Emergencies can arise at any time. Uncertainty is another name for life. What lies tomorrow has always been a mystery which why you should prepare for any uncertainties.
One such emergency is a medical emergency that can arise at any time. And, what if your close relatives need money for medical purposes abroad.
There may be a chance that you will get baffled at the situation as to how you will transfer money. But, you can remit money from India to Canada without any wait today.
If there is a medical purpose or emergency, the beneficiary will receive money in a day or two. Well, that is possible because of the online remittance options provided by banks and forex websites.
You can transfer money via various options like – Wire transfers and Demand drafts.
Transferring for medical purpose
Extending your support is essential at the time of crisis. Most students who study abroad in Canada rely on their parents. At times, there may be a medical emergency, and your child may need money for it.
You don’t have to wait for remittance. You can approach a bank or log in to a forex website and enter the transfer amount. When you mention the purpose of a medical emergency, you can choose the wire transfer process.
You have to provide basic details and book your transaction. Your child will receive money in no time, and that will take care of his/her medical needs.
Transferring money for medical purposes is also common with relatives staying abroad. If your relatives need money for medical needs, you can do your bit and transfer it from India to Canada.
Modes of transfer
There are basically two modes of international transfer:
Wire transfer
In this digital era, transferring money via checks and getting it couriered to a foreign location abroad is a thing of the past. Therefore, if you want to transfer money from India to Canada for medical purposes today, you can entirely rely on banks and forex websites’ wire transfer facilities.
Wire transfer is the easiest way to transfer money abroad, and it has become the most popular one in recent times. In the wire transfer process, there is the transfer of funds from a bank account to a receiver’s bank abroad. Banks offer a wire transfer process, but they apply many charges on the transfer.
Banks may apply a charge of INR 500 to 2000 in the process of transfer. Foreign banks that receive money via wire transfer process also charge money to be a bit expensive.
Just Added – Guide on transferring money from India to Canada for Medical Purpose
Saving money on the wire transfer can be done by opting for online forex websites. Most forex websites let you choose a rate on transfer. If the rate is low, you can also freeze the rate and use it at your convenience.
The best part about online forex websites is; there is no transfer processing fee. You can transfer your money at no additional rate.
You’ll be able to transfer money sitting at the comfort of your home. The funds will be transferred in one or two days, depending on the amount you need to transfer for medical purposes.
Foreign exchange demand draft
Demand drafts are the more preferred way to send money abroad since they are safe. You can easily send money from India to Canada via demand drafts. Demand drafts are physical paper drafts.
They are generally issued in specific foreign currency instead of a recipient. Most students use demand drafts for educational remittance abroad. You can also opt for a demand draft for a medical emergency and get it to speed couriered by paying extra.
Demand drafts are cheaper as compared to wire transfers. You will have to pay demand draft fees to your service provider or bank. Most online forex websites also offer demand draft facilities and don’t apply changes.
Demand drafts may take longer than wire transfers, and that’s the reason most people go with wire transfers. Once the beneficiary receives a demand draft, it may take some time to encash it.
If it’s for medical purposes, you need to make sure that you send the demand draft at least 15 days prior. The beneficiary should receive it on time for medical needs.
You can send demand drafts from India to Canada with sufficient notice. You need to approach a bank for the process and provide the details of the transfer process.
Documents required for transfer
If you want to remit money for medical purposes through online forex websites, you’ll need to upload some important documents. You’ll have to provide complete details of the receiver and sender.
After the listed information, you need to submit documents like – Passport front and back copy, PAN card, Address proof, and Photo identification in some cases.
After you upload all the essential documents, you will have to book your transaction. Enter the amount and rate, and then secure your transaction. Before you remit money online, you must check the rate of the day.
The exchange rates fluctuate according to market conditions. Try to get the lowest rate possible when you transfer funds. Many online forex websites also partner with banks to provide you convenience. You can choose from a network of banks.
Why are Online Forex sites better for transferring money?
When you want to transfer funds for medical purposes or any other reason to Canada, consider options that will help you to save your money. Banks apply many charges on wire transfers as they offer quick remittance.
At times, the receiver will also have to pay for the money reemitted. It becomes difficult if there is a medical emergency. If you choose online forex websites for the process of transfer, you’ll get the best deal possible.
Most online forex websites don’t charge fees for online remittance abroad. You’ll not only be able to save money but will also get an advantage of a quick transfer process.
Through online forex platforms, you’ll be able to save up to 2 percent on the transfer process. You also get the benefit of live forex rates, which make your process relatively simple.
Summing up
You can transfer money abroad without thinking much. If it is for medical purposes, then log on to a forex website and book your order. You don’t have to wait at banks in queues and wait for your turn.
Online forex websites not only let you transfer money but also exchange money. If you are planning to go abroad, get your money exchanged via an online forex website.
You can save your money on the international remittance you make. Next time you need to transfer money, you know you can rely on online forex websites.
