6 Points To Consider When Transferring Money From Canada To India

By Author: shashank Bhaskar
Total Articles: 47
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The Reserve Bank of India’s Liberalised Remittance Scheme allows resident individuals to transfer foreign currency of a maximum of USD 250,000 or equivalent in an Indian financial year. According to the World Bank, India holds the top position in receiving money from other countries because many Indians reside in the USA, UAE, Saudi, Canada, etc.
There are many reasons to transfer money from Canada to India, including overseas education expenses, employment, medical treatment, care for a close relative, emigration and visa fees, and international visits for personal purposes. You must hold an appropriate account with a bank registered under the RBI with international branches.
Options
There are many ways you can send money from abroad to India and vice-versa, like demand drafts, direct transfers, Forex cards, online remittance services, and banks. While demand drafts are a traditional method of money transfer to India ...
... they take longer to get delivered and are costlier than online mediums.
Things to consider
As the market has become competitive, there is fierce competition among online remittance providers, resulting in a reasonable exchange rate. Consider the following criteria when using online remittance:
Reliability
How reliable is the chosen money transfer service? Does it allow you to send money from other countries to India? For instance, does it provide Australia to India money transfer facilities and vice-versa?
Speed
How soon do you want your funds to reach the recipient? Is it urgent? However, you may end up paying more if speed is a priority. Therefore, enter the required amount, beneficiary personal and bank details, and SWIFT code correctly before initiating the transfer. Instant transfers are costly but serve the purpose.
Exchange rates
Are you getting the best rate or paying more for convenience or speed? The best way to evaluate this is by comparing several options and selecting the feasible one. Ensure it does not cross your budget and lead to overspending. To get the best exchange rate for Canada to India money transfer, shop around and select when the rates are at their lowest.
Hidden fees
Are you paying more than you should? Sending money using a Debit or Credit Card has fees attached. Selecting a reliable medium for the money transfer from Canada to India, like the bank app, ensures you pay the right amount and does not charge hidden fees.
Convenience
How easy was the experience from the beginning to the end? Is there an app that makes the transfer easier? With the growth in automated payments, digital transfers have become the trend. You can instantly transfer money from Canada to India without visiting banks or exchange service providers.
Tracking
Are you able to track the process online? Thanks to online transfer facilities, you can check whether they have reached the recipient through live tracking and real-time updates. Approaching a reputed bank with networks worldwide is a wise option.