How To Transfer Money To Canada Easily (September 2024) (2024)

How To Send Money To Canada?

Canada is usually referred to as a mini-Punjab by many Indians. This is because of the large number of students who opt to pursue higher education in Canada and eventually settle down in the country. Transferring money overseas can be a dilemma for many new visitors as they wait for their money to arrive in their accounts on time or if the money is actually reaching their loved ones.

If you are looking to transfer money through banks, financial institutions or an online service provider, this guide may come handy.

You need to follow some simple steps: see the documents required, the tax available on money transfers and fees charged on every transaction along with getting the best exchange rate.

Check your options before you opt for a transfer mode and be updated with the live exchange rate. The most important thing is to make sure the remittance is processed by an authorized bank.

Let us check out the details of the money transfer.

Best Ways To Transfer Money To Canada?

The following are the two ways in which an individual can transfer money to Canada:

Wire Transfer To Canada

Wire transfer is convenient, easy and the best way to send money to Canada. They are mostly done by the banks but some online service providers offer it cheaply. They provide you with better exchange rates than what the banks offer.

The wire transfer procedure can be costly as banks can charge you between INR 500 to INR 1000 to process them. Most of the foreign banks that receive the money also charge you a foreign correspondence charge that ranges between CAD 10 to CAD 40.

Demand Draft

In simpler words, demand drafts are physical paper drafts that foreign countries issue. It is also a trouble-free and convenient way to transfer money to Canada. Despite being convenient, it is a time-consuming process. Whereas, if you opt for the wire transfer method it will just take 12 to 48 hours to complete the transaction.

How To Convert INR To CAD?

You can convert your Indian currency (INR) to Canadian dollars (CAD) with live exchange rates at any bank, financial institution or online service provider. We Forbes Advisor have our own Currency Converter Calculator that offers you with live exchange rates that we update timely.

You can check out the live rates before verifying them with any money transfer sources. You simply have to type the amount you wish to convert into your desired currency like INR to CAD.

For more details, you can check out CAD to INR Forecast.

Steps To Send Money To Canada

For wire transfers with reliable services and low rates, you can consider an online service provider. The following can be general guiding steps to follow for transferring money online.

Step 1: Download the mobile application or go to the preferred bank’s website and press “international money transfer”.

Step 2: Select the country and city and enter the amount.

Step 3: Press on the button “book this order”.

Step 4: Validate the details of the remitter.

Step 5: Verify your eligibility and the purpose of your remittance.

Step 6: Upload all the required documents like the remitter’s address proof.

Step 7: Add the beneficiary’s information like name, address, routing number, bank name and address, account number and swift code.

Step 8: Verify the information you entered and select your preferred location to process your order.

Step 9: Once everything is set you can proceed with the payment with either NEFT/RTGS or net banking.

Step 10: Lastly, you will get an order confirmation summary.

Factors You Should Consider Before Making A Transaction

• It is the best choice to choose a service provider that can offer you transparent rates and processes remittances via authorized banks.
• The exchange rate is an essential factor you should consider. You need to check live exchange rates and see which banks, financial institutes or online exchanges provide you with the best rates.
• You need to check the fees charged for the transaction. A fee is charged while sending money from one country to another. The minimum fee that can be charged is INR 225 plus goods and service tax (GST) and if the amount exceeds INR 7 lakh in a financial year, if applicable you will need to pay tax collection at source (TCS).
• Check the reviews and feedback before choosing a means of transaction.