NRIs living in Canada send approximately $3.5 billion CAD to India every year at which they unknowingly charged unnecessary fees which sum around USD$ 175,000,000. We at Exchange Rate IQ tries to reduce this fee and helps you in finding the simplest, quickest as well as the most secure ways to convert your money and send it to from Canada to India (CAD to INR).

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:

1. 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.
2. 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.
3. 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.
4. 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.

Many times there comes to need to transfer emergency cash to India and you look for the best way to send money which also provides cheaper remittance. In such a case, you can opt out the following options to make emergency cash transfers between India and Canada:

1. Transfer with cash transfer companies: You can make the transfer using the services of MoneyGram and Western Union which offer the fast cash transfer services to its users across the world. So, the recipient will receive the money within hours after the completion of transfer for any such emergency purpose.
2. Travel Card: If you are travelling to India and lost a wallet or become empty-handed, you can ask any of your friend or family member back in Canada to transfer funds to your travel card, which will be credited in your card immediately.
3. Send money using a credit card: if you send money through credit card or use any fast transfer services, the amount will be credited into recipients’ bank account within hours. However, this is an expensive service and should be preferable only in the emergency purpose.

There are multiple types of charges imposed by the companies on users for providing money transfer facilities. But in this, most of them charge 3 types of fees, these are:

• Fixed Fee: Every company charge a fixed amount of fees from its customers naming it as services as well as currency converter charges.
• Percentage Fee: Many companies charge fees as a percentage fee which is a fixed per cent of the amount you are sending to your recipient. These percentage fees range in-between under half a per cent to two per cent or more.
• Mid-market rates: Most of the companies offer mid-market rates to its users which are lower than the standard rates prevailing in the market. This difference also acts as fees for the user.