Can you really send money from Canada to India in an instant, or is it just a clever marketing trick?

In the age of digital transactions, where everyone claims to be sending at light-speed, it’s important before engaging any international money transfer service, to peel back the layers and uncover the truth.

This article aims to explore what lies behind claims of ‘instant transfers’ and why some services deliver less than they promise.

Real-time scenarios reveal that many popular companies like Western Union, Remitly, Xoom, and Wise have not been living up to their promises of instant transfer. For example, several users have reported that transfers via Western Union, advertised as instant, took several hours to process.

Similarly, customers of Remitly and Xoom have experienced delays due to additional compliance checks and currency conversion issues. A report by Consumer Affairs highlighted that despite the promise of instant transfers, many transactions still faced unexpected delays from Xoom. These instances emphasise the need to carefully pick a reliable service whenever you need to send money from Canada to India.

What Does 'Instant' Really Mean?

When you hear 'instant transfers,' you might imagine your money zipping across the globe in mere seconds. However, the term ‘instant’ can be misleading. Most services promising instant transfers typically mean the transaction will be processed faster than traditional methods but not necessarily in real-time.

Even though transfer speed for a lot of international remittances still takes several hours, if not days, a few companies like Pesa and Xe, have closed in impressively on speed and have set a new standard for ‘’instant,’’ with Pesa leading the pack.

While many companies advertise instant transfers, the reality can often be different. Here's an estimate of transfer times for popular services:

Generally, if you’re seeking for how long it takes for international transfers to arrive, there might not be a definite answer to that, though this can vary based on the service provider and specific transfer details.

How Do Money Transfers Work?

Not a rule of thumb, but every customer should know how their money gets moved from their wallets or bank accounts to their recipients’ account via cross-border deposits.

What’s more frustrating than initiating what should otherwise be an instant transfer from Ontario, having it stuck for days without reaching your recipient in Mumbai, and still completely blindsided on what’s causing the delay.

Before putting yourself in a situation where you have to keep checking your phone, cursing at your service provider while riled up in anxiety, understand how cross-border payments work, say for example someone willing to send money from Canada to India. Here's a breakdown of the typical process:

Initiation

Provide details of the amount and recipient in India.

Verification

Payment Processing

Intermediary Banks

Compliance Checks:

Currency Conversion:

Local Partner Banks:

Recipient’s Bank:

One unavoidable fact you should be aware of if you’ve never done a cross-border payment is that throughout these phases, delays can occur at various points, making it challenging to ensure truly instant transfers.

The question however is ‘’are there transfer services that mitigate these delays and ensure for someone who wants to send money from Canada to India, your money gets delivered timely? Well, this piece may just be the lucky pack that uncovers that for you, and even points you the right direction.

Are All Transfer Services Created Equal?

Not all transfer services are equal, especially when we’re talking about speed and cost. Traditional banks, for example are being avoided these days for their high fees and longer processing times compared to modern fintech solutions. According to a report by Statista, digital platforms are preferred by over 60% of users for international remittances due to their convenience and faster service.

What Are the Costs Involved?

There are no unified fees for a customer who wants to send money from Canada to India, and certainly, the cost of sending money from Canada to India can vary significantly depending on the service used.

A World Bank report highlighted that the average cost of sending money internationally has decreased by about 5% over the past decade, with some digital platforms charging as low as 1-2% of the transfer amount.

Pesa, for example, was built to offer her customers zero fees for her services, keeping them hooked with competitive rates, ensuring they get the best value for their money, regardless of what country they’re sending money to.

While there are a couple other cross-border payment services that promise zero service fee, if you’re new to the world of international remittances, you must be on the lookout to avoid running into apps and processing services that charge hidden fees.

How Secure Are These Transfers?

Security is a paramount concern in cross-border payments. Reputable services like Pesa use advanced encryption technologies and comply with international financial regulations to protect your funds. While in search of services that deliver instant transfers, it’s also crucial to choose a service that is both secure and reliable. Pesa prioritises security, ensuring that every transaction is protected against fraud and unauthorised access

Here is how Pesa hedges against Privacy invasion and protects her clients against risks and fraud associated with international remittances:

Advanced Encryption:

Two-Factor Authentication (2FA):

Regulatory Compliance:

Fraud Detection Systems:

Secure Payment Gateways:

Regular Security Audits:

Customer Education:

By incorporating these stringent security measures, Pesa not only ensures the safety of your funds but also builds trust and reliability in its services. When you send money from Canada to India with Pesa, you can be rest assured that your transactions are secure and your personal information is well-protected.

Conclusion

So, is the promise of instant transfers a myth or reality? The truth lies somewhere in between. By understanding the different options available and leveraging the best App to send money to India, you can ensure that your transfers are as quick, cost-effective, and secure as possible.

While not all services can offer true real-time transfers, many have come impressively close. However, with Pesa, the dream of sending money from Canada to India, as well as to other pairs of international remittances in seconds is becoming a reality.

Moreover, who wants to settle for ‘instant’ when with Pesa, you’re directly engaging with the future of international money transfers. Check out Pesa on Apple store now!