Transfer Money from India to Canada

[cn07]

I'm living in Canada from some time. I am trying the cheapest way to transfer fund from India to Canada, While checking I see bank transfer have lot of charges involved in it and that too only resident indians allowed. Even was trying third party website and they say RBI allows transfer of money only for resident Indians. Pls help me out in finding the best way to transfer fund and if I can reduce charges.

 

[steaky]

Does this mean you would have to return to India to reside in order to transfer fund to Canada?

 

[hardnut]

I'm living in Canada from some time. I am trying the cheapest way to transfer fund from India to Canada, While checking I see bank transfer have lot of charges involved in it and that too only resident indians allowed. Even was trying third party website and they say RBI allows transfer of money only for resident Indians. Pls help me out in finding the best way to transfer fund and if I can reduce charges.

OPTIONS;
1.You can get your Resident Indian relative ( parents, siblings, or any other relative ) to avail of the LRS ( liberalized remittance scheme)
to transfer funds to you thru their bank. The reason they should opt is " maintenance of relative abroad".

2.If you have NRI accounts in India the funds that originated in India will lie in the NRO account.
If your CA can certify that your NRO funds are tax paid, the bank will allow them to be transferred to NRE
account(INR equivalent of up to USD1 million NRO to NRE) which can easily be transferred abroad thru the bank.

Thru the bank is the best legal way and charges are not much.
1 week back, I transferred USD 1000 to my US acct from my Indian NRE acct. My Indian bank took net INR 73950.00 including all fees .
Which comes to a rate of INR 73.95 for USD. which was quite good.