India has been the largest recipient of remittances on record since 2008, and in 2020 the country reported a remittances inflow of 83 billion USD. The nation’s official currency is the Indian rupee which translates to silver or coin in Sanskrit. The ISO (International Organization for Standardization) code for Indian rupees is INR 356 and Mahatma Gandhi has featured on banknotes since the trademark series was first introduced by The Reserve Bank of India (RBI) in 1996.
In 2019 India ranked 5th in terms of total Gross Domestic Product and number 11 in total imports, which includes personal remittances. Due to the demand of Indian money transfers, most leading service providers will offer fair exchange rates for CAD to INR: use our comparison engine to find the best deal for you.
When considering how to send money India from Canada there are some key aspects of the transfer to consider.
The cheapest provider we found is Wise at % Above Mid-Market Rate.
If you’re looking for the best combination of price, speed, and reliability we recommend using WorldRemit when transferring CAD to INR.
This means that by using WorldRemit for online money transfers to India from Canada, you are likely to save on transfer fees and benefit from fast speeds – so your recipient will get more money and have it delivered in less time.
Alternatively, if you are unable to access WorldRemit for any reason, our comparison engine has found Wise and XE - Remit also to be very good options when sending CAD – INR.
This recommendation was updated one minute ago.
In order to avoid high fees, you should consider the cheapest way to send from Canada to India.
Wise has been determined by our comparison engine to be currently offering you the cheapest rates possible.
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When sending money from Canada to India, speed is one of the biggest factors you need to consider in terms of the service offered by different money transfer providers. Currently, WorldRemit is the fastest way to send CAD – INR.
Most money transfer providers allow you to deposit and send money using various payment methods, but not all providers offer every option. Typically you’ll find the most common methods are bank transfers and card payments, but many providers also accept cash and some will even deliver funds straight to your recipient’s door.
To avoid high fees you can opt to use an online money transfer provider such as WorldRemit to pay for your transfer to India.
With WorldRemit you can send money online to India using your debit card. But before making a payment, make sure you understand all the processing fees in place.
Bank and wire transfers are the most common ways of sending money India as they are secure, reliable, and convenient. However, they often come with the slowest delivery times in case speed is an important factor for you. You can use WorldRemit to send money using a bank or wire transfer at a great rate as long as you’re happy for your transfer to take 1-2 days.
If you want to make an international transfer using wire transfer, you will need to know the SWIFT/BIC code of your recipient in India. If you’re unsure what it is, check out our SWIFT calculator to figure out the correct SWIFT code in India.
When sending money to India from Canada using bank account transfer you are paying for the outgoing fees, flat fees, currency exchange rate markup, and sometimes an additional incoming transfer fee.
On the other hand, you usually only pay a sender fee and a small exchange rate markup when using online money transfer services such as WorldRemit, Wise and XE - Remit.
Before sending money to India from Canada, you should consider the following:
This one’s easy. Simply use our comparison table above to find the best provider to send CAD to INR. After that it’s just a process of making your transfer via the following steps:
Your recipient has a few methods available to receive your money in India. These will vary between providers, but it is possible to find services that will:
If your recipient is going to collect or have the money delivered to them in India, then they will usually need the following:
The amount of INR you can receive from Canada will largely depend on the money transfer service you are using. There are providers that specialise in smaller remittance payments, and providers who specialise in larger transfers.
You should also check if there are any government regulations pertaining to the amount of INR that can be received in India or sent from Canada before making your transfer.
April is a trained journalist and the Content Editor for MoneyTransfers.com. She has 10 years experience writing about a diverse range of subjects, from financial services to arts and entertainment. When she’s not writing about global remittances she can be found daydreaming about her next holiday abroad.