How to Transfer Money from India to Canada| North Loop Official Blog
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02 Mar 2020

How to Transfer Money from India to Canada

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Send money from India to Canada

If you’re planning on sending money to Canada, here’s some information that will be helpful and hopefully save you money as well! When you’re looking to transfer money to Canada from India at low rates, read below to find out the things you should look out for.

Tips on How to Send Money Overseas

Sending money under LRS (Liberalized Remittance Scheme) allows Indian residents to send money from India to Canada (or any country overseas), up to an annual limit of $250,000. To send money under the LRS scheme, you may qualify if you are sending money for education, helping a close relative, medical trips or emigration (as well as a variety of other reasons).
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How to send money from India to Canada

There are many ways to send funds to Canada from India:

Forex Companies
Forex companies (or currency exchange companies) are in the business of buying and selling foreign currencies. Thus, you can approach these companies to send money from India to Canada. Be careful when using these companies - since they only make money on forex, the forex markups and remittance fees can be quite high!

Banks
A traditional way to send money overseas is via a bank transfer. You can initiate a bank transfer online or by visiting a branch. After the bank has the necessary KYC information, they will send your money abroad via the SWIFT network. Similar to forex companies, banks will add a significant forex markup and heavy fees when you’re transferring money abroad.

North Loop
If you’re looking to remit money online, North Loop offers an easy way to do this. All you need to do is go to the North Loop website, register, and initiate a transfer to any Canadian university to pay university fees (general remittances coming soon). North Loop offers extremely low FX rates, and no transfer fees when you need to send money to Canada from India.

Study in Canada

Are you an Indian student studying in Canada? Or looking to study in Canada soon? You can send money to pay for university fees via North Loop, and if you’re looking for a bank account, make sure you focus on these important things:
  • No fee bank account
  • No incoming wire fees account
  • Credit Card for international students
  • No foreign transaction fees

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Emigrate to Canada

If you’re planning on emigrating to Canada, you can send up to $250,000 under the LRS Scheme, which is a good way to set up your life in this new country. Additionally, you will want to open a bank account, and below are some tips about which account you should choose!

Open a Bank Account in Canada

IWhen you get to Canada, you will want to open a bank account. The first factor in deciding on which bank is to see if it is an incoming wire fee free bank. Since you will be sending money from India to Canada, it is important that you save on incoming wire fees. Another important factor is if it is a bank account no international charges. A no international charges bank account is important for those who are studying or emigrating to a new country, as you will definitely travel (usually back to India) and you don’t want to incur any additional international charges when spending money abroad. Usually, if a bank doesn’t charge for these two fees, it means it is a no fees bank account and you will be able to save hundreds of dollars in fees.

North Loop Checking Accounts

Going to the US? Need to transfer funds to Canada? North Loop offers no fee checking accounts with no account minimums- you could save over $300 a year with a North Loop account vs. other bank accounts. Signing up takes 5 minutes, and all incoming wire transfers are free! Sign up here

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This publication is provided for general information purposes only and is not intended to cover every aspect of the topics with which it deals. It is not intended be advice. You must obtain professional advice before taking, or refraining from, any action on the basis of the content in this publication. The information in this publication does not constitute legal, tax, investment or other professional advice from North Loop or its affiliates. We make no representations, warranties or guarantees, whether express or implied, that the content in the publication is accurate, complete or up to date. All opinions expressed do not reflect the views of North Loop nor are endorsed by North Loop.