Send CAD from India to a Canadian bank account: transit and institution numbers, big-five SWIFT codes, GIC and tuition timing, a worked CAD 10,000 example and TCS by purpose.

How to Send Money from India to Canada (2026): Charges, Limits and Best Methods

To send money from India to Canada you need the recipient’s five-digit transit number, three-digit institution number, account number and the bank’s SWIFT code, plus a purpose under LRS and Form A2. The money travels by SWIFT and arrives in 1 to 3 working days. Interac does not work from India. The exchange-rate margin is where the cost hides.

Key facts

• Annual limit: USD 250,000 per resident individual per financial year under LRS, all purposes combined.
• Canadian bank details: transit number (5 digits), institution number (3 digits), account number (7 to 12 digits), SWIFT code. Canada has no IBAN.
• Big-five SWIFT codes: RBC ROYCCAT2, TD TDOMCATTTOR, Scotiabank NOSCCATT, BMO BOFMCAM2, CIBC CIBCCATT.
• GIC: CAD 23,448 for study permit applications from 1 September 2026, sent as education. Most colleges also want first-year tuition upfront.
• TCS from 1 April 2026: self-funded education 2% above INR 10 lakh; loan-funded education 0%; gifts and maintenance 20% above INR 10 lakh.

Who sends money from India to Canada

Canada is a student corridor first. Most of what we send there leaves India between May and August for September intakes: a GIC deposit to a Canadian bank, then first-year tuition, then living money once the student lands. After that come rent deposits, monthly support, and gifts to family settled in Toronto, Vancouver or Brampton. People moving on a work permit fund a Canadian account before they fly.

Each purpose has its own code on Form A2 and its own TCS rate. Tuition, GIC and hostel fees go as S0305 (travel for education). A gift to a sibling is S1302. Support for a parent in Canada is S1301 (family maintenance). Funding your own account ahead of a move is usually S1301 or S0023 (emigration). RBI’s LRS FAQ sets out the USD 250,000 limit and permitted purposes; our LRS explainer puts it in plain language.

What a Canadian bank needs from you

Canada does not use IBANs. A Canadian account is identified by three numbers, and an international payment needs a fourth.

The institution number is three digits and identifies the bank: 001 for BMO, 002 for Scotiabank, 003 for RBC, 004 for TD, 010 for CIBC. The transit number is five digits and identifies the branch. Together they are sometimes printed as an eight-digit routing number (for example 10002-004) or a nine-digit electronic routing number starting with a zero. The account number is seven to twelve digits depending on the bank. All three appear on a void cheque or in online banking under “account details”.

For a SWIFT payment from India you also need the bank’s SWIFT/BIC code: RBC ROYCCAT2, TD TDOMCATTTOR, Scotiabank NOSCCATT, BMO BOFMCAM2, CIBC CIBCCATT. CIBC’s wire page lists exactly what a sender must give: SWIFT code, institution number 010, the five-digit transit including leading zeros, the seven-digit account number, and the recipient’s name and address as on their statement. RBC’s page asks for the same set. Our post on what a BIC/SWIFT code is explains how the code is built.

Two habits prevent most rejections. Write the transit number with its leading zeros; “02345” is not “2345” to the receiving bank. And put the full transit and institution numbers in the payment even though the SWIFT code identifies the bank, because the branch is matched on those digits.

Canadian banks charge to receive a wire. CIBC deducts CAD 15 per incoming wire; others charge similar amounts, and intermediary banks may take a further CAD 15 to 30. Build that in when the receiving institution expects an exact figure.

Why Interac does not work from India

Interac e-Transfer is Canada’s domestic instant payment system. It moves money between Canadian bank accounts using an email address or phone number and cannot receive funds from outside Canada.

Money from India therefore arrives as a SWIFT wire into a Canadian account, or through an aggregator the college has contracted, such as Flywire or Convera, which itself collects from India through an AD partner. Once the money is in a Canadian account, the student can use Interac freely.

The five ways to send CAD from India

Your bank, at the branch. Paper Form A2, documents, and a SWIFT MT103. Flat fee of INR 500 to 1,500, a rate typically 2% to 3.5% away from interbank, and CAD 15 to 30 of correspondent charges.

Your bank, online. Most banks offer outward remittance through net banking. It uses the same SWIFT route as a branch transfer and usually the same card rate, 2% to 3.5% above interbank. The fee is lower and there is no branch visit, but the rate margin is where most of the cost sits.

A licensed money changer or AD-II dealer. Sometimes a better rate, variable service, paper documents.

A fintech app. Mid-market rate plus a disclosed fee, but limited purposes and amounts from India; check that tuition and GIC are supported.

Fairexpay. Online KYC, digital Form A2, the live interbank CAD/INR rate with zero markup, a fee from 0.4%, T+1 processing through RBI-authorised AD-I and AD-II partners, and tracking under “My Remittances”. See our send money to Canada page.

Method	Rate basis	Correspondent deductions	Typical delivery
Bank, branch	Card rate, 2% to 3.5% above interbank	CAD 15 to 30	2 to 4 working days
Bank, online	Card rate, often slightly better, 1.5% to 2.5%	CAD 15 to 30	1 to 3 working days
Money changer / AD-II	Negotiable, usually 1% to 2.5% above interbank	CAD 15 to 30	1 to 3 working days
Fintech app	Mid-market plus disclosed fee, 1% to 2%	Usually none	1 to 3 working days
Fairexpay	0.4%	Shown up front	T+1 processing, then 1 to 2 working days

These are ranges we see, not a price list. Every provider must show its exact rate and fee before you commit.

Worked example: CAD 10,000 through a bank and through Fairexpay

On 8 September 2026 the CAD/INR mid-market rate was roughly 68.50. Take a parent sending CAD 10,000 to a student’s TD account for a semester’s living costs, self-funded, with no other LRS remittances this year.

Through a bank with a 2.5% margin. The bank’s selling rate is about 70.21. CAD 10,000 costs INR 7,02,100. Add a flat fee of INR 1,000 with INR 180 GST. GST on conversion is INR 180 plus 0.09% of the amount above INR 1 lakh, about INR 722. Total paid: about INR 7,04,002. An intermediary deducts CAD 15 to 30 and TD may charge a receiving fee, so the student sees roughly CAD 9,955 to 9,985.

Through Fairexpay at the live rate. CAD 10,000 at 68.50 is INR 6,85,000. The fee at 0.4% is INR 2,740, with INR 493 GST. GST on conversion is about INR 707. Total paid: about INR 6,88,940.

The difference is about INR 15,000 on one CAD 10,000 transfer, almost entirely from the rate. A family moving CAD 50,000 in a year for GIC, tuition and living costs loses over INR 85,000 to the same 2.5% margin.

TCS is zero here because the amount is below INR 10 lakh. Had the same parent already sent INR 25 lakh for GIC and tuition this year, 2% TCS of about INR 13,700 would be collected on top, recoverable through the ITR.

GIC and tuition: two payments, two timelines

The GIC is a deposit with a Canadian bank that proves living funds for the study permit. For applications lodged on or after 1 September 2026 the amount is CAD 23,448; the earlier figure of CAD 22,895 applied from 1 January 2025 to 31 August 2026. IRCC lists “a guaranteed investment certificate from a Canadian financial institution” as acceptable proof on its financial support page, and revises the figure, so confirm it on canada.ca before you fix the transfer.

At 68.50, CAD 23,448 is about INR 16,06,200 before fees. The student opens the GIC online with Scotiabank, ICICI Bank Canada, CIBC, RBC, SBI Canada or TD, receives wire instructions with a reference number, and the money is sent from India as an education remittance (S0305). The bank issues a GIC certificate once funds clear, usually within a few working days, and after arrival releases an initial sum and then monthly instalments. Details are on our GIC payments page.

Tuition is separate. Most colleges want the first year, or at least the first semester, paid before they issue the receipt the permit application needs, with the student ID in the payment reference. See tuition fee payments.

Send the GIC first, then tuition, and lodge the permit application with both receipts. Between the two a family often crosses INR 10 lakh in a single month, which is when TCS starts. An education loan from a bank or an 80E notified lender takes that to 0%.

Delivery time and cut-offs

Indian ADs release SWIFT payments in batches and most need documents cleared and funds received before about 2 pm IST for same-day release. Canada is 9.5 to 12.5 hours behind India, so a payment released on Monday afternoon IST reaches Canadian banks in their Monday morning and typically credits Tuesday or Wednesday. Holidays in either country add a day.

Pay Fairexpay by UPI on a Monday morning with documents in order, and the money is usually in a Canadian account by Wednesday or Thursday. A branch SWIFT started on Monday often lands on Friday. For a GIC or tuition deadline, allow a week.

TCS by purpose on Canada transfers

From 1 April 2026: self-funded education and medical, 2% above INR 10 lakh in the financial year; education funded by a loan from a bank or Section 80E notified lender, 0%; tour packages, 2% from the first rupee; everything else, including gifts, maintenance and funding your own account, 20% above INR 10 lakh. Full detail is in our post on the new TCS rates from 1 April 2026.

The GIC counts as education, provided you send it as S0305 with the offer letter and the GIC instructions. Send it as “savings” or “maintenance” and the AD will treat it as a 20% purpose above the threshold. Living money follows the same rule: S0305 to an enrolled student is 2%; family maintenance is 20%.

How to do this with Fairexpay

Register with your PAN and Aadhaar and complete KYC once. Add the Canadian beneficiary with name, address, transit number, institution number, account number and SWIFT code. Pick the purpose: GIC, tuition, living expenses, accommodation, gift, or funding your own account. Upload the documents for that purpose (passport, offer letter, GIC instructions or fee invoice; relationship proof if a parent is paying; loan sanction letter for 0% TCS). Sign Form A2 digitally.

The quote shows the live interbank CAD/INR rate with zero markup, the fee from 0.4%, GST, any TCS and the exact CAD arrival amount. Pay by UPI or net banking. The transfer goes out through our RBI-authorised AD-I and AD-II partners with T+1 processing, and you track it under “My Remittances” with SMS and email updates until it credits. We are an RBI Sandbox Cohort II exit and send to 180+ countries.

FAQs

What details do I need to send money to a Canadian bank account?

The recipient’s full name and address, the five-digit transit number, the three-digit institution number, the account number, and the bank’s SWIFT code. Canada has no IBAN. The three numbers appear on a void cheque or under account details in online banking.

Can I send money from India using Interac e-Transfer?

No. Interac moves money only between Canadian bank accounts. Money from India arrives as an international wire into a Canadian account or through a college’s payment portal. Once it has landed, the recipient can use Interac domestically.

How much can I send from India to Canada in a year?

USD 250,000 per resident individual per financial year under LRS, across all purposes and all banks. Each family member has a separate limit, so both parents can remit for one child. Amounts above INR 10 lakh may attract TCS.

Is TCS charged on a GIC payment?

Only if your education remittances for the year exceed INR 10 lakh, and then at 2% on the excess, provided the GIC is sent as education (S0305) with the offer letter. Funded by a bank education loan, TCS is 0%. TCS is refundable through your ITR.

How long does a transfer from India to Canada take?

Usually 1 to 3 working days after the authorised dealer releases the SWIFT payment. Fairexpay processes on T+1. Documents and funds in before about 2 pm IST get same-day release. A GIC certificate follows a few days after funds arrive, so start early.

Why did the recipient get less than I sent?

Intermediary banks deduct CAD 15 to 30 on a SWIFT route, and the Canadian bank may charge a receiving fee (CIBC deducts CAD 15). Choose OUR charges or add a buffer when the amount must be exact.