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I got to know about extravelmoney.com from a friend of mine. The transaction was really simple, fast & flawless. I was impressed with their ability to meet my need, so quickly.
- Louis T. Cherian, Bangalore
Complete process was very hassle free, right from choosing of exchange rate, confirmation of order and receiving money. I am sure I wouldn`t have got this exchange rate and service quality if I directly walked in to anyone of the forex vendors
- M Aditya Karan, Hyderabad
The entire experience was really smooth. I selected selected a vendor who would do door delivery. Got a quote instantly and the currency delivered in few hours. Will highly recommend this service.
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I opted for extravelmoney after doing a lot of research and visiting the banks where I have my accounts. The rates are undoubtedly the best in market and the process is absolutely hassle free.
- Peter Anand Shah, Hyderabad
I have used their services twice and it was a hassle free experience. I would definitely recommend to anyone who needs forex.
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Highly delighted. Best exchange rates and good back up support. Overall, an awesome experience. One hundred percent recommended. Hope to deal with them again.
- Ghouse Syed, Hyderabad
It came as a savior to me. The biggest challenge was to find a place nearby that would do it hassle-free at a reasonable price. Extravelmoney helped a great deal with that.
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Enter the amount in CAD & get quotes from nearest banks & exchange houses instantly
Compare the quotes, choose one and book your order for money transfer from India to Canada
Submit KYC & transfer funds as NEFT/RTGS directly to the RBI authorized exchange house.
Yes, all done! The wire transfer will be initiated the same day & you can collect the SWIFT copy!
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Money Transfer from India to Canada can be done in 4 simple steps.
Wire Transfer/ Telegraphic Transfer (TT)
Foreign Currency Demand Draft (DD)
Wire Transfer (TT Transfer/SWIFT Transfer) is an electronic mode of fund transfer (through SWIFT), with which you can transfer money from your Indian Bank account to an overseas bank account. Indian Banks and RBI approved Authorized Dealers has arrangements with over 400+ major banks across the globe to receive SWIFT messages which ensures safe and secure outward remittance from India. Account holders of any Bank in India (resident and non-resident) can do a wire transfer from India.
A Foreign Currency Demand Draft is another facility for making international money transfer for educational payments, medical fees, VISA fees or migrating to other countries etc. Demand drafts are a safe option for making international money transfer as it is made 'favouring' the beneficiary. DDs can be reissued if lost or stolen.
Any of these documents can be required depending on the purpose of remittance.
A Resident Indian is allowed by RBI to transfer up to USD 2,50,000 equivalent in Canadian Dollars from India to Canada. The money can only be transferred for some specific purposes such as study abroad, maintenance expenses abroad, medical expenses abroad etc under the FEMA and LRS scheme of RBI.
Upon initiating a wire transfer from India to Canada, one can expect the funds to be credited to the beneficiary account in Canada within 48 working hours. Sometimes this process is even faster and funds are sent within 24 hours itself.
Before talking about GIC account for students in Canada, first, you must understand the 2 different ways of applying to Canadian Colleges for studying there.
If a student in pursuing an education in Canada under SPP, a GIC account is mandatory. Only then will you get a study permit in Canada.
GIC means Guaranteed Investment Certificate.
A GIC is an investment account. Students would have to deposit a fixed amount of money in this account (Usually CAD 10,000 + CAD 200 = CAD 10,200). This money is treated as proof of funds and would be released to the student every month for 12 months for their study abroad and maintenance expenses along with interest.
This is as per the rule of the Canadian government for students coming there to study abroad through Student Partners Program.
Yes, ExTravelMoney can transfer money from Indian bank account to GIC account in Canada. We regularly facilitate such transactions for Indian students going to study abroad in Canada and are well versed
For private travel to Canada, a Resident Indian is allowed to take foreign exchange up to US$ 2,50,000 or its equivalent in Canadian dollars in a financial year from authorized dealers or fully-fledged money changers. This limit is applicable irrespective of the number of trips abroad in a financial year, as long as the total forex limit of the resident Indian falls below US$ 2,50,000. Out of this, 3, 000 USD or equivalent can be taken abroad as cash (Currency) per trip. The remaining amount can be carried in forex card and/or traveller’s cheques.
Foreign exchange up to US$ 2,50,000 or its equivalent in CAD is permitted by RBI for the purposes of study abroad. Amounts in excess of the limit can be released on the basis of documentary evidence of requirement like estimate received from a university in Canada.
The Scheme can be used for outward remittance in the form of a DD either in the resident individual’s own name or in the name of the beneficiary with whom he/she intends putting through the permissible transactions at the time of private visit abroad, against self-declaration of the remitter in the format prescribed.
Individuals can also open, maintain and hold foreign currency accounts with a bank in Canada for making remittances under the Scheme without prior approval of the Reserve Bank. The foreign currency accounts may be used for putting through all transactions connected with or arising from remittances eligible under this Scheme.
A person seeking medical treatment in Canada is allowed foreign exchange up to an amount of USD 2,50,000 or its equivalent per FY without insisting on an estimate from a hospital/doctor. For amount exceeding the above limit, Authorised Dealers may release foreign exchange under general permission based on the estimate from the doctor in India or hospital/ doctor in Canada A person who has fallen sick after proceeding abroad may also be released foreign exchange by an Authorised Dealer (without seeking prior approval of the Reserve Bank of India) for medical treatment outside India.
A person going to the Canada for employment can draw foreign exchange up to USD 2,50,000 per FY from an Authorised Dealer in India.
A person wanting to emigrate to Canada can draw foreign exchange from AD Category I bank and AD Category II money changers up to the amount prescribed by the country of emigration or USD 250,000. Remittance in excess of this limit may be allowed only for meeting incidental expenses in the country of immigration.
A resident Indian can send money to Canada for the maintenance expense of their close relatives up to up-to USD 2,50,000 per Financial Year (April - March) [‘relative’ as defined in Section 2(77) of the Companies Act, 2013] abroad.
Any resident individual may remit up to USD 2,50,000 or its equivalent in CAD in a Financial Year as a gift to a person residing in Canada including NRIs and Overseas Citizen of India (OCI) or as a donation to an organization outside India.
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