, Indians can transmit up to $250,000 (or its equivalent) per person per year to Canada. You can send money to Canada either online or with a demand draft.
A bank transfer from India to Canada can take up to 48 hours to complete. The funds are occasionally credited within 24 hours of the transfer. It usually takes three working days to finish.
There is no minimum amount set by Remit Forex or the banks involved in the international money transfer.
There is no minimum amount set by Remit Forex or the banks involved in the international money transfer.
Permission is supplied to help you with your questions and transactions via “remitforex” on our website: www.remitforex.com and a query or chatter with us at the toll-free digit 1800 102 0555 or WhatsApp: +91 8129922232 or send us at care@remitforex.com.