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How To Transfer Money From India To Canada
Overview
Sukhwinder’s cousin sister lives in Toronto and she’s getting married in the next month. Sukhwinder had everything chalked out; he’d applied for leave a month back and it was approved, the gift for the bride was decided on, shopping for the wedding was over, and his to-do list in Toronto was ready as well. But suddenly his boss who sits in the US informed him that an important prospect is coming next month to India and he has to meet him. It was an important meeting and Sukhwinder knew that he couldn’t say no because if he clinched the deal then it would be a game changer for him. So, he called up his sister and explained her everything; she was angry but in the end she understood. Now the problem was how does he transfer the gift money to his sister’s account?
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Here we discuss quick and hassle-free solutions to transfer money to Canada -
You can send money to Canada or any other country through net banking and wire transfer Wire transfer takes two to four business days for the transaction to complete. Net banking is also a secure and fast way to transfer money online.
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When you are sending funds overseas, make sure that you are making the outward remittance for acceptable purposes. The Reserve Bank of India allows outward remittance only for the following purposes:
- For educational purpose
- Employment
- For medical treatments
- Emigration fee
- Gift
- Visa fee
- For international trips (private purpose)
- Caring for relatives
If you are an account holder in the bank, the remittance can be done by debiting the remitter account.
If you are a non-account holder, you have to pay the amount you want to remit in cash, cheque, or demand draft.
Your bank account must be at least a year old. If it is less than a year old, then talk with your bank regarding the transaction. IndusInd bank lets non-account holding people to transfer money abroad. In such case, you have to provide all your identity and address proof along with the bank account details of the recipient.
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