Money Transfer to India from Canada
We have all experienced times when our loved ones needed more money than they have, which is exactly when money transfers can be a saving grace. Money transfer agencies provide a speedy way for people to wire money quickly, online or at a money transfer branch. With thousands of locations in hundreds of Villages and Cities, you're sure to find one close to you. The Money Transfer process is very simple. You can log in from the comfort of your office or home, and complete the transaction with some added security checks. The money is delivered directly to the door of your beneficiary via a locally payable Demand Draft or it is directly credited into the account in India.
Canada doesn't have a tax on monetary gifts for senders. Electronic funds transfer report
Money transfers sent or received through another MSB or financial entity in Canada
Exception to the 24-hour rule for bundled money transfers
Money Transfer from Toronto : Ontario, Kitchener : Ontario, Montreal : Quebec
Winnipeg, Manitoba, Hamilton, Ontario, Quebec City, Quebec, Ottawa, Ontario, Edmonton, Alberta, Calgary, Alberta, Vancouver, British Columbia, Halifax, Nova Scotia, Victoria, British Columbia
Most of the money transfer services allows you to use your debit account or bank account to send money to India. You can send money for family needs, investments, loan payments and to buy property. You can send money from anywhere and you have the option to send money via ACH, Online Transfer, NetBanking Transfer, Wire Transfer or Check Transfer paymodes.
No running around for you or your family - right from your desktop to their doorstep! also send a free personal message, track the status of your remittance online and get a confirmation of delivery.
It is important to understand that each financial institution or banking organizations or the Post Office will set their own daily rate of exchange based upon a market rate. Some banks have better rates than others, so monitor their published rates before choosing your service provider.
Banks and other fund transfer companies offering low fees or no commissions often hide their true costs with poor exchange rates. They might even advertise "no fees", but instead adjust their exchange rate to make up the difference.
Disadvantages of Banking Transfers
- You mail the check (cheque) abroad to the recipient.
- Check clearing can take from 4 - 6 weeks atleast.
- Even though it's easy to issue a check, it may not be easy for the recipient to cash the check.
- The recipient will be charged a fee for check processing.
- Some countries have less streamlined banking systems than others and may not honor foreign drawn checks. Foreign Drafts
- The money comes out of your account when the draft is prepared, not when the recipient gets it. (Money is held in the banking system for a longer time)