Send Money to Canada from India — Bank Charges, SWIFT Fees & TT Rates

On a ₹1,00,000 outward remittance today, the cheapest bank in our coverage is ICICI Bank at ₹1,065 total — that includes commission, SWIFT / correspondent charges, GST at 18%, and the bank's TT Selling rate for CAD. Rates and charges refresh daily; see the table above for today's numbers.

Among Indian banks in our coverage, ICICI Bank is currently the cheapest for CAD at a ₹1,00,000 transfer size. Bank wire transfers also carry a 1–2% rate spread vs the mid-market rate on top of the visible fees — services like Wise or Remitly can be cheaper on rate but aren't compared here because we only cover retail bank remittances.

A standard SWIFT / TT remittance from an Indian bank to a beneficiary in Canada typically settles in 1–3 working days. Same-day is not offered by Indian retail banks for outward remittance to Canada.

Under the RBI's Liberalised Remittance Scheme (LRS), a resident Indian can send up to USD 250,000 per financial year to Canada for permitted purposes — gifts, education, maintenance of relatives, investment abroad, and business travel. The cap is on the aggregate across all remittances in the year, not per corridor.

You'll need PAN, a signed A2 form (LRS declaration) with a purpose code (S0202 (education), S1301 (gift), S0305 (maintenance of relative) are the most common), the beneficiary's transit number, institution number, account, and SWIFT code, and proof of source of funds for larger amounts. TCS at 20% applies above ₹7 lakh in a financial year for most non-education purposes.

The remittance itself isn't taxed, but TCS (Tax Collected at Source) at 20% applies on the amount above ₹7 lakh per financial year for most non-education purposes. TCS is claimable when you file your ITR. GST at 18% applies on the bank's commission portion — not on the transferred amount.