International Money Transfer That Reaches Your Loved Ones Faster

Transferring money to Canada from India is a major requirement for many Indians today. Whether it's covering initial costs when settling down in Quebec City or paying foreign university tuition fees for your children in Toronto, international money transfer services from India to Canada come in handy.

Send Money to Canada from India: What the Process Involves?

While overseas money transfer may sound a bit complicated, it is actually a very simple process. Indians often require foreign remittance services to remit money from India to Canada for specific needs. There are multiple methods available, each with its pros and cons. 

Knowing how they work is crucial for selecting the correct option for your transfer. Also, to ensure a smooth money transfer, understanding all the nitty-gritty is important. This includes the charges, transfer time, LRS rules, exchange rates and documentation.

Why People Transfer Money to Canada from India?

Individuals may need to transfer money from India to Canada for various reasons, such as:

1. Education:

Many Indian students apply to Canadian universities for advanced courses. Transferring money to Canada from India helps cover the upfront deposits, tuition fees and living expenses.

2. Employment:

For many Indians, Canada is a major choice for employment and permanent residency. To cover the setup costs, including housing and transportation, individuals may need to remit money from India to Canada.

3. Medical treatment:

Canada has a well-established healthcare ecosystem. For Indians travelling to Canada for specialised treatments and consultation, money transfer helps cover the medical bills. 

4. Investment:

Canada offers several investment opportunities for Indians, especially in start-ups and the stock market. Transferring money to Canada helps cover these investments.

5. Family maintenance:

Family members and relatives living in Canada may require financial assistance in some cases. Indians can use the overseas remittance services to support their loved ones abroad.

Options Available to Transfer Money to Canada from India

There are several options available to transfer money from India to Canada. Among them, the following two are the most preferred choices:

1. Wire Transfer

A wire transfer is a digital, bank-to-bank transfer. It directly transfers funds from one entity or individual to another. These transfers are handled through the safe and secure SWIFT network. A wire transfer is the fastest and most popular way to transfer money from India to Canada.

Both traditional banks and online authorised remittance platforms, like Thomas Cook, offer SWIFT-based wire transfers.

2. Foreign Currency Demand Draft

A foreign currency demand draft is a traditional way of sending funds from one person to another. It is a physical draft issued by a bank, which the remitter can acquire in CAD. This draft can then be sent over to the beneficiary via overseas courier.

The beneficiary can submit the demand draft to their bank to obtain the funds. It is a slower process, preferred for non-urgent payments.

CAD Exchange Rates and Their Impact on Money Transfer to Canada

The official currency of Canada is the Canadian Dollar (CAD). When you send money from India to Canada, you need to convert INR to CAD. In this case, the foreign currency exchange rate plays a crucial role. The exchange rate is the value of one nation’s currency expressed in terms of another. As of May 11th 2026, the exchange rate of 1 CAD is 69.72 INR. 

Since exchange rates are constantly fluctuating, you need to plan your transfer correctly. By doing so, you can maximise the output every time you remit money from India to Canada. For example, if the exchange rate is in favour of INR, you will be able to send more CAD to the beneficiary for the INR spent.

Charges to Consider When You Send Money to Canada from India

Before you send money to Canada from India, you need to know about the various charges. Here is a brief overview:

How to Send Money to Canada from India: Step-by-Step Process

Here’s how to transfer money from India to Canada via Thomas Cook’s online remittance services:

1. Choose currency & amount

Select the currency type, i.e., CAD, and enter the total amount you want to send. Then, provide your mobile number and email ID to get an instant quote.

2. Enter remitter & beneficiary’s details

Fill out the necessary details of the remitter and the beneficiary. Also, provide the documents required for the money transfer.

3. Pay online

Complete the payment for your money transfer order via any of the available online methods, including debit/credit card, net banking, or UPI.

4. Receive confirmation

Once the payment is successful, your money transfer order is placed. You will soon receive the confirmation email with the order reference ID.

Documents Required to Send Money to Canada from India

To transfer money from India to Canada, you may have to provide a handful of documents and details, including:

Time Taken to Transfer Money to Canada from India

Before you transfer funds from India to Canada, you need to know about the transfer time. Here’s a quick overview:

1. Online SWIFT wire transfers:

Wire transfers via online remittance platforms, such as Thomas Cook, typically complete within 24 to 48 hours. 

2. Wire transfers (via bank):

The overseas wire transfer via banks can take between 1 and 5 working days.

3. Foreign currency demand draft:

It typically takes around 3-5 days. However, in case of delays, it can even take a few weeks to complete the fund transfer.

Why Choose Thomas Cook to Send Money from India to Canada?

Thomas Cook is a market leader when it comes to seamless international money transfer services. Here’s why you should consider Thomas Cook to send money from India to Canada:

• 24/7 accessibility: You can avail of Thomas Cook’s online remittance services 24/7 via the official website or app.
• Total transparency: Get real-time exchange rates and full price breakdowns for every transaction. There are no hidden charges for you to worry about.
• Competitive pricing: Thomas Cook offers competitive pricing for foreign remittance services. Send money to Canada from India at the best rates, every single time.
• Rate lock-in: If you find a desirable rate, you can freeze it by using the rate lock-in feature. It lets you lock a rate for up to 48 hours by covering only 2% of the booking amount.
• Verified trust: Thomas Cook is an RBI-authorised forex provider in India. We offer fast and secure overseas money transfers to millions of customers annually.

Online Money Transfer vs Bank Transfers to Canada

The following chart highlights the key differences between online money transfer and traditional bank transfers from India to Canada:

Tax Collected at Source (TCS) for Transfers to Canada

For foreign outward remittance, you must be familiar with Tax Collected at Source (TCS) under Section 206C(1G) of the Income Tax Act. Here’s how TCS applies when you remit money from India to Canada:

What to Check Before You Transfer Money to Canada?

Here are some things you should consider before you remit money from India to Canada:

• Exchange rate: The first thing you need to check is the exchange rate. Do your own research to find the right time and the right rate for your money transfer order.
• LRS limit: Before carrying out the transfer, verify that the transaction adheres to the LRS limit. Make sure it doesn’t exceed your $250,000 (or its equivalent in other currencies) limit in a financial year.
• Final cost: Check the price breakup for the transaction to verify the final cost. Ensure all charges are transparent and accounted for. 
• Transfer details: Before placing the final money transfer order, check the order details. Verify that both the sender's and the recipient’s details are correct.

Choosing the Right Way to Send Money to Canada Based on Your Needs

Now that you know how to send money from India to Canada, you can make your decision. Choosing the right way to send money from India to Canada primarily depends on your needs. For example, if you have an urgent transfer, such as for emergency medical treatment, consider online SWIFT-based wire transfers. If it's a regular maintenance or university fee payment, you may consider a demand draft.

However, if you are prioritising fast and secure transfers with great savings, sending money via an online remittance platform, like Thomas Cook, is the best option. You can access this service 24/7 from the comfort of your home and seamlessly send money from India to Canada at the best rates.

Frequently Asked Questions 

What is the easiest way to send money to someone in Canada? 

The best way to send money from India to Canada is via an authorised online remittance platform. They offer SWIFT-based wire transfers with minimal paperwork and real-time exchange rates.

How much tax will I pay if I send money from India to Canada? 

It depends on the total transfer amount and the purpose of the transfer. For example, if you are sending funds over ₹20 lakh for medical treatment, 2% TCS applies on the amount in excess of ₹10 lakh.

How to remit money from India to Canada?

To remit money from India to Canada, choose an online forex remittance platform. Pick currency type (CAD) & amount, and enter the necessary remitter and beneficiary details. Finally, pay the transfer cost online to book the order.

For which purposes can I send money from India to Canada under LRS?

Under RBI’s LRS, you can send money from India to Canada for purposes like education, medical treatment, gift/donation, family maintenance, emigration, private visit, employment, and business travel.

What documents does the beneficiary need to receive money from India to Canada?

To transfer funds from India to Canada, you need to provide the beneficiary’s full bank account details, bank SWIFT code and their address in Canada.