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How To Send Money From Canada To India

Updated on July 13, 2022 03:48 pm
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India is the world's largest recipient of remittances in the world, followed by China, Mexico, the Philippines, and Egypt. International remittances are financial or in-kind transfers made by migrants directly to families or communities back home.

According to World Bank, India received over USD 83 billion in remittances in 2020 and USD 87 billion in 2021, with the United States being the largest source, accounting for over 20% of these funds.

India has consistently ranked as the top recipient of remittances due to the sizeable Indian diaspora (32 million NRIs and PIOs living outside of India).

Given that Canada has one of the largest Indian communities, Canada to India remittance corridor is also one of the most well-known money transfer corridors. In 2018, 16.89 lakh (1.689 million) Indians were residing in Canada, of which 15.10 lakh were Persons of Indian Origin (PIOs) and 1.78 lakh were Non-Resident Indians (NRIs), according to the latest report by the Ministry of External Affairs.

There are many ways to send money from Canada to India. Although banks are an easy option, keep in mind that they do not offer transparent exchange rates and are often lower than those offered by international money transfer specialists.

To get the best CAD to INR exchange rates, you can search on the CompareRemit comparison tool. You also have access to deals and discounts from their transfer partners that will help you get more INR for your Canadian Dollar. Take advantage of these deals and make the most of your hard-earned money.

In this blog, you will learn how to send money to India from Canada and the top money transfer services of the Canada-India remittance corridor. Before we get to the list, let us look at the things to consider when sending money overseas. 

Things To Consider Before Transferring Money From Canada To India

Exchange Rates

You frequently need to convert one currency into another when sending money internationally. The value of one currency relative to another is known as the exchange rate, which varies daily depending on the state of the market.

Money transfer platforms and banks often add a margin to the mid-market rate or the real exchange rate when providing money transfer services. This is why the exchange rates offered by various money transfer companies vary and are often competitive to attract customers. 

As a result, comparing the exchange rates on online comparison tools like CompareRemit is highly recommended to get the best deal on your transfers. 

Before moving forward with your transfers, use a search engine to find the actual exchange rate to assess how fair an exchange rate you are offered is.

Some transfer companies allow you to lock in a preferred rate for a set amount of time so that the rate fluctuations don't affect your transfers. You can set up alerts for rates when it reaches your preferred value.

Since it impacts how much money your recipient will get, the exchange rate is a cost that must be taken into account. Sometimes there is a lack of transparency in transfer fees, as evidenced by the possibility of hidden fees in the form of a marked-up exchange rate.

Banks are a convenient option, but they are often expensive and offer poor exchange rates.

Will CAD To INR Increase Or Decrease?

As of today, CAD to INR exchange rate is 61.14. According to Walletinvestor.com, the CAD to INR is likely to increase in the long term, reaching 75.051 in 5 years. 

Transfer Costs

International money transfer costs vary depending on the mode of payment, transfer speed, transfer amount, the money transfer provider, the delivery method, and the destination country. It can range from $0-$30 or more. 

Banks tend to charge more and may have correspondent bank fees, or other hidden charges you are unaware of that can add up to your expenses.

The transfer fees can be a percentage of the amount being sent or a flat fee per transaction. Some may charge no fees but profit from the difference between their offer rates and the mid-market rates.

Prepare to pay more if you want faster delivery. Payment with a credit card comes with higher fees than payment with a bank account or debit card. Cash transfers are often the quickest option but have higher fees.      

Go for transfer providers with upfront fees and competitive exchange rates. You can check the price estimator available on the money transfer companies' websites to get an idea about the cost.

Transfer Speed

International transfers usually take 1 or 2 business days. Still, they can take as long as 5 business days depending on various factors such as payment method, the timing of transfer request, security checks, destination country, delivery method, and delivery speed.

As mentioned above, faster transfers come with higher costs. Instant cash pickups are more expensive than transfers to a bank account, where the money may take several days to be deposited.

Transfers funded by credit cards are quicker than bank account-funded transfers. If you are not in a rush, look for a cheaper option when comparing the offers from various money transfer providers.

Safety

Protection of the funds and prevention of fraud is top priorities during money transfers. Banks and money transfer companies are required to abide by laws and regulations set forth by national and international governing organizations, such as Know Your Customer (KYC), Anti-Money Laundering (AML), and Counter-Terrorist Financing (CTF) (ATF). 

To ensure the safe and secure transit of payments, every authorized money transfer company has put in place several security measures, including SSL encryption and two-factor authentication. While cheques and demand drafts are safe and time-tested options, however, there are chances of them getting lost or misplaced. 

Wire transfers are electronic transfers that make use of networks like SWIFT to exchange messages and enable the transfer of funds across international borders. They are secure and practical as long as you check the transfer information and avoid sending money to strangers.

Do check the online customer reviews to get an idea of the quality of the services from the customer feedback.

Top Money Transfer Services For Sending Money From Canada To India

Here is our list of the top money transfer companies for the CAD to INR corridor.

Wise

You can send money to your recipient's bank account with Wise by signing up online or on their app for free using your email address or a Google or Facebook account. 

Wise is an authorized London-based online and mobile payment service provider regulated by the Financial Conduct Authority (FCA) in the United Kingdom. It has 13 million users and counting worldwide. 

To send money in CAD to India, Wise charges a small, flat fee of 1.78 CAD+ 0.62% of your transfer amount that's converted, which is shown upfront, and the money is exchanged using the real rate (the ones you see on Google or Reuters). Wise claims to be 8X times cheaper than banks. 

You can fund your transfer by 4 payment methods:

  • Direct Debit 
  • Debit Card 
  • Credit Card
  • Bank Transfer 

Wise can send money within one day or almost instant. But the payment method or certain security checks can affect the transfer speed. Bank account-funded transfers are cheaper but slower, while transfers funded by debit cards or credit cards are costly but faster.    

You can check the transfer limits for your currency pair on their calculator

Western Union

Western Union is the largest and the oldest money transfer company in the world, with more than 145 years in service. Its headquarter is located in Denver, Colorado.

There are two ways to send money to India from Canada with Western Union.

  • Directly transfer to bank accounts in India by registering online or through their app.
  • In-person transfer at agent locations for Cash pick up in India

Western Union has more than 111,0001 agent locations in India, which offers flexibility for your friends and family to opt for Cash pick-up. 

You can pay using your bank account, Visa debit card, or your credit card. 

Use their price estimator tool to get an idea of how much it costs to send money to India. This will show you the transfer fees, exchange rates between the Canadian dollar and the Indian rupee, and the transfer limits that might apply to your money transfer.  

Remitly

Remitly is another popular online-based money transfer platform located in Seattle, especially founded to provide affordable and convenient money transfer services to immigrants. 

Remitly has multiple receive options for recipients in India. You can transfer money directly to over 130 bank accounts, including SBI, HDFC, Citi Bank, Axis Bank, or more than 20 banks using UPI (virtual payments) either by signing up online or through the Remitly app. 

Your recipient can also pick up their money at 100,000+ cash pick-up locations, including Punjab National Bank, EbixCash, Weizman Forex, Muthoot Fincorp, and more. 

You can fund your transfer using a bank account, debit card, and credit card.

Remitly offers two modes of transfer based on speed:

  • Express mode: Receive money within minutes 
  • Economy mode: Receive money within 3-5 business days

There are no transfer fees for sending CAD 500 or more, and the promotional FX rate applies to the first $999 of the transfer. 

Panda Remit

Panda is an FCA-regulated online-based money transfer platform located in Hong Kong that provides fast and convenient remittance services. 

You pay no fees on your first transfer with Panda Remit and can receive the money within minutes or at the least within 1-3 working days. The transfer speed will vary depending on the payment method and the delivery method. 

You can initiate your transfer by signing up online or on their app using your phone number or email address. Panda Remit allows you to pay with a debit card, ACH bank transfer, and ATM transfers. The money can be received either in a bank account or a debit card. 

Check live rates from Panda Remit by using their online calculator. Enter CAD to INR currency pair, enter the transfer amount, and the calculator will show you how much money your recipient will get. You will also get to see the applied exchange rate and the transfer fees charged for your transfer. There are no hidden fees with Panda Remit.

Make use of Referral bonuses and discounts to save money on transfer costs. 

Instarem

Instarem is one of the most cost-effective remittance services, especially for small transfers. The delivery is usually instant or same-day transfer. 

You get the real exchange rate and no hidden charges. To initiate the transfer, sign up for a free account online or on the Instarem app with your email or Google, or Facebook ID. 

Instarem support multiple payment methods, including debit/credit card, bank transfers, and wire transfers. And multiple pay-out options via card, bank account, and cash. Your recipient doesn't need to have an Instarem account to receive money. 

Check the live rates and fees on their currency converter before you send the money. Simply enter the send amount and select the send and receive countries (in this case, Canada and India, respectively). You will see the exchange rates and fees for your transfer upfront. 

Also, earn Instapoints with your transactions to save money in your subsequent transfers. 

XE Money Transfer

Sending money from Canada to India is quick and easy with XE money transfer. Simply sign up for a free XE account or on the XE app to initiate the transfer to your recipient's bank account in India. 

XE is a Canada-based online international remittance service provider. It offers free tools to check live currency rates, view historical charges for currency pairs, and set alerts for desirable rates.

You can pay for your transfers using direct debit, bank transfers, and card payments. It can take 1-4 working days for your money to arrive in India, though it typically arrives more quickly. 

Depending on the amount you send to India, XE charges a small fee that you will see before you confirm your transfer. You can send up to $500,000 (or the currency equivalent) to India from Canada online.  

ICICI Bank Money2India 

Money2India is a subsidiary of one of India's largest banks, ICICI Bank. You can transfer funds from Canada to India from your ICICI Bank NRI account, or your account opened in Money2India online to over 100 banks in India. 

You can also sign up on the Money2India app to make the transfer hassle-free. 

The best part is that your recipient can receive the money within 24 hours or less. And if you transfer the money to an ICICI bank account in India, the transfer is completed in under 30 minutes.

If you are transferring for the first time with Money2India, check for promotional offers on CompareRemit.

Remit2India

Remit2India is a leading new-age online money transfer service that enables NRIs to send money to India from countries such as the United States, Canada, United Kingdom, Australia, and Ireland. 

You have 3 options to send your money:

  • Direct Debit
  • Bill Payment 
  • Email Money Transfer

The money gets delivered usually within 3 working days but can vary depending on the sending and receive options you choose. There is no fee for your first transfer for the transfer amount of CAD 501- CAD 200,000. A flat fee of CAD 2.99 is applied for the transfer amount of CAD 50- CAD 500.

With Remit2India, you can transfer funds directly to top national banks in India, at 500,000 branches of 90 banks such as Axis Bank, ICICI Bank, State Bank of India, etc.

How To Send Money From Canada To India?

Once you have compared the money transfer companies and honed down on the company you want to go with, follow the basic steps below to make your transfer:

  • Open an account online with the chosen remittance company,
  • Provide all the personal information and documents required for identification,
  • Set up your transfer using your recipient details and bank information in India,
  • Enter transfer amount,
  • Check the exchange rates and transfer fees, and transfer speed,
  • Check if there are deals and promotions to lower your transfer costs,
  • Select a delivery method,
  • Pay for your transfer by choosing a payment method,
  • Confirm all the information and press “Send”,
  • Leave the rest to the remittance provider,
  • Track your transfer,
  • Check with your recipient whether they have received the money or not.

Bottom-line

There are a lot of options at your disposal when sending money overseas. All of them come with various caveats that may include exchange rates, fees, transfer speed, deals and promotion, security and privacy, and so on. 

The best way to help you decide which service provider to choose for your CAD to INR money transfer is to compare them side by side. 

CompareRemit's real-time comparison tool compares numerous banks and many money transfer companies offering CAD to Indian rupee money transfer in terms of fees, speed, exchange rates, and more. This will help you pick the service that works best for you and your transfer needs. You can sign up for free rate alerts to keep you updated with the best rates and promotions for CAD to INR money transfers.

Compare CAD to INR exchange rates by using CompareRemit's online tool today!

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Let’s see some of the options so that you can make a smart decision:Online money transfer apps: Digital platforms like Wise, Remitly, Xoom, and WorldRemit are among the most popular options. These apps offer competitive exchange rates, low fees, and fast delivery, often within minutes or a couple of business days. They support bank deposits, mobile wallet transfers, and cash pickups at designated locations. These services are especially convenient, so you can send money anytime through your phone or computer.Cash transfer services: Traditional providers like Western Union and MoneyGram are still widely used, particularly when the recipient prefers to pick up cash. They have extensive networks in Pakistan, including thousands of agent locations. But they usually charge higher fees and offer less favorable exchange rates compared to online platforms.Local banksThink your local bank is the safest bet? You are right. But while banks are secure providers, they take longer than online services, impose higher transfer fees, and offer lower exchange rates compared to online platforms.Forex agents or brokersForex agents or brokers are helpful when you need to send cash urgently. But there's a downside: their exchange rates often do not match the USD to PKR open market rates and carry hidden charges like receiving fees in Pakistan.Pro tip: No matter which service provider you choose, always double-check all the fees you are being charged and go for providers that are renowned, so that your money is in safe hands.Tips to Get the Best Deal on USD to PKR Transfer RateNo matter how much money you are making, everyone wants to stretch their dollar further when sending money home. Getting the best USD to PKR exchange rate is easy. Follow some smart strategies, and your family will get more dollars over time.Track open market ratesExchange rates fluctuate constantly, especially in the open market. The USD to PKR open market rate varies from the rate offered by transfer services and banks. Use comparison tools to keep an eye on the exchange rates. You can also set alerts to get notified when the rate reaches your desired figure.Compare rates on online platformsJumping from site to site constantly to compare the exchange rates or transfer fees can be tiresome. Use an all-in-one platform like CompareRemit to find the best exchange rates offered by providers like Wise, Remitly, and many more.Choose services with transparent feesMany transfer service providers offer “zero-fee” services as well. But they may add markups like receiving fees in Pakistan. To avoid losing money, always double-check the final amount your recipient will receive after the transfer before hitting the "send" button.Be mindful of the speedSometimes service providers offer the cheapest exchange rates but take the longest to transfer the money, and vice versa. Based on how urgently your loved ones need the money, plan the transfer and balance the cost of the transfer to save more money. By staying informed, comparing wisely, and choosing the right mix of speed, transparency, and value, you can make smarter decisions every time you send money to Pakistan. With tools like CompareRemit, managing your transfers doesn’t have to be complicated—just effective, efficient, and tailored to your needs.Save More, Stress LessTransferring money from the US to Pakistan will not cost you a fortune. Staying up to date about real-time USD to PKR open market rates and using comparison platforms can help you get the best deal and save more every time you transfer. Whether you go with Wise, Remitly, or any other transfer service, always double-check the final amount your recipient will get after the transfer.These strategies will help you make an informed decision, send money wisely, and make sure your loved ones or business partners get the most out of your transfers. Frequently Asked Questions (FAQs)Q: What is the highest exchange rate for USD to PKR?The highest recorded exchange rate was 1 USD = 307.75 PKR in September 2023.This spike reflected political instability, rising inflation, and limited forex reserves. It was a notable moment in Pakistan’s currency history.Q: What is the future prediction for USD to PKR?In the short term, USD to PKR may stay volatile due to ongoing economic pressures.However, if Pakistan sees fiscal reforms and improved reserves, the PKR could recover. Currency forecasts remain uncertain and depend on global and local factors.Q: Where can I exchange USD to PKR legally in the US?You can exchange currency at licensed banks, regulated online transfer services, and forex bureaus. Make sure the provider is authorized and offers competitive rates. Avoid unverified vendors or services offering unusually favorable exchange rates.Q: Why has PKR fallen?The PKR has declined due to high external debt, inflation, and a widening trade deficit. In 2022, food and fuel prices surged, further straining the economy. Reduced investor confidence has also contributed to the currency's weakness.Q: Which country's currency is the highest in Pakistan?As of April 14, 2025, the Kuwaiti Dinar was the strongest foreign currency in Pakistan. It was trading at around 910 PKR for 1 KWD, reflecting its high global value. Currencies like the Bahraini Dinar and Omani Rial also rank high.Q: Is the dollar going up or down in Pakistan?Currently, the USD is fairly stable against the PKR, trading near 280.39. However, fluctuations can occur depending on market demand and political developments. Keep an eye on economic indicators for real-time changes.

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