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  Canada Immigration Forum > About Canada > Financial Planning > How do you send money to India?
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How do you send money to India?




As the title suggest how do you guys send money to India?
Please share how you send money occasional or on a regular basis to India.


 
alwaysbanned

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Post ID: 235813 10-08-17 07:22:02
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pendse
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Member since: Jun 17




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TransferWise is a good option.

https://transferwise.com/

At the end of the day they are all pretty much the same. So go for one which has the best exchange rate and minimum fees and convenience. Try to stick with the big companies for security & safety reasons.

Some will advertise a good exchange rate, but will have transfer fees, administrative fees, service fees/taxes etc which are extra, which will kill the deal.

Some will advertise a slightly low exchange rate, but they are all inclusive so it might be better.

Also watch the CAD dollar it goes up & down. So to some extent you have to time the market too.

Right now its Rs. 50 as Bank Of Canada increased interest rates in Canada so loonie has appreciated a bit. Just a month or so back the Loonie was Rs. 47.

Just 3 years back it was Rs. 60 ! Anyone who transferred 3 years back made a Killing.

If you are transferring for yourself, always transfer to your NRE account & not NRO account. No TDS on NRE account.


 
Post ID: 235817 10-08-17 14:12:14
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pendse
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Member since: Jun 17




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In India you can get about 8 % interest on a Fixed Deposit . FD is called GIC in Canada. You will be lucky to get even 2 % on a 1 year GIC in Canada.

The FD can pay monthly, quarterly or yearly interest.

Someone I know sends money to his parents for monthly expenses. What he has done is he transferred one lump sum amount to India when the exchange rate was good.

He did a FD for 1 year with that money in his NRE account, and the 8 % interest he gets on that FD, he gives on a monthly basis to his parents.


 
Post ID: 235818 10-08-17 14:18:03
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pendse
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Member since: Jun 17




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Transwerwise, Remitly , Xoom , ICICI Money 2 India , SBI NRI remittances are one of the more popular ones.


 
Post ID: 235823 11-08-17 12:20:38
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