How to Wire Transfer Money from India to Canada with an ICICI or HDFC Account

To wire transfer money from India to Canada using your ICICI or HDFC account, follow these detailed steps:

1. Check Eligibility

Ensure that your account is enabled for international wire transfers. You may need to visit your bank branch or check online banking settings. Verification of the eligibility will ensure a smooth transfer process.

2. Gather Required Information

Before initiating the transfer, collect the following details of the recipient:

Full Name: As per their bank account Bank Name: and address Account Number: or IBAN - International Bank Account Number SWIFT/BIC Code: of the recipient's bank Purpose of Remittance: This may be required for regulatory compliance purposes.

3. Log into Your Bank Account

ICICI Bank:

Log in to your Internet Banking account. Navigate to the “Funds Transfer” section. Select “International Funds Transfer” or “Wire Transfer.”

HDFC Bank:

Log in to your NetBanking account. Go to the “Funds Transfer” tab. Choose “International Transfer.”

4. Initiate the Transfer

Enter the recipient’s details and the amount you wish to transfer. Specify the currency as CAD for Canadian dollars. Review the transfer fees and exchange rates as these can vary between banks.

5. Complete the Transaction

Confirm the transaction details. You may need to authenticate the transaction via OTP - One Time Password, which will be sent to your registered mobile number. Submit the transfer request.

6. Keep Track of the Transfer

After completing the transaction, you will receive a confirmation message. Note down the transaction reference number for future tracking purposes.

7. Follow Up

Transfers typically take 1-5 business days to process, depending on the involved banks. You can check the status through your bank’s online portal or by contacting customer service.

Additional Tips

Regulatory Compliance: Be aware of the Liberalized Remittance Scheme (LRS) limits and regulations set by the Reserve Bank of India (RBI) for remittances. Fees: Check for any fees that may apply for international transfers as they can vary significantly between banks.

If you have any specific questions about the process or need further assistance, feel free to ask!