When looking for answers for transferring funds from Canada to India, one is in search of the best way to send money fast, efficiently and conveniently. Identifying the right money transfer app is the next most popular search. The short answer to what is the best way to send money from Canada to India is: sending money Online.
In order to find the best online money transfer service provider, compare key factors including exchange rates, security, speed, and customer service you need a service provider for your money transfer needs that compares the top money transfer service providers. One such portal is CompareRemit’s free live comparison portal.
Although new money transfers companies like Remitly and TransferWise are becoming increasingly popular, in a survey conducted by Statistics Canada, 56% of respondents said that they sent their last money transfer through a money transfer store. The money transfer store includes traditional methods offered by incumbent players such as Western Union and MoneyGram, where most people go in-person to send money internationally.
There are many ways to send money through Moneygram:
Online: You can send money through their website or Mobile App. MoneyGram is one of the best apps to send money from Canada to India.
Account Deposit: MoneyGram is integrated with over 2 billion to bank accounts, virtual accounts and mobile wallets around the world. You can initiate a transfer from Canada to have the amount remitted to your beneficiary account in India.
MoneyGram Locations: Users can send money from Canada and receive money at any of their 350,000 agent locations in more than 200 countries including India. Read more about MoneyGram here.
From a laptop or mobile device, you can initiate the money transfer by paying with your debit or credit card. You can choose how you want to get the money there, how the recipient wants to receive it, and how you want to pay for it.
Alternatively, you can use the old school way of going to a Western Union agent location in Canada to send money to India. Western Union has over 3,000 agent locations in Canada and cash pickup in more than 121,000 locations in India.
Western Union offers international transfers from Canada to India within minutes, which is one of the fastest ways of sending money. You can transfer money fast online at any time of the day, either from their website WU.com or the Western Union app. Western Union App is easy to use and simple to send. CompareRemit’s favorite feature is speed. It is also one of the best apps to send money to India from Canada.
Sending money online is one of the cheapest ways to send money to India from Canada. It is im[oprtant to note that the fastest option may not always be the cheapest option since money transfer companies often charge a premium for express services. There are many online money transfer services to choose from. Make sure you carefully review the transfer fee and exchange rate against your needs so that you understand exactly how much it will cost you using Compareremit’s comparison portal.
Here are our top 3 ways of sending money to India from Canada in 2020:
There are two ways of sending money through Remitly.
Express: For a premium fee, the money you send will reach your recipient within 4 hours.
Economy: For a flat fee, you will enjoy a high exchange rate but it will take up to 3-5 business days for your recipient to receive the money you send.
You can transfer money from Canada to over 130 banks across India. Transfer your money easily to major national bank accounts at ICICI Bank, State Bank of India, Citi Bank, HDFC Bank, Punjab National Bank, Bank of Baroda, Axis Bank and many more. You can also get the $1.99 flat fee waived if you are sending $500 and above or your first time sending money through Remitly. Look out for existing discounts and coupons on CompareRemit.
ICICI Bank Money2India is a subsidiary of the Indian national bank ICICI Bank. You can transfer funds from Canada to India from an account opened in Money2India online or from an ICICI Bank NRI Account. There are multiple ways to initiate a transfer; by making a phone call, through their website, mobile app, or Facebook Messenger.
The best feature of sending money through ICICI Bank Money2India is speed. Usually, they are able to process the transfer to the recipient's account within 24 hours. If it is your first time using ICICI Bank money2India, make sure you check what is on offer before initiating a transfer on CompareRemit and its terms and conditions.
Money transfer from Canada to India is fast, easy and secure with Remit2India. There are multiple payments and receiving options for sending money to India from Canada.
Transfering time taken to reach the recipient can vary depending on the sending and receiving option. Through Remit2India, you send up to 10K CAD by using direct debit and up to 200K CAD using an email money transfer. Transfer fees also vary according to your transactions. They offer zero fees when you send 501 CAD or more.
You can select the best option suitable as per your requirement and transfer funds directly to the top national banks in India such as Axis Bank, ICICI Bank, Andhra Bank, State Bank of India, etc.
According to the Work Bank data on remittances, the total amount of money remitted from Canada was $5.2 billion in 2017. Out of which India received a total of $2.8 billion in remittances from Canada in the same year. Statistics Canada also estimated that there are approximately 1.3 million Indians living in the country as per the recent census, making up the 10th largest ethnic group in the country.
Many families back in India depend on their friends and family members abroad to maintain their households and cover their medical expenses. We expect to see a rise in the total amount of remittances received by India as more Indians move to Canada to find better opportunities. And when it comes to choosing a money transfer service, carefully compare both; transfer fees and the exchange rates. CompareRemit gives you the convenience to see the comparison of the above-mentioned fees of different international money transfer service providers at a glance.