Last updated on April 6th, 2023 at 04:50 pm
Introduction
Table of Contents
Canada is a North American nation and the location of the enormous Niagara cascade. Canada is referred to as a “mini-Punjab” since a large number of Indians have settled there. As a result, substantial amounts of money frequently exchange hands between India and Canada. Indian students are drawn to Canadian colleges due to the quicker and more efficient visa application process.
The welcoming visa policies encourage students to join the nation because of its reputation for excellent education, low cost of living, and state-of-the-art medical facilities. Because the government invests more money in education, the nation values education and makes sure that all of the youngest citizens receive better training. Furthermore, they provide lower tuition costs for international students wherever in the world. With the aid of digitalized services created by reputable money changers, parents of students studying there can transfer money from India to Canada for their children.
How to send money to Canada from India
The money service providers you selected provide cheap cost remittance to Canada, and the entire transaction is done online and without paper. They also give you access to a live, apparent exchange rate that helps you better understand currency conversion. If the exchange rate reaches a certain point, you can occasionally freeze the currency. To learn about the INR-CAD rate and to keep up with day-to-day updates, every exchanger includes a currency converter on their website. Through accredited banks, your cash is transferred securely and safely. The service providers will impose a modest or nonexistent transfer fee on you.
Four easy procedures can be used to send money abroad,
• Enter the desired amount in Canadian dollars, choose the intended recipient, and then click “receive rates.”
• Compare the exchange rates offered by the nearby RBI-approved exchange houses, pick one, and make a reservation online.
• Now that the necessary KYC documents have been shared for verification, you can proceed. Once it has been authenticated, send the money via NEFT/RTGS to the exchange house of your choice.
• As soon as the money is credited, a wire transfer will start. Within 48 business hours, the funds must be credited to the beneficiary’s account.
GIC Account:
The Canadian government provides it. It stands for a Guaranteed Investment Certificate and refers to an investment account. There are numerous types of GIC accounts. A set quantity of cash must be deposited by students. It is released to them each month for a year as proof of cash for their study and survival.
Payment method:
There are two trustworthy methods for sending money.
• Transfer by wire (Swift)
When money is moved from an Indian account to an account in another country through the SWIFT network, it is known as a wire transfer. The best and simplest way to Send money abroad is this. When compared to banks’ service providers, sending a wire at the best exchange rate costs you very little money.
• Foreign Currency Demand Drafts (FCDD)
These are actual paper drafts that have been issued in foreign money. It is yet another practical method, but you should be aware that unlike wire transfers, which take only 12 to 48 hours to complete, it requires significantly more time.
Purpose of remittance:
• Payment of Canadian University Fees
• Indian students’ living costs in Canada
• a transfer to a GIC account
• Money transfers to any close family member in Canada
• Transfers made by travel companies to Canadian travel agencies or hotels
• Immigration and visa costs
• as a present for a citizen of Canada
• participation fee for training or conferences
• Fee for Immigration Consultation
Conclusion
Get assistance from the vendor’s assistance service for any questions about the transaction. The transaction can be completed online at your convenience. Conduct a thorough study on fund transfers before moving further.
