Global payments
Posted on Jan 30, 2026
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Growing your business beyond India or sending money to loved ones overseas? If you’re not paying attention, international transfers can end up costing you a lot more than you expect.
Exchange rates can swing quickly, and forex charges can quietly reduce what actually gets sent—or what lands in your account.
Canara Bank, one of India’s well-known banks, also sets its own exchange rates for international transfers and foreign currency conversions.
Canara Bank’s rates don’t always match what you see on Google or other online rate trackers. And if you’re not sure how the bank arrives at its quote, it’s easy to lose money without realising it.
In this guide, we’ll break down how Canara Bank forex rates work, what affects the final rate you get, and how exactly to cut through unnecessary costs when you send or receive money internationally.
Understanding Canara Bank forex rates
Canara Bank began its foreign exchange operations in 1953, setting up its first forex department in Mumbai. Today, the bank routes forex transactions through its Centralised Processing Cell for Forex Transactions (CPC-FT).
It also runs treasury and forex dealing desks in Mumbai and London to manage currency trades and overseas forex activity.
Canara Bank provides different kinds of forex services such as buying and selling foreign currency, booking forward contracts, and using options such as currency swaps to manage exchange-rate risk.
These services follow the bank’s internal policies and are offered within regulatory requirements, including Reserve Bank of India (RBI) rules and the Foreign Exchange Management Act (FEMA).
To make sense of Canara Bank’s exchange rates, it helps to first understand TT (Telegraphic Transfer) buy and sell rates, since these form the base of most international transactions.
TT Buying Rate (TTB): This is the rate Canara Bank uses when it turns an incoming foreign currency amount into Indian Rupees. So if money comes to you from abroad, the bank converts it to INR using the TTB rate before crediting your account.
TT Selling Rate (TTS): This is the rate used when you remit money outside India. If your transfer involves converting INR into a foreign currency, Canara Bank uses the TTS rate for that conversion.
Canara Bank forex charges
When you use Canara Bank for forex-related transactions, the fees will based on what you’re doing. Charges differ for export and import payments, outward remittances, and other foreign exchange services, so the total cost depends on the type of transaction involved.
Here's a breakdown of the major charges:
Export bills:
Canara Bank levies specific charges when your export bills are routed through another bank or remain unpaid beyond the due date. In addition, a commission in lieu of exchange is applied, and the amount typically depends on the transaction value.
Import bills: Charges vary based on whether the payment is made under a Letter of Credit or without one. If an import bill is not settled on time, the bank also applies extra charges for the delay.
Letters of Credit (LC):
Canara Bank charges a fixed fee for advising export LCs and for processing amendments. The amount can differ depending on whether you’re a Canara Bank customer or a non-customer.
Remittances: Outward remittances are typically charged at a fixed rate, and the fee can differ based on whether you’re sending money as an individual or as a business/entity.
Other services: Canara Bank may also levy fees for things like issuing certificates, handling bill-of-entry follow-ups, and processing approvals related to branches/offices or specific foreign exchange transactions.
Export-related charges:
Particulars | Charges |
Export bills sent to another AD | Flat INR 750 per bill. If no exchange accrues to the bank: INR 750 + commission in lieu of exchange. Pre-shipment advance: 0.15% of the bill amount. |
Export bills overdue | INR 500 per quarter per bill if proceeds are delayed beyond 30 days. |
Commission in lieu of exchange | Slab-based: Up to USD 25,000: 10 paise per USD (no minimum) USD 25,000-50,000: 7 paise per USD, Min INR 2,500 USD 50,000-100,000: 6 paise per USD, Min INR 3,500 Above USD 100,000: 4 paise per USD, Min INR 6,000, Max INR 50,000 |
Export letters of credit | Advising: INR 1,000 (Canara Bank customers), INR 2,000 (others) Amendment: INR 500 (Canara Bank customers), INR 750 (others) |
Import-related charges:
Particulars | Charges |
Import bills under LC | Flat INR 1,000 per bill, Commission in lieu of exchange applies if paid from EEFC/FCY account. |
Late payment of import bills | Additional 0.15% per month or part thereof, Min INR 1,000. |
Import bills not under LC | Up to USD 25,000: INR 1,000 Above USD 25,000: 0.15%, Max INR 5,000 If paid from EEFC/FCY account: commission in lieu of exchange + normal commission |
Direct import bills | Up to USD 25,000: INR 1,000 Above USD 25,000: 0.15%, Max INR 5,000 |
Remittance and other charges:
Particulars | Charges |
Inward remittances (executed in FC) | Commission in lieu of exchange + Individuals: INR 50 up to USD 10,000, Nil above USD 10,000, Nil for NRE. Non-individuals: INR 200 per transaction. |
Certificates (FIRC/eBRC, etc.) | INR 200 per certificate. Waived for employees, retired employees, and foreign tourists. |
Outward remittances (non-imports) | Individuals: INR 500 flat per transaction Non-individuals: INR 1,000 flat per transaction |
Advance remittance against imports | Up to USD 25,000: INR 1,000 Above USD 25,000: 0.15%, Max INR 5,000 |
Outward remittance from the EEFC account | Individuals: INR 500 + commission in lieu of exchange Non-individuals: INR 1,000 + commission in lieu of exchange. |
Bill of Entry follow-up | INR 200 per quarter, collected at submission. |
Opening/renewal of branch/liaison/project office | INR 3,500 per request. |
Scrutiny/forwarding of Form 83 to RBI | INR 5,000 per application. |
Canara Bank forex card rates
Rates are quoted in INR for one unit of foreign currency, except JPY (100 units).
Currency | TT/DD Selling | Bill Selling | TT/CHQ Buying | Bill Buying |
USD/INR | 88.5725 | 88.7500 | 87.8450 | 87.7800 |
GBP/INR | 119.6650 | 119.9050 | 117.7900 | 117.7100 |
EUR/INR | 104.1600 | 104.3675 | 102.7250 | 102.6500 |
JPY/INR | 59.9250 | 60.0450 | 59.0575 | 59.0150 |
CHF/INR | 111.7350 | 111.9575 | 109.6925 | 109.6150 |
SEK/INR | 9.4625 | 9.4825 | 9.2700 | 9.2625 |
CAD/INR | 64.4300 | 64.5600 | 63.4900 | 63.4450 |
AUD/INR | 58.7100 | 58.8275 | 57.5725 | 57.5325 |
SGD/INR | 69.4050 | 69.5425 | 67.9825 | 67.9350 |
HKD/INR | 11.4750 | 11.5000 | 11.2450 | 11.2375 |
AED/INR | 24.2725 | 24.3200 | 23.7800 | 23.7625 |
Why are real-time forex rates important?
Foreign exchange rates fluctuate throughout the day, and even a minor change can affect the final transaction amount in cross-border payments.
That’s why checking live, up-to-date rates is important before sending or receiving money internationally.
For traders, live rates make timing possible. When a currency starts shifting, they can decide whether to buy, sell, or wait to manage risk and take advantage of better entry or exit points.
For businesses, live and accurate FX rates make it easier to:
Calculate the actual cost of a cross-border payment once conversion and charges are factored in.
Time your conversion better, instead of converting at a random rate.
Protect your margins when the currency swings unexpectedly.
If you’re not checking live rates, you’re basically relying on outdated figures. That can lead to higher transfer costs, incorrect pricing, and missed chances to convert at a better rate and save money.
Why do Canara Bank's rates differ from market rates?
When you look up an exchange rate online, what you’re usually seeing is the mid-market rate, basically the “in-between” rate banks trade at, sitting between the buy and sell prices. In real life, you don’t get this rate directly.
Banks (including Canara Bank) typically add a markup/spread on top of that benchmark to cover costs and earn margin. That’s why the rate on Google often looks more attractive than the rate you’re quoted at the branch or in a bank transfer.
Here are the main reasons why Canara Bank's rates differ from market rates:
Spreads:
Banks usually convert money at one rate in the background, but quote customers a slightly different rate. The difference between the two is called the spread. It isn’t fixed—it can vary based on the currency pair, the transfer amount, and the bank’s pricing policies.
Fees:
Canara Bank can add either a flat charge or a percentage fee to an international transfer. This will also cover the bank’s compliance and processing work and reflects the additional risk involved in cross-border payments.
Market volatility:
Currency rates can shift quickly after big news, inflation changes, or political events. To avoid getting caught on the wrong side of these sudden moves, banks may widen the spread or revise their charges.
Regulations:
RBI guidelines for overseas transactions must be followed by all Indian banks, including Canara Bank.
This involves extra checks and documentation, and the cost of managing these requirements is usually reflected in the rates and fees charged to customers.
Effective rate example
The effective exchange rate reflects how a country’s currency performs against a group of major global currencies. It places greater importance on currencies that play a bigger role in the country’s trade.
For instance, if the U.S. does more trade with Europe than with Australia, the euro is given more importance than the Australian dollar. As a result, movements in the euro–dollar rate influence the effective exchange rate more strongly.
Here’s a simple way to look at it:
The U.S. carries out 70% of its trade with the eurozone.
20% with Great Britain
10% with Australia
In this case, the euro accounts for 70% of the basket, the pound 20%, and the Australian dollar 10%. So, if the euro weakens against the dollar, it will affect the effective exchange rate far more than a similar move in the Australian dollar.
How to check Canara Bank forex rates?
You can check Canara Bank’s forex rates on its official website, where it publishes the latest TT buy and TT sell rates along with related fees and charges. If you use a Canara Bank forex card, there’s also a dedicated page that lists travel card costs such as issuance fees, reload charges, and cross-currency fees/markup.
For the most accurate quote for your exact transaction, it’s also worth calling or visiting the branch and asking a bank representative for the current rate and total charges.
Why is Infinity is better than Canara Bank forex rates?
If you're looking to save on forex costs, Infinity can be a better choice than traditional banks like Canara Bank. This is why:
With bank transfers, the final amount can vary because of spreads, add-on charges, and longer settlement timelines. Infinity keeps it straightforward with a flat 0.5% all-inclusive fee.
Get paid in 50+ currencies like USD, GBP, EUR, JPY, and AUD—without asking your client to follow a complex process.
Convert at live FX rates with 0% markup, so your payouts stay more predictable, and you don’t lose extra value in conversion.
Receive funds as fast as 24 hours, instead of the typical 3–5 business days seen with traditional bank routes.
Compliance support is built in, including documentation follow-ups and an instant, free FIRA for every international payment.
With Infinity, many businesses are able to cut their overall forex costs by around 60% compared to traditional bank routes like Canara Bank. Lower conversion and processing costs can improve margins and make cross-border payments smoother and more predictable. Sign up today!
Conclusion
Understanding how Canara Bank’s forex rates are applied can help you manage international payments seamlessly.
But when you add spreads, service charges, and other deductions, the overall cost can increase, and the amount that reaches your account may be less than you planned.
This is why businesses compare bank quotes with newer payment platforms. These options often show costs more clearly, settle faster, and reduce surprise deductions, making cross-border payments simpler and easier to manage.
Frequently asked questions
1. How much does Canara Bank charge for an international transaction?
Canara Bank’s charges for international transactions depend on what you’re doing such as an outward remittance, an inward remittance, or a payment made under a Letter of Credit.
2. Can I exchange foreign currency in Canara Bank?
Yes. Canara Bank lets you buy or sell foreign currency at its branches or with a forex card and the rate you get will vary based on the currency involved and the type of transaction.
3. Can I use my Canara Bank debit card internationally?
Yes. Enable Global Usage or International Usage on the card, and once it’s activated, you can use the card to make purchases or withdraw cash while abroad.
