Canara Bank is a public sector bank in India that provides education loans, student savings accounts, and international money transfer services. Besides, the forex services offer convenience in currency exchange rates and remittances. The Canara Bank forex rates are competitive. All these services make it a perfect choice among international students with a hassle-free journey abroad.
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Canara Bank Forex Rates
Canara Bank Forex rates are the currency exchange rates offered by the Canara Bank for exchanging one currency against another. The rates are competitive and are updated regularly on their official website in real-time.
The bank lists the forex rates for 11 currencies, including USD, GBP, EUR, JPY, CAD, AUD, etc. The rates are listed against the Indian currency INR. You can see the selling and buying rates of currencies and TT.
| Currency | Forex Rates (Buying) | Forex Rates (Selling) |
| USD | 83.15 | 84.1025 |
| GBP | 104.64 | 106.6575 |
| EUR | 88.93 | 90.4825 |
| JPY | 51.3075 | 52.1850 |
| CHF | 91.6050 | 93.5000 |
| SEK | 7.7775 | 7.9625 |
| CAD | 60.2775 | 61.3625 |
| AUD | 54.8750 | 56.1425 |
| SGD | 60.8700 | 62.3200 |
| HKD | 10.5850 | 10.8325 |
| AED | 22.5125 | 23.0425 |
Please Note: These rates are applicable as of 2 July 2024 To know about the latest Canara Bank Forex rates, please visit their official website. This is because the currency exchange rate calculations are volatile and subject to change depending on the market fluctuations.
Also Read: Looking for a Forex Card from a private bank? Check out this blog on Yes Bank Forex Card
Understanding Types of Canara Bank Forex Rates
Let us understand how to decipher the different terms in the table above. There are different types of Forex rates based on transfer types- TT (Telegraphic Transfers) or DD (Demand Draft).
Currency simply means the specific currency you’re exchanging. With Canara Bank, you can exchange various types of currencies-
| USD (United States Dollar)- United States | SEK (Swedish Krona)- Sweden |
| GBP (Great Britain Pound)- United Kingdom | CAD (Canadian Dollar)- Canada |
| EUR (Euro)- European Union | AUD (Australian Dollar)- Australia |
| JPY (Japanese Yen)- Japan | SGD (Singapore Dollar)- Singapore |
| CHF (Swiss Franc)- Switzerland | HKD (Hong Kong Dollar)- Hong Kong |
Bill refers to physical cash (currency notes or coins) of the foreign currency. Bill rates are typically less favourable than TT/ DD rates because the bank incurs additional costs for processing and handling physical cash.
Let’s see what are TT and DD Canara Bank Forex rates. TT are the Telegraphic Transfers rates and DD are the Demand Drafts rates.
TT (Telegraphic Transfers)
This is the rate for electronically transferring funds from your bank account to another account abroad. It’s generally the most competitive rate offered by banks.
DD (Demand Drafts)
A Demand Draft is a document instructing a bank to pay a specific amount to a designated person or entity. The DD rate might be slightly less favourable than the TT rate.
Selling Rates
This is the rate at which the Bank of India will buy your foreign currency. In other words, it’s the amount of rupees you’ll receive in exchange for selling your foreign currency (e.g., USD) to the bank.
Buying Rates
This is the rate at which the Bank of India will sell you foreign currency. In other words, it’s the amount of rupees you’ll need to pay to purchase foreign currency (e.g., USD) from the bank.
Canara Bank International Transfers
You might also need to know about the Canara Bank Forex rates for international transfers via Canara Bank. The bank allows you to make cross-border transactions through FX4U service on their Internet Banking account. You can send up to USD 10,000, which is processed immediately.
Thus, Canara Bank Forex rates on these transactions are also listed on their official website. The exchange rate calculations are subject to change based on market conditions and factors like inflation, demand and supply, trade deficit and surplus, interest rates, etc.
| Canara Bank Forex Rates on International Transfers | |
| Charges | Based on the exchange rate prevalent at the time of making transfers |
| Cost of Transfer | INR 500 + Exchange Rate Markup + SWIFT Fees |
Also Read: To understand the differences between the HDFC Bank Forex Card and Axis Bank Forex Card you must check out this blog: HDFC Bank Forex Card Vs. Axis Bank Forex Card.
Canara Bank Forex Rates on Prepaid Travel Cards
International students travelling abroad should consider carrying international travel cards for easy money management. Canara Bank Prepaid Card might be the perfect solution for you for a secure and convenient way of handling cash. These cards offer a variety of benefits for travellers, including the ability to use them in multiple destinations and reload them as needed.
- Enjoy the card’s validity for up to 5 years.
- Reload the card with funds whenever you need them.
- Minimize the risk of loss by keeping only what you need on the card.
Here are the Canara Bank Forex rates applicable on prepaid travel cards as of 2 July 2024.
| SELLING FOREX RATE | BUYING FOREX RATE | |
| USD | 84.1448 | 82.9525 |
| GBP | 106.7086 | 104.4575 |
| EUR | 90.5283 | 88.7450 |
| AUD | 56.1701 | 54.6650 |
| CAD | 61.3931 | 60.0700 |
| SGD | 62.3505 | 60.6625 |
| AED | 23.0525 | 22.2775 |
This was all about Canara Bank Forex rates. To know the exact exchange rate, you should visit the official website of the bank as they update the forex rates regularly.
To know more about education loans, the best bank accounts for students, forex cards, and banking experience for global students or international money transfers, reach out to our experts at 1800572126 to help ease your study abroad experience.
FAQs
Canara Bank Forex rates are the currency exchange rates offered by the Canara Bank for exchanging one currency against another. The rates are competitive and are updated regularly on their official website on a real-time basis.
This is the rate at which the Bank of India will sell you foreign currency. In other words, it’s the amount of rupees you’ll need to pay to purchase foreign currency (e.g., USD) from the bank.
This is the rate at which the Bank of India will buy your foreign currency. In other words, it’s the amount of rupees you’ll receive in exchange for selling your foreign currency (e.g., USD) to the bank.
Based on the exchange rate prevalent at the time of making transfers are the applicable forex rates on Canara Bank international transfers. This is because the exchange rates are volatile.
The TT rate is the rate for electronically transferring funds from your bank account to another account abroad and the DD rate refers to the forex rate based on the transfers made via Demand Draft, a document instructing a bank to pay a specific amount to a designated person or entity.
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