Canara Bank provides several options for international money transfers, primarily through the SWIFT network. By logging in to your Canara Bank Internet Banking account and navigating to the FX4U service, you can make Canara Bank international transfers. A flat fee is charged for all foreign transactions. Transfers typically take 2 to 5 business days, depending on various factors such as destination country and transaction amount. Keep reading the blog to learn more.
Table of contents
- Overview of Canara Bank International Transfers
- Remittances to India via Canara Bank International Transfers
- How to Make Canara Bank International Transfer?
- Delivery Time of Canara Bank International Transfer
- Transaction Fees
- Exchange Rate
- Status Tracking
- Receive Money from Abroad with Canara Bank
- FAQs on Canara Bank International Transfer
Overview of Canara Bank International Transfers
Canara Bank eases the process of sending and receiving money abroad as per the limits of international money transfer. Individuals can easily receive funds through banking channels. Canara Bank International Transfers can be accepted in 11 currencies namely AED, AUD, CAD, CHF, EUR, GBP, HKD, JPY, SEK, SGD, and USD. Remittances of up to USD 10,000 are immediately processed.
- Transferring money from Canara Bank is a simple and secure way to remit funds.
- These are convenient channels for creating FCNR deposits.
- Funds from foreign countries can be transferred through Canara Bank Nostro Accounts.
Remittances to India via Canara Bank International Transfers
Various Canara Bank’s remittance services can be opted to send money to India. We have provided the table below to show important services by Canara bank for international transfer along with essential details on the transfer:
| Service | Description | Charges and Fees | Time It Takes |
|---|---|---|---|
| Canara Bank RemitMoney | Online service for fund transfers to India from select Middle Eastern countries. | Exchange rate lower than mid-market; no fees for receivers, but the amount received will be less than sent. | 5 working days for bank transfers. |
| Canara Bank Western Union | Partnered with Western Union for money transfers to Canara Bank accounts. | No extra fees for receivers; Western Union may charge fees based on the payment method. | Up to 1 day for card payments; 4 business days for bank transfers. |
| Canara Bank SWIFT Transfer | Receive funds from NRIs via SWIFT; requires sender’s bank details. | No extra charges; rates may be lower than mid-market. | 2-5 business days. |
| Canara Rupee Drawing Arrangements | Funds from NRIs depositing checks in corresponding banks in select Middle Eastern countries. | No additional charges; exchange rates favor the bank. | About 5 working days, depending on the bank. |
How to Make Canara Bank International Transfer?
Account holders of Canara Bank can make overseas transfers online and offline. For online transactions, senders need to use the FX4U Canara Bank service on their Internet banking account and for offline transactions, they need to consult a bank official at their base branch.
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Offline Transfer
Canara Bank account holders need to follow the below-mentioned steps to send money internationally:
- Visit the nearby Canara Bank branch.
- Fill out the A2 Form.
- Submit the necessary Know Your Customer (KYC) documents
- Provide the recipient’s information. The sender must provide the beneficiary’s name, account number, bank details, and value date. Mention the amount and purpose of outward remittance.
- After verifying documents, the bank will process overseas transactions through the SWIFT network.
Also Read: Want to know about SBI International Money Transfer? Check out our blog to know more about the steps and applicable charges.
Online Transfer
To make an international transaction with Canara Bank online, follow these steps:
- Log in to the Canara Bank Internet banking portal
- Choose the FX4U.
- Choose the beneficiary or add the recipient.
- Add payment details.
- Upload the KYC documents.
- Fill in the beneficiary’s details.
- Confirm the transaction.
- Track the payment online.
Delivery Time of Canara Bank International Transfer
Canara Bank international transfer through the Society for Worldwide Internet Financial Telecom (SWIFT) network usually takes around 2 to 3 working days. Sometimes, it can take 5 working days. The exact delivery time depends on the destination and transaction amount.
Also Read: If you are unsure about making an outward remittance, check out our blog on How to Easily Send Money Abroad from India.
Transaction Fees
Canara Bank international wire transfer charges are not specified as per the bank’s official website. However, an enquiry may be made to the nearest vary based on the type and amount of remittances made. The bank levies the following fees on inward remittances:
| Particulars | Details |
| Inward Remittances in INR | Above USD 10,000- No fees Up to USD 10,000- Flat fee of INR 500 |
| Inward Remittances in Foreign Currency | 0.1125% on the amount received |
Exchange Rate
Currency exchange rate calculation is based on factors like inflation, public debt, political stability, current account deficit, and interest rates. Canara Bank has its exchange rate for outward remittances. Fluctuations in the foreign exchange market determine the rate. The gross exchange rate is the difference between Canara Bank’s exchange rate and the Mid-Market exchange rate.
Status Tracking
After a customer sends funds internationally, they/she/he receives a confirmation message and a tracking number/code. The sender can contact the branch via phone and ask for the status.
Receive Money from Abroad with Canara Bank
The bank allows inward remittances under the MTTS (Money Transfer Service Scheme) and Rupee Drawing Arrangement of the RBI (Reserve Bank of India). This facility is only available for personal remittances.
Delivery Time
The normal time taken to reach funds to your account in India is 2 to 3 working days. Sometimes, it can take 5 working days. The exact delivery time for an inward remittance is based on the location of the sender and the mode of payment transfer.
Also Read: Considering sending money overseas through Axis Bank? Read on to find out all about Axis Bank International Transfer in detail.
FAQs on Canara Bank International Transfer
Canara Bank International Transfer refers to the various services offered by Canara Bank that enable customers to send and receive money across borders. These services cater to both residents and non-residents, making it easier to manage remittances, payments, and other financial transactions internationally.
Canara Bank takes 2 to 3 working days to make international transfers through the Society for Worldwide Internet Financial Telecom (SWIFT). Sometimes, it can take 5 working days. The exact time taken depends upon the destination country and the amount of funds
To transfer funds internationally with Canara Bank, customers need to log in to Internet banking and select the Canara Bank FX4U service. Create/ Select the beneficiary and add in payment details. Upload the required documents and confirm the transaction details to make the Canara Bank international transfer.
Account holders can enable international transfers from the base branch or through the Net Banking portal of Canara Bank.
The Bank charges a Commission Charge of INR 500 + Exchange Rate markup + relevant SWIFT Fees.
The international transfer code (SWIFT Code or BIC Code) for the financial institution is CNRBINBBXXX.
Yes, Canara Bank employs various security measures to ensure the safety of your transactions. Always ensure you are using secure channels for transfers.
This was all about international transfers through Canara Bank. To know 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 study abroad experience.
