In today's globalized world, sending money abroad has become a common necessity. People transfer money across international borders for various reasons, such as supporting family members abroad, paying for education or medical expenses, carrying out business transactions, or even for trips overseas.
International money transfers facilitate these financial transactions, allowing individuals and businesses to transfer funds safely and efficiently to recipients in different countries.
However, navigating the intricacies of international money transfers can be daunting. Factors such as exchange rates, transfer fees, and security concerns can significantly impact the efficiency and cost-effectiveness of your international money transfer.
Canada, known for its strong economy and diverse population, attracts people from around the globe. Whether you have family or friends residing in Canada, need to transfer money for business, or are relocating to the country, knowing how to send money to Canada is crucial.
In this blog, we will walk you through the process of sending money to Canada, step by step. We will explore the different transfer methods available, and discuss the factors you need to consider to help you make an informed decision that suits your specific needs to send money to Canada.
International money transfers have become increasingly important in today’s day and age. By understanding the basics, you can navigate the process of sending money abroad more confidently.
Exchange rates represent the value of one currency in relation to another. They fluctuate constantly due to various factors such as economic conditions, interest rates, geopolitical events, and market forces.
The exchange rate can significantly influence the overall cost and value of your transfers.
When sending money to Canada, you will need to convert your currency into Canadian dollars (CAD), and the exchange rate will determine how much CAD you will receive for your money.
Economists and currency analysts expect the Canadian dollar to strengthen against the US Dollar in 2023 and into 2024, owing to several factors, such as an optimistic global growth and inflation outlook, a possible change in expectations regarding monetary policy, and an overall environment that favors taking on more risks.
As per Trading Economics, the CAD is expected to trade at 1.34 by the end of this quarter, and in 12 months’ time, it is expected to trade at 1.39.
As central banks approach the end of their cycle of raising interest rates, economists are more optimistic that the global economy may avoid a recession this year. This positive outlook is expected to have a favourable impact on the Canadian dollar, potentially providing it with a boost.
When the exchange rate is unfavorable, it means that your currency has a weaker value compared to the Canadian dollar. As a result, you will receive fewer Canadian dollars for the same amount of your currency, reducing the value of your transfer. This can be a significant concern, especially when sending large sums of money.
The exchange rate margin adds an extra cost to your money transfer. Banks and financial institutions often apply a margin to the real-time exchange rate to cover their operational costs and generate profits. These margins can vary widely between providers, with some offering more competitive rates and lower fees than others.
Therefore, it's smart to compare exchange rates and margins across different providers to ensure you're getting the best value for your money.
There are a few ways to get the best exchange rates when you want to transfer money to Canada.
Exchange rates are constantly changing, so keep an eye on the currency market and monitor exchange rate trends. This can help you identify favorable times to transfer money when the rates are more advantageous
Some providers offer hedging options, such as forward contracts or limit orders, which allow you to lock in an exchange rate for a future transfer. These tools can help protect you from unfavorable rate fluctuations and provide more certainty in your transactions.
Research and compare different money transfer providers to find the ones that offer competitive exchange rates and lower exchange rate margins. Online money transfer services and specialized remittance companies often provide more favorable rates compared to traditional banks.
There are several important factors to consider to ensure a smooth and cost-effective transaction
Exchange Rates: As we have discussed, exchange rates can significantly impact the value of your money transfer. Compare the exchange rates offered by different providers and consider opting for a provider that offers competitive rates with minimal markup. Timing your transfer when exchange rates are favorable can also help maximize the value of your money.
Transfer Fees: Different money transfer providers charge varying fees for their services. Compare the transfer fees across different providers to find the most affordable option. The fees may vary based on the transfer method, amount, and speed of delivery.
Transfer Speed: Consider the urgency of your transfer and the speed at which you need the funds to reach the recipient when choosing a transfer provider. Some providers offer faster delivery options for an additional fee, while others may have longer processing times. Choose a transfer method that aligns with your timeline requirements.
Security and Reliability: Ensure that the money transfer provider you choose has robust security measures in place to protect your funds and personal information. Look for reputable and trusted providers with positive customer reviews and a track record of reliability in handling international transfers.
Delivery Options: Consider the available options for the recipient in Canada to access the funds. Can they receive the money directly into their bank account? Can they pick up cash from a designated location? Assess the convenience and suitability of the options offered by the provider.
Regulatory Compliance: Ensure that the money transfer provider adheres to the regulatory requirements for international transfers to Canada. This includes compliance with anti-money laundering (AML) and know-your-customer (KYC) regulations to ensure the legality and transparency of the transaction.
Customer Service: Evaluate the quality of customer support provided by the money transfer provider. In case of any issues or inquiries, it is important to have access to reliable and responsive customer support channels that can assist you promptly.
Customer Reviews: Read reviews and seek recommendations from trusted sources or individuals who have previously sent money to Canada. Their experiences and insights can provide valuable information about the reliability, efficiency, and overall experience of different money transfer providers.
There are three main ways you can send money abroad, each with its own advantages and considerations. Consider factors such as transfer fees, exchange rates, speed, security, and recipient preferences when choosing the most appropriate method to send money to Canada.
Bank transfers involve sending money from your bank account to the recipient's Canadian bank account bank. Bank transfers are commonly used for large transactions or regular payments. To initiate a bank transfer, you typically need the recipient's bank account number, routing number, and the bank's SWIFT/BIC code. A bank transfer can take several business days to process, and fees may vary depending on the banks involved.
Online money transfer services mostly operate through dedicated online platforms or mobile apps and offer a convenient and often cost-effective way to send money to Canada. To use an online money transfer service, you usually need to create an account, provide identification documents for verification, and enter the recipient's details. Online money transfer services offer competitive exchange rates, lower fees compared to banks, and faster transfer times, often completing transfers within one to three business days.
Remittance companies specialize in facilitating international money transfers. These companies have extensive networks and partnerships with financial institutions worldwide, including Canada. Remittance companies typically offer multiple options for sending money, including wire transfer, bank transfers, cash pickups, and mobile wallet transfers. They often have a wide range of agent locations where recipients can collect cash in Canada. Remittance companies may charge varying fees and offer different exchange rates, so it's important to compare options to find the most suitable provider to transfer money.
Here are the general steps to send money to Canada:
Money transfer services are dedicated to the task of transferring money-it’s what they do all day, every day.
Here are three key reasons:
Formerly known as TransferWise, Wise is a trusted and popular choice to send money to your recipient's Canadian bank account. They offer competitive exchange rates, low fees, and transparency in their pricing. Wise stands out for its user-friendly interface and easy-to-use platform, making it convenient for individuals and businesses to send money abroad.
Regarded as a reputable money transfer provider, XE offers fast and secure online transfers to Canada. Known for their competitive exchange rates and no transaction fees, XE provides a cost-effective solution for sending money internationally. With a user-friendly website and mobile app, they offer a seamless experience for customers looking to transfer money to Canada
Remitly is a popular choice for individuals sending money internationally. They provide competitive exchange rates and offer two different transfer options: Express and Economy. Remitly's user-friendly platform and mobile app make it easy to send money conveniently and securely, catering to the needs of customers looking for quick and reliable transfers.
WorldRemit is a well-established money transfer service that enables fast and secure transfers to Canada. With competitive exchange rates and low fees, the provider offers a user-friendly online platform and mobile app for hassle-free money transfers. They provide multiple transfer options, including bank account deposits, cash pickups, and mobile wallet transfers, making it convenient for your recipients in Canada.
Instarem is a digital cross-border payments company that offers efficient and low-cost international transfers. With competitive exchange rates and low fees, Instarem provides a transparent and reliable platform for sending money internationally. Their fast-processing times and user-friendly interface make it a popular choice for individuals and businesses.
Skrill is a widely recognized digital wallet and payment provider that also offers money transfer services to several countries. With a focus on simplicity and convenience, Skrill enables users to send money quickly and securely through their online platform and mobile app. They offer competitive exchange rates and transparent fees, making it a suitable choice for online money transfers.
Xoom, a PayPal service, specializes in international money transfers all across the globe. They offer competitive exchange rates and a convenient online platform for sending money securely. Xoom provides various transfer options, including bank account deposits and cash pickups, catering to the diverse needs of customers looking to transfer funds abroad.
PandaRemit is an emerging online money transfer company that focuses on providing efficient and reliable international transfers. They offer competitive exchange rates and low fees, ensuring cheaper transactions. PandaRemit's user-friendly website and dedicated customer support make it a promising choice for transferring money to Canada.
Western Union is a well-established and widely recognized money transfer service that allows individuals to send money abroad through their online platform or physical agent locations. With a vast global network, Western Union offers convenient transfer options, including cash pickup and bank account deposits. While their fees and exchange rates may vary, Western Union remains a reliable choice for international money transfers.
OFX is a trusted provider of online money transfers, offering competitive exchange rates and low fees. They specialize in international transfers for individuals and businesses, providing dedicated support and secure transactions. OFX's user-friendly platform and personalized service make them a popular choice for those seeking reliable and cost-effective transfers to Canada.
Sending money to Canada can be a straightforward process with the right approach. By considering various factors such as exchange rates, fees, transfer speed, and convenience, you can make informed decisions about the best method to send money to Canada.
There are several top online money transfer services to choose from when sending money online. Whether you prioritize low fees, speed, or ease of use, these companies provide excellent options for sending money securely to Canada. By comparing their features and services, you can select the best online money transfer provider that suits your specific needs and preferences.
Before sending money internationally, check out our online comparison tool to view top money transfer service providers side by side and always get the best exchange rates!
Growth in digital remittances can be a game-changer in international remittances, mainly in terms of reducing the cost of global money transfer, increasing accessibility, and being more customer-centric. In the case of Nepal, which is one of the highest recipients of remittances in the world, youth are leading the mobile and digital revolution in the country. 50% of the users of eSewa, Nepal's most prominent digital wallet, are between the age of 18 to 30 years. With eSewa, users can make various payments such as pay utility bills, pay internal bills, recharge phones, book airline, and bus tickets, scan and pay to merchants, make a bank transfer (from eSewa to a bank account), and so on. There are also cashback and reward points upon registration. Established in the year 2019, eSewa Money Transfer is affiliated with F1Soft Group. With 15 million users (almost half of the country's population), F1Soft has been the leading fintech company in Nepal since 2004. eSewa is licensed by Nepal Rastra Bank under foreign exchange regulation, so it is a safe and highly regulated mode of money transfer. It offers traditional brick-and-mortar and agent-based remittance services along with the non-traditional digital modes of remittance.Money Transfer Services from the U.S. to Nepal with eSewa eSewa is partnered with various leading money transfer companies such as MoneyGram, WorldRemit, Remitly, Skrill Money Transfer, TerraPay, WireBarley, enabling customers from the U.S. to send money to friends and family in Nepal directly into the recipient's bank account or eSewa wallet.The account deposit service is available in more than 65 banks in Nepal. With more than 4.2 million registered eSewa wallet users, the addition of remittance service to eSewa wallet will provide a boost in remittance inflow to Nepal.Remittances to Nepal constitute a major portion of the country's foreign exchange reserve, surpassing both the official development assistance and the total foreign direct investment. In 2019, Nepali migrant workers sent home $8.64 billion which constituted 25.4% of the country's GDP. Sending Large Amount of Money from the U.S. to NepalThe U.S. to Nepal money transfer corridor is a thriving one, with many money transfer operators competing for business. Here are the top 5 money transfer service providers from the U.S. to Nepal.XoomPayPal-owned Xoom, a leading digital money transfer provider is one of the fastest, secure and convenient ways to send money from the U.S. to Nepal. The Xoom mobile app or website allows users in the U.S. to send money in an instant to friends and family in Nepal using their U.S. bank account, debit card, or credit card. Xoom has partnered with major banks in Nepal - Everest Bank Ltd., Nabil Bank, Himalayan Bank, Nepal SBI Bank, and others offering instant bank deposits. The money can be transferred to a bank account or picked up from an agent location (from over 4000 cash pickup locations) in Nepal. The maximum transfer amount is $9,000 per transfer when using Xoom transfer. The transfer fee varies depending on the method. Bank transfers are usually free of cost. Fees for payments by card are percentage-based.Do keep in mind that a margin is added to the exchange rate when converting U.S. dollars (USD) into Nepalese rupees (NPR).Wise (formerly known as TransferWise)Wise (Ex-TransferWise) is a London-based financial technology company regulated by (Financial Conduct Authority) FCA in the UK. For online money transfers from the U.S. to Nepal, Wise is a secure, fast, and low-cost option. There are no hidden charges, no marked-up exchange rate. Wise gives you the interbank exchange rate for your transfers. You can pay by direct debit, bank transfer, debit card, or credit card. Bank debit or ACH is the cheapest followed by bank transfer. While payment via credit cards has more fees. Depending on the transfers, the money can be reached in one day or even within seconds. There are limits to how much you can send to Nepal. For larger transfers, Wise might ask you to provide your ID card. To initiate the transfer process, sign up online or in Wise's app for free.WorldRemitWith WorldRemit, Nepalese immigrants in the U.S. can send money online to recipients in Nepal. The money can be received via cash pickup, bank deposits, mobile money, and even airtime top-up.The cask can be pick-up from thousands of Samsara, NIC Asia, and Citizen Bank locations within minutes. The bank transfer may take 1 business day.You can send up to $5,000 per transfer with bank transfer and up to NPR 300,000 with the cash pick-up option. A maximum amount of NPR 1,000,000 can be sent in a day. The transfer fee will depend on the transfer amount. WorldRemit adds a margin to the exchange rate.Muncha Money TransferMuncha money transfer lets you send money to Nepal from all the 50 states in the U.S. It is a preferred choice for many NRN (Non-resident Nepalese) as an online payment gateway. Muncha Money Money Transfer and ThamelRemit are popular ways of sending money.An individual with a U.S. bank account can transfer money to the recipient's bank account in Nepal. It takes about 48 hours to complete the transfer. It is licensed by Nepal Rastra Bank, so your money is safe and protected. It offers ACH transfer and can send up to $10,000 per transaction from the U.S. to Nepal. The first transaction is free for all customers.ThamelRemitThamelRemit is an online money transfer platform for sending money from the U.S. to Nepal. It is trusted by more than 50,000 Nepalese in the U.S.The platform is supported by Siddhartha Bank Ltd., one of the fast-emerging banks in Nepal, and is powered by MachNet.The transfer is carried out via ACH where money is directly debited in USD from your bank account in the U.S. and transferred to the recipient's bank account in Nepal in NPR. There is no charge or bank processing fee within Kathmandu Valley.Outside Kathmandu Valley, there may be a bank processing fee that is deducted from the recipient's bank account as per the particular bank's rules and regulations. The exchange rates offered are highly competitive and fees are affordable. You can send up to $10,000 per transaction and get the money deposited into the destination account in 48 hours.TakeawayThanks to the increasing number of users of digital payment platforms like eSewa and others, the cashless transaction is becoming a reality in Nepal.The above list is not an exhaustive list of all the services available to send money from the U.S. to Nepal. It can be difficult to choose one from a plethora of options. Before you make the transfer, compare the money transfer service providers to get the best value for your money while sending money from the U.S. to Nepal.Nepalese living abroad prefer to send remittances directly through mobile banking, internet banking, or digital wallet. It offers ease of use, convenience, lower cost, and a competitive marketplace of the money transfer industry that gives better service and better exchange rates.
How do you pay your employees? As an employer, paying your employees is an important part of your business. Direct deposit to your employee's bank account or issuing paper checks are two of the most common ways of compensating them. Gone are the days when employees used to get paid in cash.But what happens when some employees have no bank accounts? This is where paycards come in. Paycards for employees are an alternative option when the employees do not own a bank account, and the employers do not want to pay in hard cash.It is estimated that about 5.4% of U.S. households (approximately 7.1 million) were "unbanked" in 2019, according to the U.S. Federal Deposit Insurance Corporation (FDCI). An unbanked household means no one in the household had a checking or savings account at a bank or a credit union.For small businesses with employees with no bank accounts, paycards can be a convenient option as a payment option.Direct deposit and paycards both offer the benefit of a paperless payroll distribution process and allow the employer to electronically transfer funds conveniently. While direct deposit is the norm for many businesses, paycards are gaining popularity each year.There are pros and cons of using paycards, and in this blog, we will discuss if paycards are right for your business and employees.What is a Paycard?Paycard is a lot like a prepaid debit card as it is made of plastic and can be pre-loaded. In the case of a paycard, the money loaded comes from the employer in the form of an employee's pay. The card carries the issuer name such as MasterCard, Visa, or Discover.Are Paycards Good, and Who is it For?A pay card can be used to pay an employee who does not have a bank account. Paycard holders or employees can cash out from paycards at a bank, ATM, or other point-of-service locations.Employees can also pay bills over the phone using their paycard number or authorize electronic bill payments to specified companies.Employees can use paycards at any merchant, grocery store, retail shop, or gas station that accepts debit cards.Do Paycards Have Fees?By law, employees must be able to access their wages in full without any fees. They can obtain the cash at a bank teller, ATMs associated with the card issuer, pay bills by telephone, or use the card for point-of-sale purchases.However, there may be fees for electronic fund transfers or for cash withdrawals at ATMs that are not in the issuer's network. There may be fees for card replacements, balance inquiries, inactivity fees, or other reasons. The Consumer Financial Protection Bureau issued a rule in April 2019 that paycard issuers must disclose all the fees to cardholders.Employees must be informed of the potential fees. The paycard issuer is required to give you disclosures on such fees before you sign up for a paycard or a payroll card.Also, paycards are regulated by state laws, so you might have to check for additional details depending on your state. Some states are making efforts to reduce fees that affect employees.As you can see, paycards fees mostly affect employees. In the case of direct deposits, employers are the ones who have to pay fees for setting up the payroll distribution system and a transaction fee for each time they transfer wages into an employee's account. The payroll software may also charge a fee for their service.Can Employers Save Money When Using Paycards?Since paycards are reloadable cards, employers can have the banks reload the paycards with their employees' wages for the pay period, avoiding the costs and hassle of issuing paper checks, mailing them, or re-issuing lost checks. The savings may not be a substantial amount but they can add up gradually.Can Employers Choose between Direct Deposit and Paycards?While there is no mandate that employers can only offer either direct deposit or paycards to their employees for their wages, it is safe to check with your state's law on payroll distribution.One-third of states allow employers to require employees to have bank accounts for direct deposit. In such a case, paycards may not be needed. Also, there is no law preventing employees with bank accounts to opt for paycards as their payment option.Though generally, employees tend to prefer direct deposit because of its efficiency and the least costly method of payment, as a business owner or an employer, it is better to give options instead of imposing only one method.Ask your employees about their preferred method of payment and what benefits (convenience, low fees, etc.) serve them the best.In fact, Federal law requires employers to offer alternative payment methods like paper checks or direct deposits.Should Employer Provide Pay Stub?Pay stub provides details of the employees' pay for each pay period. Employers are not required by federal law to give employees their pay stubs. However, many states have laws that require some form of written pay statement.Even if your state doesn't need you to provide pay stubs, you are still required by the Fair Labour Standards Act to keep track of your employees' working hours.For employees, a pay stub gives a record of their wages, deductions, contributions, and other information. It is also proof of income or employment, which is often needed when applying for a loan, credit card, or housing.For employers, a pay stub is useful for tax purposes, and it can be used to resolve any discrepancies with employee pay.Is it Possible for Paycards to be Overdrafted?Usually, paycards works like debit card, allowing cardholders to withdraw up to the limit of the loaded amount. However, there are paycard that allows overdraft for employees. But it can come with hefty overdraft fees if employees use funds over the limit in their account. Usually, you should be able to prevent misuse by subscribing to an overdraft protection service.Will Paycard Affect Credit Score?Paycards, like all prepaid cards, do not affect an employee's credit score.What is a Paycard Gets Lost or Stolen?A replacement card can be issued in such cases. The employee needs to notify the employer, and then the employer should immediately notify the card issuer. The employee is not liable for the incident as long as the issue is timely reported. Paycards come with similar protection as that of a prepaid card.The reporting time is determined by the card issuer. If you wait longer to report after learning of the loss and theft, the fraudulent charges may increase. You may have to pay a fee for the replacement card.Pros and Cons of PaycardsProsA win-win situation for unbanked employees and their employers.Green alternative to paper checks.Immediate payment to employees.No hassle of cashing a paycheck.No monthly or maintenance fees.Added security when assessing their funds (paycards require a PIN).Employees can report to the issuer if funds are used unauthorized.Paycards can be reloaded during each payday, saving money on issuing paper checks.Added efficiency for the employer as the employer would not have to physically present or mail paychecks to unbanked employees.ConsEmployees may incur fees for several reasons. Be aware of such potential fees.Employers have certain responsibilities to educate employees about the usage of paycards.Limited range of services and flexibility in managing your funds compared to bank accounts and other prepaid cards.The best paycards programs are easy to set up, have lower fees, quick access to funds, and provide a range of benefits such as cashback and discounts. We have made a list of popular paycards providers for businesses:Wisely Paycard by ADPOnline portal and mobile appCompatible with Apple Pay, Samsung Pay, and Google PayZero cost sign upNo hidden feesNo credit checkNo overdraft feeZero cost direct deposit of pay and other sources of income (including government benefits)Accepted wherever Visa is acceptedKeep track of spending and account balances 24/7 on the appGet cash back at major retailersSurcharge-free ATM withdrawalsFDIC insuredSecurity features include instant card lock, purchase protection, and travel alert notificationsRapid PaycardDirect Deposit onto rapid paycardLoad funds from approved checks with Ingo Money mobile appsNo fee for cashing paycheck24/7 account access with rapid! Access mobile appNo credit checkCan be used at ATMs, merchants worldwide, wherever Debit Mastercard or Visa debit cards are acceptedPay bills and make purchasesBook airline and hotel reservations onlineEarn interest on savings accountGet cash back rewardsFDIC insuredMoney protected with Zero Fraud LiabilityKittrell PaycardNo fees to use (there are fees for certain situations)Fee-free ATM network with MoneyPassWebsite and Kittreall AppGet real-time alerts and push notificationsCash back at point-of-sale terminals2-way texting to manage your card and accountCompatible with Apple Wallet, Google Pay, Samsung PayEasy portability (Get direct deposit of stimulus checks, tax refund, benefits)Freeze or unfreeze card on-demandSkylight PaycardZero sign up feeNo credit checkNo minimum balance Personalized your card with a family photo or unique imageManage money anywhere on Mobile AppDirect deposit your government benefits, tax refundsUse anywhere where Visa Debit & Debit Mastercard are acceptedFDIC insuredZero liability protectionPay bills onlineEarn interest on savings accountEarn cash back with Payback RewardsSend money to or receive money from friends and family with Netspend cardsSet text alerts about transactionsRefer a friend and boost your card balanceSkylight overdraft limit is $100 & 3 times/ monthConclusionOverall, paycards can be convenient and cost-effective for employees and employees when compared to paychecks or for those employees with no bank account. And the paycard fees are becoming more transparent and competitive.While paycards can be challenging at times, especially when you are employed in multiple jobs and have a separate paycard with each employer, your funds are scattered in multiple cards so it becomes difficult to manage your finances. Some may prefer to put all their money in one place, like a checking account.However, if you can't open a bank account, a paycard is a great option to get paid. Read the fine prints before signing up for a paycard and know the potential fees that come with it.
It is common for a Non-Resident to open an NRE Account or other similar accounts, with a bank in India and transfer their earnings from their foreign country into these accounts. NRI's are not required to pay taxes in India on earnings that they received outside of India however these guidelines are frequently abused. An influx of cases of money laundering and unexplained funds in NRE accounts has prompted the Enforcement Directorate of India (ED) to crack down on irregularities in NRE account activities.In one specific example, an individual transferred a large number of funds into a family members' NRE account. Upon investigation by the ED however, it was found that these funds were commission income which was generated abroad. He was then asked to furnish the overlaying contracts for these commission incomes and was penalized accordingly.As an NRI with an NRE account, it is very important that you are able to explain the source of your funds in your account should you be contacted by the ED. Failure to explain the source of your funds in your account is considered to be a violation and can result in tax penalties.In order to avoid being questioned by the ED in regards to NRE account activity, it is highly recommended that all NRI's protect themselves in the following ways:Distinguish between current account transactions from capital account transactions.Inform all applicable parties regarding any changes in residential status.Distinguish between Person Resident in India & Person Resident Outside India.Keep track of investments made in India from Rupee funds in India. For example, when their residential status is that of a Resident and the investments made from funds remitted from abroad and when their residential status is that of a non-resident.Understand the sale proceeds of movable and immovable assets in India.Comply with statutory guidelines for filing documents and reporting requirements for different transactions.Do not enter into capital account transactions that are prohibited or are not covered under general provisions of permission.Do not enter into current account transactions that are prohibited or restricted.Avoid participating in any " net - off " transaction with a resident individual.Never instruct or allow a resident to make an outward transaction on your behalf.The Foreign Exchange Management Act (FEMA) extends to all of India and makes offenses related to foreign exchange, civil offenses. Such offenses are not taken lightly by the Indian government, which is why it is imperative that these guidelines are abided by and taken seriously as any violations will likely result in penalties and legal action. Running into issues with your NRE account and have to deal with the ED can be extremely stressful and nerve-wracking, which is why it is important to follow the above guidelines in protecting yourself from such circumstances.
Download Our Free App
Try our faster, enhanced mobile app for a better experience