Best Digital Payment Apps In India

Are you planning to send money from Canada to India? If so, you should make every dollar count. But with exchange rates constantly shifting and transfer fees lurking in the fine print, choosing the right method can feel overwhelming. Canada hosts about one million Indian immigrants, making it the fourth-largest Indian diaspora community after the UAE, the US, and Saudi Arabia. Those who do remit money to India typically look for secure, cost-effective, and fast transfer options. Commonly used methods include wire transfers through banks, online remittance services, and traditional demand drafts or cheques. Speed is important, with electronic transfers usually taking 1-5 business days, while cheques take longer. Transfer fees and exchange rates are also critical considerations, as they directly impact the amount received by family members in India. Whether you prioritize speed, low costs, or sheer convenience, understanding the right mix of banks, online services, and remittance options can make all the difference. Let’s explore the smartest, most efficient ways to send your money to India from Canada.Get the Best CAD to INR Exchange RateBefore sending money from Canada to India, let’s talk about how to get the most rupees for your Canadian dollars—because more money means happier families back home!Exchange rates change daily based on market conditions, ranging from inflation, interest rates, GDP, unemployment rates, current account deficit, political climate, and government interventions. Currently, 1 CAD gets you between Rs 59.88 and Rs 60.62, depending on the platform you use for the exchange. However, the price can vary with time. To find the best rate, use online tools like CompareRemit to compare what different banks and money transfer services are offering.Save More with Low Transfer FeesGetting a good exchange rate is important, but don’t forget about transfer fees. Choosing a service with low costs helps you send more money home.Use tools like CompareRemit to compare transfer fees from different banks and money transfer services. If you're sending a large amount, look for providers that offer volume discounts. Some services even let you lock in exchange rates, so you don’t lose money if rates change during the transfer. Check tools on CompareRemit to find the best lock-in rates and maximize your savings!Speed vs. Cost: Choose the Best Transfer OptionFast transfers usually cost more, but in an emergency, getting money to your loved ones quickly is crucial. If speed is your priority, cash pickup services offered by some firms can be a great option, especially for people in remote areas or those without a bank account.Here’s how it works: When sending money online, the sender chooses the cash pickup option. The recipient can then visit a partner location, such as a bank or remittance center, to collect the cash. They’ll need a valid ID and a reference number from the sender to complete the pickup.This is a quick and convenient way to ensure your family gets the money when they need it most!Choose Mobile Wallets for quick transfersAs mobile technology grows, so does the use of mobile wallets. For recipients in India, where mobile wallets are common, sending money directly to a mobile wallet account is easy.Here's how this works: The sender selects a mobile wallet as the transfer method and enters the recipient’s wallet number. Once the money is sent, the recipient can use their mobile wallet to pay bills, make purchases, or withdraw cash.Who Benefits Most?Tech-savvy recipients: If the recipient is comfortable using mobile technology, mobile wallet transfers offer a fast and convenient way to receive money.Countries with strong mobile networks: In countries like India, where mobile wallets are commonly used for everyday transactions, this option is ideal.Quick access: Mobile wallet transfers are typically completed quickly, allowing recipients immediate access to their funds.Banks vs. Remittance Companies: Which One Should You Choose?When sending money from Canada to India, you have two main options: traditional banks or remittance companies. While banks are trusted and secure, they often charge higher fees and offer lower exchange rates, making them less cost-effective for personal and business transfers.Why choose a remittance company:Lower fees – Save money on transfer and currency exchange fees.Better exchange rates – Get more INR for every CAD you send.Faster transfers – Many services complete transfers within hours.For business transactions:If you run a business, remittance companies can help you save even more! They offer higher exchange rates and lower transaction costs, sometimes reducing expenses by up to 5% per transfer. This can make a big difference when handling large transactions.Check Customer Ratings Before You ChooseA great way to find the best CAD to INR money transfer service is by checking customer ratings. Reviews from real users can give you insights into exchange rates, transfer speed, fees, and overall reliability.Use platforms like CompareRemit to compare ratings for different remittance companies. This helps you choose a service that is trusted, efficient, and cost-effective for CAD to INR transfers. Before making a transfer, take a few minutes to check reviews—it can save you time, money, and hassle!Save More with Free Transfers, Referrals, and Loyalty ProgramsWant to cut down on transfer fees? Many money transfer services offer free transfers or discounts for first-time users—an easy way to test a new provider without extra costs!Here’s how you can save even more:Referral programs: Earn free or discounted transfers when you refer friends or family.Loyalty programs: Some providers let you accumulate points or rewards that can be used to reduce fees on future transfers.Before sending money, check for these promotions—you might save more than you expect!Different Ways to Receive Money in India from CanadaJust like there are multiple ways to send money from Canada, there are also several ways for your family or friends in India to receive it. Many money transfer companies, like MoneyGram, Wise, and Remitly, offer easy-to-use mobile apps and websites for quick and hassle-free transfers. Here are the most common ways to receive money in India:Bank deposits – The safest and most straightforward option. Money is transferred directly into the recipient’s bank account.Mobile wallets – Ideal for tech-savvy recipients! Many firms allow transfers directly to mobile wallets, making the money available almost instantly.Cash pickup – If the recipient doesn’t have a bank account, they can collect cash from a partner location by showing a valid ID and reference number.Direct to debit card – Some companies allow money to be transferred directly to the recipient’s debit card, giving them immediate access to their funds.Each method has its own advantages, so choose the one that best fits your recipient’s needs. Bottom LineIndians living in Canada work hard to save money for their families back home. Every dollar saved is a step closer to securing a better future for your loved ones back in India. This highlights the importance of finding the best ways to transfer CAD to INR efficiently. By choosing the right service and understanding the exchange rates, you can ensure that your hard-earned money reaches your loved ones safely and with minimal loss. Whether you're using Wise, BookMyForex, or another service, always prioritize low fees and competitive exchange rates. When you take the time to find the right service for you, you ensure that your hard-earned money reaches its destination safely and with minimal loss. Want to compare exchange rates, fees, and transfer times? Use CompareRemit to find the best option for your needs!Frequently Asked Questions About CAD to INR Transfers (FAQs)Q: How much is $100 CAD to INR?As of May 20, 2025, for 100 Canadian dollars, you will get Rs 5,954.77 as per wise.com, while xe.com will give Rs 6,117.58.Q: Is the Canadian dollar expected to strengthen?The Canadian dollar is expected to strengthen modestly through late 2025. Its strength depends on factors like oil prices, interest rates, and global economic trends.Q: What is the cheapest way to exchange currency?Banks and credit unions are often the best places to exchange currency before a trip, especially if you're an account holder. Major banks typically offer currency exchange services at lower fees than currency exchange kiosks, and some banks may even waive fees for premium account holders.Q: What is the highest Canadian dollar to INR rate ever?The highest Canadian dollar to Indian rupees rate was on April 22, 2025 when 1 Canadian dollar was worth 62.7817 Indian rupees.Q: How much CAD can I carry from India to Canada?You can carry any amount of CAD from India to Canada, but you must declare any amount exceeding CAD 10,000 to Canadian border services officers. If you fail to declare amounts over CAD 10,000, you may face fines and potential seizure of the funds. Additionally, India's regulations require you to declare foreign currency exceeding USD 5,000 (or equivalent) to Indian customs.

Currency exchange rates, or foreign exchange rates, between two countries are affected by various factors ranging from interest rates to inflation, trading activities, and political and economic stability. They are like the ocean tides, ever-changing and influenced by countless currents. Similar variables impact the US dollar (USD) to Philippine peso (PHP) exchange rates, which are crucial for everyone involved in currency exchange, including foreign traders, tourists, and Overseas Filipino workers (OFWs). This article identifies and analyzes these variables. It also aims at helping you understand how to get the best rate when converting US dollars to Philippine pesos. Factors Affecting the Exchange RateBefore we look at the factors impacting exchange rates, it is important to understand that in currency markets, one man's meat is another man's poison. When one currency appreciates (becomes stronger) vis-à-vis another, the second currency depreciates (becomes weaker). In this process, individuals stand to lose or gain, depending upon the currency they earn in and the nature of their transactions. For a better understanding let's look at an example. If the USD becomes stronger vis-à-vis the Philippines Peso (you can get 58 pesos per dollar instead of 57), it is good for Filipino immigrants living in the US, sending money home to their loved ones. This is because the US dollars they transfer, get exchanged for more pesos in the Philippines. Their family gets more money from the transfer. However, if the Philippine Peso becomes stronger vis-à-vis the USD (you can get 1 dollar for 57 pesos instead of 58 pesos), the income of families of Overseas Filipino Workers drops. Now that you understand how exchange rate movements impact remittances, let's look at the factors that influence exchange rates. They may seem complicated, but they are actually not.InflationOne of the most important factors is inflation. Simply speaking, inflation is a general increase in the prices of goods and services in an economy, which means the purchasing power of money decreases over time. A country with low inflation tends to have a stronger currency, as its purchasing power increases relative to other currencies. In the Philippines, overall inflation eased to 2.1 percent in February 2025 from 3.4 percent in February 2024. A stronger currency implies that 1 USD will now be able to buy less local currency. If you are an Overseas Filipino Worker sending money home, the amount of money your family receives in pesos will be less. However, for the Philippine economy, it would signal cheaper imports. So, what may be good for the economy may not always be good for the families of migrant workers. Interest RatesHigher interest rates provide higher returns to lenders, attracting more foreign capital into the country. This, in turn, enhances the demand for the local currency, thereby strengthening it against the US dollar. The Central Bank of the Philippines surprised the market by keeping its benchmark interest rate unchanged at 5.75% during its February 2025 monetary policy meeting.[1] The central bank is expected to lower interest rates in the coming months. Maintaining a high interest rate regime will sustain the strength of the peso, but it will have a negative impact on remittances. In effect, less money in the hands of families of Overseas Filipino Workers. Current Account DeficitsWhat is current account deficit? A deficit in the current account indicates that a country spends more on imports than it earns from exports, leading to a decrease in the demand for its currency and thus a weaker exchange rate. Imports mean money flows out of the country to the country from where the commodity or service is purchased, while exports mean the country earns money by selling commodities or services to other countries. The Philippines has seen a deteriorating overall balance of payments since October 2024, characterized by a widening current account deficit, weak foreign direct investment (FDI), and stagnant personal remittance inflows, thus weakening the peso against the US dollar due to lower demand. A weakening Peso would help migrant workers in the US send more money home to families in the Philippines, as each dollar earned will convert into a higher number of pesos! Economic PerformanceUsually a healthy economic performance translates into a stronger currency. The Philippine economy grew by 5.6% in 2024, driven by growth in the services and industry sectors. Economists expect the GDP growth rate to be at least 6.5%, spurred by both global and domestic factors. This augurs well for a strong peso. Political StabilityA stable political environment coupled with a strong economy attracts foreign investment, creating demand for the peso and, in the process, strengthening it. The recent arrest of former Philippine President Rodrigo Duterte for alleged crimes against humanity has sparked concerns about its potential impact on the upcoming midterm elections in the Philippines. Although the arrest has not directly affected the peso, it has resulted in a decline in investor confidence, causing a lowering of foreign investment in the Philippines, which in turn lowers the demand for the peso. Stock Market PerformanceApart from political stability, a thriving stock market can attract foreign investors and strengthen the currency. However, in recent times, the arrest of former president Rodrigo Duterte and uncertainty about the trade war with the US following Donald Trump's election victory have caused a decrease in foreign money inflow into the Philippine equity market. This has decreased the demand for the peso and led to its weakness against the US dollar.As such, for the USD-PHP exchange rate, it has been a mixed bag of positive and negative factors.  How to Maximize the Exchange RateEvery year, thousands of people send money to and from the Philippines. Countless Overseas Filipino Workers and Philippine immigrants sending money to their loved ones try to look for ways to maximize their remittances from the US to the Philippines. Now that you understand how exchange rates work, let's look at how you can leverage this knowledge to get the best rate every time.Here are some of the several ways to maximize your returns when converting USD to PHP:Compare exchange rates: Exchange rates can vary significantly between different providers. Use online platforms like CompareRemit to compare rates from various services. Monitor exchange rate trends: Track the USD to PHP exchange rate over time to identify favorable periods for conversion. Setting up rate alerts can help you capitalize on optimal rates.Consider online platforms: Online money transfer services often offer better exchange rates and lower fees compared to traditional banks or physical exchange centers. Mobile wallets can also be used to transfer money efficiently. There are also several mobile apps available. Be aware of fees and charges: Always check for fee structures at checkout to avoid unexpected costs. Compare the offers of all money transfer companies and choose the one that offers the highest exchange rate and the lowest fees. Don't forget to check out the coupon section to find deals that waive your transfer fees. As with any money transfer service, remember that speed is expensive.Find out the real exchange rate: The closer you are to the mid-market rate, the more funds your recipient will receive. Search for the mid-market rate on Google or Reuters. Utilize any online currency conversion tool to convert US dollars to Philippine pesos. The fairness of the exchange rate offered by your chosen service provider can be gauged by evaluating how close it is to the mid-market rate. Time your transfers: If possible, time your conversions to coincide with periods when the PHP is weaker relative to the USD. This can maximize the number of pesos you receive for each dollar. For USD to PHP, the most active trading hours are 9 a.m. to 5 p.m. Philippine time, and you are likely to get more favorable and competitive exchange rates.Explore different conversion methods: Consider various conversion methods, including bank transfers, third-party apps, forex cards, and exchange centers, to find the best combination of exchange rate, transfer fee, availability, and speed.If you engage in international trade, remember that skillful navigation of fluctuations in currency mitigates risks and unveils opportunities to optimize profit.Philippine Peso ForecastUSD-to-PHP will see heightened volatility around the release of US economic data or shifts in global commodity prices. Most forecasts state that the USD to PHP exchange rate will remain within ₱55 to ₱60 for 1 USD. This Philippine Peso forecast is subject to the domestic inflation rate, the global economic environment, and market condition shifts.In conclusion, once you are armed with information about what determines the USD-to-PHP conversion rate and how you can maximize your returns, you can send money home more confidently. Remember to compare the rates offered by various remittance firms and ensure your money reaches your family in the most cost-effective manner!Frequently Asked Questions (FAQs)Q: What is the highest USD to PHP in history?The USD to PHP hit a record high of 60.66 in November 2024, driven by soaring demand for the US dollar as a safe haven amid Russia-Ukraine tensions. A strong US economic outlook further bolstered the dollar, while the Philippines struggled with a current account deficit due to rising import costs.Q: Why is PHP dropping?The dollar's strength stems from robust US growth expectations and global tensions, making it a go-to safe-haven currency. Anticipated protectionist policies under Trump, including tariffs, could fuel US inflation, prompting the Fed to maintain high interest rates, further strengthening the dollar. Meanwhile, the Bangko Sentral ng Pilipinas' cautious interest rate cuts, aimed at supporting economic growth while managing inflation risks, have widened the interest rate differential with the US, adding more pressure on the peso.Q: How much is $100 US dollars in the Philippines?The exchange rate for $100 US dollar in the Philippines is 5,721.89 pesos. This rate may vary slightly depending on the remittance agency. For example, the rate given by Wise today is 5,748.50 pesos for USD 100. Revolut, another remittance firm, is offering an exchange rate of 5,719.3 pesos. Western Union's rate is substantially higher at 5,830.9 pesos, while Paytm is offering 5,772.96 pesos.Q: What is the best time to exchange dollars for Philippine pesos?The best time to trade USD/PHP is between 12:00 and 15:00 GMT when the market is most liquid. Weekends tend to see higher USD value because foreign currency cash flows slow down. So, it may be a good idea to convert US dollars to pesos on weekends or whenever the former is stronger.Q: What is the cheapest way to exchange dollars for pesos?Banks and credit unions are often the cheapest places to exchange currency before a trip, especially if you're an account holder. Major banks typically offer currency exchange services at lower fees than currency exchange kiosks, and some banks may even waive fees for premium account holders.Q: What is the best time to send money to the Philippines?Mid-month transfers help you avoid the rush during the last five days and the first ten days of each month, when banks and transfer services are busiest. This means you could benefit from lower fees and faster processing times. Sourceshttps://www.wsj.com/economy/central-banking/philippine-central-bank-unexpectedly-holds-rates-as-uncertainty-rises-0a277dac

Transferring money across borders has become easier than ever, but with so many apps available, how do you choose the right one? While some excel in global transfers, others offer lower transfer fee or faster transaction speeds. With so many factors at play, it's tough to pick the best app for your requirements. So here is a comprehensive guide on some of the best money transfer apps to help you decide which one will work best for you.What to Look for in a Money Transfer AppWhen selecting an international money transfer app, consider the following factors: fees and exchange rates, speed of transfer, security and compliance, transfer limits, and ease of use. Some apps may include hidden costs or may not offer the best exchange rate, so it is important to examine those closely. Speed matters too, especially when sending money in an emergency. On the security front, the best apps usually provide bank-level encryption, multi-factor authentication, and fraud monitoring and protection systems. Lastly, transfer limits and ease of use should also be considered, as different apps have different transfer limits and interfaces. 8 Best International Money Transfer AppsHere are some of the widely used money transfer apps, each with its own set of features, pros, and cons.  1. WiseWise international money transfer app helps you to send money to the recipient’s bank account in over 70 countries across the world. It uses the mid-market rate, which is better than the rates offered by many firms. ProsUses the real, mid-market exchange rate for every transactionHas one transparent, low-cost feeDoes not have a maximum or minimum limit for a transferOffers 2-factor authentication for securityAllows you to set up exchange rate alerts so you can keep track of mid-market ratesConsSome users mentioned that larger transfers may sometimes require additional verification and may not be suitable for those looking for cash pickups.  Ideal for: Wise is an ideal app for those looking for transparency and cost-effectiveness.Trustpilot Rating: 4.32. RemitlyRemitly can be used to transfer money to 170+ countries, including the Philippines, India, Mexico, and over 40 African countries. It allows quick and convenient transfers. ProsOffers cash pickup, bank deposits, and UPI payments with providers in countries like IndiaProvides discounts on transfer fees for first-time transactionsUses advanced technology to protect transactionsMakes transaction tracking through regular email and SMS updatesConsThe cost of sending money varies by amount, payment method, and delivery option and it may not be suitable for those looking at a transfer method with no limits. Ideal for: Remitly is ideal for those looking for flexibility because it offers Express and Economy options.Trustpilot Rating: 4.63. RevolutRevolut is more than just a money transfer app. It's a comprehensive financial platform. It supports bank transfers, card transfers, transfers to other Revolut accounts, and to mobile wallets. ProsOffers multi-currency support, allowing you to hold and exchange over 30 currencies at the interbank rateHas versatile features offering budgeting tools, stock trading, and crypto exchangeIs suitable for both personal and business useConsPremium features require a subscription Ideal for: It is ideal for those wanting to spend in multiple currencies without incurring additional transaction fees.Trustpilot Rating: 4.14. MoneyGramMoneyGram is well-known in the money transfer space, especially for cash pickup services. However, fees can be high if you pay with a credit or debit card. It is available across 200+ countries and territories, and you can make transactions in 135+ currencies and numerous cryptocurrencies.  ProsOffers both online and offline transfersIs generally fairly quick compared to other service providersConsTransfer fees may vary depending on whether you are paying by credit/debit card, through an online/offline bank account, or opting for a cash pickup.Ideal for: Users who are looking for cash pick-up servicesTrustpilot Rating: 4.45. Western UnionWestern Union is known for its extensive network and cash pickup options.ProsHas over 500,000 agent locations worldwide, making it ideal for cash pickupsOffers a variety of payment options, including bank transfers, credit/debit cards, and cashAllows real-time tracking, so you can monitor your transfers closelyConsHigher fees, especially for smaller transactionsIdeal for: Users looking for a higher reach as they can send money to over 200 countries and territories worldwideTrustpilot Rating: 4.36. InstaremInstarem is a modern money transfer service that offers real mid-market exchange rates. You can send money to over 60 countries, including Australia, Singapore, Hong Kong, Malaysia, Eurozone countries, the UK, India, and the US. It has zero-margin exchange rates.ProsIt charges a percentage of your transfer amount as a fee, instead of a flat fee. It offers transparent pricing on all transfers, so you get the real mid-market exchange rate and an upfront transfer fee on every transaction.Most transactions are completed in 1–2 days.It allows money transfer through Electronic Funds Transfer (EFT) / Bank Transfers / Wire Transfers in all countries. You can also send money through POLI (in Australia), Debit Card (in EU), FPX (in Malaysia) and ACH Pull or Bank Transfer method (in USA).ConsLess global coverage compared to some other services and hence may not be suitable for those looking for a higher reachIdeal for: Users looking for a good exchange rate and transparencyTrustpilot Rating: 4.47. Xe Money TransferXe is known for its competitive exchange rates and extensive currency tools. It covers 190+ countries and supports 130+ currencies.ProsReal-time currency tracking and rate alertsMultiple payout options, including bank transfers and mobile walletsCompetitive exchange rates with transparent, low feesConsNot suitable for those looking for domestic money transfers Ideal for: Individuals and businesses who frequently send money internationally and those looking for competitive exchange rates and transparent feesTrustpilot Rating: 4.38. UnplexUnplex stands for its groundbreaking integration with WhatsApp. What sets it apart from competitors is its seamless incorporation of financial services within the widely used messaging platform.ProsSeamless WhatsApp integration for convenient in-app transfersIntuitive, user-friendly interfaceFast domestic transfersCompetitive pricing with nominal transaction feesConsThis has limited international reach, and the transfer fees may be variable.Ideal for: Individuals, particularly those in the USA or Canada, who frequently send money to friends and family in India or the Philippines. It simplifies international money transfers through WhatsApp. Trustpilot Rating: 4.7 Make Your Transfers Count with the Best Money Transfer AppThere are various international money transfer apps in the market, and you can use this guide to decide which one to use as per your requirements. Remember to check for the criteria that matter most to you—be it transfer fees, clean user interface, or speed of transfer.If you prioritize transparency and cost-effectiveness, Wise might be your best bet. For those who need cash pickup options, Western Union is a solid choice. Remitly offers flexibility with its Express and Economy options, while Xe Money Transfer excels in competitive exchange rates. You can also use CompareRemit’s comparison tool today to find the best rates, lowest fees and fastest turnaround times for your specific destination and transfer amount. Also stay updated on the latest coupons and offers by various money transfer service providers. Frequently Asked Questions (FAQs)Q: Can I use Google Pay to send money internationally?Yes, you can use Google Pay to send money internationally, but not directly in all cases. You can send money to India using Google Pay, and for other countries, you'll need to use a third-party service like Wise. Google Pay itself does not charge fees for international transfers, but the third-party service might. Always check the fees and exchange rates of the third-party service before making a transfer. Q: What is the cheapest way to transfer money internationally?Bank transfers are usually the cheapest option when it comes to international money transfers. While they can be slower than using debit or credit cards, they usually offer the best value for your money. Q: How do I avoid international transfer fees?Many US banks charge less for online wire transfers, as these payments don't cost as much to process. Try sending your transfer via online banking or your bank's mobile app. For example, providers like Citibank or Wells Fargo waive their outgoing transfer fee for online wires in a foreign currency.Q: Is Wise better than PayPal?Wise generally provides more transparency and lower fees compared to PayPal, especially for international transfers. They use mid-market exchange rates and a small fixed fee, while PayPal fees vary depending on multiple factors, like country and currency. PayPal also charges a currency conversion fee.