Transferring Money to a Canadian Bank Account from India

[guyfiery251]

Hi, I have been a salaried employee in India for the past 4 years. I have about 28 lakh INR (around 45,000 CAD) in savings with Standard Chartered Bank (India), which of course is all already taxed income in India. My PR was processed through express entry and I'll be landing in Canada in July '24 to look for a job while staying with a cousin in Kitchener, ON. I was wondering if there's any other Indians who could guide me towards the best way to transfer my savings into Canadian Dollars (cash/bank balance in a Canadian Bank account) while incurring the least amount of taxes/fees. Preferable 0 taxes or fees...?

 

[beckhsrules]

Land in Canada. Open up a bank account and then wire the amount from your existing Indian bank. As long as you provide the necessary documents to the Indian bank you wouldn't taxed on the amount. Make sure your Indian account is changed to NRO before you do the transfer.

 

[difficultjuice]

connections​

Hi, I have been a salaried employee in India for the past 4 years. I have about 28 lakh INR (around 45,000 CAD) in savings with Standard Chartered Bank (India), which of course is all already taxed income in India. My PR was processed through express entry and I'll be landing in Canada in July '24 to look for a job while staying with a cousin in Kitchener, ON. I was wondering if there's any other Indians who could guide me towards the best way to transfer my savings into Canadian Dollars (cash/bank balance in a Canadian Bank account) while incurring the least amount of taxes/fees. Preferable 0 taxes or fees...?

It's impossible not to calculate tax or I don't know how to convert 2 currencies without losing tax.