Transfer money from India to Canada being NRI

[Rohit Chhabra]

Thanks, I'll checkout TD and RBC too. Couldn't find anything on the upper limits of transfer? Do you know how much I can transfer?

i imagine the daily transfer limit would vary from bank to bank, however the yearly limit set by GOI is quite high.. i think around 2.5 mil USD..

 

[Rohit Chhabra]

So, went through this in a bit more detail.

Sad news: If we moved the funds before end of March, there'd be no TCS as we filed taxes on these funds.

Other news:
1. After 6 months, you'll become an NRI and there would be no TCS on you. This is super shitty and does nothing to prevent money laundering (which is why they brought in TCS!)
2. We can move upto $50k in Scotia through the newcomer program and $100k in ICICI through Hello Canada program. I'm going to use both.

This TCS of 20% is extremely stupid.

I missed the "other news" yesterday
so once we convert an indian bank account to NRE/NRO, the TCS would go away?

 

[iSaidGoodDay]

so once we convert an indian bank account to NRE/NRO, the TCS would go away?

That's what my accountant said and from what I read too:
>Under Section 206C(1G), TCS is not applicable on money remitted by NRIs from their NRO account to NRE/ foreign account.

 

[Rohit Chhabra]

That's what my accountant said and from what I read too:
>Under Section 206C(1G), TCS is not applicable on money remitted by NRIs from their NRO account to NRE/ foreign account.

Cool, thanks!

 

[alok4best]

Thanks, I'll checkout TD and RBC too. Couldn't find anything on the upper limits of transfer? Do you know how much I can transfer?

Check out BMO as well. They just started a similar program and allow transfers of upto $75,000.
https://www.bmo.com/main/personal/newcomers-to-canada/foreign-worker-permanent-resident/

 

[tan412]

When I did soft landing back in June 2021, I moved at very short notice when COPR holders were just allowed to travel and my PRV expiry was just a week or so away. I booked the flight on a Friday Night and left on Saturday morning.

At the time, when I used most of the Forex I bought along, I used transferwise and found it pretty convenient. I selected Emigration as the reason. I spent a couple of months in Canada and moved back, and kept sending funds using transferwise during the next 1 year. I opened an account in Scotia here.

When I recently moved for good, I used Bookmyforex to send funds to my wife's account (you can't send to your own account using BMF, I am not sure about Savings A/cs). The rate is more of less the same for BMF and Banks.

Transferwise should be used for small amounts of money, say around 1 lac, and for larger sums Banks and BMF are good. One difference is, the transferwise fees is what you see when doing the transfer. In Bank Transfers, some 15-30 dollars are deducted by the receiving account in addition to Intermediary Bank charged and other local fees and charges.

I am now wondering myself when to convert my accounts to NRO account as some of my FDs are closing in July this year and some in April next year. Indend to transfer some funds in June and then after converting to NRO account.