Best ways to send money from Canada to India (2024)

Best for Transfers to a Bank Account

• Cheapest

  Remitly Monito Score 9.3

  Cheapest

  in 51% of all comparisons

  Go to Remitly

• Top rated

  Wise Monito Score 9.5

  Top rated

  in 100% of all comparisons

  Go to Wise

• Fastest

  Panda Remit Monito Score 8.9

  Fastest

  in 58% of all comparisons

  Go to Panda Remit

Best of 14 providers. Compare all

Best for Transfers to Cash Pickup

• Top provider

  Remitly Monito Score 9.3

  Cheapest

  in 100% of all comparisons

  Top rated

  in 100% of all comparisons

  Fastest

  in 100% of all comparisons

  Go to Remitly

• Cheapest

  in 100% of all comparisons

  Top rated

  in 100% of all comparisons

  Fastest

  in 100% of all comparisons

Best of 1 provider. Compare all

About Money Transfers from Canada to India

Monito compares 15 providers offering international money transfer services from Canada to India. The total cost of the cheapest available option at any given point in the past month was 0.0% of the transferred amount. In comparison, the total cost of the most expensive provider was on average 12.9%.

How To Send Money From Canada to India

If you're like most NRIs sending money to India from Canada, you probably want to keep your currency exchange fees to an absolute minimum when converting from Canadian dollars to rupees. Using Monito's comparison engine and savvy how-to guides, you can find exactly how to transfer money from Canada to India by taking advantage of the simplest, speediest, and most secure ways to transfer money from Canada to India — no matter the amount or the pay-out method.

It's worth noting that although there are many ways to send money from Canada to India, not all of them are suited for your needs. Some can often be costly and slow, such as wire transfers with traditional banks A wire transfer can be made from your Canadian bank account to your (or your recipient's) Indian one in a process known as an "international wire transfer". This is the preferred method of most high-street banks and tends to be very slow and pricey. See more about how to make a wire transfer in our in-depth guidehere.

Typically, remittance charges are levied for a wire transfer. However, the intermediary bank may charge a flat foreign currency conversion fee and a service tax amounting to a percentage (0.1%-1%) of the total amount transferred. It is best to consider all the applicable costs before choosing the best-suited service.

In contrast, others such as PayPal's international transfer arm Xoom are popular among NRIs in Canada. However, they still don't offer the fairest fees and exchange rates, the fastest transfer speeds, or the most flexible payment options of them all.

Take a look at the overview below to discover how to send money from Canada to India through two of the most popular receiving methods —bank deposits, cash pickup, and credit and debit card payments:

How To Send Money From Canada to an Indian Bank Account

One option is to make an ordinary domesticbank transfer(or card payment) to the local bank account of aninternational money transfer specialist service, which, in turn, will pay out the funds more quickly and cheaply to your recipient in India than the bank would.

When sending money from Canada to India, these specialist services are significantly faster than and as secure as the banks, wrapping everything up ata fraction of the cost. This is because funds sent via wire transfers (the method most banks use to send money abroad) typically need to follow several steps as they pass viaSWIFT, all of which add new time and costs to the process.

Cheapest Ways to Transfer Money From Canada to India

When you’re transferring money between Canadian dollars (CAD) and Indian rupees (INR), you probably want to keep your currency exchange fees to an absolute minimum. Using Monito, you can find the simplest, speediest, and most secure ways to convert send money from Canada to India.

Whatever your needs, our savvy tools can save you money. Whether you’re going on holiday in India, helping out your family and friends, taking care of daily expenses or something else, we’ll share the cheapest and best money transfer providers. That way, the person getting the rupees has more cash in their pockets, and that’s good for both of you.

Fastest Way To Send Money to India From Canada

It is no surprise that your transfer speed depends on the method you choose to send your money from Canada to India.

Online money transfer providers are typically the fastest option. For example,Instaremoffers transfers that will go to the recipient's account the same day, whereasSkrillandWiseoffer transfers that arrive the next business day.

When comparing the fastest options, always be sure to compare the exchange rate to check that you’re not getting a poor deal. More information about the quickest way to send money abroad can be found inour guide.

Best Ways to Send Money to India From Canada

According to search data from Monito'scomparison engine, the following transfer services were among the best ways to send money from Canada to India over the last three months:

XE Money Transfer

XE Money Transfer enables payment via bank transfer, with funds being delivered to a bank account in India within minutes.

Monito Score 2024

• Customer Satisfaction 9.5

Go to XE

It was the cheapest service for bank transfers from Canada to India on 37% of Monito comparisons in the last three months. Currently, it comes second in terms of the amount received by the recipient bank in India. It has was the fastest service in the same time duration in 67% of all comparisons.

Remitly

Remitlyallows users to pay by bank transfer or credit and debit card payment, with funds being delivered to a bank account in India within a twenty-four-hour period.

Monito Score 2024

• Customer Satisfaction 9.3

Go to Remitly

It was the second cheapest service for bank transfers from Canada to India in the last three months. However, currently, Remitly provides the cheapest bank transfer service from Canada to India. Coming to speed, Remitly was the fourth fastest service in the same time frame.

Paysend

Paysend accepts transfers through credit and debit cards to any Indian bank account.

Monito Score 2024

• Customer Satisfaction 8.1

Go to Paysend

In terms of cost-effectiveness and speed, this service held the third position for the past three months, according to Monito’s comparison engine. Currently, it is fourth in the list of cheapest services. It takes two days for the transferred money to reflect in the recipient's account.

Instarem

Instarem is another service that has quickly emerged as one of the cheapest transfer services, offering to send money from Canada to India via bank transfer.

Monito Score 2024

• Customer Satisfaction 8.4

Go to Instarem

It takes 2 to 3 days for the sent amount to reach the Indian bank account. The best part is, it is even offering C$20 bonus for the first two transfers for Monito users, using the code MONITO!

WorldRemit

WorldRemit, which offers same-day bank transfers and card payments to bank accounts is one of the cheapest and fastest services for senders of money from Canada to India.

Monito Score 2024

• Customer Satisfaction 9.1

Go to WorldRemit

Using a Forex Provider To Send Money From Canada to India

If you'd like to send money from Canada to India in the order of C$50,000 or above, then your best bet will be to use aforeign exchange broker. These services are similar to ordinary money transfer and remittance services. The main difference is that they're specialised in large transfers and can negotiate favorable exchange rates on your behalf.

According to search data on Monito's comparison engine from 2020 and 2021,the specialist service Currency Solutionswas, on average, the cheapest available forex broker for Canada to India money transfers, being the cheapest service on 40% of all searches above C$50,000 during that period.

Money Collection Options in India

With around 200 million Indian residents not yet having access to a bank account,cash pickupservices can be a valuable option for many NRIs living abroad. We’ve shown these details below. Between June 2020 and 2021,MoneyGramwas by far the cheapest Canada-to-India money transfers option for cash pickup, offering the best deal with nearly half (45%) of respective comparisons on Monito. However, currently, Remitly beats all cash pickup services in terms of cost, speed, and overall experience, with 100% of respective comparisons on Monito.

Sending Money From Canada to India: You’re Probably Paying Too Much To Transfer CAD to INR

Canadian residents send around C$3.5 billion to India every year, and traditional banks, PayPal, and some currency exchange businesses charge unnecessarily high fees to move these funds. By our estimates, these charges amount to around C$145 million in unnecessary fees are spent each year — that's around C$750 per person if only around 200 thousand Canadian residents are converting their Canadian dollars to rupees.

Avoid the fees by taking control of your Canada to India money transfer. Run a search on Monito'scomparison engineto find the best service in real time.

How You Get Charged To Transfer CAD to INR

There are three main ways you could be overpaying when you’re converting between Canadian dollars and Indian rupees:

• Fixed fees: This is a fixed CAD fee that banks and other services charge to convert and transfer money to India, which goes as high as C$40 per transfer.
• Commission: This is a percentage you pay in fees on the total amount you transfer, meaning that the less you send, the less you pay. These percentage fees can range from under 0.5% to two 2% or more.
• Exchange rate margin: This is when a currency exchange service offers a lesser exchange rate than themid-market exchange rate. For example, the standard exchange rate states that C$100 is worth ₹5,380, but a currency provider sends ₹5,310 to the beneficiary.

When we compare money transfer providers, we consider all the fees and recommend the ones where your Canadian dollars go furthest. That keeps things simple and easy for you.

Looking To Save on Every Transfer?

There's probably a fair chance that you're looking to save money on your transfers from Canada to India no matter the amount you send or the receiving method. If this sounds like you, then we recommend that you make a point of checking ourcomparison enginebefore every transfer. That way, you'll ensure that you both discover the cheapest service in real-time and make considerable savings on your transfers to India:

Factors That Influence the Cost of Sending Money From Canada to India

We have already discussed that banks, cash-based money transfers, and mobile payment apps likePaypalare typically costly options when you factor in all fees (including hiddenexchange rate marginfees).

As we mentioned above, the cheapest way to transfer money internationally is to use a specialist money transfer service. They provide much more competitive rates, fees, and commissions than banks or Paypal. Their fees depend on various factors:

• Pay-in options: Credit card, bank transfer, cash payment, etc.
• Amount transferred from Canada to India: The cheapest operator will not necessarily be the same for a transfer of $500 and a transfer of $5,000.
• Transfer speed: Does the money have to be available instantly, or can a beneficiary wait a few days?
• Pay-out options: Will the money arrive in your beneficiary's bank account, or will they receive it in cash?

A dozen other parameters influence the price of sending money to India. You shouldcheck out Monito’s live comparison toolwith dozens of services to find the cheapest or fastest one for you!

FAQ About How To Send Money From Canada to India

• ✅ What's the best way to send money from Canada to India?

  The best way to send money from Canada to India will depend on which method you'd like to pay for your transfer and how your beneficiary would like to receive it. It will also depend on the size of your money transfer to India and the transfer speed. To find the best deal no matter your needs, we recommend running a search on Monito's real-time comparison engine to get the job done quickly and easily.

• 📱 Can I send money from Canada to India using Google Pay?

  Yes, you'll be able to send money from Canada to India using Google Pay either through Wise (which offers the best rates to Indian bank accounts) or Western Union (which offers cash pay-out methods and a large number of other payment options.) To get the job done, simply login to Google Pay, make an ordinary transaction to a beneficiary in India, and select either Wise or Western Union when prompted.

• 💸 What's the cheapest way to send money to India from Canada?

  Let's start with the most expensive solutions — banks, cash-based money transfer services, and Paypal. In terms of price, these services are, in general, costly when all fees are taken into consideration (including the hidden currency exchange rate margin.) Thankfully, there are plenty of online money transfer services with transparent and cheap fees and good exchange rates. You can compare them all and find the cheapest way to send money to India from Canada using Monito's real-time comparison engine.

• 💻 How to send money from Canada to Indian bank account at the best rate?

  Your bank in Canada might not offer you the best rate to send money to India. But there are plenty of dedicated money transfer services that will allow you to send money to an Indian bank account at the best rate. You can compare these services using Monito's real-time comparison engine. Here's how to send money from Canada to an Indian bank account with a money transfer specialist:

  1. Compare and find the cheapest service on Monito;
  2. Open an account online;
  3. Set up your transfer (remember t include beneficiary's bank details in India);
  4. Fund your transfer by a wire transfer from Canada to India or by debit or credit card payment.
• 📲 Can I use PayPal to send money from Canada to India?

  No, PayPal is not available for transfers from Canada to India. Take a look at Monito's guide on the subject to find out more. Instead, we recommend comparing the market using our real-time comparison engine if you'd like your recipient to receive a bank deposit or using Xoom if you'd like them to receive cash instead.

Best Rated Providers to Send Money from Canada to India

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• 

  Monito receives a referral fee from the provider you selected. This enables us to offer our service to you for free.

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Mid-market exchange rate