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.