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.
Indians in Canada
As of 2019, there are nearly $1 million registered Indians in Canada. Indians fly to Canada to settle over there, for business, for employment purposes or for studies. It is believed that there is a better standard of living in Canada, when compared to India. Canada is ranked 7th in being home to the Indian diaspora. Most of them are found to be settled in the provinces like Ontario and British Columbia. These Indians frequently send money to their family and friends bank in India. Let us find the best ways to transfer money from Canada to India.
Methods of sending money from Canada to India
International Wire Transfer
It is basically the e-transfer of funds from one bank to another bank using the SWIFT method. SWIFT is the abbreviation of the Society of Worldwide Interbank Financial Telecommunication. In order to effect a Wire transfer, you are required to provide information such as the name, bank account details of the sender and name, bank account details and SWIFT code of the receiver. You will also be required to disclose the purpose of transferring your funds. The transfer of funds takes a minimum of 2 working days as it must pass through the Automated Clearance House (ACH) Network. The advantage of Wire is the quick transfer of money across borders and it is a secure way as it is via bank channels. However, banks charge fees and impose limits on the transfer.
Cheque
You can draw a cheque to your beneficiary in India. You should submit a letter to the bank giving them instructions. However, this method takes around 15 to 30 days.
Digital Cross Border remittance companies
You can sign up with the websites or apps of these companies and transfer your money quickly and safely. They charge a fee for the services provider. We have listed some companies that help you transfer funds from Canada to India:
- World remit: Debit card, credit card, bank payment – Same day transfer
- Remitly: Credit card and credit card – Same day transfer
- Panda Remit: Bank transfer and debit card – Within minutes
- Xe: Bank transfer – Within minutes
- Skrill: Credit card and credit card – One day
Sending money from Canada to India
With the advent of technology, there are a number of ways you can send your money from Canada to India. You can choose a method depending on your needs and preference.