Canara Bank International Transfer

If you have an account with Canara Bank and need to send money to someone abroad, you’ll want to understand the Canara Bank international bank transfer process, how much it costs, the exchange rate and limits. This guide has all you need to know.

Canara Bank is the third largest nationalised bank in India, with an impressive history of over 100 years. However, traditional banks like this often don’t use the fastest and cheapest options to send money overseas. Specialist services like Wise and Western Union may be able to offer a more flexible international payment, which arrives faster and costs less overall.

Canara Bank international money transfer comparison

Canara Bank international money transfers can be set up online by logging into your online banking account. There are handy videos to talk through the process - and we’ll also cover how to send a Canara Bank international payment later.

However, it’s useful to know in advance that your Canara Bank international transfer can mean paying several different fees:

• Transfer fee - this is a low charge, paid to Canara Bank

• Exchange rate markup - a percentage rolled up in the exchange rate

• SWIFT and correspondent fees - SWIFT fees and additional correspondent fees may be deducted as the transfer is processed - meaning the recipient gets less than you expect in the end

To give an idea of how Canara Bank compares with other payment services, let’s look at an example. Here’s what you’d pay if you were sending an online transfer of 100,000 INR to a GBP denominated account, with Canara Bank and a few specialist services.

Canara Bank has a low headline transfer fee, but the costs overall can be pushed up by SWIFT and correspondent charges, plus an exchange rate markup. In fact, the fee wrapped up into the rate applied may end up being the highest of all the charges you pay - we’ll look at that in more detail later.

If you’re looking for an alternative with more transparent costs, check out online specialist services like Wise and Western Union. Specialist services let you create an account, get verified and send a payment, online or in an app for convenience - and can often get your money moving faster, too. Read our article to learn how Wise compares to bank transfers: Wise vs International Bank Transfers

Canara Bank international transfer fees

Here’s what you need to know about Canara Bank international remittance fees:

Canara Bank exchange rate

As with most banks and traditional providers, Canara Bank is likely to calculate its retail exchange rate by adding a markup to the mid-market exchange rate you’ll find on Google. That’s an extra fee - and while it can vary by currency, costs in the region of 3% or more are typical.

A key issue with exchange rate markups is that you won’t always even know you;re paying them. And they can stack up very quickly for higher value transfers. To give some context, here’s  how a 3% fee rolled into the exchange rate would add up up for different transfer amounts:

• Sending 50,000 INR - a 3% exchange rate markup adds 1,500 INR to the total

• Sending 100,000 INR - a 3% exchange rate markup adds 3,000 INR to the total

• Sending 500,000 INR - a 3%  exchange rate markup adds 15,000 INR to the total

For our example payment of 100,000 INR, a 3% exchange rate would add 3,000 INR to the overall costs - far more than the Canara Bank international transfer fee of 500 INR.

Here’s a reminder of the total costs - including exchange rate markups - from the providers we looked at earlier. This is what you’ll pay with each if you send 100,000 INR online, to a GBP denominated account:

• Canara Bank:   500 INR transfer fee + any relevant SWIFT fee + exchange rate markup

• Wise fees: 2,102.12 INR transfer fee  and no markup on the mid-market

• Western Union: No transfer fee, but a markup is added to the mid-market exchange rate

Canara Bank additional fees

Canara Bank international payments will be sent through the SWIFT network. This 50+ year old system is reliable but can be slow and expensive. One issue is that your money can travel through one or more correspondent banks on the way to its recipient. Each correspondent can deduct a service fee as they handle the payment, meaning less arrives in the recipient’s account in the end.

How long does an Canara Bank international money transfer take

Usually SWIFT payments like those preferred by Canara Bank can take 3 - 5 days to arrive depending on the destination.

Here’s how that compares with the other providers we looked at earlier:

• Canara Bank: SWIFT payments can take 3 - 5 days to arrive

• Wise: 80% of payments arrive in 24 hours

• Western Union: 0 - 1 business days

Pros and cons of transferring money abroad with Canara Bank

Pros:

• Low upfront transfer fee

• Send in a range of around 12 global currencies

• Online payments for convenience

Cons:

• Overall costs can be high, including third party fees

• Exchange rates are likely to include a markup

• Delivery times are not likely to be the best available

Before you choose Canara Bank to send your international transfer, take a look at specialist online services like Wise or Western Union. Providers like these operate online or in-app and tend to be easy to use with more transparent fees and lower overall costs.

How to make an international transfer with Canara Bank

To make Canara Bank international money transfers you’ll first need to register the beneficiary, adding all their account details and personal information. We’ll look at the detail needed in just a moment.

Here’s the basic process when sending a Canara Bank payment online:

1. Log into internet banking

2. Select FX4U

3. Create or select your beneficiary

4. Follow the prompts to add the payment details

5. Upload the documents required - which can vary based on the reason for payment

6. Confirm the transaction and track it online

When you submit your Canara Bank transfer you’ll need to also upload relevant documents to show the payment reason. These can include the recipient’s passport and visa or student letter if you’re paying for education overseas, or your own passport, visa, flight tickets and itinerary if you’re paying for travel for example.

What information do you need to make an international transfer with Canara Bank?

Once you’ve logged into Canara Bank FX4U you’ll need to work through the online prompts to create your bank transfer recipient, adding the following details:

• Beneficiary full name

• Beneficiary bank account number or IBAN

• Beneficiary bank name and address

• Additional information based on the country - like a sort code for the UK or routing number for the US

Once you’ve got your recipient added, you’ll find it easy to pull up their details, so you can upload any further paperwork needed, add the reason for payment and initiate the transfer.

Transfer limits and available countries

Canara Bank international transfer limits aren’t publicly available - but you’ll be bound by RBI and LRS rules. This means the maximum legally allowed to be sent overseas in a financial year for most permissible payment reasons is 250,000 USD or the equivalent. If you’ve got a lower limit with Canara Bank you’ll be able to find out by logging into your account or giving the service team a call.

You can send a Canara Bank international money transfer in 12 major global currencies including USD, GBP, EUR, CAD, and AUD.

Receiving money from abroad with Canara Bank

When you receive an international payment into your Canara Bank account the sender will need the following information about the payment and your own account:

• Your account number

• Your name and address

• Correspondent bank details if known

• The purpose of the remittance

• Canara Bank SWIFT Code

You can find the Canara Bank correspondent bank details for most incoming currencies, on the Canara Bank website.

Canara Bank also offers incoming payments to India through Western Union and Ria Money partnerships, in some cases. This service isn’t available for all account types, so you’ll need to check if you’re able to use it by calling the bank.

Read our detailed article to learn the best ways to receive money internationally in India.

Canara Bank SWIFT code

SWIFT codes are used in international transfers to make sure payments arrive safely in the correct bank account, even in a different country.

Using the right SWIFT code for your incoming Canara Bank payment will ensure your money is delivered as quickly as possible. Incorrect or missing details can mean your payment is delayed, rejected, or sent to the wrong bank entirely.

The Canara Bank SWIFT/BIC code is: CNRBINBBBFD

Conclusion

Canara Bank international money transfers may not actually be the fastest or cheapest way for you to send money from India to someone overseas. Only a handful of major currencies are available, and although online payments are allowed, they’re rather cumbersome to set up.

Instead, check out specialist providers like Wise or Western Union, which offer an easy online and in-app sign up process with fast transfers which can cost less than using your normal bank.