Transfer money from India to Canada being NRI

[Rohit Chhabra]

Thanks, I'll checkout TD and RBC too. Couldn't find anything on the upper limits of transfer? Do you know how much I can transfer?

i imagine the daily transfer limit would vary from bank to bank, however the yearly limit set by GOI is quite high.. i think around 2.5 mil USD..

 

[Rohit Chhabra]

So, went through this in a bit more detail.

Sad news: If we moved the funds before end of March, there'd be no TCS as we filed taxes on these funds.

Other news:
1. After 6 months, you'll become an NRI and there would be no TCS on you. This is super shitty and does nothing to prevent money laundering (which is why they brought in TCS!)
2. We can move upto $50k in Scotia through the newcomer program and $100k in ICICI through Hello Canada program. I'm going to use both.

This TCS of 20% is extremely stupid.

I missed the "other news" yesterday
so once we convert an indian bank account to NRE/NRO, the TCS would go away?

 

[iSaidGoodDay]

so once we convert an indian bank account to NRE/NRO, the TCS would go away?

That's what my accountant said and from what I read too:
>Under Section 206C(1G), TCS is not applicable on money remitted by NRIs from their NRO account to NRE/ foreign account.

 

[Rohit Chhabra]

That's what my accountant said and from what I read too:
>Under Section 206C(1G), TCS is not applicable on money remitted by NRIs from their NRO account to NRE/ foreign account.

Cool, thanks!

 

[alok4best]

Thanks, I'll checkout TD and RBC too. Couldn't find anything on the upper limits of transfer? Do you know how much I can transfer?

Check out BMO as well. They just started a similar program and allow transfers of upto $75,000.
https://www.bmo.com/main/personal/newcomers-to-canada/foreign-worker-permanent-resident/

 

[tan412]

When I did soft landing back in June 2021, I moved at very short notice when COPR holders were just allowed to travel and my PRV expiry was just a week or so away. I booked the flight on a Friday Night and left on Saturday morning.

At the time, when I used most of the Forex I bought along, I used transferwise and found it pretty convenient. I selected Emigration as the reason. I spent a couple of months in Canada and moved back, and kept sending funds using transferwise during the next 1 year. I opened an account in Scotia here.

When I recently moved for good, I used Bookmyforex to send funds to my wife's account (you can't send to your own account using BMF, I am not sure about Savings A/cs). The rate is more of less the same for BMF and Banks.

Transferwise should be used for small amounts of money, say around 1 lac, and for larger sums Banks and BMF are good. One difference is, the transferwise fees is what you see when doing the transfer. In Bank Transfers, some 15-30 dollars are deducted by the receiving account in addition to Intermediary Bank charged and other local fees and charges.

I am now wondering myself when to convert my accounts to NRO account as some of my FDs are closing in July this year and some in April next year. Indend to transfer some funds in June and then after converting to NRO account.

 

[Sailessh]

As a Canadian PR holder, can I transfer money from Indian bank account to Canadian bank account without any limit? if so, what are the precautions needs to be taken? What are the tax implications for this transaction in India and Canada?

 

[iSaidGoodDay]

As a Canadian PR holder, can I transfer money from Indian bank account to Canadian bank account without any limit? if so, what are the precautions needs to be taken? What are the tax implications for this transaction in India and Canada?

If you are opening a bank account from India(*without activation), there are limits of $50k, $100k, etc on bank accounts. Check what those limits are.

* without activation = you just opened the bank account from India and haven't yet landed in Canada to activate the account.

Apart from that, you can transfer any amount you want via the wire service. You won't be able to transfer a very large amount (e.g. $50k) without using a dedicated wire service (that's what I was told by my bank). Call your bank and ask them. ICICI for example has a service called Money2World, similarly you have others for HDFC, etc.

Remember:
1. You'll have to pay TCS of 20%(not sure if it was increased) and that amount will be deducted when you make the transfer. This TCS will be refunded to you when you file your taxes next year.
2. DON'T EVER use private cash transfers that will be offered to you. You are likely going to be a part of havala or other terrorist funding activities that way.

The wire transfer is relatively straightforward. Call your Indian bank and ask them more.

 

[FletcherHubbard]

Hello Everyone.

Has anyone recently tried transferring INR To CAD after becoming PR? I am in need of it to show as pof , most probably in Scotia bank I would open account. I am more interested in bank transfers or transferwise experiences. Is it all okay for Scotia bank to get money via transferwise route since I read something about 3rd party route not permitted on their site. jiofi.local.html tplinklogin

Talked to my CA, he said this shouldn't go through by July. Talked very late so couldn't get too much into details.

 

[iSaidGoodDay]

Talked to my CA, he said this shouldn't go through by July. Talked very late so couldn't get too much into details.

Why are you copy-pasting my old text?