Things To Know About Money Transfers From Canada To India

By Author: Shashank Bhaskar
Total Articles: 63
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After the United States of America, Canada is the second most popular country for immigration. A significant percentage of the Indian population immigrates to Canada for education or employment every year. Besides incredible career opportunities and a fine standard of living, there is a higher probability of getting a permanent residency status, attracting several immigrants.
If you are a non-resident Indian living in Canada, you will surely miss your loved ones back in India. You would want to visit them. However, various commitments hold you back. But that does not mean you cannot be a part of their celebrations or share their sorrows in bad times. Transfer money from India to Canada to be there for your loved ones. There are different ways to transfer money from India to Canada, and online Remittance is the most popular.
You can initiate an online Remittance within minutes. You can be assured of 100% credit of funds within the shortest possible time frame. The following are things to consider before making International Money ...
... Transfers:
Transaction limits
The minimum transaction limit varies between banks. You should reach out to your bank for specific information. The Reserve Bank of India has set the maximum transaction limit as $250,000 or equivalent.
Transaction costs
Any International Money Transfer cost includes a processing fee and conversion fee. The processing fee is the charge to process your transfer request. The conversion fee is to convert your currency to the transfer country’s currency. If you are an NRI Account holder, you enjoy different Remittance and banking benefits. You can remit at preferential exchange rates and zero processing fee. GST gets charged as applicable.
So, if you have not opened an NRI Account yet, consider one. You can open and manage your NRI Account through the International Money Transfer.
Transaction timeline
You can initiate a Remittance request in minutes or an hour maximum. Once the request is completed, the bank processes it. You should be mindful of the cut-off time when making a Remittance request. It is best if you initiate the request before the cut-off time. This ensures it is processed the same day. The cut-off time differs for every country. The time limit for Canada is 11:00 AM (IST).
There are no concerns if you fail to make a Remittance before the cut-off time. In this case, your Remittance request will be processed the following day. The beneficiary can expect to receive funds within one to three days when you transfer money from Canada.
Details required
You should know the beneficiary’s name, address, bank name, bank branch name & address, and SWIFT code. Add all the details correctly and double-check before submitting your Remittance request. This is necessary to ensure your hard-earned money does not go into the wrong hands.