Send money from India to Canada(INR → CAD)

Based on our comparison data, Wise and BookMyForex consistently deliver the most Canadian dollars per rupee. Wise uses the real mid-market exchange rate with a transparent fee of around 0.6–1.1%, making it significantly cheaper than Indian banks. BookMyForex is especially popular for large education payments to Canadian universities, offering near-interbank rates. For an INR 50,000 transfer, using a digital provider over a bank can save INR 1,200–3,000 in total costs. Instarem is another strong option, particularly for recurring monthly transfers for living expenses. Always compare the total CAD amount your recipient will receive rather than just the fee.

Most Indian students and parents use the LRS framework to pay Canadian tuition fees. You can make the payment through a bank SWIFT transfer or a digital provider like Wise, BookMyForex, or Instarem. You will need the university's Canadian bank account details (institution number, transit number, and account number) or a Flywire/PayMyTuition reference if the university uses a payment aggregator. Many Canadian universities partner with Flywire or PayMyTuition, which accept payments in INR and handle the forex conversion — compare their rates against direct transfers via Wise or BookMyForex. Education remittances funded by loan attract a lower TCS of 0.5% above INR 7 lakh.

Under the RBI's Liberalised Remittance Scheme, Indian residents can remit up to $250,000 per financial year (April to March) for permitted purposes including education, family maintenance, and investment. TCS of 5% applies on total LRS remittances exceeding INR 7 lakh per year for non-education purposes. For education remittances funded by an education loan, TCS is just 0.5% above INR 7 lakh. The first INR 7 lakh is exempt regardless of purpose. TCS is refundable — it is an advance tax that can be claimed as a credit when filing your income tax return. You must have a valid PAN card and submit Form A2 for each LRS transaction.

SWIFT transfers from Indian banks typically take 2–4 business days, including time for LRS documentation processing and correspondent banking. Wise can deliver to Canadian bank accounts within 1–2 business days, often within 24 hours, using direct deposit or Interac rails on the Canadian side. BookMyForex and Instarem typically deliver within 1–3 business days. First-time transfers may take longer due to PAN verification and Form A2 processing. Transfers initiated after Indian banking hours (typically 2pm IST for same-day processing) or on Indian/Canadian holidays will be processed the next business day. For urgent payments like tuition deadlines, plan at least 3–4 business days buffer.

Yes, you can send money directly to any Canadian bank account through both banks and digital providers. You will need the recipient's institution number (3 digits), transit/branch number (5 digits), and account number — these are available in their Canadian banking app or on a void cheque. Major Canadian banks including RBC, TD, Scotiabank, BMO, and CIBC all receive international deposits. Wise and Instarem support direct bank deposits to any Canadian bank. For students, opening a Canadian bank account upon arrival is straightforward — most banks offer student accounts with no monthly fees. Once they have an account, you can set up recurring monthly transfers for living expenses through providers like Wise, which offer scheduled transfer features.