How to Send Money From India to Canada?

 You travel from India to foreign countries in search of better opportunities and a better lifestyle. We leave our families here but do not forget to fulfil our responsibilities towards them. As they depend on us for everything, we must fulfil their demands despite being in a foreign land. Therefore, you look for the best ways to send money from Canada to India at low exchange rates for Canadian Dollars to Indian Rupees.

Fast, smooth, and convenient ways to convert currencies are available online, saving time and effort. Follow these steps:

Signing up

The process of signing up for remittance websites is easy and free. You can also use the app to send money to India for unlimited access and convenience on the go. It is available on the Apple App Store and Google Play Store, making it easier to download and use at any time of the day.

Verifying identity

Security and efficiency are the focus of money transfer companies. Verify your identity quickly and easily to start a money transfer from US to India in no time. You also gain the advantage of earning bonuses and other points upon signing up.

Adding recipients

Banks enable you to transfer funds directly to India. They are quick, convenient, and offer access anywhere, including your home. They allow you to send money to your loved ones even during emergencies and urgent fund requirements, whether at work or elsewhere.

Payment methods

You can use several payment methods to send money to India from Canada. Load your wallet on the money transfer app from your Bank Account using Debit Cards or Online Banking methods. Use these funds for the transfer by entering the beneficiary details correctly.

Exchange rates

Confirm the updated exchange rate and fees, if any. You should view and enquire about all this information beforehand to avoid financial losses. Get a clear idea of all the terms, conditions, charges, and transfer limits. The exchange rates fluctuate between countries during the money transfer to India from Singapore.

Transfer speed and time

Some banks take a few hours or even days to complete the process with time limits. The shorter the duration, the better it is, as it helps your loved ones meet emergency requirements. You also get access to Canada to India money transfer directly to the recipient’s Bank Account.

Receipt

After you send money from Canada to India, collect the receipt or download it online on your smartphone. It holds all the details about the transfer, including the names of the issuing party and the person receiving the document, the transfer description, the date of the issue, and its purpose.

Send money globally 24x7 and instantly in over 20 currencies with live exchange rates.

A Beginner’s Guide to NRE Accounts

 Moving abroad garners many changes. This includes how you handle and manage your money through banking. For instance, you cannot rely on your resident Bank Account for everyday transactions. You must either opt for a new one with a foreign banking partner. You could also convert your old account into a Non-Resident Indian Account.

An NRI Account is meant for NRIs. It allows them to park their foreign earnings safely. It facilitates their banking and investment needs once they move away from India. Such an account comes in three distinctive types:

1. Non-Resident External Account
2. Non-Resident Ordinary Account
3. Foreign Currency Non-Resident Account

Out of these, let us discuss the aspects of an NRE Account. Following is a quick guide on it.

• Rupee-denominated

An NRE Account is Rupee-denominated. This simply means that it maintains your deposits in Indian Rupees. The function stays consistent across all types of such an account. For example, it does not matter if you hold an NRE Current or NRE Fixed Deposit. Your funds will be retained in Indian Rupees regardless of the type.

• Fund maintenance or transfer

You can hold funds received from another country in your NRE Account. The same goes for transfers obtained from another NRE or FCNR Account maintained in India. Also, it is possible to transfer money from your NRE Account to an NRO Account. The process involves no restrictions or extensive formalities.

• Repatriation

This account offers you full repatriation. You can freely transfer the funds in your Bank Account to another country or another NRI Account. Therefore, many NRIs with financially dependent families open an NRE Account online. It allows them to send money to India without any hassles.

• Conversion

Many Indians move overseas for a brief period. When they come back, they get the option of converting this account into a regular resident account. The procedure for this conversion, however, varies from bank to bank. Hence, it is best to check the guidelines for conversion beforehand.

• Joint holding facility

At times, you might want to open an account with a family member living overseas. Considering this, an NRE Bank Account offers you a joint holding facility. You are allowed to hold the account jointly with another individual. However, the co-holder must be an NRI. Else, they cannot avail of this facility.

• Taxation

The most appealing aspect of an NRE Account is its taxation policy. Interest earned on deposits in this account is exempt from taxes. This benefit is enjoyed by all, NRE FD, Savings, and Current Account holders. That way, everyone with this account gets to optimise their interest earnings without any worries.

• Transfer rules

A resident power of attorney cannot open an NRE Account on the NRI’s behalf. However, they are permitted to make local rupee payments and transfers on the NRI’s behalf. There is no imposition on such transactions.

In need of funds for home renovation? Apply for Personal Loans

 Among debit products for customers, Personal Loans are an extremely popular choice. They can be availed of for any reason and helps you fast-track your wishes when you are low on funds. Such a Loan can also enable you to overcome uncertain times and help you tide with ease during emergencies.

Moreover, today, you can get your hands on easy Personal Loans with a few clicks online.

What is it?

A Personal Loan is an Unsecured Loan that allows you to handle your personal needs. Hence, it not only lets you pay for a home renovation project but also lets you take a vacation, buy an electronic gadget, arrange a wedding, etc. The lender has no say in how you spend the money.

Benefits

Some benefits you can claim under the Personal Loan include:

Apply online

Today, you can go fully digital and apply for the Loan online using the Banking app or through Internet Banking, right from the comfort of your space. Hence, the process is quick, and you need not waste time visiting your bank or standing in long queues waiting for your turn. You also need not fill out a ton of paperwork. Instead, the process is completely paperless, and you can complete your application online and scan and upload the documents from anywhere.

High corpus

Depending on your eligibility criteria, you can apply for an instant Personal Loan for Rs. 25,000 to Rs. 15 lakh. Since it is an Unsecured Loan, you do not require collateral.

Flexible tenures

You can choose a bank and apply for a Personal Loan that lets you choose from flexible tenures that last from 12 to 60 months. Hence, you can repay your Loans in equated monthly instalments that are easy on your budget and provides ample room to fulfil your other needs and wants.

With Mobile or Internet Banking, you can effortlessly manage and pay your Loan EMIs instantly. Alternatively, you can set standing instructions in your account to repay the Loan EMIs on a fixed monthly date.

Freelook period

Some banks offer a freelook period when you apply for a Personal Loan. So, if you change your mind, you can easily cancel your Loan application within the stipulated period.

Quick disbursal

After the application process is over, your bank verifies all the details. Once your Loan is approved, the amount is immediately disbursed to your Bank Account.

Tax benefits

When you use a Personal Loan to renovate your house, you can avail of tax deductions of up to Rs. 2 lakh for the interest in a single financial year. You can claim this benefit courtesy of Section 24B of the Tax Act.

Advantages of applying for a Personal Loan online

 Life is unpredictable. It sometimes throws curveballs at you when you least expect them. While it is essential to plan for such emergencies, it is not always possible. You might have pressing needs or your finances may not permit you to pay for such unplanned expenses. Sometimes, you may not have the funds to pursue a passion or go on a vacation on such short notice. This is when a Personal Loan helps.

What is it?

A Personal Loan is classified as an Unsecured Loan that allows you to borrow funds to fulfil various needs like buying an electronic gadget, travelling, renovating your home, meeting small business expenses, organising a wedding, etc. Moreover, you can use the funds in whichever manner you like and the lender does not typically have any say in it.

Today, applying for such a Loan has also become extremely easy. You can simply do so online and enjoy the following benefits:

Ease of documentation

When you visit the bank to apply for Personal Loans, the process includes a ton of paperwork, However, when you do it online through Internet Banking or the Banking App, the process is completely paperless. You only need to fill out a form online that details your requirements and submit your application.

If the Loan amount exceeds your approved limit, your bank may ask you to upload scanned copies of your bank statements or account details. You also need to provide your salary slips or additional details as IT Returns.

Faster application

If you have a Savings Account with your chosen bank, you can apply for an instant Loan with a few clicks. After you check your eligibility, the application process takes only a few minutes. Once the bank approves the Loan corpus and verifies your account details, the amount gets directly credited to your Bank Account.

Apply anytime

Applying for a Loan online does not require you to wait for your bank to open or wait for the manager to make time for you. You can submit your Loan request 24*7 online and get it done conveniently.

Freelook period

If you change your mind about the Loan, you can cancel your application without any hassles during the freelook period offered by banks.

Compare easily

Traditional channels make it difficult to track the benefits offered by different banks. However, the process becomes easier when you apply online for a Personal Loan in India. You can effortlessly compare the different tenures, eligibility criteria, processing fees, and interest rates offered by various banks. Afterwards, you can narrow down one that suits your needs better.

Effortless management

You can easily manage your Loan from the comfort of your space with a few clicks, thanks to the different Online Banking channels.

Savings Account calculator: Purpose and benefits it fulfils

 Opening Savings Accounts are an excellent way to grow your wealth. Its interest-bearing feature lets you expand your idle wealth and urges you to maintain financial discipline. But to enjoy such benefits, you should have better clarity on your interest earnings.

This is when a Savings Account interest calculator is useful. It saves you from the hassle of manually calculating interest rates. Following are the other aspects it fulfils:

Purpose

The purpose of the calculator is to help evaluate the interest rates you earn on your Savings Account deposits monthly. It uses parameters like bank interest rates, account balance, present investments, and expected returns to estimate accurately.

How to use the calculator?

Using the Savings Account calculator is relatively easy. You need not hold technical expertise to derive results from it. Follow these steps:

1. Specify the account type you use
2. Enter the average balance you can maintain in the account
3. Enter the interest rates offered by the chosen bank
4. Enter the frequency at which you want to receive the interest

Once you enter these details, the calculator computes the interest income you will earn on your account. Note that you can use this tool on your bank’s website or the Banking app.

Benefits

• Convenient

Manually calculating the interest rates of your account are challenging. It takes a lot of time and can cause inconvenience. It is also impractical in the long run. Instead, you should use the calculator and save yourself from this hassle. Only enter a few details and the calculator computes values instantly.

• Minimal errors

Calculating the interest manually also leads to errors and inaccurate values. This eventually prevents you from arriving at sound decisions. One error and you need to start all over. But with the interest calculator, there is no scope for such mistakes. Since it is online, it provides cent per cent accurate results. This way, you can rest assured that the results are error-free.

• Manages finances

Financial planning includes a thorough assessment of your expenses and savings. The former can be anything, through physical or Mobile Banking. Hence, knowing how much money you can accumulate after interest is crucial. It guides you in devising a robust financial plan. Therefore, use the calculator. It lets you analyse your interest earnings in advance. That way, you can plan better.

• Convenient

Nowadays, almost every banking portal offers such calculators. It is free of cost and readily available. Moreover, you do not require extensive knowledge to use it. The fields in the calculator are self-explanatory.

5 Features of Premium Savings Account That Makes It Unique

Everyone wishes to deposit their money and assets safely where there is no fear of robbery, theft, or burglary. Considering it is your hard-earned money and meant for living a lavish lifestyle, nobody wants to put it at stake. For this purpose, you open a Bank Account for depositing your assets and putting your wealth to good use. Emergencies can happen anytime. Hence, it is better to prepare for them financially.

If you are a high net-worth individual and want to use it appropriately, then banks provide a Premium Account that comes along with additional benefits. You also get an Infinite Debit Card with it, free online services like SMS and phone banking facilities, and exemptions from processing fees on Loans. However, there are some Premium Savings Account fees & charges applicable on Debit Cards, fund transfers like Outward Remittance, and Local Currency Cheque returns.

Features

Initial deposit

You can start the account opening process with a Total Relationship Value of Rs. 5 lakh to access the Premium Banking products. Make sure to build this TRV to Rs. 30 lakh within six months from when you opened the account.

Minimum balance

Every bank requires the account holder to maintain a minimum balance to keep the account functional and active. The amount could differ between people or locations. The HNI people need to maintain at least Rs. 1 lakh in such accounts.

Chequebook

Every account holder can apply for a new chequebook every year. Based on your location, you get about 200 cheque leaves per annum.

Debit Cards

Premium Savings Accounts come with Infinite Debit Cards which come with higher spending and withdrawal limits. You can use them at contactless terminals and shop within the limit of Rs. 3 lakh per day in India. Infinite Cards also lets you access premium brands and outlets across Asia.

Online Banking

Premium Savings Accounts are manageable anytime, anywhere with numerous features available online and on the Mobile Banking app. You receive super-secure login, an immediate remittance facility, smooth navigation, and get instant payments done.

Opening of the account

The best part about Premium Savings Account is you have a dedicated relationship manager who handles your banking and Wealth Management services. Relationship managers are your trusted wealth partners and work with a team of specialists to provide the essential wealth solutions to meet your financial objectives. If you are concerned about the associated costs, for instance, DBS fees & charges, you can contact customer service or speak to the specialist.

Why is it best to apply for a Personal Loan online?

 A Personal Loan is a widely availed consumer debit product. In comparison to other Loans, it is more accessible. It also has a quick processing time. This is why most people prefer it as a borrowing option.

Moreover, securing a Personal Loan has become relatively easier today. Various online Loan portals offer it. To apply for the same online, you only need to follow some steps. They are also easy to understand and take minimal time to complete. While these are just a few benefits, here are some others:

1. Ideal for emergencies

In times of financial crisis, you need to arrange funds swiftly. You usually do not have time for lengthy procedures as expenses need to be funded immediately. Through online Personal Loan application, you get funds instantly. You do not have to stand in long queues and wait for your turn. This saves you a lot of time. If you upload the right documents on the website or Banking app, the process gets done even faster.

2. Quick documentation process

The documentation process online is quite simplistic. You can scan the requested documents and upload them directly on the web portal. This way, you discard the hassle of carrying around photocopies. The risk of loss or damage is also reduced.

3. Faster approvals

Traditional application processes are subject to external factors. These factors are usually not in your control. Sometimes, the manager may not show up. In other cases, the bank may be shut down. These disruptions delay the process. However, online loan application processes are systematic. They are to the point. Most online portals enlist the interest rates so that you can apply for the Personal Loan in an informed manner.

4. Easy access

It is tricky and inconvenient to keep track of traditional Loan applications. You may misplace the documents. Because of this, you could have to start over the process. To avoid this, it is wise to apply for the Loan online. Online portals store your data systemically. All your information becomes easily accessible. Details like your Savings Account or income proof stay safe and confidential.

You can monitor it and your application status. As a result, you do not have to depend on intermediaries for assistance.

5. Simple research

Traditional Loan application processes are overwhelming. Each lender has a different set of benefits. It is hard to keep track of who offers what. But this is not the case in online applications. Through online loan portals, you get detailed information. They give you the best deals on quick Personal Loans. This includes affordable interest rates, processing fees, loan tenures, etc. You can choose who matches your requirements. This way, you make sound decisions.

6. Round-the-clock support

Most online lenders offer 24x7 customer support. Their customer service team guides you through your issues. They also resolve your queries.