Canara Bank, one of India’s popular public-sector banks, offers hassle-free currency exchange and Forex services. As an authorised dealer, the bank plays a significant role in facilitating foreign exchange transactions for resident individuals in India under the Foreign Exchange Management Act of 1999 (FEMA). You can get competitive exchange rates for currency exchange services and foreign remittances. Let’s explore major highlights of Canara Bank currency exchange and forex services in detail-
Table of contents
Canara Bank Currency Exchange
You can easily exchange foreign currency with Canara Bank at designated branches. They have a dedicated Foreign Exchange Department that handles currency exchange transactions. You can access real-time forex rates. Their FX4U platform available on Internet banking lets you remit funds online.
- The bank sets its exchange rates, which may differ from mid-market rates.
- They charge additional fees for exchanging currency with the bank. Other flat commission charges may be applicable for sending money abroad and different rates for buying and selling currencies.
- The bank also allows residents to receive foreign remittances through SWIFT and other channels.
- You can avail of Canara Bank Forex card, which is essentially a valuable tool for international students. This lets you load multiple currencies at competitive currency exchange rates.
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Canara Bank Forex Services
Canara Bank is an authorized dealer, meaning it can legally conduct forex transactions, including currency exchange and forex derivatives trading. This status ensures that any forex dealings through the bank comply with regulatory standards set by the RBI.
Resident Indians can undertake forex transactions with the bank under RBI guidelines and FEMA. Under the Liberalised Remittance Scheme (LRS), you can remit funds only up to USD 250,000 in a financial year. Check out the other details-
Types of Forex Permitted
The Bank offers a range of Forex derivates for both retail and non-retail users. These include the following services at competitive Forex rates offered by Canara Bank–
- OTC Derivatives like foreign exchange forwards, swaps, and options.
- Exchange Traded Derivatives including foreign exchange futures and options.
Forex Transactions Using Electronic Trading Platform
All the mentioned permitted Forex transactions are conducted on Electronic Trading Platforms (ETPs) that are authorised by the RBI. The bank provides for different kinds of ETPs for various transactions are listed below-
| Services | ETPs |
| Cash, Tom and Spot | FX-CLEAR |
| Call Money, Notice Money, Term Money | NDS-Call |
| FX Spot, Forwards, Swaps and Options | TEX/SEP |
| Government Securities | NDS-OM |
| FX Spot – FBIL USD-INR Reference Rate and INR Interest Rate Swap | i-Stream |
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If you encounter unauthorized electronic trading platforms or entities while dealing with forex, you can file complaints through the National Cyber Crime Reporting Portal or directly with law enforcement agencies. Canara Bank may assist customers in reporting such incidents.
This was all about Canara Bank currency exchange and forex services. By ensuring compliance with RBI guidelines and providing access to authorized platforms, Canara Bank helps mitigate risks associated with unauthorized forex dealings.
To learn more about education loans, the best bank accounts for students, forex, and banking experience for global students or international money transfers, reach out to our experts at 1800572126 to help ease your experience with studying abroad.
FAQs
Yes, Canara Bank allows currency exchange for residents, adhering to the regulations set by the Reserve Bank of India (RBI). Customers can exchange foreign currencies at branches or through authorized forex services.
Yes, Canara Bank facilitates international transfers for residents under the guidelines of the Foreign Exchange Management Act (FEMA). Transfers are made for permissible current and capital account transactions.
Canara Bank offers a variety of forex services, including currency exchange, forex accounts, and derivatives trading. They provide remittance services and access to authorized electronic trading platforms.
Charges for currency exchange at Canara Bank may vary based on the currency and amount being exchanged.
Canara Bank is a reputable option for currency exchange. It is known for its competitive exchange rates, lower fees, and excellent customer service.
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