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Monito compares 16 providers to send money from Canada to India.
If the beneficiary of your transfer wants to receive Indian rupees in his bank account in India, then Remitly currently offer the best deal you can get with zero transfer fees and a very competitive CAD-INR conversion rate (their current rate is 1 CAD = 59.4 INR).
Adding the fees and exchange rate margin, the total cost with Remitly is -6.7 CAD, but you would pay a total cost of 49.18 CAD (approximately -7x as much) if you were to use Royal Bank of Canada for the very same transaction.
Two other options are worth considering: Wise and InstaReM.
If the beneficiary of your transfer wants to be able to pick up Indian rupees in cash in India, then the most competitive option currently is Remitly, with no transfer fees and a very competitive CAD-INR conversion rate (currently at 1 CAD = 59.4 INR).
In comparison, you would pay a total cost of 7.53 CAD if you chose to use MoneyGram to make the same transfer with cash pick-up as the pay-out option.
This recommendation was updated a few minutes ago.
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Today's cheapest money transfer service might not be the cheapest tomorrow. Find the one that's best suited to your needs and preference by comparing the best performers on Monito's comparison engine over the past 30 days for transfers from Canada to India:
Ranked by % total fees (incl. exchange rate margin) to send US$1000.00 on average in the past 30 days.
If you're like most NRIs sending money to India from Canada, you probably want to keep your currency exchange fees to an absolute minimum when converting from Canadian dollars to rupees. Using Monito's comparison engine and savvy how-to guides, you can find exactly how to transfer money from Canada to India by taking advantage of the simplest, speediest, and most secure ways to transfer money from Canada to India — no matter the amount or the pay-out method.
First, it's worth noting that although there are many ways to transfer money from Canada to India, not all of them are suited for your needs. Some (e.g. wire transfers with traditional banks) can often be costly and slow. In contrast, others (e.g. PayPal's international transfer arm Xoom) are popular among NRIs in Canada but still don't offer the fairest fees and exchange rates, the fastest transfer speeds, or the most flexible payment options of them all.
To find out how to transfer money from Canada to India, take a look at the overview below to discover how to transfer money from Canada to India for two of the most popular receiving methods — bank deposits, cash pickup, and credit and debit card payments:
To transfer money from Canada to an Indian bank account, you will have two options. Firstly, you can make a wire transfer from Canada to India (also known as a "international wire transfer"), which is done from your Canadian bank account to your (or your recipient's) Indian one. Wire transfer from Canada to India are the preferred method of most high-street banks and tend to be very slow and pricey. See more about how to make a wire transfer in our in-depth guide here.
The other option you have is to make an ordinary domestic bank transfer (or card payment) to the local bank account of an international money transfer specialist service, which, in turn, will pay out the funds more quickly and cheaply to your recipient in India than the bank would.
When sending money from Canada to India, these specialist services are significantly faster and equally as secure as the banks, and everything is wrapped up at a fraction of the cost. This is because funds sent via wire transfers (the method most banks use to send money abroad) typically need to follow several steps as they pass via SWIFT, all of which add new time and costs to the process.
According to search data from Monito's comparison engine for money transfers from Canada to India between 2020 and 2021, the following transfer services were, on average, the cheapest for various transfer amounts to bank accounts:
Remitly allows users to pay by bank transfer or credit and debit card payment, with funds being delivered to a bank account in India within a twenty-four hour period. It was the cheapest service for bank transfers from Canada to India on 59% of Monito comparisons between June 2020 and 2021.
Wise offers domestic bank transfers, wire transfers, and credit and debit card payments to be deposited into any Indian bank account. It was the cheapest service for bank transfers from Canada to India on 31% of Monito comparisons between June 2020 and 2021.
WorldRemit, which offers speedy bank transfers and card payments to bank accounts in India was the cheapest service for bank transfers from Canada to India on 3% of Monito comparisons between June 2020 and 2021.
A mobile wallet with a global reach, Skrill offers credit and debit card payments to Indian bank accounts from Canada. It was the cheapest service for bank transfers from Canada to India on 3% of Monito comparisons between June 2020 and 2021.
Another reliable option for bank-to-bank money transfers from Canada to India, CurrencyFair was the cheapest bank transfer service on 3% of Monito comparisons between June 2020 and 2021.
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To calculate the total cost of your transfer, we compare the exchange rate every provider applies to your transactions with the latest mid-market exchange rate data that we source from XE.
