What is the Cheapest Way to Transfer Money from India to Canada
With 5.6% of Canadians having their roots in the Indian soil it is never a surprise if it is referred to as the mini-India. In 2018 India was the largest contributor of students to Canadian universities. Having world-class health centres also make it a sought-after place to get top-notch treatments for that unfortunate illness and disease. And hence there will be a lot of reasons for you to send money from India to Canada and we at Orient have got you covered for everything and anything.
The first thing you need to know about money transfer is the maximum amount you can send to Canada and it's capped at $2,50,000 which will be approximately 1,86,87,500 INR, this may vary according to the exchange rates.
The second thing will be the purposes on which you can transfer money to Canada, it follows as
- To students who are in Canada for Educational purposes, both for their living and university expenses
- For your business purposes
- Medical-related purposes thereby providing financial support to the treatment of your loved ones
- Purposes related to Tourism for people who are into exploring Canada and its tradition
- The occupational purpose for people who are there in for a Job
- Contribution or presents to bring a smile on the face of your near ones and spreading kindness.
- For your relatives and dear ones for their living in Canada
- Finally, for relocating purposes and fees related to the same.
We hope your reason for money transfer have been listed here since it will make the transfer hustle free and simple.
- Wire transfer
- Demand Drafts
All these methods will help you with outward remittance from India to Canada but that's not what we are here to discuss now. We are here to make your job of finding the best and cheapest way to send money to Canada easier. So, to make it simple we need to understand the way the above-said methods work.
Speaking of wire transfer, it is the electronic way of sending money abroad which is done between bank. It is usually done through SWIFT which is expanded to Society for Worldwide Interbank Financial Telecommunication network which connects more than 11,000 banks in 200+ countries.
And the Demand Drafts can be summed up as the way of transfer of funds by the individual in which the money is debited from the requesting person's account and credited to the receiver's account.
From here you can understand that the wire transfer is the modern way and the latter one being an old way of transferring funds. So, without doubt, the old way will be cheaper in terms of processing fee since you will only be asked to pay a fee only at the time requesting a demand draft and it will a no-fee process at the receiver's end. This will, of course, save you some penny.
But you give in some to get some! And here in demand draft, you will have to compromise on some aspects of money transfer. What are they?
It will usually take some time to process the fund transfer since it's a lengthy process. It will also require you to send the Demand draft to the receiver manually in any communication means such as like mail. And since it takes time to process you will have to again compromise on the exchange rates which keeps varying at any instant of time. And this may lead to losing some money in the process. Through this method, you can send fees to universities in Canada and other pre know expenses you are aware of but you will not be able to meet any emergency requirements with this, you know the reason why.
Here wire transfer comes into play. It's fast and simple. With the application of modern cutting-edge technologies in the market, the fund transfer is made as fast as it can be possible. With this, you can send Canadian dollars at the best rate since it is done at the desired instant of time at your desired exchange rates thereby losing nothing and also gaining some.
But again, you give some to get some! Here you will have to pay a processing fee to the bank at the time of request and the receiver will also be prompted to pay a charge at the time of withdrawal. But with Orient, the wire transfer will be a better choice for you since we charge zero commission and you will also get the privilege of zero hidden charges. And finally, at last, it will be able to meet any requirements with ease since it can be processed in 12-48 hours of initiating.
In the end, it's you who have to decide upon the method that suits you, hope you choose the best one out of this and it's the main objective we wrote this for you.