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  Canada Immigration Forum > About Canada > Financial Planning > Money transfer to India
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Money transfer to India




Hi
i want to transfer some big amount to india,
which is the easy way to send money??
To deposit canadian bank check in NRO account and then withdraw money OR through Hawala?
Thanks
Manoj

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mrpandya

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Post ID: 232110 22-07-16 12:01:35
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northyork_desi
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Member since: Apr 09




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This is one way, SBI Canada. You open a Canadian account in one of the branches in GTA, move money from Canadian FI to SBI, setup beneficiaries with SBI Canada and remit money from SBI.

You also, have the option to do thos online, however, the setup takes some time.

http://www.sbicanada.com/

Also, ICICI is an option too. I am not sure if depositing Canadian FI cheque in India NRO account in India is a possible option. I have not done it, so cant comment.


 
Post ID: 232115 22-07-16 14:43:36
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lemon925
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Member since: May 15




Posts: 202
Location: Toronto


Hi,

Have you looked @ Western Union option? I found their rate much better than icici/sbi.. flip side is, for large sum they issue cheque, which may take 3-4 business days in India to clear.


 
Post ID: 232116 22-07-16 15:26:36
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mrpandya
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Hi
northyork_desi
I checked with ICICI and there rate is very low compare to other bank, so ICICI is not a good choice for example if current rate is rup 51.26 cent ICICI will give you rup 51.18 cent., I will check with SBI .
and lemon925 , i will also check western union option,
only option i can see is hawala, 3 paise lase then current rate.
still looking for some more feeedback.
Thanks
manoj

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Post ID: 232118 22-07-16 15:40:56
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northyork_desi
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Member since: Apr 09




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You should also be able to send wire transfer directly from the Canadian bank. If you have good relationships with the Canadian bank, you can try to negotiate a better rate depending on the amount you would be sending. Even in SBI, you can negotiate the rate, I have heard people call in and speak with the manager.
Before there used to be UAE exchange as well, but they closed down the operation in Canada. Sorry brother, I dont know of any other option.


 
Post ID: 232120 22-07-16 17:02:04
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Full House
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NRI and RNOR.

The Canadian Dollar has taken a beating in the past three years. It will stay that way for a long while. Our economy was based upon OIL and its sale to the USA. That market dried up. There ends the Canadian aspirations.

Here is my take. You can always transfer the Canadian Dollars into an Indian Bank and keep it there in Foreign Currency and still get 2%-3% returns. There is a possibility that the CD will go down in value also. But I am sure it will stay here for a long while and IF IT GETS BETTER IN VALUE, you can always cash out a little at a time by taking a look at this chart below every day. Make a note of the value in Indian Rupees on the day that you transfer. You can always ask any bank for the exchange rate and see if it got better. The day you feel it is better, exchange a portion of it, say 3% of your holdings. That way you get 30 shots at it and average it out and if you get more than the money on the day you dropped it into that bank, then you are on the PLUS SIDE. Cash only if you need.

I do not know what your plans are for its usage, so you be the boss there.

FH.

http://www.xe.com/currencycharts/?from=CAD&to=INR&view=10Y

Alternately as an NRI, you can convert it into Rupees and get a FD rate of 8.5% and see where it ends up after that. The Rupee might drop down in value, so watch it. Even if it drops 5% you will be O.K. for the first year. If your status is RNOR, then you pay no tax on it for Two years. See an Accountant. fh


EDIT..: What exactly is RNOR? RNOR stands for Resident but not Ordinarily Resident (RNOR). This is essentially a transitional status between being an NRI and becoming a full-fledged Resident. Normally a person would be either a Resident (of India) or an NRI. However, the Indian Income Tax Act has specified this transitional status of an RNOR subject to the satisfaction of some specific conditions. Let us see what these conditions are:

Read more at: http://www.moneycontrol.com/news/nri-experts/you-can-bernor-for-3-years_208943.html?utm_source=ref_article

http://www.moneycontrol.com/news/nri-experts/you-can-bernor-for-3-years_208943.html

Good Luck.

FH.


 
Last edited by: Full House on 23-07-16 15:29:13
Post ID: 232124 22-07-16 23:34:21
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rajcanadaMember of Administrators
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Location: Kitchener, ON


If you use hawala to transfer large sums of money to India, remember there will be no paper trail. You will not be able to prove source of money in India. Also PAN card is required for transactions in banks above 50,000 INR in India.
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Post ID: 232141 24-07-16 23:15:28
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GlobalIndian
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Member since: Apr 07




Posts: 157
Location: NB


Full House gave you the best advice, that is if you are not in a hurry to spend your dolla in India. First open an NRI bank account in India, ask them bank router info as well as swift code pertinent to their branch. It is better to send large sums using swift system (you pay a flat 40 dollars in fees) and it will guarantee you that the money will reach India safe and sound, and will leave a clear paper trail so in India they won't bug you about your money sources. I used swift system to send large amounts; if you got only a few thousand to send at a time, use remitly or Times of India (these charge no fees if you are sending 500 bucks or more, upto a limit of 10k); Western Union charges fees and their rates, if you are sending into NRE account as INR, are not good.

If you don't need to use your cash soon, you can park it in India in FCNR accounts. State Bank of Hyderabad gave me 3.24 APY on Loonie deposits. Try getting that here on GICs! FCNR is good if you don't need to convert your bucks into INR, since INR is losing value somewhat fast. You can try and look at the pace INR value loss over time and make your projections and calculate if there is or can be any real gain (rates for INR deposits are higher than for FX). Good luck.


 
Last edited by: GlobalIndian on 25-07-16 08:05:34
Post ID: 232143 25-07-16 08:03:15
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mrpandya
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Member since: Aug 09




Posts: 164
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Hi,
Thanks HF,GlobalIndian,RAJCANADA

I am going to invest all money to buy a house in india, immediately,
As u know ,in india when u buy a house u need to pay some white money for legal documents and remaining amount pay as a black money. I already pay white money to the seller , need to pay remaining amount immediately.
Thanks again
Manoj

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Post ID: 232144 25-07-16 08:46:33
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tamilkuravan
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Member since: Jun 05




Posts: 5730
Location: God's own country

Hawala
Sir, Hawala is the best to pay.

Next will come Western union. If you send$ 500 or $ 1000 per time, then you need not provide proof of anything. Try to send it in multiples of $ 500 or $ 1000. Try different stores at different time.

I once received black money payment for a property that I sold. The buyer too me to his house and gave me money in a big suitcase. He wwas not willing to give in white. I have depoisted the money in a private bank in India which said that they will not report to IT dept.. I am not sure when I withdraw it, I have to pay tax or not.

As an NRI/OCI, you do have some concession while the IT Dept. deals with your pocession or income. That is what I heard from an US Citizen.

Murali

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Post ID: 232145 25-07-16 08:54:09
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Contributors:
chandresh(1)  Full House(1)  GlobalIndian(1)  lemon925(1)  mrpandya(3)  northyork_desi(2)  rajcanada(1)  
tamilkuravan(1)  zindabad(1)  
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