You’ll learn about 4 ways, the best and cheapest ways to transfer money from India to Canada by online app. Get details on how to choose the right one for you in this article.
Do you intend to send money from India to Canada? You’re at the right place if you want to transfer money to your relatives, friends or businesses in Canada.
DNBC’s expert will help you with the question: How to send money from India to Canada?
In fact, there are various ways to transfer money to Canada from India. We just list some popular ways for you.
Good ways to send money from India to Canada
So how to send money from India to Canada?
In general, you’ll be offered two main options. The first choice will be related to your bank. Another one will be involved with international money transfer services. Also, other ways will be mentioned here.
Basically, online transfer services bring you better exchange rates and reasonable fees. In detail, for the same amount of rupees sent by you, your beneficiary will get far more dollars.
You can use your bank. Your choice can be SBI, ICICI Bank, Kotak Mahindra Bank, or others.
It’s a reliable option to send the money to a bank account from your bank account in Canada.
However, this option doesn’t seem perfect because it’s expensive and takes so long. It can take 2 – 5 business days to receive money.
In fact, transferring via ICICI Bank can be estimated to be about 10% more expensive than doing with a money transfer service online. For that reason, the banks are not regarded as the best way to send money from India to Canada.
Send to a Canadian bank account
An online international money transfer service is the cheapest and fastest method to send money from India to Canada.
Some online money transfer providers can be perfect for transferring from INR (Indian Rupee) to USD as follows:
DNBC Financial Group
Generally, they are favorite ways to send money internationally as they’re not only the cheapest, but also the fastest and easiest. They’re regarded as the best way to transfer money to Canada from India.
Take DNBC as an example, DNBC uses its network to keep costs low and transparent. You will not find a hidden fee with the service. In addition, DNBC has the ability to conduct payments from over 170 different countries.
International Checks or Money Orders
If you have more time to transfer, you can select an international check from India Post or your bank to transfer to Canada.
Before online wire transfers came out, money orders had been a popular way to transfer money internationally. This way is so easy. It can be applied even for the people who had no idea about how to send money from India to Canada.
Money orders can be made a deposit to your bank account or cashed at some check cashing location. It is still a safe and cheap way of sending money.
What affects the fees of sending the money from India to Canada?
The fees of transferring money from India to Canada are up to the exchange rate between INR to CAD. In addition, the fees will rely on how you want your beneficiary to receive from you. Here are some factors to consider:
Are you charged a percentage of your transfer amount or a flat fee? If you intend to send a large amount of money from India to Canada, it’s better to transfer with a flat or low fee.
You have to be charged more for quick delivery if you want your transfer to be received quickly by your beneficiary. Some companies with instant cash pickups can charge more.
If you’re not in a hurry to transfer, don’t choose the quick delivery option. By this way, you can get your money to Canada more economically.
Try to know about how much you can send with every transaction. A provider may set a sending limit of 10,000 rupees while another can be up to 1 million.
For some smaller transfers, please check your fees very carefully. For bigger transfers, try to take a harder look at the exchange rates. Some of the providers tend to choose large transfers with low fees.
Does your beneficiary use a Canadian bank account? Is mobile phone top-up or cash better choices?
This is up to what transfers they are, different fees will be involved. In general, instant cash pickups seem to be more costly than bank transfers.
Some of the providers can give you a free transfer via signing up. Other options can offer a transfer discount to you if you transfer more than a fixed amount.
About DNBC Financial Group
DNBC Financial Group aspires to be the top business account for international payment.
We provide full online payment experience, which allows you to make transactions around the clock in more than 170 countries and in different currencies.
Learn how DNBC can improve the way you make international transfers.
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