Steps For Doing A Money Transfer From Canada To India

[Shashank Bhaskar]

With more Indians moving overseas, India is one of the top places receiving maximum funds. But if you are unaware of what it means and how to search for the service that does money transfer to India providers, here is how it gets done.

How to remit money to India?

Remit means to send money to India, and remittance means the way you send it. A few years ago, there were only a few ways to send money from Canada to India. Now you can remit money not only through your bank but also online and in-person providers who specialise in remittance and related services. You can have the funds deposited directly to the recipient’s Bank Account. Someone could pick up the cash in person as well. The steps are as follows:

Select the provider

The most crucial decision to make is to decide which money transfer service provider to opt for. Opt for the one that suits you best and is also accessible for the recipient. The other factors to consider while assessing the provider are:

• The process of remittance
• Where do they remit the amount?
• The time of processing
• The method of payment
• Fees and exchange rates

So, if you want to send money to India from Canada from the comfort of your home to a Bank Account and within two days, some providers in the market fulfil the same. If the remittance mode is cash, there are a few services that offer the same as well.

Recipient details

Now, collect all the information for sending money to India. You need the beneficiary’s name, address, account number, and the bank branch’s IFSC code. Their email ID and mobile number are also requisites. This is for notification purposes. If you have opted for cash, provide the ID proof and accurate details of the beneficiary.

Making payment

Some of the primary ways of online money transfer to India are:

• Debit Cards
• Credit Cards
• Bank Transfers
• SWIFT
• Cash in-person

Often, the fees you pay depends on the payment method. Bank transfers take longer than you think but are affordable. Credit Card payments, in hindsight, are quick but incur an additional charge by the card company. The first four options get done online, depending on your service provider. For transfer via cash, visit the nearest branch for carrying out the process.

End process

Based on the provider, your beneficiary gets the funds directly in the local account or can pick the cash from a local affiliate. Some providers also provide options where the money directly gets transferred to the smartphone, which is generally the online process. In India, most of the beneficiaries get notified either by SMS or email.