nawabsaab said:
bro can you explain little bit more about it
What will be the conversion rate ? The present Global rate or interbank rates?
What is max limitation for sending without charge or Tax?
Can we send to any bank account or do we need specific bank?
Using the banks for swift transfer will be costlier. use a remittance service as I said.
The modus operandi is like this:
You open an account with the remittance service provider.
They ask you for verification docs, i.e. passport and visa.
Your account is activated.
You login and configure your sending (Canadian) and beneficiary (Indian) accounts.
You initiate a transfer through your online account.
To do so, you transfer money from your Canadian account to the account of remittance provider.
So essentially you are doing a domestic transfer within Canada.
The service provider then credits your Indian account with the equivalent amount.
Remit2India and Click2Remit usually do it within 2-3 days. The service is usually free or really low.
Exchange rate given is usually 20-40 paisa less than actual exchange rate. This is where they make money.