Canara Bank International Transfers help remit funds to India and send money abroad through SWIFT, Ria Money and Western Union Money Transfer Scheme. For every Canara Bank forex transfer, the bank levies an exchange rate. For sending remittances, senders need to pay an additional commission charge and SWIFT fees. Account holders can make cross-border transactions through online and offline modes and track the status at their convenience. The bank also receives money from foreign countries in different currencies.
This blog includes steps to make overseas transactions via Canara Bank, related fees, exchange rates, and other relevant details for the convenience of international students and Indians residing in foreign countries. Keep reading the blog to learn more.
Table of contents
An 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.
- Canara Bank International Transfers are simple and secure ways to remit funds.
- These are convenient channels for creating FCNR deposits.
- Funds from foreign countries can be transferred through Canara Bank Nostro Accounts.
How to Make Canara Bank International Transfer?
Account holders of Canara Bank can make overseas transfers in online and offline modes. 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 needs to provide the name, account number, and bank details of the beneficiary and value date. Mention the amount and purpose of outward remittance.
- After the verification of 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
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.
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
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 up on 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.
This was all about Canara Bank international transfer. 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.
