Best Ways to Send Money From Canada to India in 2024

Sending money from Canada to India can be done through a wide selection of companies. However, finding the most cost-effective option can be challenging.

Fees vary greatly between providers and banks. Plus, banks or popular mobile apps such as PayPal charge hidden exchange rate markups on cross-border transfers. These hidden fees can significantly decrease the amount received by the recipient, a common frustration for those who often send remittances abroad.

In this article, we reference millions of searches from our comparison engine to recommend you the five best money transfer specialists for sending money from Canada to India. They will be far cheaper and faster than the big banks like Scotiabank, TD, BMO and others for getting the job done.

Use the comparison engine below to accurately find the most efficient and cost-effective methods for transfers from Canada to India in real time 👇

Best: Remitly

Remitly is one of the cheapest and most popular international money transfer services for sending money to India. They offer fee-free transfer options, plus exchange rates that sometimes match the real mid-market exchange rate. You can choose from four delivery methods too: bank transfers, cash pick-up, mobile wallet, or cash delivery. With in-person pick-up locations across India, Remitly is a reliable service for transfers from Canada to India.

• Cost: 0.4% - 1.2%
• Cheapest: 49% of Monito comparisons from Canada to India in 2022
• Speed: Instant or 3-5 business days
• Pay-in options: Bank wire transfer, credit/debit card
• Pay-out options: Bank deposit, cash pick-up, mobile wallet, cash delivery
• Transfer limits: CAD 1 - CAD 60,000
• Best for: Cash pick-up.
• More info: See our full Remitly review or visit the website.

2nd Best: XE Money Transfer

XE Money Transfer is a homegrown global money transfer service from Newmarket, Ontario that gives you a secure and reliable way to send money to India. In our opinion, one key feature that makes XE stand out is its ability to lock in exchange rates for up to 24 hours. This can help you avoid any unexpected changes in the currency market. With its 24/7 customer support, you can trust that XE will be there to assist you every step of the way.

• Cost: 0.52%
• Cheapest: 26% of Monito comparisons from Canada to India in 2022
• Speed: 1 business day
• Pay-in options: Bank wire transfer, Interac e-Transfer, credit/debit card, Billpay, Direct Debit
• Pay-out options: Bank deposit
• Transfer limits: CAD 1 to CAD 1,000,000,000
• Best for: Locking in the CAD-INR exchange rate before your transfer
• More info: See our full XE review or visit the website.

3rd Best: Instarem

Instarem is another online money transfer app that offers Canadians a convenient and low-cost option to send money to India. What sets Instarem apart is its real-time exchange rates, ensuring you get the best value for your money. Plus, with its easy-to-use platform, you can send money in just a few clicks, making it a hassle-free option for Canadians.

• Cost: 0.55%
• Cheapest: 6.6% of Monito comparisons from Canada to India in 2022
• Speed: 2 to 3 business days
• Pay-in options: Bank wire transfer
• Pay-out options: Bank deposit
• Transfer limits: CAD 1 to CAD 1,000,000,000
• Best for: Savvy mobile app transfers
• More info: See our full Instarem review or visit the website.

4th Best: Panda Remit

Panda Remit is a Chinese online remittance platform offering low-cost international bank transfers. In our opinion, Panda Remit stands out because of its lightning-fast transfer speeds (many transfers arrive in just minutes) and an around-the-click customer support team, making it a great option if you need to send money to India in a hurry. (Plus, with its user-friendly website and mobile app, sending money with Panda Remit is a breeze!)

• Cost: 0.49% + CAD 4/transfer
• Cheapest: 6.5% of Monito comparisons from Canada to India in 2022
• Speed: In minutes
• Pay-in options: Bank wire transfer, debit card
• Pay-out options: Bank deposit
• Transfer limits: Up to CAD 100,000,000
• Best for: Fast transfers
• More info: See our full Panda Remit review or visit the website.

5th Best: Paysend

Paysend is a money transfer service that consistently provides Canadians with low and competitive fees and exchange rates. It boasts an impressive network of around 110 receiving countries. We highly recommend them as a specialist for international card payments, meaning that you can send money abroad directly to a friend's debit card.

• Cost: $3.00 CAD, 0.35% to 1.31%
• Cheapest: 4.8% of Monito comparisons from Canada to India in 2022
• Speed: 2 business days
• Pay-in options: Debit card, credit card, bank deposit
• Pay-out options: Bank deposit, credit card, debit card, cash pickup
• Transfer limits: CAD 1 to CAD 1,000
• Best for: Top ups to a debit card
• More info: See our full Paysend review or visit the website.

What's the Best Way to Transfer Money From Canada to India?

Ways to transfer money internationally to an Indian bank account vary in terms of cost and speed. For emergency transfers, multiple options are available. To save on large transfers, we provide cost-effective options for sending money from Canada too.

Direct Debit (EFT)

Often interchangeable with electronic funds transfer (EFT) in Canada, a direct debit allows you to authorize payment on a transfer service for convenient money transfers. It could take up to two days for your money to leave your bank account and another four days to reach your service provider. It'll be more convenient for you to plan in advance by setting these up as recurring transfers.

The Canada Revenue Agency (CRA) also limits international transfers via EFT to $10,000 per transfer.

• Fee for $1,000 CAD to USD transfer on Wise: $2.39 CAD

Debit Card Payment

Many international money transfer services accept debit cards, which are among the fastest and most convenient ways to send money abroad. They are not as cheap as bank transfers but are less expensive to process than credit cards.

• Fee for $1,000 CAD to INR transfer on Wise: $21.14 CAD

Credit Card Payment

Make quick and simple payments for your transfer with a credit card, such as Visa or Mastercard. These cost more to process than debit cards, but they are just as fast.

• Fee for $1,000 CAD to INR transfer on Wise: $27.62 CAD

Local Bank Transfer

Although slower than debit or credit cards, bank transfers usually offer great value for your money. Your international money transfer service will process your bank transfers within around 1 to 5 business days.

• Fee for $1,000 CAD to INR transfer on Wise: $2.30 CAD

Interac e-Transfer

Interac e-transfer is a payment system unique to Canada that allows individuals and businesses to transfer money directly from their bank accounts using a debit card. The maximum amount of money you can send by Interac e-Transfer within a 24-hour period is $3,000.

Interac is not always free but it is usually very cost-effective and instantaneous. It is also accepted by international money transfer services like Wise and XE Money Transfer, making it another good way to send money from Canada to India.

• Fee for $1,000 CAD to INR transfer on Wise: $1.44 CAD

The fees we listed here were recorded on Wise February 6th, 2023.