Best option to send money from Canada to India in 2020
According to the latest “Migration and Development Brief” India ranks first in terms of magnitude of incoming remittances as published by the world bank. Around the globe, NRI’s send money from Canada to India to their loved ones. When you want to transfer money between Canadian dollars to INR you wish to keep the currency exchange rate to minimum. Here we will discuss and find the simplest, quickest and most secure ways to convert currency and do account to account transfer instantly to meet your personal and professional needs.
Well, reason for money transfer can be any. It could be to support their children, fund a wedding, send favors, pay for bills, engage in divestments, buy assets, etc. there are numerous reasons and several ways to send money to India.
We will explore various money transfer services and learn about instant money transfer methods. Choose the method and amount based on your requirements and level of emergency.
Whatever your needs are, we work on saving your money. Whether you are going on a holiday, helping friends or family or taking care of daily expenses, N2Xpress shares with you the cheapest and best money transfer service. A win-win situation for both the sender and receiver. That is the person receiving cash in rupees gets more cash in their pockets.
Canadian dollar to INR- Are you paying extra on money transfer from Canada to India?
Every year Canadian residents send around $3.5 billion CAD to India. An unnecessarily high exchange fee is charged by traditional banks, PayPal, and some currency exchange businesses. If we combine charges on the total amount sent by Canada to India each year, then it can turn out $175,000,000 USD fees or $875 each if 2 lakh residents convert their Canadian dollars to rupees.
Charges and fees while transacting between CAD and INR
When you are converting between Canadian and Indian rupee, there is a possibility that you are overpaying. Let’s check different fee structure
- Fixed fee
To convert and transfer money to India, a fixed fee is charged by banks and some money transfer service providers. This charge could be as much as $40 CAD.
- Percentage fee
Pay commission on the total amount you transfer or the scene can be less you send, less you pay. The fees can range between half to two percent or more.
- Difference to exchange rate
Worst exchange rate compared to standard rate offered by service providers. For eg; in standard exchange rate if $100 CAD gets 5380 INR then in a currency exchange rate beneficiary will get 5310 rupees.
So when selecting or choosing a money transfer compare fees and take all the fees in consideration. We keep things simple and easy for you by our transparency in fees structure.
RBI guidelines and rules on overseas money transfer
According to RBI’s liberalized remittance scheme a resident individual (Indian national or expatriates) can remit foreign exchange of a maximum US$250,000 per financial year. They list the reason of money transfer as following
- Overseas education expenses
- Medical treatment
- Care for a close relative
- Emigration fees
- Visa fees
- International visits for private reason
Criteria before choosing online remittance
Money transfer from Canada to India happens because of N number of reasons. It can be - living expenses, college fees, business purpose, etc. So, as per requirement, look out for online remittance platforms and check the below listed criteria.
Check how reliable a money transfer service provider is and its authenticity.
If speed is a priority, you may end up paying more. So always check for how soon you need to send money.
- Exchange rate
Are you paying more for convenience or speed? Always check for best rate
Your experience of using an app or website from start to finish and was it convenient for you? Was your transfer easy?
- Hidden fees
Check are you paying more? As debit or credit cards have hidden fees attached.
Was it easy to track the online process online? Or you took customer care help or visited a local branch?
Money transfer method to India -
Transferring money from abroad to India can be a two-way situation either it can be costly, slow and inconvenient or it can be fast, cheap and convenient. Each method comes with advantages and disadvantages. Have a look at two distinct methods and their benefits and limitations.
- Account transfer
It is also known as SWIFT transfer, wire transfer, or telegraphic transfer. In this process, money is transferred directly from your account to the recipient account. Due to its convenience and security it is one of the popular options. However, it is expensive most of the time. Due to fluctuating exchange rates, there can be significant variations in cost and even wire transfer takes several days to remit in recipients' accounts. As charges are applied by both sender and recipient bank, the charges and overall cost shoot up.
- IMTO offered money transfer
Sending money traditionally was a challenging task. It involved a number of intermediaries and was expensive as well. The arrival of IMTOs (international money transfer operators) has simplified the online remittance process. Send money services provided by IMTOs are one of the best and attractive methods of sending money to India. Through N2Xpress now you can transfer money faster and cheaper and also you can do more with money by different payment options. Money sent through IMTO is sent directly to the bank.
Though transfer companies do charge transaction fees, the degree of margin and fees is quite low as compared to banks. Let’s see the reason why people prefer transacting through IMTO’s services.
- Find the best exchange rates possible as international payments are the core service of IMTOs. Bank being diverse offer large products and hence focus less on exchange rates
- In IMTO market you get several options both affordable and easy to access. It benefits people by lowering transaction cost and convenient transfer at ease of few taps.
- Now send money to the remotest place in India through a large network of IMTOs.
Transfer money from Canada to India in simple steps
If you choose the right remit service you can tick all three boxes without a hitch.
- Cost - our fee and exchange rates are always transparent. You can check our rates and fees instantly.
- Method- we send your money to nearly every bank in India in tap of three.
- Security - likewise all reputable money transfer we require your identity proof for money transfer online.
Our fees, time and guarantee vary from service to service but we work on fair grounds. Here is how N2Xpress works:
- Sign up and create your FREE account
- Choose the method, tell us the amount to want to send, check fees and exchange rates
- Input receivers details
- Confirm and send your cash to India in just a few taps.
Voila it’s done!! With such easy, secure and super-fast service, What more could you want?
Choose best fund transfer method wisely:
There are several methods, we studied each criteria and analyzed advantages and disadvantages. Wire transfer and electronic fund transfer are secure but are expensive and time consuming at same time if we talk about banks then it is used in case of planned payments or especially large amounts as IMTOs may have a limit per transaction or cap on maximum amount. In most of the cases the most attractive method is service offered by IMTO with instant money transfer facility. Companies like N2XPRESS offer the best services and represent one of the cheapest and convenient options of money transfer. Well reputed IMTOs offer a safe mechanism for the fund transfer. N2Xpress facilitates transfer of funds at an average of 0.005% transacting cost globally on all transactions check our rates.
Choose wisely and take the best decision and make the most out of every transaction in 2020.