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Easy Guide on How to Send Money from India to Canada

by | Nov 22, 2023 | How To

When it comes to sending money from India to Canada, finding a reliable and efficient method of transfer is crucial. Whether you need to send money internationally from India for personal or professional reasons, it’s important to understand the best options available to you. In this guide, we will walk you through the process of sending money from India to Canada and provide you with valuable insights to make your transfer seamless and cost-effective.

Key Takeaways:

  • Choose a reliable platform like BookMyForex for hassle-free money transfers from India to Canada.
  • Consider wire transfer online as the recommended method for faster and more cost-effective transfers.
  • Ensure you have the necessary documents and details of the beneficiary for a smooth transfer process.
  • Review exchange rates, transfer fees, and customer reviews when selecting a money transfer provider.
  • Be aware of tax implications for sending money from India to Canada.

Benefits of Sending Money through BookMyForex

Sending money through BookMyForex offers several advantages. Firstly, they provide the lowest rates on wire transfers compared to banks and other service providers. This can result in significant cost savings. Additionally, their online platform and mobile app offer a quick and seamless booking process, making it easy to send money from India to Canada within minutes. The transfers are processed quickly, usually within 12 to 48 hours, ensuring that the money reaches the intended recipient promptly.

BookMyForex also offers 24/7 live and transparent transfer rates, allowing users to make transfers at their convenience. They prioritize security and work only with trusted and authorized banks for the processing of remittances. For students studying abroad, they offer exclusive discounts and cashback under the “BookMyForex Student Offer.” Overall, BookMyForex ensures a reliable, transparent, and hassle-free experience for sending money from India to Canada.

When it comes to sending money internationally, speed and security are crucial factors. BookMyForex provides fast and secure transfers, allowing you to send money to Canada without any worries. With their best rates on wire transfers, you can save money while ensuring that your funds reach the recipient in a timely manner. Whether you are supporting your loved ones or managing your financial commitments, BookMyForex offers a cost-effective solution for low-cost remittance to Canada.

Advantages of Sending Money through BookMyForex
Lowest rates on wire transfers
Fast and secure transfers
24/7 live and transparent transfer rates
Exclusive discounts and cashback for students

Factors to Consider When Sending Money from India to Canada

When sending money from India to Canada, it’s important to consider several factors to ensure a smooth and cost-effective transfer. These factors include:

  1. Exchange Rates: The exchange rate between Indian Rupees (INR) and Canadian Dollars (CAD) can vary between different money transfer providers. It’s advisable to compare rates and choose a provider that offers competitive rates to maximize the amount received in CAD.
  2. Transfer Fees: Different money transfer providers may charge varying fees for sending money to Canada. It’s crucial to review the transfer fees and choose a provider that offers transparent and affordable fees.
  3. Tax on Money Transfers: When sending money to Canada, it’s important to be aware of the tax implications. For transfers exceeding INR 7 lakh in a financial year, a tax collection at source (TCS) of 5% is applicable.
  4. Reviews and Feedback: Reading reviews and feedback from other users can provide valuable insights into the reliability and quality of service offered by different money transfer providers. It’s recommended to choose a provider with positive reviews and a trusted reputation.

By considering these factors, you can make an informed decision when sending money from India to Canada, ensuring a secure, cost-effective, and efficient transfer.

Factors to Consider Details
Exchange Rates Compare rates to maximize the amount received in CAD
Transfer Fees Choose a provider with transparent and affordable fees
Tax on Money Transfers Be aware of the 5% TCS for transfers exceeding INR 7 lakh
Reviews and Feedback Consider user reviews and choose a provider with a trusted reputation

It’s crucial to compare exchange rates and transfer fees, as well as consider tax implications when sending money from India to Canada. Additionally, reading reviews and feedback from other users can provide valuable insights into the reliability and quality of service offered by different money transfer providers.

Exchange Rates and Transfer Fees

Exchange rates play a significant role in determining the final amount received in CAD. It’s advisable to choose a provider that offers competitive rates to maximize the value of your money. Alongside exchange rates, transfer fees also impact the overall cost of the transfer. Comparing fees charged by different providers can help you find a cost-effective option.

Tax Implications

When sending money from India to Canada, it’s important to be aware of the tax collection at source (TCS) on transfers exceeding INR 7 lakh in a financial year. Understanding the tax implications and factoring in the applicable TCS can help you plan your transfers more effectively.

Reviews and Feedback

Reading reviews and feedback from other users can provide valuable insights into the reliability and quality of service offered by different money transfer providers. Platforms, such as online forums or social media groups, can be a helpful source of information when researching providers. Pay attention to user experiences and ratings to make an informed decision.

factors to consider when sending money from India to Canada

How to Send Money Online from India to Canada

Sending money online from India to Canada is a convenient and efficient process. By following these simple steps, you can easily transfer money to your desired recipient:

  1. Validate Remitter’s Details: Provide personal identification and address proof to validate your remitter’s details.
  2. Upload Required Documents: Upload necessary documents, including the remitter’s photo ID and address proof, ensuring the information is accurate and up to date.
  3. Select Payment Method: Choose your preferred payment method, such as NEFT/RTGS or net banking, to complete the transaction securely.
  4. Order Confirmation Summary: After making the payment, you will receive an order confirmation summary, which includes all the details of the transfer.

It is essential to double-check all the information you provide, as any errors can cause delays or complications in the transfer process. By ensuring the accuracy of your remitter’s details, uploading the required documents, selecting the appropriate payment method, and reviewing the order confirmation summary, you can have a smooth and successful online money transfer from India to Canada.

BookMyForex offers a user-friendly platform that guides you through each step, making the process simple and hassle-free. Additionally, their secure infrastructure ensures the safety of your personal and financial information throughout the transfer.

transferring money from India to Canada online

Additional Options and Considerations for Sending Money to Canada

When it comes to sending money to Canada, there are various alternative options available to suit your needs. In addition to online platforms like BookMyForex, you can also consider using Western Union, a trusted name in the money transfer industry. Western Union offers a range of services to cater to different transfer preferences.

One option provided by Western Union is cash payout, which allows the recipient to collect the money in cash from a designated location in Canada. This can be convenient for those who prefer physical currency or may not have access to a bank account.

Another option is a bank account transfer, which enables the money to be directly deposited into the recipient’s Canadian bank account. This method is ideal for individuals who prefer the convenience of having the funds directly accessible in their account.

“Western Union provides multiple ways to receive money in Canada, including cash payout and bank account transfer.”

If you prefer a digital transfer, Western Union also offers mobile wallet transfers. This allows the recipient to receive the funds in their mobile wallet, which can be accessed through a smartphone or other electronic devices. This method is convenient for those who prefer digital transactions and want to have the flexibility of using the money electronically.

To utilize Western Union’s services, all you need to do is register with them, which is a simple and free process. Once registered, you can create and verify your profile, making future transfers quick and easy. With Western Union’s secure money transfer system, you can have peace of mind knowing that your funds will be transferred reliably and safely.

Transfer Option Benefits
Cash Payout Ease of access for recipients without bank accounts
Bank Account Transfer Direct deposit into recipient’s account for convenience
Mobile Wallet Transfer Flexibility and convenience of digital transactions

In addition to these options, Western Union also offers a tracking number for transfers. Upon completion of the transfer, you will receive a unique tracking number, also known as a Money Transfer Control Number (MTCN). This allows you to easily track the progress of your transfer and ensure it reaches the intended recipient in a timely manner.

Furthermore, Western Union has a rewards program called My WUSM. By participating in this program, customers can benefit from cashback offers and receive discounts on transfer fees. This provides an added incentive for using Western Union’s services and saving on your international money transfers.

So, whether you prefer cash payout, bank account transfer, or mobile wallet transfer, Western Union offers a variety of options to make sending money to Canada convenient and secure. With their trusted reputation and reliable services, you can be confident that your funds will reach their destination smoothly, allowing you to support your loved ones or meet your financial obligations hassle-free.

Conclusion

Sending money from India to Canada has never been easier. With the availability of reliable and convenient online platforms like BookMyForex and Western Union, you can transfer your money securely and promptly. These platforms offer the best rates and low fees, ensuring that you get the most value out of your transfer.

By choosing these convenient online platforms, you can enjoy the benefits of easy money transfer from India to Canada. Whether you need to support your loved ones, pay for education, or cover medical expenses, these platforms provide a seamless and efficient way to send money internationally.

Rest easy knowing that your money is in reliable hands. These platforms prioritize the security of your transfers and work with trusted partners to ensure the safe delivery of your funds. With a few simple steps, you can successfully transfer your money and have peace of mind throughout the process.

Take advantage of the convenience offered by these online platforms and experience the hassle-free transfer of funds. Sending money from India to Canada has never been this easy, reliable, and affordable. Start using these platforms today and enjoy the benefits of secure and prompt money transfers.

FAQ

What are the options for transferring money from India to Canada through BookMyForex?

BookMyForex offers two main options for transferring money to Canada: wire transfer online and demand drafts. Wire transfer online is the most recommended method due to its speed and cost-effectiveness.

What are the advantages of sending money through BookMyForex?

Sending money through BookMyForex offers several advantages, including the lowest rates on wire transfers, quick and seamless booking process, fast processing times, 24/7 live and transparent transfer rates, and a reliable and secure platform.

What factors should I consider when sending money from India to Canada?

It is important to consider factors such as transparent rates, authorized banks for processing remittances, transfer fees, exchange rates, reviews and feedback from other users, and tax implications.

How do I send money online from India to Canada through BookMyForex?

To send money online through BookMyForex, you need to create a free profile, log in, select the international money transfer option, choose the city and country of the recipient, enter the transfer amount, validate remitter’s details, specify the purpose of the remittance, upload necessary documents, enter beneficiary’s details, review and make the payment.

Are there alternative options for sending money to Canada?

Yes, Western Union is a popular choice for sending money to Canada. They offer multiple ways to receive money, including cash payout, bank account transfer, and mobile wallet transfer. They also provide security, easy tracking, and a rewards program.