What is the cheapest way to send money to India from Canada?
- Asked By
- Updated On:29-Nov-2022
- Replies:1
Short Answer
There are plenty of Money Transfer platforms available for sending money to India from Canada. Based on our comparison, we feel that Remitly is the cheapest and fastest platform to send your money from Canada to India.
Detailed Answer
Indians in Canada
Canada’s immigration policy is liberal and open for foreign citizens to settle down in Canada. Reports say that, Canada has targeted to build 40,000 new permanent residents between the years 2022 and 2024. Nearly 4% of Canadian population (that is nearly 1.4 million people) are of Indian origin. These migrants keep sending money to their families back in India. In this article, let us find out the best and cheapest way to send money to India from Canada.
Mode of sending money to India from Canada
With more and more people travelling across the globe these days, there are a number of online international money transfer specialist platforms that helps solve the purpose efficiently and safely at a competitive price. With such platforms and apps, money transfers to far reaching places are just a tap away.
Sending money to India from Canada - What to choosing an online platform?
Although one might search for the most economical platform, here we have listed a few other things that you need to keep in mind before choosing your money transfer specialist:
- Is the platform reliable and authorized?
- Does the platform charge any hidden cost?
- Are you able to transfer money online?
- How quick does the money get deposited in the receiver’s account?
- Are you able to track the process online?
- Exchange rate offered
Comparison of International Money Transfer Platforms
We have compared the above features across four of the well-established online money transfer platforms and the results are:
Cheapest way to send money to India from Canada
Based on our comparison, we feel that Remitly is the cheapest and fastest platform to send your money from Canada to India. The platform’s exchange rate is competitive as well. Remitly aids you to transmit money to almost all the major banks in India such as SBI, HDFC, Axis Bank, ICICI etc., It also offers you an option to fetch cash from pick up hubs. The company was established in the year 2011 and it has been in the business for 11 years now, that is a testimony in itself showcasing its dependability.
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Discussion (0)
You can send money from Canada to India via Wire transfers, drawing a cheque or through remittance companies. Out of this remittance companies method is the quickest.
Some of the most popular money transfer apps in Canada include PayPal, TransferWise, and Remitly, each with unique features and benefits to suit your needs. Start exploring now and find the best app for your money transfer needs in Canada.
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