💲 The cheapest way to send money to India from Canada: Wise
⏲️ The fastest way to send money to India from Canada: WorldRemit
🏦 The best way to send money from Canada to India via a bank transfer: XE
💳 The best provider for credit card transfers from Canada to India: XE
💳 The best provider for debit card transfers from Canada to India: XE
Sending money from Canada
Canada has a high standard of living, making it an attractive destination for immigrants from India and other countries. Whether you are an immigrant sending the money home or have another reason to transfer funds abroad, here's how to transfer funds from Canada.
How do I send money from Canada?
In almost every case, the best way to send money from Canada is to use money transfer providers. These platforms offer a simple online-based process you can complete in minutes from the comfort of your home.
The fees you pay will be low, especially compared to direct SWIFT bank transfers, which come with huge charges. International money orders are among the other alternatives, but they are time-consuming and often take days.
What details do I need to send money from Canada?
The documents might vary on the service you are using, but you'll likely need the following:
ID check: You pass it by showing or uploading an ID card or another document issued by the Canadian government that contains a picture
Transaction information: Discuss the delivery method with the sender. You choose the sum to send and don't forget to enter the right destination
Recipient's data: Most providers require a name and address. If you transfer to a bank account, you'll need relevant details - in India this will be the bank account number, the IFSC code and the MICR code
Funding the transfer: You can pick the payment method ranging from debit and credit cards to bank transfers. Don't forget all methods might come with additional fees on top of the sum you are sending
Do I have to pay tax on money transfers from Canada?
The Canadian government shouldn't charge any taxes since you are the sender, indicating you don't earn any revenue from the transfer. The only thing to do is to report transactions above CAD10,000. Most money transfer institutions do this automatically, but it's best to confirm that with them.
Things are a bit different if your sending purpose isn't family support or a gift. If you are buying a property or paying a remote worker in another country, you might have to pay relevant taxes at the destination.
Sending money to India
India is a large country, but receiving money at your desired destination should be simple. Let's learn more about the methods and details you should provide to receive funds.
How do I receive money in India?
The availability of a delivery method depends on your location in India, but you can choose from the following in most areas:
Pickup points: Western Union and other money transfer providers have cash pickup branches in most big cities. You might also use local providers like Manappuram Finance. The advantage is that you don't need a bank account since cash will be available at the destination point
Cash delivery: This involves delivering cash to the desired address, which is convenient for remote locations with no pickup points nearby. However, you'll pay an extra fee for the agent bringing your money
Bank account transactions. The percentage of adults with a bank account in India isn't high. But if you have one, you can receive the money in that account. And if you have a card, you can collect it via an ATM, indicating there's no need to even go to the bank
Digital wallets. PayPal and other e-wallets are available in India. But these aren't direct transfers since you'll need to move the money to an actual bank account or card to collect cash
What details do I need to receive money in India?
Recipients should prepare the following to collect the money:
The transaction reference number. Each transfer has a unique identification number that helps the provider identify it. The sender should send you the number after finalizing the transaction
Matching details with the ones provided by the sender. That includes your name and address, but also the sender's information to verify you are the intended recipient
ID check. You need to provide a personal document issued by the Indian authorities. The information should contain a photo and match the info the sender entered.
Do I have to pay tax on money transfers to India?
India has an applicable personal income tax whose rates vary from 5% to 30%. The exemption limit is INR 300,000 for residents aged over 60 and INR 500,000 for those aged 80 or more. Exemptions also exist for house rent and leave travel allowances, children's tuition fees, medical premiums, donations, and other purposes. If you have any doubts, please contact a tax expert to clarify them.
What is the fastest way to send money from Canada to India?
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.
Money transfer providers gain more popularity each day due to the service quality, but also its speed. These platforms can make money sent from Canada available in India in merely minutes, making them a lot faster than direct bank transfers.
The actual transfer duration depends on how you pay, so if you choose a card deposit this will likely be quicker than a bank transfer, but also probably more expensive. Among the available delivery methods, cash pickups proved to be the fastest. Although it depends on the previously mentioned factors, most money transfer providers aim to finalize the majority of transactions within 24 hours.
How long does it take to send money from Canada to India?
Sending money from Canada to India can be relatively quick, with some providers offering same day transfers. However it will depend on certain factors:
Payment option: Debit and credit card deposits are the fastest option but often not the cheapest, while bank transfers could take up to 24 or 48 hours
Transfer methods: The general rule is that it takes longer for the money to transfer to a bank account than to a pickup point of the same provider.
Provider and transaction types: Platforms vary in transfer speeds, and the same applies to transaction types. Personal transactions are faster than business ones, and some providers even have fast and standard transfer categories
What's the cheapest way to send money from Canada to India?
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.
The two main options to compare here include money transfer platforms and direct bank transactions. MTPs are more affordable, especially for one-off smaller transfers. They are by far the cheapest option to send money to India. You might try a bank available in both countries to lower some costs, but these operators still tend to charge more than money transfer providers.
How much does it cost to send money from Canada to India?
These are the main methods how operators earn their money by providing international money transfer services:
Sending amount: You might pay more for sending large sums with some providers. Other providers take a different approach and lower fees if you plan to transfer a big amount
Transfer option. Interbank transfers tend to be expensive, as well as money orders. It's much cheaper to go with money transfer providers.
Deposit and delivery methods. Credit card payments are famous for being the most expensive, while bank transfers can be the cheapest. As for the delivery method, cash pickup and bank transfers could both be affordable
Conversion rates. Providers will convert your CAD to INR to deliver it to the recipient. The rate will be below the mid-market level, so make sure you find the most favorable option
What payment methods are available when sending money from Canada to India
The payment method you'll choose depends on your preference and the availability of that option at the chosen provider. You can find an overview of the most popular options below.
Sending money from Canada to India by credit card
If you want to send money abroad using a credit card, you can use a money transfer provider to pay for your transfer to India.
At first glance, it's great to have a credit card. You can borrow money for an international transfer (or other purposes) and pay it back at a later date. Most credit cards come from reputable issuers, such as MasterCard or Visa, so you can rest assured they are secure. And the deposits are instant, so your money will be on its way to India quickly. Some providers will even offer incentives like cashback if you use this payment option.
However you should be aware of the fees involved in using your credit card. Your credit card provider is likely to see it as a cash advance, for which there is usually a fee, on top of the currency conversion fees. You may also have to pay interest on your credit card balance if you don’t make your payments on time, and using your credit card at all is likely to affect your credit score.
Sending money from Canada to India by debit card
You can also send money online to India using your debit card. But before making a payment, make sure you understand all the processing fees in place.
Debit cards have a crucial difference from their credit alternatives – they don't offer the option to borrow money. You can only send the sum available in your account. That means there's no risk of interest, and most issuers don't have a maintenance fee. Debit cards also offer secure and fast deposits when sending money to any destination.
Although more affordable than credit cards, debit cards can still come with fees. Some websites have limitations of only being able to use them to send money to checking or other bank accounts, so read the terms before deciding to use this method.
Sending money from Canada to India by bank transfer
Bank transfers are the most common ways of sending money India as they are secure, reliable, and convenient. You can use a money transfer provider to send money using a bank transfer at a great rate as long as you’re happy for your transfer to take a little longer to process.
Money transfer providers usually add bank transfers as a potential deposit and delivery option. Using this option to send funds ensures you can use the provider's conversion rate, which is often much more affordable than the one banks offer. Also, direct bank transactions could be more expensive and last for several working days. While money transfer providers might take more time to process a bank transfer than a card deposit, it shouldn’t be longer than 24-48 hours.
Sending money from Canada to India by digital wallet
A digital wallet is convenient if you have money available in PayPal, Skrill, or another account with an e-wallet service. Mobile wallet transfers process the money instantly, and it's simple to send funds to India this way.
Most digital wallets have large fees. PayPal, for example, can charge 5% for a single transaction. And the money is only available in the recipient's wallet - they need to withdraw it to a card or bank account to collect cash.
What are the best apps for sending money from Canada to India?
MoneyTransfers.com specializes in international money transactions. Our team works hard to find the best apps to send funds from Canada to India. Don't hesitate to use our service and compare the available options. Most platforms have free Android and iOS apps or mobile-friendly websites to send money on the go.
Other apps that offer to send money to India include Google Pay and similar services. However, these don't specialize in international transfers, so it's better to stick to MTPs.
About Money Transfers to India from Canada
We’ve compared the best money transfer providers to send money from Canada to India. The cheapest provider for CAD to INR transfers is Wise, while the fastest is WorldRemit.
💸 Number of providers
4+
💰 Most transferred amount
1000 INR +
💸 Cheapest provider (on average)
Wise
⚡ ️Fastest transfer time
In minutes with WorldRemit
💱 Currency Transfer Pair
CAD - INR
📈 CAD - INR mid market rate
59.940074
💳 Pay-in options in Canada
Bank transfer from Canada with XE, Debit card with XE, Credit card with XE
What is the easiest way to send money from Canada to India?
The entire process of sending money with international money transfer platforms only takes a few minutes, and you can do it from any location with an internet connection, making it the easiest way to send money abroad.
How much can I send from Canada to India?
The Canadian authorities don't limit the transaction sum, but you need to report any transfer above CAD10,000. Other than that, it only depends on how much you want to send and the limitations imposed by the provider.
Can I send money from Canada to India without a bank account?
Not using a bank account requires depositing cash at an offline branch or using an e-wallet as the sending platform.
Can I send cash from Canada to India?
You can deposit cash at Western Union, Wise, and other local branches available close to your location in Canada. The identical sum should be available to the recipient in India soon.
Can I set up regular payments from Canada to India?
Some banks are willing to negotiate this service. Banks are famous for huge fees, so MTPs remain a smarter alternative. Even if it takes a minute or two longer, the saved money on fees will be worth the hassle.
Can I send money from Canada to India with PayPal?
PayPal is available in Canada to India route. Check the rates and fees first since they are both unfavorable compared to money transfer platforms, and only proceed if you are comfortable with paying more than with MTPs.
What currency is used in India?
Indian Rupee, which uses the symbol ₹, is the official currency in India. The currency uses the INR abbreviation on an international level.
How do I transfer 100k from Canada to India?
MoneyTransfers.com has a comparison service that makes it simple to transfer large sums from Canada to India. Here's how:
Scroll up to our service and type 100K in the "Send amount" field.
Pick the from and to destinations, and enter Canada and India.
Click on the "Update" or "Find the best transfer rate" button.
Check the rates of the services listed.
Pick the best one and go to the website to register and send money.
How do I transfer 200k from Canada to India?
Thanks to our service, sending any sum from Canada to India is equally simple. You only need to do this:
At the top of this guide, choose 200K as the sum you plan to send.
After confirming Canada and India are the sending and receiving destinations, type update.
You'll see an overview of providers, along with their payment options, fees, and rates.
Pick the desired provider and click "Visit Site."
Register an account and finalize the transfer.
How to find the best exchange rate?
Finding the best exchange rate is crucial to maximising the money received on the other end. Usually, you will receive better exchange rates with money transfer provider compared to a traditional bank. Here’s are a few tips to find the best exchange rate online:
Start looking early: various providers will offer different exchange rates on different days, start looking as early as you can to identify the best provider for your currency pair
Pay attention to the current exchange rate: staying up to date with the current exchange rate will give you the advantage to buy and sell on time. Currencies fluctuate daily due to supply and demand, so checking it frequently is advised to get the best rate possible. Alternatively, you can sign up with our price alerts to know when your currency reaches the desired price
Avoid using your bank: banks are trustworthy, reliable and convenient, but they do not provide value for money. They charge high fees and usually have higher costs compared to the money transfer provider. Some money transfer companies will even provide a mid-market rate
How do we compare money transfers from Canada to India?
The comparison service at moneytransfers.com shows you the most relevant brands for sending money from Canada to India, so you can find the best deal for converting CAD to INR for your transfer.
What do we mean by the top provider?
Our top provider is the money transfer service that we believe is the most suitable for sending money from Canada to India. To keep our service free for users, we also factor in commercial agreements we have with our partners.
How do we choose which providers to display?
We make sure each table shows the most relevant brands for sending money from Canada to India. We consider a range of factors when choosing which providers to display, such as the quality of their service, the benefit to the consumer, and to keep our services free, the commercial agreement we have with the partner.
We ensure every provider is authorised and regulated to provider money transfers from Canada to India, by regulatory bodies such as the FCA, ASIC, Fincen, FINTRAC, and AMF. They are also manually checked by our team for both quality of service and online trust from platforms like Trustpilot and Google Reviews.
How do we order our comparisons?
We are affiliated with some of the partners displayed in the tables. However we ensure the order of providers is based on the quality of service for transfers from Canada to India, followed by the commercial agreement in place.
You won’t pay any extra and the deal you get isn’t affected by our commercial agreement with the provider. We may receive a commission when you click through to a listing or when you make a transaction.
We aim to find the balance between the quality of the service, customer satisfaction and the commercial agreements we have, and continue comparing services in a transparent way. If you have any questions about our listings, please don’t hesitate to email us at contact@moneytransfers.com.