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INR to CAD Remittance – Send Money from India to Canada Guide 2026
Canada has become the number one destination for Indian students and one of the top immigration destinations for Indian professionals and families. With over 1.8 million people of Indian origin, India is now the largest source of new permanent residents in Canada. For Indian families supporting students, professionals relocating, or parents maintaining children studying in Canada, sending INR to CAD is a frequent and often large financial need. This guide covers everything you need to know to send money from India to Canada efficiently and cheaply.
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💡 Best Rate Recommendation
Send Money with Wise — Save on Every Transfer
Wise uses the real mid-market rate with no hidden fees. Most users save ₹1,500–₹8,000 per transfer vs their bank.
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💡 LRS Rule: All outward remittances from India are governed by the RBI's Liberalised Remittance Scheme. Annual limit: USD 250,000 per individual. PAN card mandatory. TCS applies on amounts above ₹7 lakh per year.
TCS on INR to CAD Transfers
Purpose
TCS Rate
Threshold
Education — funded by education loan
0.5%
Above ₹7 lakh/year
Education — own funds
5%
Above ₹7 lakh/year
Maintenance of family in Canada
20%
Above ₹7 lakh/year
Investment in Canada
20%
Above ₹7 lakh/year
Best Services for INR to CAD Transfers
Service
Rate Quality
Speed
Best For
Wise India
Near mid-market
1–2 days
Best rate overall
Instarem
Very competitive
1–2 days
Strong INR/CAD corridor
BookMyForex
Good
2–3 days
Rate lock, doorstep service
HDFC/ICICI/SBI SWIFT
2–3.5% margin
3–5 days
Compliance-heavy transfers
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Canadian Bank Details You Need
Recipient's full name — exactly as on their Canadian bank account
Institution number — 3-digit code identifying the bank (e.g., 002 for Scotiabank, 004 for TD)
Transit/branch number — 5-digit code
Account number — typically 7–12 digits
SWIFT code — for international wire transfers (e.g., ROYCCAT2 for RBC, TDOMCATTTOR for TD)
LRS Documents Required
PAN card and valid passport — mandatory
For education: official fee invoice and admission letter from Canadian institution
For maintenance: proof of relationship with person in Canada
Form A2 — purpose declaration (completed by platform/bank)
Education loan sanction letter — if claiming 0.5% TCS rate
Frequently Asked Questions
How long does INR to CAD transfer take?
Wise India typically delivers to Canadian bank accounts within 1–2 business days. SWIFT bank transfers take 3–5 business days. Transfers initiated on Friday may be delayed until the following week due to Canadian bank processing times over weekends.
What is the cheapest way to send money from India to Canada for education?
The cheapest combination is: use an education loan (reduces TCS from 5% to 0.5%) + transfer via Wise India (best exchange rate) + send directly to the university's bank account if possible (avoids recipient bank conversion fees). On ₹15 lakh in annual education fees, this combination can save ₹60,000–₹80,000 versus using a bank without an education loan.
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Disclaimer: Exchange rates and financial regulations change frequently. This guide is for educational reference only and is not financial advice. Always verify current rates and rules with your bank or a qualified advisor before making financial decisions.