Sending money to India from Canada is a common necessity for many, but it can also be a bit confusing. You’re probably wondering whether it’s cheaper to use your bank or one of those nifty money transfer apps that have flooded App store and Google Playstore. Well, let’s dive into the details and find out!

With the rise of technology, money transfer to India has become easier and more accessible. Nowadays, you have various options to choose from, each with its own set of advantages and drawbacks. Whether you’re sending money to family, paying for services, or supporting a cause, the fastest way to send money to India can save you time and hassle. But which option gives you the best value for your money?

Understanding the different methods for quick money transfer to India can help you make the right choice. Banks have been the traditional method for many, offering a sense of security and trust. However, money transfer apps have emerged as a competitive alternative, providing faster and often cheaper services. So, when it comes to money transfer to India, it’s essential to compare these options carefully to ensure you’re getting the best deal possible.

What You must Know Before Sending Money to India from Canada

When you want to send money to India from Canada, there are a few key things you should consider:

Traditional Banks: Trusty but Costly

Banks have been around forever, and they're a fairly decent option if you’re looking to send money to India from Canada. However, this reliability can come with a higher price tag.

Fees: If you've made a decision on money transfer to India using banks, you need to be aware that banks charge higher fees. You might see:

Let’s take a look at how sending money to India through Canadian banks works. To give you a better glimpse, we’ll break their operations down into what fees they charge, the exchange rate outlook, and the speed at which they are able to send money to India from Canada.

Royal Bank of Canada (RBC)

Toronto-Dominion Bank (TD)

Scotiabank

Bank of Montreal (BMO)

As you can see, the fees and exchange rates can significantly affect the amount of money your recipient in India gets. Banks typically offer less favourable exchange rates and higher fees compared to money transfer apps.

Money Transfer Apps: Cheap, Fast and Sleek

Besides older existing money transfer apps like Xoom, Western Union and Remitly, newer and faster ones like Pesa have completely changed the game when it comes to sending money internationally, more so, sending money to India from Canada.

In today’s world, everyone wants to get things done much faster, which is exactly what apps like Pesa offer people who want to move money across borders at the snap of fingers. Here are some of what to know about international money transfers using these cross-border apps:

Fees: Apps typically charge lower fees than banks, and they’re pretty transparent about it. You’ll know exactly what you’re paying. Common fee structures include:

Exchange Rates: Apps often give you better exchange rates. They use the mid-market rate with a tiny markup, so your recipient gets more rupees.

Speed: Many apps can get your money to India faster than banks. Some transfers happen within minutes, while others take a day or two.

Convenience: Using an app to send money is super simple. You can do it from your phone or computer with just a few clicks.

Security: Reputable apps use top-notch encryption and security protocols to keep your money and data safe.

Comparing Costs to Send Money to India from Canada: Banks vs. Apps

Suppose you want to send CAD 1,000, let’s see exactly how much it will cost you to send this money from Canada to India.

If you’re sending using Pesa's transfer service for example, some extra cash gets saved, as all international money transfers, including sending money to India from Canada comes at a zero transfer fee. Not only that, as shown in the chart above, your money reaches the recipient as fast as 1 or 2 hours.

So, say you’re sending 1,000 INR to a loved one in say, Mumbai, at an exchange rate of 58 INR, there would be no cost, no subtraction requiring you to additionally pay for anything. Pesa, it’s as smooth as that. Viola, your recipient is credited 58,000 INR in seconds!

In this case, using a money transfer app to send money to India from Canada means your recipient gets a lot more rupees for the same amount of Canadian dollars. Gain-gain!

What Else Should I Consider?

While cost is super important, there are other things to consider when you send money to India from Canada:

Customer Support: Banks often have well-established support, including in-person help. Apps usually offer online support through chat, email, and phone. Good customer support is crucial if something goes wrong. Banks here seem to have an upper hand compared with sending money abroad with apps.

Accessibility: Some people in India might prefer getting money through a bank because it’s what they’re used to. However, digital banking is growing in India, so more people are comfortable with apps.

Transfer Limits: Both banks and apps have limits on how much money you can send. Make sure your amount is within the acceptable range.

Promotions and Discounts: Sometimes, apps offer promotions or discounts for new users or special periods. These can make sending money even cheaper.

Conclusion: Apps or Banks?

So, which is better for sending money to India from Canada: banks or apps? Generally speaking, money transfer apps are the cheaper, faster, and more convenient option. Lower fees, better exchange rates, and user-friendly interfaces make them a smart choice for most people. However, if you value in-person support and are willing to pay more for it, banks might be the way to go.

Still stuck on finding the best app to send money to India from Canada? Let Pesa serve you today. Get started now at Pesa and witness the magic of swift money transfer!