Best way to send money to India

[21685]

Sir,

I request all forum members who have experienced sending money to India, which is the best mode as I need to send money to buy a property in India.

Thanks

 

[Edwin sam]

If you want to transfer from Bank to Bank, then CIBC is a good option, since they do not have any fees. You can open a chequing account with them.
TD Bank also has a Visa to Visa transfer at $8.95 which is cheaper than a lot of other options. For that you would need a TD Chequing account and an Indian Debit Card with a Visa logo

 

[alok4best]

Sir,

I request all forum members who have experienced sending money to India, which is the best mode as I need to send money to buy a property in India.

Thanks

Make use of some India based remittance service. There are many banks which provide either 0 or low free remittance, some of which are:
State Bank of India
ICICI
Remit2India run by Times limited.
Click2Remit run by Kotak Mahindra limited.

While SBI and ICICI have physical presence in Canada as in they have few branches, Remit2India and Click2Remit is completely online.

 

[nawabsaab]

If you want to transfer from Bank to Bank, then CIBC is a good option, since they do not have any fees. You can open a chequing account with them.
TD Bank also has a Visa to Visa transfer at $8.95 which is cheaper than a lot of other options. For that you would need a TD Chequing account and an Indian Debit Card with a Visa logo

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?

 

[dr_jaat]

Based on my experience, indusfastremit-ca.com is the cheap and best option I found so far. It takes about a week to have money transferred in to an account in India. But, they don't have any fee and conversion rate is higher than others. That't my experience

Cheers!

dr_jaat

 

[alok4best]

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.

 

[formalboygirl]

well ok,,


Look if you wanna send money to India I suggest you to follow the following companies..

1) Transfast (excellent fx rates better than most banks)
2) Transferwise (excellent rates)
3) Western union ( most trustable name, they don't charge fees but their rates is the most worst in the industry)
4) Your own bank but mind you their rates are not good and they charge transfer fees as well..

The best at this moment is TRansfast.. good luck

check out if transfast work in your country India?