There are many ways to transfer money from Canada to India, but which is the best one?
You’ll need to consider your payment and delivery options, as well as how much you’re willing to pay in fees.
I did a lot of the hard work for you and went through many money transfer services. In the end, I felt these four were at the top of their game. Here’s what to consider before making your decision.
Not long ago, there were only a handful of ways to transfer money to a foreign country.
These days, you have loads of options to choose from. And with India as one of the top countries receiving remittances from Canada, finding the right money transfer service is especially important.
Before you start, consider these factors.
- Speed of service. How fast will the transfer arrive? Will you pay more if you need to get it there quicker?
- Exchange rate. Understand about exchange rates and markups, so you get the best deal available.
- Hidden fees. Some transfer services have hidden fees rolled into your payment options. Make sure you check for additional charges if you pay with a debit or credit card.
- Tracking. How will you know when your transfer arrives? Is there a way to track it?
Can You e-Transfer Money from Canada to India?
Most Canadians are familiar with the Interac e-Transfers through their banks. An international transfer is similar and available in more than 75 countries.
4 Simple Ways to Send Money to India
Here are the top money transfer services that will give you a good deal while swiftly getting money to your recipient.
Why choose Wise? They make it easy to set up an account and start transferring money right away. Their website includes a calculator with fees, so you won’t get any surprises when it’s time to make the transfer.
How to sign up: Go to the website here and it’s a simple process.
With Wise, you’ll get full transparency. There aren’t hidden fees, and you’ll know the cost of everything before you even create an account.
Using Wise is generally cheaper than going through your bank. They do not mark up the exchange rate, meaning you’ll be able to transfer more money without additional fees.
Once you finish setting up a transfer through Wise, the rate is guaranteed. In addition, you can cancel any transfer that hasn’t been converted yet.
You can choose a variety of ways to make your payment – your bank account, debit or credit cards, or Apple or Google Pay.
However, fees for each vary, with credit cards often the most expensive. The money needs to go into the recipient’s bank account. There isn’t an option for a cash pickup.
The downside to Wise is that the transfer may take time, especially if it’s coming from your bank account. But it is usually much faster than a traditional bank even in that case. But if you’re not in a hurry, it’s one of the best bargains around.
As an example, I used the calculator on Wise’s website to convert CAD 1,000 to Indian rupees.
The overall fees are $9.46, or .95% of the entire transaction. The fees will change depending on your payment method.
In the example above, the payment used was a direct debit. However, if you use a credit card, the fees will increase to $30.18.
2. Xe Money Transfer
Why choose Xe? Xe lets you send money quickly and with low fees.
Xe displays the live market value of foreign currencies so you can be sure you’re getting the best deal.
They only charge a slight margin on top of the mid-market rate, keeping their fees low.
Xe is known for its fast service. Once initiated, the company claims it takes one to four business days to complete the transaction, with some happening in less than 24 hours. Of course, the speed of the transaction is dependent on the destination.
As for fees, according to its website, Xe claims no send fees if a minimum of CAD 500 is transferred.
However, there may be additional fees based on your payment method. Credit cards are usually the most expensive.
Xe lists credit card charges as 1% on transfers more than $1,000. Amounts lower than that have higher fees.
You can pay for the transfer with a debit or credit card, bank or wire transfer, and even Interac e-Transfer. The money must be deposited into the recipient’s bank account. No cash pickups are allowed.
One of the biggest downsides to Xe is that you can’t enter your transfer info on their website unless you create an account.
Other services, including Wise, let you know upfront what the fees are without the hassle of signing up.
Why choose Remitly? Your recipient can get their money quickly. Also, Remitly regularly runs promotional deals. However, many are first-time customers.
One of the biggest reasons to send money with Remitly is all the different ways your recipient can get it.
Lots of money transfer services only allow transfers into the recipient’s bank account. That’s not so with Remitly.
You can do a bank deposit, send it to a mobile money account, have it delivered to their home, or set up a cash pickup.
This is a huge plus to a recipient that might not have a bank account but still needs cash.
While known for its speed and delivery options, Remitly does come with a downside, and that’s fees.
First, you can choose to send either one of two ways – Economy or Express. The Express option is quicker, but you’ll pay a premium for it.
On top of the transfer fees, Remitly typically charges a margin about 1%-3% greater than mid-market rates. The percentage depends on the level of speed and your payment method.
It also means those that choose the Express version will pay a higher exchange than someone that picks Economy.
Additionally, if you pay using a credit card, you can get charged a fee of up to 3%. Your bank or the recipient’s bank could charge a small fee as well.
The bottom line is that if you’re looking for speed and delivery options, Remitly is a good choice, but you’ll pay for that convenience.
Why choose WorldRemit? With WorldRemit, there are many ways to send and receive money. Plus, the company has a long history of customer satisfaction.
As noted above, it’s not always easy to find a money transferring service that allows recipients to do a cash pickup. WorldRemit allows that and more.
In addition to cash pickups, you can get a bank deposit or delivery to your home or mobile money account.
WorldRemit charges a transfer fee and includes a margin on the exchange rate. The transfer fee is dependent on the country you’re sending to, the amount, and your delivery option.
While the exact amount isn’t readily available on their website, their fees are usually higher than average.
However, you’re paying more for the options to send and receive money, as well as their large global network and customer service.
When you need to transfer money to a foreign country, you want it done quickly and for the most affordable price.
Each money transfer service has its own pros and cons, but in my opinion, Wise reigns supreme.
If you want to find out more information about the company and how they can save you money on your next transfer, check out their website.