Send money from Canada to a Central Bank account in India

Central Bank, India

Central Bank of India, a government-owned bank, is one of the oldest and largest commercial banks in India. It is based in Mumbai which is the financial capital of India and capital city of the state of Maharashtra. It is one of twelve public sector banks in India to get recapitalised in 2009. Despite its name it is not the central bank of India. It is a public bank.As on 31st March 2020, the bank has a network of 4,651 branches, 3,642 ATMs, ten satellite offices and one extension counter. It has a pan-India presence covering all 28 states, seven out of eight union territories and 574 district headquarters out of all districts in the country.

Our transfer fee

From 0.00 CAD

Estimated delivery

N/A*

How to Send Money to Central Bank in India

Sending money to Central Bank accounts in India is easy with Remitbee. It just takes six easy steps.

  • Set up a free Remitbee account. This is free, easy, and gives you access to a private Remitbee Wallet and a secure account in our system.
  • Provide us with information about yourself, including your full name, address and occupation. Verify your email and phone number.
  • Tell us where you want to send your money. We need the bank details for the recipient account, including bank name and account number. You can also designate whether the recipient is picking up the money or if it is going straight into their account.
  • Check the CAD to INR rate. Once the exchange rate for CAD to INR is satisfactory, enter the amount you want to send, select your payment method and confirm your transfer. The conversion rates change daily, but the fees for each payment method are fixed and permanent.
  • Track your money. At this point, you’ve done everything you need to do! We’ll send your money, just keep an eye on it in the Remitbee app and watch as it arrives in India.
  • Anyone who sends money online to India to support their family is a hero. Our job is to help provide a service fit for a hero.

What are the benefits of sending directly to Central Bank?

There are many benefits to sending directly to Central Bank with Remitbee. Here’s a quick overview:

  • It’s more secure than doing in offline
  • It’s faster
  • You can do it from the comfort of your home
  • You can access your money as soon as the transfer goes through

What information you’ll need to complete the transfer

Here is the information that you’ll need to complete the transfer through Remitbee. There are two separate delivery methods that have different requirements:

Wire transfer to bank account

  • Recipient’s name – Make sure you have the name on the account you are transferring exactly as it appears on bank statements. This will prevent delays in your transfer.
  • Address – We need the address of the branch you are sending the money to so we get it to the recipient’s city.
  • Bank name – This is the name of the bank in India that you are sending money to.
  • Account Number – This ensures it gets to your recipient’s account.

Cash Pickup

  • Name – Again, make sure you have the full name of the person that will be picking up the money.
  • Phone number – Enter the number of the recipient.
  • Pickup Location – We need the name of the bank or other financial institution where the recipient will be picking up the money.

How Remitbee calculates the CAD to INR Exchange Rate

We try to keep our fees as low as possible and assess rates daily to bring you the most competitive India Rupee exchange rates on the market and also compared to Central Bank FX rates. There are small fees when you choose to use bill, Interact or debit card payment methods, but you can also use the Remitbee Wallet without paying fees at any time. We are upfront about any fees, and you can see them in the application before you send money to India.

Which other banks in India can you send money to?

There are many different banks in India, just like there are in Canada and every other country around the world. When you use Remitbee, we send your money directly from your account with us to the bank account in India without passing it through other middlemen.

Here are a few of the other branches you can use to send money from Canada to India with our service:

How international money transfers work

International wire transfers take place using the SWIFT network. Transfer instructions are sent from the sender’s bank to the recipient’s bank and any fees are assessed before the transfer is approved. One of the banks will calculate the exchange rate CAD to INR, and the money is moved between accounts.

Frequently Asked Questions

Yes you can.

You can choose to pay using Interac e-Transfer, Interac Online, Bill payment, Electronic Funds Transfer or Visa or Mastercard Debit.

The transfers typically take between 1 and 2 days, but some transfers happen instantly.

If you verify your identity on our platform, you can send up to 9,000 CAD per day, with a maximum of 50,000 CAD per month.

Any transfer over 500 CAD is free. Transfers below 500 CAD are subject to the following fees:

  • Interac Online - $2.99
  • E-transfer - Free
  • Bill Payment - Free
  • Electronic funds Transfer - Free
  • Visa or Mastercard Debit - $2.99+

The maximum amount of money you can send in INR is dependent on your account’s verification level.

  • The minimal Verification Level 1 allows you to send only 50 CAD daily, and up to 500 CAD monthly.
  • We recommend Verification of Level 2. It will allow you to send up to 3,000 CAD daily, and up to 25,000 CAD monthly.
  • For users who need to transfer larger amounts of money we also have a good option – Verification Level 3. It allows you to send 9,000 CAD daily, and up to 50,000 CAD monthly.

We are also working on Verification Level 4 to provide our customers with even higher sending limits.

Remember, verification is a one-time process. Once you have been verified, there is no need to provide any other documents.

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