Bitcoin Forum

Hey guys, I am an NRI with an SBI NRO bank account that contains funds.

I want to send these funds to Canada, but I've heard the fees are too much to do this.

I was considering doing this with Bitcoin by buying BTC on an Indian Exchange and then selling them on a Canadian Exchange.

Does anyone have any experience, knowledge, or advice on this matter?

Check the current price of bitcoin in the canada's exchange. Because currently there is difference of 83000 INR in Indian exchanges and International exchanges. In terms of dollars you could see this as 1161.538461538 or 1000 USD (price calculated with USD at 65INR). Now check how much fees or transaction charges you need to pay if you go by traditional way and how much time is require. Purchasing bitcoin from the exchange is not so easy and is time-consuming process. Many times transactions get stuck (not the bitcoin transaction) and takes time to transfer money from bank to the exchange account.
One thing that may work is if you find a person who already has some bitcoin at reasonable price and ready to sell them to you. Then you could take advantage of that situation and save time.

Thanks to both of you for your answers which seem similar.

Basically, you suggest I buy BTC from a local trader in Canada.

I understand, but how will this Local Canadian BTC Seller accept Rupees that are in my SBI NRO account?

Do you mean I need to find a Canadian NRI who has BTC?

If you want to use the bitcoin as preferred way of transfer then you need to purchase bitcoins in India. After that either transfer those coins to the Canadian exchange for selling OR sell those coins directly to the local Canadian contact interested in the bitcoin purchase.
If transfer fees is high then You could also think ethereum or dash etc for quicker transactions and low transfer rate. Only thing would be that you need to transfer those coins to the exchange and then sell them.

The simple and best way is just buy bitcoin in indian exchange and transfer them to your wallet and then if you want you can find a local buyer in your country canada or you can sell this coins in any exchange where you can withdraw it in your local bank in canada. It is very simple why you are complicating it.

In short buy bitcoin from your indian bank and transfer coins to your wallet and then were ever you want you can sell them and accept the payment in your local bank or were ever you want. Like this you funds in indian bank will be converted to Bitcoins and sell them to anyone and get payment anywhere in the world.

My suggestion is don't use Bitcoins to remit money. There are FEMA laws governing remittances out of India. Also it is out of the banking channel that can be termed as Hawala.