Homeis
Popular searches
Family & Kids
Food & Drinks
Legal
Essentials
Health
Lifestyle
Travel
Finance
Send Money from India to Canada

Send Money from India to Canada

Yes, You read it right. This post about how to bring your money from India to Canada.


There are numerous services to transfer money the other way But we have very less options to bring money from India to Canada.


Option 1 - Mutual Transfer

You have a close friend in Canada who wanted to send money to India. You send your INR to his Indian account and He sends CAD to your Canadian account. This is win-win method for both you and your friend. You get best middle market rate (rate you see when you google “1 CAD to INR”) and it’s quick.

Two problems in this option: - You should find someone every time you want to bring money - Person you find should be trustworthy


Option 2 - IMT through bank

International Wire transfer : You can have someone (Indian resident) walk-in to the any big bank in India and ask them to send international wire by providing your Canadian bank details. Some banks such as ICICI, Kotak and HDFC offer this service online where you can send money out of India from your NRE account.


Issues with this option - Wire transfer through SWIFT is decade old, slow and buggy. It becomes super expensive to get your money back if something goes wrong - Exchange rate is bad, Will have additional fees to both send and receive a wire.

At the time of writing, Middle market rate is 54.91

Kotak remittance rate is 56.25

Fees to send is ₹1,000 and Fees to receive wire in Canada range from $10 - $20

Investigation fee. $25 to $35 for requesting tracing services.


Option 3 - Transferwise

Transferwise recently opened up option to send money to Canada from India. But even here you need someone who is an Indian resident create an Transferwise account.

Process is pretty straightforward, You fill in how much you want to send (Min: ₹20,000 Max: 3.25Lakhs for others and 6.5Lakhs for oversees education), Enter your Canadian bank account details, Upload their PAN and transfer money from their Indian bank account. Transferwise uses middle market rate but charges fees depending on amount you send,

it is

₹858 for sending ₹20,000

₹6,427 for sending ₹3.25 Lakhs

₹12,361 for sending ₹6.5 Lakhs

Signup for Transferwise


Option 4 - Instarem

Instarem uses middle market rate but charges less than Transferwise. Fees depends on transfer amount

it is

₹350 for sending ₹20,000

₹2438 for sending ₹3.25 Lakhs

₹4875 for sending ₹6.5 Lakhs

Signup for InstaRem


There is still no cost effective and efficient way to send money from India to Canada. Students, Immigrants and people requiring medical treatment overseas still suffer delays and exorbitant fees.

G
20 Saved
22 Comments
Gourav· Sep 08, 00:10
best way is Remitly fast , secure and almost no charge
Like
 Reply
7 Likes
Man Mohan · Sep 08, 00:42
You can send from Canada to India. But not the other way
Like
 Reply
Prachi · Sep 08, 01:55
But I think that's good for canada to india isn't it????
Like
 Reply
Gourav· Sep 08, 02:06
Yes you can use remitly and PayPal ,google pay in india as well.....to send money anywhere overseas
Like
 Reply
Manav· Sep 08, 11:25

Man Mohan have you tried it?

Like
 Reply
Man Mohan · Sep 08, 15:48

Manav tried from here to India but not yet from India to Canada

Like
 Reply
Awais Ullah· Sep 08, 00:15
Remitly is best. They don’t bother you with a lot of minor details you don’t know. Simple fast and minimal charges
Like
 Reply
1 Like
Gourav· Sep 08, 00:22
Agreed bhaijaan100%
Like
 Reply
1 Like
Abdul· Sep 08, 00:24
Yes Remitly is doing excellent service
Like
 Reply
S
Shivakumara· Sep 08, 00:46
Better way is with known friends we can save transact fees
Like
 Reply
1 Like
TARIQ· Sep 08, 02:57
RemitR is best n fastest with rates sync with market..not like Remitly which takes 5 days to transfer..
Like
 Reply
Awais Ullah· Sep 08, 22:12
I have been sending to Pakistan from an year. Never took more than 10-15 minutes for me
Like
 Reply
1 Like
Abhishek· Sep 08, 03:41
Remitly is best from Canada to India
Like
 Reply
Parth· Sep 08, 04:12
Do you pay tax on money received from India? Is it taxable income?
Like
 Reply
Harpreet Singh· Sep 08, 09:42
Why can’t we just brung in cash. Best exchange rate
Like
 Reply
Nile· Sep 08, 16:34
Remitly is the best so far .. no comparison to their service
Like
 Reply
Rahul· Sep 09, 12:25
Remitly is the best option
Like
 Reply
Varun· Sep 16, 05:05
Remitly is the best and takes few seconds have been using since 2016
Like
 Reply