Send Money From Canada to India With Remitly (Is It the Best?)

Remitly is one of the best online remittance services that help Canadians send money to India quickly, safely, and affordably. With their user-friendly mobile app, you can eliminate the hassle of traditional money transfer methods and forms, SWIFT codes, agents, and hidden exchange rate fees.

Remitly offers express or economy transfer service, with express delivering funds within minutes. Economy service charges no fixed fee but takes 3 to 5 business days. You can send up to $10,000 CAD to INR per day.

What Monito Likes About Remitly

• Cheapest on 49% of CAD to INR comparisons on Monito in 2022;
• Excellent choice for cash pick-ups;
• Numerous destinations are available around the world;
• Special exchange rates for first-time users.

What Monito Dislikes About Remitly

• 35% of fees are hidden in the exchange rate margin;
• A limited number of origin countries can't send to each other.

What You Need to Know About Sending Money From Canada to India With Remitly

Remitly is headquartered in Seattle and has offices in London, the Philippines, and Nicaragua. It operates transfers in over 47 currencies around the world, and offers especially strong rates for CAD to INR transfers.

The money transfer company allows you to transfer money to bank accounts in major Indian banks, such as ICICI, SBI, Citi Bank, Axis Bank, and more. Most importantly, Remitly is regulated under the following authorities:

• Authorized to operate in all Canadian provinces (including Quebec)
• Registered Money Services Business with the US Department of the Treasury;
• Licensed as a money transmitter in the US;
• Regulated in the UK and Ireland (for the EU);
• Registered with FINTRAC.

Remitly is trusted by more than 3 million customers annually and offers a 100% satisfaction guarantee. All in all, this option ensures fast deposits and on-time delivery for transfers from Canada to India.

Fees for CAD to INR Transfers With Remitly

The fixed fee that Remitly will charge you will depend on the delivery service you selected. Economy transfers cost $1.99. These transfers can take 3 to 5 business days to reach your account in India.

The Express service gets you instant transfers, also for $1.99 per transfer. If you transfer $500 CAD or more, however, then Remitly will waive the fee. To get the most out of Remitly, we recommend sending over $500 CAD so you can get your money in seconds without a fixed fee.

Remitly’s Exchange Rate for Canada to India

When you send money overseas, your transfer service will use an exchange rate to convert one currency to the other. Big Canadian banks and mobile apps like PayPal apply high markups that can dramatically reduce the amount of money your recipient gets. They profit by pocketing that margin for themselves, known as an exchange rate margin.

Remitly, on the other hand, offers some of the strongest exchange rates available for transfers from Canadian dollars to Indian rupees. On Monito's real-time comparison engine, Remitly was the cheapest overall provider for 49% of Canada-to-India searches in 2022.

Remitly generally charges rates around 0.7% below the mid-market exchange rate for CAD to INR, which is among the industry's best. For its global operations, the company's markups can fall anywhere between 0.5% to 2%.

Canada to India Money Delivery Options With Remitly

You have three options as a sender from Canada to India. With Remitly, you can transfer your money by bank transfer, credit card, or debit card. A bank transfer will likely be your best option since card processors like Visa and Mastercard may charge fees for processing debit and credit cards.

Your recipient in India will have four ways of receiving money in India. You may send the money to him or her by bank transfer, cash pick-up, UPI (UPI Virtual Payment Address), or cash delivery. Make sure to have the following info at hand:

• Your recipient’s name as it appears on their valid ID;
• Your recipient’s address;
• Your recipient’s phone number.

If you want to send the transfer directly to your recipient’s bank account, you’ll need to have their payment details. Make sure to prepare the following: 

• Your recipient’s bank account number;
• The name of the bank.

Compare Remitly With Other Top Remittance Services

In summary, we highly recommend Remitly as an international money transfer service from Canada to India. Not only was it the cheapest provider in 2022 for 22% of all searches on Monito. It was also the cheapest service for nearly 50% of Monito comparisons for transfers specifically from Canada to India.

If you're still not sure if its the cheapest or safest, use our real-time comparison engine below to compare Remitly to other top remittance companies 👇