Mon. May 20th, 2024
  1. Visit your bank branch
  2. Initiate a request for a wire transfer
  3. Complete A2 form – It is an application for remittance. You need to fill in the amount of remittance, beneficiary bank details and indicate the purpose of the transfer.
  4. Verify your KYC documents (Passport, PAN Card, Purpose Proof – University letter in this case)
  5. Book the exchange rate with the bank
  6. Pay wire transfer service fee (usually Rs 2000 – Rs 3000)
  7. Transfer funds to them

Once the fund transfer is completed, the bank will initiate the wire transfer from India. You can expect funds to be credited within 48 working hours.

Banks usually charge a premium exchange rate. You can expect it to be Rs 1.5 – Rs 2 over the CAD market exchange rate. That is for sending 100000 Canadian Dollars, you’d be giving your bank Rs 15,000 to Rs 20,000 in exchange rate conversion apart from the Rs 2000 – Rs 3000 Wire Transfer Fee.

Please Note: This way of money transfer is too costly and involves a lot of effort in the way of visiting the bank and doing KYC verification etc.

Alternatively, you can opt for sending money to your GIC account in Canada online through ExTravelMoney.com

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We have tie-ups with various banks and money transfer companies in India who provide “wholesale” exchange rates to our customers.

Specially discounted rates for student-related transfers such as university fee payment, maintenance of student, GIC payment, Blocked account payment etc.

You can book money transfer with us online, upload KYC documents, and enter beneficiary details.

We will help you send 10000 CAD to your Scotiabank account in Canada at the best exchange rates saving Rs 17,000 to Rs 23,000 in the process.

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