If you are a Canadian customer, there are several options available for sending money to India.
However, selecting a money transfer service is usually not an easy task.
There are several considerations involved in this process to ensure that you are balancing both efficiency and cost-effectiveness.
In recent times, we have seen the launch of several online transfer platforms such as Wise, Remitly, and XE that each offer their own unique set of benefits.
Depending on what you value (cheapest cost, fastest speed, etc.), each of these providers may be a worthwhile option for you.
What Currency Does India Use?
India uses the Indian Rupee as its official currency.
This currency is managed by the Reserve Bank of India (RBI).
RBI acts as the nation’s central bank with responsibilities for controlling monetary supply, setting banking regulations, and promoting economic development.
Current CAD/INR Exchange rate:
1 CAD = 60.9718 INR at 8:11 AM UTC on Wednesday October 16, 2024
Steps to Send Money to India
1. Select a Money Transfer Service
When looking to send money to India, you have the option of using various online platforms such as Wise (previously known as Transferwise), Remitly, WorldRemit, Skrill or XE.
Alternatively, you can also use your banking provider (such as RBC, CIBC, BMO, Scotiabank, TD) to complete a wire transfer directly to your recipient’s bank account.
You can use the below widget to see what it would cost to send a money transfer using Wise along with how long it will take for funds to reach the recipient.
2. Create an Account
Provide your personal identification details, bank account details, and other relevant information that the provider requests.
3. Enter Recipient’s Details
In most cases, you will be asked basic personal information about the recipient as well as their online banking details to ensure that the money is sent to the right account.
4. Choose Funding Method and Send
You can often choose between paying via direct debit, bank transfer, debit card, and credit card with each having different fees and processing times.
At this stage, you will be able to view the exact fee structure including any administrative fees and currency conversion fees.
Key Considerations When Sending Money from Canada to India
Below is a list of items you should keep in mind before transferring money from one country to another:
CAD/INR Exchange Rate
If you are converting between Canadian and the Indian Rupee, you should monitor the exchange rate that the provider offers and compare it to the market rate to see the differential.
While some providers may offer lower administrative fees, they may take a higher cut of the foreign exchange (FX) conversion.
It is important to know this beforehand to make the best decision for yourself.
Fees
Most online transfer platforms will charge a fee for their service.
This fee may vary based on the provider, the amount of money being sent, currency, etc.
As such, it is crucial to assess the net amount that the recipient will receive in hand to understand the total fees charged by the provider.
Speed
The total turnaround time that it takes for your recipient to receive the money from the time you send it.
Service
While this may not be a primary consideration in the way that costs and processing time would be, it is still important to know what type of customer support you can expect if there is a processing error or other barrier preventing your money from being transferred correctly.
