Posted on: 13-05-10 14:37:55
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Quote:
Originally posted by mississauga2
What is the process of receiving money from India to Canada?
Do I need to open an account here with the same bank as in India?
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One is as you described above. For this you normally go to a Bank in India and ask them to help you get the money converted first into a Canadian Dollar equivalent and send it here in the form of a Demand Draft. It takes about two weeks to reach here and a month to cash it and get it for your use.
Some banks in India has a Local Branch close by your place here in Ontario. Find one close by and open an account. They can convert it for you in India and transfer it Electronically to your account here in Ontario. You might get it in a day or two for your use. Some transfer it without a fee.
Currently the Canadian Dollar is strong. So, choose another day to do it. Also see the previous postings on the CD website where you will see the methods others have followed.
Freddie.
Thank you Freddie for your response. How is it done if someone has to send money to me. Their bank has no branch in Canada?
You can choose a Bank that has Indian Origin, such as ICICI, HSBC, SBI. and there are others.
After you open an account you ask them about the methods of transfer to them.
They have a ABA Number and also a Swift Code and a Transit number and the Branch number and your account number etc., in a micro encoded system. You write an e-mail with all of these to your friend in India. OR Fax it to him. Or drop it in the mail. Or call him and tell him. He goes to the bank that he deals with and gets the money converted to be sent to you and he provides them with the details that you give from your branch in Canada. After he sends the money to you, he contacts you over the phone, e-mail-SMS or by some means and tells you that it is done.
You get the money here.
Freddie.
Thank you Freddie, that was very helpful.
Very simple - give that someone in India your bank account number, bank name and address.
The person sending the money to your bank has to go to his bank and fill up the necessary forms for remittance (if it is permitted as per local laws), gives your bank details that you provided to him..........an BINGO, the money reaches you in a day or maximum two if he sends it by TT (telegraphic transfer).
Your bank DOES NOT have to be branch of an Indian bank - you could get it the same way in TD or Scotia or BMO or CIBC or whatever bank or Trust company you have an account with.
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Chandresh
Advice is free – lessons I charge for!!
ABA CODE :
The ABA transit number appears in two forms on a standard check – the fraction form and the MICR (magnetic ink character recognition) form.[1] Both forms give essentially the same information, though there are slight differences.
The MICR form is the main form – it is printed in magnetic ink, and is machine-readable; it appears at the bottom left of a check, and consists of nine digits.
SWIFT CODE:
ISO 9362 (also known as SWIFT-BIC, BIC code, SWIFT ID or SWIFT code) is a standard format of Bank Identifier Codes approved by the International Organization for Standardization (ISO). It is the unique identification code of a particular bank. These codes are used when transferring money between banks, particularly for international wire transfers, and also for the exchange of other messages between banks. The codes can sometimes be found on account statements.
The O.P. Lived in India and he must have a bank account. All he has to do is get the money into his account there. See if there is a corresponding branch here. If there is one, then he goes to that branch here and asks them to transfer the equivalent in Canadian dollars. He might need to open an account here. He should have cheques issued to him to get all of the Magnetic Inc Character Recognition numbers.
Which is exactly what you are asking him to do. That is what I responded to him to get in my responses to him. THAT is WHAT They are currently called. When he asks a Bank for ABA Number or a SWIFT CODE, that is what you are EXACTLY ASKING FOR.
What difference does it make to him if he pays the Banking fees to one of the local Canadian Banks or to one from his own country and enjoy a free transfer of funds into Canada for his usage the very next day.
This is information to all. If you transfer the money into some one else's account by mistake, you can kiss it good bye. So be specific when you handle financial matters.
I thought I made it specific. So, he gets all of the details that one is looking for in NUMBERS.
Freddie.
