How to send money to Canada from India
The best way to send INR to CAD | Wise |
The total number of India to Canadian Dollar providers | 4 |
The average cheapest way to send money from India to Canada | Instarem |
Best option for debit card transfers | Wise |
Best option for bank transfers | Wise |
You can always compare rates and fees based on your transfer amount and payment options when sending money.
The best way to send money from India to Canada
We recommend using Wise for money transfers to Canada from India.
We analyzed 4 providers that allow INR to CAD transfers. Wise emerged as the best option in 64% of searches.
What’s the cheapest way to send money from India to Canada?
Based on results from the last 3 months, of the 4 providers we list, the cheapest way to send money from the India to Canada was Instarem, and the average cheapest payment method was Bank Transfer.
Instarem has averaged 0% cheaper than the next nearest provider for money transfers to Canada from India.
Just to make you aware, Bank Transfer was the overall cheapest payment method.
The cheapest way to send money isn't always the fastest
Be sure to pick the right option, Instarem is the most cost effective way of sending, but make sure the timeframes work for you.
How the cost of sending money to Canada from India is calculated
The cost of sending money from India to India depends on several things, including:
The mid-market rate
The current mid-market rate between INR and CAD is 0.01638. The rate the time you transfer will impact your overall cost. As an example, Wise has averaged -0.47% below the mid-market rate over the last 3 months, generally making sending money a little cheaper before fees.
The markup and fee
Providers will often charge a markup on the rate, fees, or both, for transfers between India and Canada. This is why Instarem is listed as our cheapest option - they offer the best combination of Indian Rupee to Canadian Dollar (0) and fees (1600).
Bank transfers from India to Canada
Bank transfers are the most common way of sending INR to Canada as they are secure, reliable, and convenient.
If you want to send Indian Rupees to Canada through a bank transfer, Wise has been the top rated provider in our comparison system for the last 3 months, being recommended 75.2% of the time.
That’s because companies like Wise bypass the SWIFT network by relying on their own digital network of banks, making transfers faster and cheaper. As an example, Wise's transaction fees for Indian Rupees into Canada have averaged significantly lower than banks for the last 3 months.
Credit card payments from India to Canada
Sending money with a credit card is quick, convenient, and typically more secure than other methods, thanks to backing by the issuing party. Some users may even be able to rack up reward points when making large transactions.
If you want to send Indian Rupees to Canada with a credit card, Wise has been the top rated provider in our comparison system for the last 3 months, being recommended 0.3% of the time.
Credit card payments are often classified as cash advances, which bring their own charges, not to mention currency conversion and usage fees. And forgetting to pay your balance can result in high interest charges or even damage your credit score.
Debit card payments from India to Canada
Debit card payments let you send money from the India to Canada with the similar convenience of a credit card, and there are usually no tax advance fees. That said, when sending money from a debit card, you might still face currency exchange fees, processing fees, and other expenses, making this a pricier option than a simple bank transfer.
If you want to send Indian Rupees to Canada with a debit card, Wise has been the top rated provider in our comparison system for the last 3 months, recommended 0.3% of the time.
Finding the best exchange rate for INR to CAD
The mid-market exchange rate changes daily, so timing your transfer can make a big difference to how many Canadian Dollars you can get for your Indian Rupees. The average Indian Rupee to Canadian Dollar mid-market rate over the last month was 0.0164, with a low of 0.0162 and a high of 0.0165.
For comparison, the best exchange rate for INR to CAD right now is through Wise, at a difference of 0%.
How we find the best transfer deals from India to Canada
We’ve compared the cost, speed, and product offering of the top money transfer services (including Wise) available between Canada and India.
We also produce unbiased, detailed reviews of all the top money transfer companies for sending Indian Rupee to Canada, helping you in making smarter, simpler choices. We pride ourselves on our objective reviews, maintaining complete independence in our analysis and ratings.
Take a look at our comprehensive editorial policy for more information about our dedication to integrity and transparency.
