Money Transfer from Canada to India from your Bank in 4 Simple Ways

Indians living abroad need to often transfer money back to their family and friends in India. A banking service can let you make a quick and secure transfer using many ways. Mentioned in this post are four simple ways you can make the transfer from your bank account in Canada to your family and friends in India.

International fund transfer from Canada to India can be facilitated in several ways. While online service providers offer an efficient transfer, banks also offer in-branch transfers and sender and receiver friendly services. Here are four simple ways for money transfer internationally between the two countries.

Digital Bank Money Transfers (Online)

Many banks in Canada specialize in foreign currency exchange and offer direct transfer to the recipient's Indian bank account. To transfer money to India online, the sender first needs to open a bank account.

Some banks in Canada allow account holders to transfer funds to almost any bank in India with just two easy steps. They have an advantage over other online platform users due to these factors,

• Rate Block: Rate block allows the sender to set a Minimum Exchange Rate for a transfer. The transfer automatically gets processed once the bank’s exchange rate reaches or crosses the minimum rate.

• Standing Instruction: Account-holders can transfer funds to designated beneficiaries in India by pre-scheduling the dates and amount of money, thus ensuring regular and hassle-free transfer.

Mobile Apps

Numerous banking apps also offer a secure and efficient way of money transfer from Canada to India. Always compare exchange rates, fees, and speed of the fund transfer to choose the best app. Below are listed some unique benefits offered by the banks when using their apps to transfer money.

• Allows you to add new beneficiaries and transfer funds in just 24 hours.

• Fund transfer at a single click with recent transfers visible on the app.

• The sender can pre-decide dates and the amount of money to be transferred by setting up Standing Instructions.

• Transaction history is available.

Bank Transfers (Branches)

Since the Indian Rupee is a popular currency, the chances are high that the sender’s local bank can facilitate the transfer. International money orders can be sent online to native bank accounts or third party recipients using this method. Steps to follow and points to consider are,

• The sender should go to the international money transfers section of his/her banking branch.

• The address of the recipient’s bank, his account details, account name, and sometimes the receiving bank’s SWIFT code, an international bank identification system, are required.

Online money transfer can take place to any IMPS, NEFT or RTGS enabled bank or branch across Indi. With competitive exchange rates, low service charges, and customized services, the bank usually offers three different modes of money transfer at branches for both account holders and non-account holders.

• Electronic money transfer to a bank account.

• Indian Rupee Draft.

• Indian Rupee draft purchased in Canada and payable in India.

Transfer Over Phone

Some banks allow you to initiate a money transfer to India by calling a toll-free number. The money can be transferred in two ways,

• Electronic money transfer to an Indian bank account

• Indian Rupee draft issued to the recipient’s bank at no additional cost.

What Factors Should be Considered?

It is important to compare transfer costs, customer convenience, and exchange rates for grabbing the best transfer deal. Below are some factors to be considered while sending money to India.

• Pay heed to the latest exchange rates.

• Beforehand calculation and idea of transfer fees.

• Transfer limits should also be considered as they vary from one provider to another.

• Transfer time.

• Transfer methods.

• Taxes and regulations.

Make Your Transfers Easy By Selecting a Reputable Banking Service

In case you need to transfer money to India regularly, it may be a good idea to open an account with a bank that lets you transfer in the ways mentioned above. Do check if they help you block the rates and let you transfer quickly and easily before you select a bank. And lastly, choose your transfer method wisely and enjoy a secure fund transfer to your loved ones in India.