🇮🇳 → 🇨🇦 Send Money from India to Canada (2026 Guide)

Best Services to Send Money from India to Canada

Sending money from India to Canada (INR → CAD) is one of the most common remittance corridors in the world. Whether you're a student sending tuition, a parent supporting family abroad, or an NRI repatriating savings — the right service can save you thousands of rupees per year.

Fee & Rate Comparison: India to Canada

Comparison as of May 2026. Rates change daily — always check the live rate before transferring.

How to Send Money from India to Canada

Step 1: Check India's LRS Limit

Under the Liberalised Remittance Scheme (LRS), Indian residents can send up to USD 250,000 per financial year abroad without special RBI approval. This covers education, maintenance, travel, and investment purposes.

Step 2: Understand TCS on Remittances

From October 2023, remittances above ₹7 lakh per year are subject to Tax Collected at Source (TCS):

• Education loans: 0.5% TCS above ₹7 lakh
• Other education purposes: 5% TCS above ₹7 lakh
• All other purposes: 20% TCS above ₹7 lakh

TCS is not a final tax — you can claim it back when you file your ITR. Keep all transfer receipts.

Step 3: Choose Your Transfer Service

For amounts over ₹50,000, Wise typically offers the best combination of low fees and mid-market rates. Remitly is often faster (minutes for express transfers). Your bank's SWIFT wire is the most expensive option but may be required for large or regulated transfers.

Step 4: Gather Your Documents

• PAN card (mandatory for LRS transfers)
• Form A2 (filled at your bank for outward remittances)
• Purpose documentation (admission letter for education, maintenance proof for family support)
• Recipient's bank details: account number, routing number (USA) or transit number (Canada), SWIFT/BIC code

Step 5: Initiate & Track the Transfer

Most digital services complete India → Canada transfers in 1–3 business days. Bank SWIFTs take 3–5 business days. Always save the transfer confirmation and SWIFT reference number.

Tax & Reporting Rules

• LRS limit: USD 250,000 equivalent per financial year (covers CAD transfers)
• TCS at 20% on most remittances above ₹7 lakh/year — claimable in ITR
• Education via loan: 0.5% TCS; education self-funded: 5% TCS above ₹7 lakh
• GIC transfers: Typically done via bank SWIFT to designated Canadian banks (RBC, CIBC, TD, Scotiabank)
• PAN mandatory for all outward remittances over ₹7 lakh
• Canada side: No tax on receiving money from abroad as a student or immigrant — but report foreign assets over CAD 100,000 on T1135 after becoming a tax resident

Tips to Get the Best INR to CAD Rate

• Send larger amounts less often — fixed fees per transfer mean larger transfers have lower effective fee %
• Avoid weekends — currency markets are closed, spreads widen
• Compare on transfer day — INR/CAD rates move 0.5–1% daily
• Use bank account delivery (not cash pickup) for best rates
• Set rate alerts — Wise and XE.com offer alerts when INR strengthens
• Plan around TCS thresholds — if you're near the ₹7 lakh limit, plan transfers across financial years

Frequently Asked Questions

What is the cheapest way to send money from India to Canada?

Wise offers the best rates for most transfers — it uses the mid-market INR/CAD rate with fees of ₹150–₹600. Remitly is a strong alternative, especially for first transfers (often zero fee). For tuition payments, use Flywire which integrates directly with Canadian universities. Avoid bank SWIFT wires which cost ₹500–₹2,000 plus a 1.5–2% rate markup.

Can I send money from India to Canada for my GIC (student visa)?

Yes. Canadian student visa applicants must show proof of a GIC (Guaranteed Investment Certificate) of CAD 10,000+ at a designated bank. You send this from India via SWIFT to banks like RBC, CIBC, TD, Scotiabank, or NBDB. The bank issues a GIC confirmation letter for your visa application. This transfer is exempt from TCS as it's an education-related remittance (5% TCS rate applies, claimable in ITR).

How much can I send from India to Canada per year?

Under RBI's LRS, Indian residents can remit up to USD 250,000 equivalent (approximately CAD 340,000+) per financial year without special RBI approval. This covers education fees, living expenses, GIC, and other permitted purposes.

How long does it take to send money from India to Canada?

Wise typically completes INR to CAD transfers in 1–3 business days. Remitly express options arrive in minutes. Bank SWIFT wires take 3–5 business days. For GIC transfers, allow 5–7 business days as the Canadian bank also needs processing time to issue the GIC certificate.