Sending Money from India to Canada? Here’s What Every BookMyForex Customer Should Know!
Understanding Wire Transfers
Need to send money from India to Canada? Whether it’s for education, family support, or investments, wire transfers are a super secure and reliable option. Your money is sent electronically through trusted networks like SWIFT, straight to the recipient’s bank account. To get started, you’ll need a few details: the recipient’s name, their account number, and the bank’s SWIFT or routing code. Sounds simple, right?
But here’s the thing – Indian banks charge pretty high fees for this service, usually ₹1500 to ₹2000 per transfer, and they also add a 2-3% markup to the exchange rate. That’s where BookMyForex comes in to save the day! We offer zero transfer fees and guarantee the lowest exchange rates. Plus, your money is processed through our trusted partner banks, so it’s just as safe as using your regular bank but way more affordable. So, why pay more when you don’t have to? Simply use the BookMyForex platform for your money transfer needs.
Why Indians Transfer Money to Canada
Under the Liberalized Remittance Scheme (LRS), Indians can send up to $2,50,000 in a financial year for various purposes. Canada has become one of the top destinations for Indians, and here’s why people often send money there:
1. Education: Canada is home to world-class universities like the University of Toronto, McGill, and UBC. Thousands of Indian students head to Canada every year for higher education, and families back home send money to cover tuition fees, living expenses, and other costs.
2. Family Support: Many Indians have family members living in Canada, whether they’re working professionals or permanent residents. Sending money to help with rent, groceries, or other expenses is a common reason for remittances.
3. Emigration and Employment: Canada is a top choice for Indians seeking permanent residency or work opportunities. Wire transfers are often used to cover initial settlement costs like housing deposits, transportation, and setting up a new life.
4. Medical Expenses: Canada’s healthcare system is renowned, and Indians travel there for specialized treatments. Money is sent to cover medical bills, consultations, and recovery expenses.
5. Investments: Canada offers great opportunities to invest in real estate, stocks, and businesses. Many Indians send money to purchase property in cities like Toronto or Vancouver or to invest in Canadian companies.
Documents Required for International Money Transfers to Canada
The documents needed for international money transfers through BookMyForex depend on the purpose of your transfer. For instance, if you are sending money for education purposes, you’ll need to upload an admission letter from a Canadian university. For fund transfers to family or loved ones, proof of your relationship with the beneficiary is required.
However, there are two mandatory documents for all transfers, regardless of the purpose:
—PAN Card
—Remitter Photo Cum Address Proof
For a detailed list of documents based on the purpose of your transfer, visit here
Factors to Consider When Transferring Money to Canada
1. Exchange Rates: Let’s talk about exchange rates as they’re a big deal when it comes to international money transfers. Always compare rates before making a transfer, it’s worth the effort! Even a tiny difference in rates can make a noticeable impact on the amount your recipient gets. For instance, if one provider offers ₹62 per CAD and another offers ₹61, that’s ₹10,000 savings on sending 10,000 CAD. Over a large transfer, this adds up even more! BookMyForex ensures you get the lowest rates with no hidden fees, unlike banks that often charge up to 2.5% extra.
2. Transfer Fees: Nobody likes paying extra fees, right? Transfer fees are the charges banks or money transfer services impose for processing your transaction. Indian banks typically charge fees of ₹1500 to ₹2000, and some platforms even charge a percentage of the transfer amount, which can go as high as ₹8000. But here’s the good news! BookMyForex offers zero transfer fees for sending money to Canada. Just use the promo code "ZEROBANKFEE" when placing your order and save yourself some cash!
3. Intermediary and Recipient Bank Charges: When sending money to Canada, your transfer passes through intermediary banks, which can deduct fees known as intermediary bank fees. On top of that, the recipient’s bank may also charge a fee for processing the incoming funds. To avoid surprises, choose a platform like BookMyForex that shows you the exact amount your recipient will receive upfront. Transparency is key!
4. Transfer Speed: How fast do you need the money to reach Canada? If you’re in a hurry, this is something to consider. Bank wire transfers usually take 3-5 business days, but BookMyForex processes transfers much faster, within 12 to 48 hours. For education-related transfers, we even offer same-day processing. Quick and hassle-free!
5. Security and Compliance: When transferring money overseas, security is non-negotiable. Always choose a platform that uses advanced encryption and secure payment gateways to protect your data. BookMyForex takes this very seriously! We use secure payment systems and watermark your documents to keep your information safe. Plus, we comply with all RBI regulations and FEMA guidelines, so you can transfer with peace of mind.
6. Tax Collected at Source (TCS): Here’s what you need to know about TCS on foreign remittances! For education and medical expenses, a 5% TCS applies, while for other remittances exceeding ₹7 lakh in a financial year, a 20% TCS is charged. Transfers below ₹7 lakh are exempt from TCS. The good news? You can claim the TCS amount when filing your income tax return.
