How to Send Money from Canada to India (in 3 simple steps!)

Need to transfer money to India from Canada? We’ve got you covered!

Sending money from Canada to India requires a reliable and secure money transfer service to ensure your funds reach the recipient safely and efficiently.

There are various ways to send money, each with its own transfer speed, requirements, and security considerations.

This blog explores the different services for sending money from Canada to India and highlights the key factors to consider.

What are the best ways to send money to India from Canada?

To send money from Canada to India you have 3 common transfer services, you can use your bank, a money transfer company/currency broker, or a money transfer app/online platform. All 3 types of transfer services have their pros and cons, so it’s important to research all of them and consider the exchange rates offered and transfer fees attached.

This will enable you to find the right transfer service for you and your money.

Let’s take a closer look and get you started…

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Using your bank to transfer money from Canada to India

Using your bank for any international money transfer will be a lot of people’s first thought when deciding on a money transfer service.

It’s familiar and people don’t have to go through any of the new customer sign-up process.

However, the convenience of using your traditional bank does have a catch. These are the transfer fees a lot of banks place on money transfers to overseas destinations which vary from CA$5 to CA$25 per transfer.

Traditional banks, including those in Canada, will additionally place more margin on the exchange rate compared to other independent money transfer services, which means that a bigger % of your transferred amount will be going into the banks' pockets, instead of your intended recipient in India.

There is no flexibility here, the rate you’re offered is what you will get, whereas with other money transfer providers, like ourselves at EasyFX, we work with you to find the best rate available, making sure your requirements are completely met.

Further information on sending money to India with a Canadian bank:

How long will it take to use your bank?

International bank transfers with Canadian banks can take 1 to 5 business days on average, but this may vary depending on the bank you are with.

What details will you need to provide your bank?

To complete the money transfer, you will need the recipient's banking details, including their name, account number, and SWIFT code.

Sending money to India from Canada with an independent money transfer service

Independent money transfer providers can, for the most part, be split into two categories:

Money transfer platforms & apps.
Currency brokers or money transfer services.

If you’re looking to transfer a small amount of money to India from Canada (up to CA$1000) then utilising online transfer platforms and apps widely available can be a good option.

This is because their exchange rates are much better than a traditional bank and the fees they place on international money transfers, are lower.

However, where they begin to be less in people’s favour is for large money transfers.

Similar to traditional banks, the exchange rate offered to customers by money transfer apps will not move, you will be provided with whatever their rate is at that time.

Regardless of if you look to transfer CA$6,000 or CA$160,000 their margin on the exchange rate will stay the same, the more you’re looking to send, the more you’ll lose out.

This is where currency brokers might be a better option, they offer competitive exchange rates, and, usually, they do not add on any other fees for making the transfer.

Currency brokers will work with you to find a better exchange rate, especially for those larger amounts, where even a small % margin on the currency exchange can end up being quite a big chunk of your transfer.

Luckily, this is where we, at EasyFX shine, as we fit in the middle of the two above transfer services.

With an online platform & app for smaller, regular international money transfers and a team of expert currency exchange brokers who are on hand to personally support those who need to send larger amounts of money to India, finding the best rate, for better value.

We can cater to every single type of international money transaction, even travel money!

More information about independent money transfer services for sending money to India from Canada:

How long does a money transfer from Canada to India take using an independent service?

If you decide to use a money transfer app, transfers can be instant, depending on the provider and the payment method you choose. Be wary of extra fees here though.

Using a currency broker for your money transfer from Canada to India may take between 1 to 3 working days, slower than an online platform, but quicker than a traditional bank.

At EasyFX, we can provide various transfer times that suit you, including same-day transfers or next-day transfers, at no extra cost.

What details will you need to provide an independent service?

As well as the recipient's details, you will also first need to sign up and go through the ID checks in place, these will vary depending on the services’ processes but are usually very quick to complete.

How to make sure the independent service you choose is safe and secure?

When transferring money from Canada to India with an independent service, ensure that they are authorised by FINTRAC which is responsible for regulating financial institutions in Canada.

This will give you the peace of mind that the company you have chosen is safe to use and your money will be secure.

EasyFX is regulated and authorised by FINTRAC for making financial transactions in and out of Canada.

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What are the 3 steps to transfer money from Canada to India?

Regardless of if you choose your bank or an independent money transfer service, the overall process of the money transfer is very similar.

With our service at EasyFX, your money transfer to India can be completed in 3 easy steps, these include:

Sign up for an account

When signing up for an account to transfer money internationally you will go through an ID verification check, in most cases, with independent transfer providers, this can be done online and is completed in a matter of minutes.

Get a CAD to INR exchange rate that suits you

Once you have signed up, the next step will be to get a quote for a CAD to INR exchange rate.

At EasyFX, you can be provided with a great exchange rate through our online portal, or app, or speak to one of our experts who will be able to personally guide you through the process and give advice on current rates and how to find the best value for your money.

Rate locked in, money converted and transferred.

The final step is to confirm that you are happy with the quoted CAD to INR exchange rate.

The rate will then be locked in and won’t move.

You will then transfer your Canadian Dollars to your EasyFX account or by bank transfer to one of our safeguarded client accounts.

Once we have received your Canadian Dollars, we will convert them into Indian Rupees and send them to the dedicated recipient you have specified, again through our online platform, app, or by speaking to one of our expert brokers.

Your money transfer from Canada to India is complete!

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Sending money to India from Canada: A Summary

Sending money to India from Canada doesn’t have to be as complicated as it looks from the outside.

Once you have done research into the different services that suit your requirements best, provide you with the best rate for your money, and help you through the process (some don’t!), you’ll realise it isn’t that scary.

Final points to consider when transferring money to India from Canada:

Using your Canadian bank is convenient but you will pay higher charges on the exchange rate and transfer fees for your money transfer to India.
It will take 1 to 5 days for your money to arrive in India from Canada. This varies on the money transfer service you choose. At EasyFX we can provide same-day money transfers to India.
Make sure the money transfer company you choose is authorised and regulated by FINTRAC for the utmost security and peace of mind that your money is safe.
Sending money to India from Canada can be done with EasyFX in 3 simple steps, with personal broker support throughout.

Need to send money to India? We can help.

At EasyFX, our goal is to make international money transfers affordable, smooth, and easy, for everyone. Whether a small transfer or large transaction, we can cater to all types through our money transfer app, or our expert brokers, who are ready to find you the best rate available, saving you money.

If you'd like to receive a free transfer quote, please contact our team today!

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