Canara Bank has been serving its customers for over 100 years, making it one of the major players in India’s banking industry. The bank takes its role within the banking sector seriously and is committed to providing innovative products and services geared toward the needs of personal and corporate customers. In this review, we will spotlight Canara Bank’s international money transfers facilities, comparing it to competing providers in the remittance industry.
Canara Bank was founded in 1906, in Bangalore, India, and became a nationalized entity in 1969. In 2022 itis considered a major player in the Indian banking industry, reporting total assets equating to 1,153,675 INR (150 billion USD) and an unblemished track record of profitability. Canara Bank has established a network of3,564 branches and 4,000 ATMs across India, as well as offices in London, Hong Kong, Dubai and New York
The bank has been recognized by several award-giving bodies in the banking industry, with two of the most recent awards including gongs for ‘India’s Most Trusted Public Sector Banking Services Company 2019’ and the ‘SIDBI-ET INDIA MSE AWARD-2019’. In addition to these awards, Canara Bank was also the first bank to launch an inter-city ATM network in India.
Yes, if you have a Canara Bank account, international wire transfers will be available via your local branch, via the SWIFT network. It's advisable to visit your local Canara Bank branch if you're transferring money overseas for the first time.
Before visiting your local branch to send a transfer, you must complete the “A2 Form” on the Canara Bank website, and provide the appropriate Know Your Customers (KYC) papers.
Please ensure you have gathered all of the required information before proceeding:
Details of your contact information
Date of value
Information on the bank account of the beneficiary
Account number of beneficiary
Canara Bank allows its account holders to transfer money through the National Electronic Funds Transfer (NEFT) and Real Time Gross Settlement (RTGS)
Customers may also send money using the bank’s Immediate Payment Service (IMPS) if they are registered with Canara internet banking services or mobile app, CANDI.
Below are details of Canara Bank exchange rates and fees which should help you decide if this is the best money transfer option for your situation.
Canara Bank offerscompetitive exchange rates to its clients when converting USD to INR and vice versa. Canara Bank provides customers exchange rates as close to the true market value as possible, and does not charge high profit margins.
One reason for this is the company's large customer base of importers and exporters. This assures a large flow of USD and other currencies. It allows corporate banking clients to take advantage of themid-market rate, before passing this rate on to their clients. The bank keeps a close eye on market fluctuations and currency forecasts to avoid missing any valuable forex trading opportunities.
The Reserve Bank of India monitors money sent as a National Electronic Funds Transfer (NEFT). Canara Bank charges account holders a fee for NEFT transactions, but the service is free when done online.
Typically, the Canara Bank fees for NEFT transfers initiated with a local bank branch are:
For transfers up to 10,000 INR (132.58 USD) the fee is 2.25 INR (0.02 USD)
For transfers ranging from 10,000 to 100,000 INR (132.58 - 1,326.14 USD) the fee is 4.75 INR (0.06 USD)
For transfers ranging from 100,000 - 200,000 INR (1,326.14 - 2,653.08 USD) the fee is 14.75 INR (0.19 USD)
For transfers exceeding 200,000 INR (2,653.08 USD) the fee is 24.70 INR (0.32 USD)
For RTGS, a service charge of 24.70 INR (0.32 USD) is charged for transactions ranging between 200,000 - 500,000 INR and 49.50 INR (0.65 USD) for a transfer exceeding 500,000 INR (6,629.05 USD)
Canara Bank charges the following fees for receiving funds:
Receiving funds in INR: No charge for transactions exceeding USD10,000 or equivalent; INR 50 for transactions up to USD10,000 or equivalent
Receiving funds in foreign currency: 0.1125%, with a minimum of 100 and a maximum of 1,000.
Although Canara Bank imposes transfer fees for international and domestic transfers, they are miniscule amounts and therefore very competitive compared to average bank charges.
However, you can avoid multiple bank charges altogether by using a specialist money transfer service; find out more here.Take me to specialist money transfer services reviews
Banks all around the world partake in the SWIFT (Society for Worldwide Interbank Financial Telecommunication) network, which identifies different financial institutions through a system of unique bank codes. Here we provide a list of SWIFT codes for X Bank, organised by geographical locations.
|CNRBINBBXXX||GOVT BUSSINESS BR NARIMAN POINT||MUMBAI|
|CNRBINBIXXX||PLOT NO C-14, BKC, CANARA BANK TM SECTION, B WING||MUMBAI|
|CNRBINBBCLR||9 LALA LAJPAT ROY SARANI||KOLKATA (CALCUTTA)|
|CNRBINBBCOB||2/1 RUSSEL STREET, WEST BENGAL, FLOOR GF||KOLKATA (CALCUTTA)|
|CNRBINBBCNS||33/1 N S ROAD||KOLKATA (CALCUTTA)|
In order to make a well-informed decision, we will be presenting our readers with a list of the leading advantages and disadvantages of Canara Bank services, focusing on international transfers:
The following section provides you with a quick reference of money transfer processes with Canara Bank.
After logging in to your account, select NEFT transfer from the fund transfer menu. If you are sending money to the beneficiary for the first time, you just have to register the beneficiary, but the process is the same as Canara Bank IMPS.
Step 1: Sign in using your registered email address.
Step 2: Fill in the online RTGS form.
Step 3: Provide the following details:
Beneficiary’s mobile number
Beneficiary’s bank name, account details, IFSC code
Amount to be transferred
Source reference number (e.g., cheque number if you will use a cheque, your account number if the amount is to be debited from your account)
Step 1: Secure an account with CanMobile.
Step 2: Register with your bank to get your MMID.
Step 3: Provide your mobile number and MMID to the sender.
Step 4: Wait for the SMS notifying you that the fund has been credited to your account.
Canara Bank’s online fund transfer service works only on android phones or iPhones. Also, your mobile number must be registered with Canara Bank.
Customers can contact the bank via the following channels:
Phone: Canara Bank’s 24/7 Toll-Free Number at 1800 425 0018
Canara Bank is one of the major public sector banks in India. It provides a wide range of services to its clients and, throughout the years, the bank has become an international conglomerate with ten subsidiaries, joint ventures, and sponsored institutions. Canara is not just known for its banking service; it has become an established purveyor of social responsibilities focused on rural development and financial inclusion. Although it is a highly regarded bank, offering several options for sending money abroad, multiple fees and time consuming transfer speeds negate the service.
By comparison, money transfer service providers like WorldRemit and InstaRem offer far more efficient and convenient alternatives to Canara Bank. Check out our comparison tool to see the kinds of time-saving, cost-cutting deals available today.Take me to the comparison tool
Sending money abroad can be a tricky process due to the varying factors one must consider beforehand. In this section we will run through crucial factors of Canara Bank global remittances.