Find the best way to send money to India

Looking for the best and cheapest way to send money from Canada to family, friends or businesses in India (or even to your own overseas bank account)?

Don’t head straight to your Canadian bank – compare specialist money transfer services instead. They nearly always offer better INR exchange rates and lower fees, so for the same amount of Canadian dollars you send, your recipient will receive more Indian rupees.

Of the companies we’ve compared, Remitly, Xe and Instarem are among the cheapest. Need a really fast transfer? Remitly, Xe, Instarem and MoneyGram can get money to your recipient in India within minutes.

Cheap & Fast

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• Competitive rates
• Various delivery methods
• Delivery within minutes available
• Excellent Android and iOS app ratings

Cheap & Fast

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• Competitive rates
• Delivery within minutes available
• Create alerts for cheap exchange rates
• Excellent Android and iOS app ratings

Cheap & Fast

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• Competitive rates
• Instant or same-day for most transfers
• Good Android and iOS app ratings

Compare money transfer specialists

Best ways to send money to India from Canada

The best way to send money to India depends on your payment method, how you want your money to be received and how fast you need it to arrive.

• Online money transfer provider. Money transfer specialists typically offer better rates and cheaper fees than a local bank.
• Bank transfer. Bank transfers are an easy way to send money to India, but they are often slower than other methods.
• Cash pickup. If you need your money to arrive fast, cash pickup gives your recipient instant access to the money you’ve sent when they collect it from their agent location in India.
• Mobile wallet. Essentially an electronic wallet service, mobile wallets allow users to store, send and receive eligible currencies using their phone, often with fees attached.

Compare money transfer specialists to send money to India

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Name	Product CAFMT	Offer		Filter Values	Fastest Transfer Speed	Fees (Pay by Bank Transfer)
OFX Finder Award					24 hours	$0	Exclusive offer: Discounted exchange rates for your first and ongoing transactions. $0 transfer fee. OFX has no maximum limit transfers, with competitive exchange rates for 50+ currencies.	Go to siteView details	loading Fetching your data...
Remitly Finder Award					Within minutes	From $0	Special offers like free transfers and better exchange rates available for new customers. Remitly has quick, affordable transfers around the world, with both express and economy options.	Go to siteView details	loading Fetching your data...
Xe Money Transfers Finder Award					Within minutes	$0	Xe has fast transfers with low fees and a range of foreign currency tools.	Go to siteView details	loading Fetching your data...
Wise (TransferWise) Finder Award					24 hours	From 0.33%	Wise uses the mid-market rate and transparent fees to help you send money in 45+ currencies.	Go to siteView details	loading Fetching your data...
Xe Money Transfers Finder Award					Within minutes	$0	Xe has fast transfers with low fees and a range of foreign currency tools.	Go to siteView details	loading Fetching your data...
MoneyGram Finder Award					Within minutes	From $4.99	For a limited time, get $0 fees on your first money transfer from Canada. Conditions apply. MoneyGram has fast cash pick-up transfers to more than 350,000 agent locations worldwide.	Go to siteView details	loading Fetching your data...
Instarem					Within minutes	From $0	Enjoy a special exchange rate and zero fees on your first transfer. Conditions apply. Valid until January 15th, 2025. Instarem offers inexpensive transfers and the opportunity to earn rewards points.	Go to siteView details	loading Fetching your data...
Loop					Within an hour	$0	Loop has 1 day transfers and low FX rates.	Go to siteView details	loading Fetching your data...

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The cheapest way to send money to India

1. Go with a money transfer specialist. Skip the bank and opt for money transfer specialists who can offer better exchange rates and fees.
2. Pay via bank transfer. Once you’ve chosen a provider, pay for your money transfer via bank transfer. Other payment methods, such as credit or debit cards, come with extra fees.
3. Transfer to your recipient’s bank account. Other delivery methods, such as mobile wallet and cash pickup, come with extra or higher fees.

The transfer above can take one to six business days.

Some of the cheapest money transfers to India:

• Instarem
• Xe
• Remitly

The fastest way to send money to India

1. Go with a money transfer specialist. Avoid your bank and opt for fast money transfer specialists who can offer better exchange rates and fees.
2. Pay via credit or debit card. Once you’ve chosen a provider, pay for your money transfer using your credit card or debit card. Fees depend on the size of the transfer.
3. Deliver using cash pickup or bank deposit. Cash pickup is generally faster than bank deposit.

The process above can be completed within minutes with cash pickup. Bank deposits can take a few business days, but for a popular country such as India, it can be much faster for a lot of the major banks, sometimes within a few minutes.

Some of the fastest average transfer speeds to India:

• Remitly — within minutes
• Xe — within minutes
• Instarem — within mintues
• MoneyGram — within minutes

Who’s the cheapest way to send money from Canada to India?

We visited several popular money transfer sites and received the following quotes for a $200 transfer to India. Keep in mind, this is a sample snapshot only to give you an idea of the best rates to send money to India. How much your recipient will actually get will depend on several factors, such as the exchange rate at the time, the amount you’re sending, payment and delivery method, and any special offers you use.

In this example, we aimed for the lowest fees possible, which typically involved paying by bank transfer and delivering the transfer to the recipient’s bank account, if available.

Money transfer rates to India on June 6, 2024

Money transfer rates to India on October 27, 2023

What’s the best money transfer app to India?

The best international money transfer apps to send money to India will have a combination of easy user experience, affordable fees and fast transfer speeds. The providers below have highly rated apps for both Android and iOS. Based on recent reviews for 2023, we found that Remitly and WorldRemit received the most consistent positive feedback about their simplicity, low fees and speed.

What’s the cost to transfer money from Canada to India?

When you’re hunting down the cheapest ways or best rates to send money to India, look at the overall cost of your transfer. This has a couple of elements:

• Transfer fees. While still cheaper than your Canadian bank, some money transfer services charge either a fixed or percentage-based fee for making your transfer.
• Exchange rates. Another way money transfer providers make money is to add a margin to the mid-market CAD/INR exchange rate.

Some providers may charge the mid-market rate but add fees on top. Others may have very low fees but apply a markup on the exchange rate. This means it is important to compare exactly how many Indian rupees your recipient will end up with.

Safest way to send money to India

The safest way to get your money to India is to use a provider registered with Canada’s industry regulator, the Financial Consumer Agency of Canada. All of the companies we’ve compared in our table are overseen by a local regulator and comply with the relevant laws and regulations in both Canada and India.

A great way to dive deeper is by reading our extended reviews of each transfer service and researching first-hand customer feedback on Trustpilot and similar platforms.

Large money transfers to India

If you need to make a sizable money transfer to India, consider using a provider such as RemitBee or OFX to benefit from its expertise in handling larger transfer amounts.

Using a large transfer specialist can have the following advantages:

• Tax guidance. Large transfers to India may have tax implications for you or your recipient. A transfer specialist can help get you up to speed on CRA’s latest advice.
• Foreign exchange (forex) tools. Advanced tools such as forward contracts, limit orders and stop-loss orders can help you lock in the INR exchange rate you want.
• Account manager. Some money transfer providers assign a personal account manager who can help and advise you on your transfer needs.
• Phone service. If you want to talk your transfer through with someone, providers such as RemitBee and OFX can give you support over the phone.

How to send money to India from Canada

To send money to India, you’ll need the necessary documentation, your recipient’s details and a way to pay.

1. Compare your options.
   Use our table to find a money transfer provider that sends funds to India. One may be better for cash pickups while another may suit a bank transfer. Once you’ve found the best one for your requirements, click “Go to site”.
2. Create an account.
   You’ll need to give your name, address, contact details, proof of ID and method of payment.
3. Provide your recipient’s details.
   Enter your recipient’s name and contact information. If you’re sending straight to their Indian bank account, you’ll need the account number, SWIFT or IBAN plus their bank branch’s address.
4. Enter your transfer amount.
   Check you’re happy with the fees, exchange rates and transfer speed, then enter the amount you wish to send. Double-check the total Indian rupees your recipient gets.
5. Complete your transfer.
   Send your money transfer to India. Keep your transaction reference number safe so you can track your transfer. Your recipient may need it too.

CAD to INR: What are the historical exchange rates?

Example: Aaradhya transfers money to India

Aaradhya is working in Canada as a doctor and she stays in regular contact with her elderly parents back home in India. Her parents need some funds to help pay off a mortgage, so Aaradhya plans to send them $2,000 from Canada.

She decides to compare a bank and a money transfer specialist to see which one can save the most money on her transaction.

The money transfer company enables Aaradhya to send an extra ₹2,002.40, which is transferred straight to her parents’ HDFC Bank account.

How to choose the best money transfer companies to send money to India

When choosing a money transfer provider to send money from Canada to India, it’s important to consider the cost, how you want your recipient to receive the funds and the turnaround time. Here are other features to review:

• Exchange rates. Banks and transfer services use the mid-market rate to trade with one another. It is the best rate you can get. However, not all money transfer providers offer you this mid-market rate so compare the INR you’re offered to the mid-market rate and look for the smallest difference.
• Transfer fees. Are you being charged a flat fee or a percentage of your transfer amount? For example, a provider offering to transfer your money to India for a flat or low fee might work out better if you plan to send a large amount.
• Transfer type. Does your recipient have an Indian bank account or is cash or cell phone top-up a better option? Each transfer type will have different fees. For example, instant cash pickups tend to be more expensive than bank transfers.
• Transfer speed. If you need your transfer to arrive quickly, you can pay for an express delivery. Companies such as MoneyGram offer instant cash pickups but may charge more. If you’re not in a rush, online money transfer services offer the best value and get your money to India faster and cheaper than banks.
• Transfer limits. Find out how much you can send with each service. For example, MoneyGram has a transfer limit of $990 while Wise (TransferWise) – Under 10k allows transfers up to $1,500,000.
• Discounts. Some providers may offer you a free transfer simply for signing up. Others may offer a discount if you transfer more than a specific amount of Indian rupees.

Is this a good time to send money to India?

Compared to a month ago, the Canadian dollar is weaker against the Indian rupee. Currently $5,000 is equivalent to ₹300,368.00, whereas a month ago, $5,000 was equivalent to ₹307,826.50. That’s a decrease of 2.42% over the past month.

Similarly, compared to a year ago, the Canadian dollar is again weaker against the Indian rupee. A year ago, $5,000 was equivalent to ₹303,443.50. That’s a decrease of 1.01% over 12 months.

What’s more important, however, is where the strength of the Canadian dollar against the Indian rupee goes from here – which is harder to call. Based on those two quick glances back, your Canadian dollars might not go as far as they would have, so shopping around for the best deal on your transfer is key.

Frequently asked questions

• How can I pay for my money transfer to India?

  There are multiple ways to pay for your money transfer to India. The most common payment methods include bank transfer, credit card and debit card.

  How you pay can influence how quickly your Indian rupees arrive and the total cost of your transfer, so consider both when deciding.

• What details do I need to send money to India?

  • Photo identification: Most providers require a driver's license, passport or other Canadian government-issued ID.
  • A way to pay: Your options depend on the provider's services. Popular methods include cash, debit or credit card and bank account transfers.
  • Recipient information: You'll need their name (matching their ID) plus contact details. If sending to a Indian bank account, you'll need their account number, SWIFT and branch details.

• What is required to receive money in India?

  • Transfer number: The reference number – sometimes called a PIN, MTCN or tracking number.
  • Government-issued ID: An official ID, such as a Indian passport or driver's license.
  • The transfer amount: To know how much has been sent, usually to within 10% of the total.
  • Sender information: The sender's name and address and the transfer's country of origin.

• How much money can I send online to India?

  This depends on the provider you choose as each will have its own sending limit. For example, services such as Wise and WorldRemit allow you to transfer as little as $1 while others will have a significantly higher minimum threshold.

  Remember that some providers will have maximum transfer amounts as well, either as a result of Canadian tax policies or because their service is more limited. If you need to send a large transfer, look for a provider that has higher or no sending limits to India.

• How long will it take for my money to arrive in India?

  The turnaround time for a money transfer to India depends on the provider and how you pay for the transfer. Expect your transfer to arrive within minutes if you pay using cash or with a debit or credit card. Paying by bank transfer can take longer – usually 2–5 days.

• Can I send money to India without a bank account?

  Yes, you can still send a money transfer if neither you nor your recipient in India has a bank account. Look at cash transfer providers such as RemitBee where you can pay with cash and your recipient can collect it as cash or as mobile phone reload on the other end.

• How do I deliver money transfers to India?

  • Bank deposit. Banks deposits are one of the most common ways to deliver money, but they may be slower than other methods.
  • Cash pickup. If you need your money to arrive fast, cash pickup gives your recipient instant access to the money you've sent when they collect it from their agent location in India.
  • Mobile wallet. Essentially an electronic wallet service, mobile wallets allow users to store, send and receive eligible currencies using their phone, often with fees attached.
  • Prepaid phone credit. Specifically used to top up a recipient's prepaid mobile phone plan, prepaid phone credit is usually added instantly or within a few minutes.
  • Home delivery. If your recipient may struggle to get to a cash pickup location, you may be able to opt for door-to-door cash delivery.

Written by

Leanne Escobal

Publisher

Leanne Escobal is a publisher for Finder. She has spent over 11 years working with financial products and services, specializing in content and marketing. Leanne has completed the Canadian securities course (CSC®) as well as the personal lending and mortgages course by the Canadian Securities Institute. She has a Bachelor of Arts (Honours) in English literature and creative writing from Western University. See full bio