Canada to India money is a highly competitive transfer corridor as NRIs living in Canada transact with their families. A lot of banks and money remittance companies are offering these services which offer multiple offers to provide a discount and best exchange rates. The major question arises that after seeing competitive exchange rates is which company you should pick to transfer money from Canada to India.
A lot of banks, MTOs and startups are offering these services to customers with multiple offers and benefits. Due to this competition, consumers now have a large number of choices and negotiating power. But again the question arises is which is the “best money transfer company” according to your needs and requirement of the recipient. So, here are a few base points which you should consider before transferring Canadian Dollar to Indian Rupees:
- Speed: How soon you want your money to reach the recipient? If you want to transfer money faster, you can use transfer services of Remit Money by Axis bank, which provides the instant transfer. While, if you have no emergency, then you can use services of CurrencyFair, TransferWise and OFX, which will deliver money in 2-3 working days.
- Exchange Rate: The companies offer different exchange rates depending on the fees they are charging and their margin of profit. For example, CurrencyFair let you choose your own exchange rates as per the availability of transferee from another country. Besides this, other companies offer a bit lower rates comparing to live market rates and lock-in so that the same amount will be received by the recipient.
- Fees and Other Taxes: There are taxes levied on every transfer depending upon the policies of both the countries which will be deducted from the amount paid. The fee is charged by companies on different types of transfers. Before transferring, first, watch out that you will not end up paying more than you should.
- Transfer Convenience: If one can transfer in an easy way without any support of customer assistance, then the company is considered as highly convenient. You can make transfers online without physically visiting its office. In the era of digitalization, mobile apps are also necessary which can ease the transfers anytime anywhere. CurrencyFair, TransferWise, and Kotak Click2Remit are also offering their mobile apps.