| Provider | Amount To Send | Fee | Exchange Rate | Speed | ||
|---|---|---|---|---|---|---|
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Moneycorp | CAD $200.00 | No Fee | 58.6072 | 1-3 days | more... |
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Average Canadian Bank | CAD $200.00 | No Fee | 58.7466 | 1-5 days | more... |
One-off payments | Regular payments | Great rates | Safeguarded customer funds
Average of the top Canadian Banks costs as compiled by our own FXC Intelligence group
Canada and India have a strong and long-standing bilateral relationship, particularly in the realms of education, food, energy, infrastructure, technology and science. The Indian expat community is the largest expat community in Canada. There are no currency controls to transfer money from Canada to India.
India is Canada’s third largest source of immigrants and the number of Indian nationals living in Canada continues to grow. It is estimated that there are more than one million people that currently make up Canada’s Indian expat community. There is also a significant number of Canadians in India, the majority of which are comprised of those who are of Indian descent.
Canadian nationals require a visa to visit India. Travellers must apply for this before leaving Canada. It is not difficult to obtain an Indian visa but it is important to consider that there are about 13 different categories from which you will have to make a selection. There are specific visas for journalists, medical professionals, tourists, business people and those who want to work while in India.
Business visas are granted for either six months or twelve month periods. This type of visa is intended for business people who are setting up business partnerships or establishing branches of Canadian businesses in India. Applicants will be required to present letters of acknowledgement from both the Canadian company and any partnering Indian company. They do not entitle anyone to work for an Indian company while in the country. On the other hand, employment visas are necessary if you will be employed by a local Indian company. You will require a letter of sponsorship from the company in order for this type of visa to be processed.
Applications must be made to the Indian Consulate closest to you. Fees vary according to the type of visa.
Several agreements between the governments of Canada and India are aimed at increasing bilateral trade annually to $15 billion by 2015. Statistics Canada reports reveal that trade in goods between India and Canada amounted to approximately CAD $5.2 billion in 2010. In 2011, exports from Canada to India totaled $2.6 billion while imports from India amounted to $2.5 billion. These figures are an average increase of 24% from the previous year.
The leading exports from Canada to India include fertilizers, paperboard and paper, vegetables, steel, iron, precious stones, wood pulp, and machinery. Imports from India are comprised mainly of knitwear, steel, iron, organic chemicals, metals and precious stones, woven apparel, and machinery.
Despite the end of Canada’s bilateral development assistance to India in 2006, through the Foreign Affairs, Trade and Development Canada, India continues to receive aid. This is made possible through partnerships between Canadian and Indian NGOs. Then there is the Canada Fund for Local Initiatives (CFLI), which is managed by the Canadian High Commission stationed in New Delhi. The CFLI enables Canada to target particular needs at the grassroots level by supporting small projects initiated by local NGOs and other grassroots organizations such as local women’s groups and village councils.
Canada and India have regular discussions on the issues of regional security and common global events. This is channeled through the annual Canada-India Strategic Dialogue and the Canada-India Joint Working Group on Counter-Terrorism.
Banking in India can be quite convenient after you manage to navigate the initial bureaucracy. If you are living or working in India, you will find it convenient and even necessary to have an Indian bank account, especially if you want to transfer money from Canada to India. There is more security to have the funds go directly to a bank account if you are making regular overseas payments or large wire transfers.
Canadian nationals may prefer to bank with foreign banks in lieu of local entities. However, local systems are increasingly robust and have been competing with internationally based banks.
Expats are usually allowed to open a non-resident checking or savings account in India once they are able to provide proof of a local address, a valid Canadian passport and proof of identity. Internet banking, ATMs, credit and debit cards, as well as personalized service are some of the common features of banking in India.
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All the providers listed are regulated by the relevant authority (e.g. the FCA in the UK, FinCEN in the US, ASIC in Australia) and have been vetted by FXcompared.
FXcompared.com is an fx money comparison site for international money transfer and to compare rates from currency brokers for sending money abroad. The website and the information provided is for informational purposes only and does not constitute an offer, solicitation or advice on any financial service or transaction. None of the information presented is intended to form the basis for any investment decision, and no specific recommendations are intended. FXC Group Ltd and FX Compared Ltd does not provide any guarantees of any data from third parties listed on this website. FX compared Ltd expressly disclaims any and all responsibility for any direct or consequential loss or damage of any kind whatsoever arising directly or indirectly from (i) any error, omission or inaccuracy in any such information or (ii) any action resulting therefrom.
