There are various money transfer services available that will make the entire money transfer process to Canada straightforward and hassle-free, regardless of why you are transferring money from India to Canada, whether for school, caring for a relative, or tourism. As a result of the large number of Indians who have settled in Canada, the flow of money between the two countries is enormous. Because India attracts a large number of Indian students, many Indian students and their parents need to make international money transfers from India to Canada. Therefore, read this review to find out why Jeton is the best option for transferring money from India to Canada.
Money transfer using Wire Transfer
Wire transfer is the simplest and most efficient way to send money from India to Canada. Though banks handle wire transfers to Canada, it is less expensive to use online money transfer services. You’ll get a better deal from these online markets than you would from a bank. You should know that wire transfers can be costly. Furthermore, most international banks that receive the funds incur correspondent costs relating to the international transaction. When you use Jeton to make an online bank transfer to Canada, it charges no commission or margin.
Money transfer using foreign currency demand drafts
Foreign currency demand drafts can be used to send money to Canada. Demand Drafts are actual paper drafts that are issued in a specific foreign currency rather than being sent to a specific recipient. Demand drafts are significantly less expensive than wire transfers from India to Canada. You only need to pay your bank or service provider the demand draft cost. There is no need to pay any fees to the foreign bank that receives the funds. This allows you to save a significant amount of money. The issue with demand drafts is that the procedure of transferring money from India to Canada takes substantially longer. Because you must physically mail the demand draft, it may take longer for the receiver to receive the funds. For that reason, this method may not be the best way to transfer money from India to Canada.
What are the limits?
Although there is no legal limit on how much money can be sent to Canada, your money transfer company or bank may set its own limits. Encourage your sender to use a money transfer service like Jeton, which has no transfer limits, for large amounts. Bank-to-bank transfers, cash pickups, and deposits to mobile wallets are all alternatives for receiving money, depending on the supplier. To get your payments in person, you may be required to provide valid identification or provide a confirmation number. You may not need to supply this information every time you receive money if you have an account with a Canadian bank or money transfer business.
Before concluding, we should indicate that there are a few more factors to consider while sending money from India to Canada. The exchange rate is one of them. Rates can have an impact on the cost of your money transfer. Therefore it would be good to look for the best conversion rates and, if you discover them, freeze them. Keep in mind that some transmission methods like Jeton are speedier than others.