Looking for the cheapest ways to send money to India? Here they are…
We bring you the lowdown on the options you have to send money to India in the most economical way. These are some secure, reliable, and quicker options in store for you. You can opt for the service on desktop, or their app on multiple platforms, or the PC.
Remitbee: Canada to India is one of the popular routes for remittances on this service. There are a dozen and more advantages if you use Remitbee. The most important ones are free transfers when the amount is over $500, money transfers within one business day, and a flat CAD 2.99 fee for transfers less than $500 to name a few. You can also opt for the Remitbee Wallet, which you can top up through one of the payment options to send money over $500 for free. There are incentives like refer and earn option. The service has partnered with some of the largest banks in the world. What more? The fee is transparent and is calculated right before you send the money, and so there are no actual surprises for you later.
Western Union: One of the most popular names in the market, this service is based in the United States, and has been around for many years now. You can send money in minutes through this service. You can either make the transfer through a bank account, or send it to a mobile wallet, or you can also opt for making an online payment. The receiver can either pick up cash from the location most convenient to them or have it credited to their bank account.
Remitly: Through this service, you can either opt for a transfer through a bank account or UPI. You have two options for the transfer--- express and economy. In the Express category, the receiver gets the money within four hours, and in the economy category, it takes between three and five business days. The cost of your transfer depends on the category you choose. Other factors like payment methods you use (cards can come with costs imposed by the banks), the amount, the exchange rate, and the transfer fee also determine the total cost.
TransferWise: This is a low-cost service, apart from being transparent. When you opt for the payment methods, you get to know the fee estimated immediately, and you can proceed with the mode that is the best for you. You can also opt for bill payments through TransferWise. Since they offer the mid-market exchange rate for transfers, this is also the most popular service provider out there.
Xoom: It is a PayPal Service and enables transfers to cash pick-up locations across the country. You can transfer money within minutes. While there are bank transfers, card payments, and paying with PayPal available as payment options, you can also make a UPI deposit. The Xoom website gives you a clear step-by-step description of the process for each of the payment modes.
CurrencyFair: This is a unique service. The peer-to-peer or P2P platform matches you with other customers who want to buy the currency you are selling at the rate you have chosen. If you’re not in a rush to exchange, you can set your rate, and wait for a match. The service claims to be eight times cheaper than banks. The website offers a clear and concise manual for each of the currencies sent in and transferred out. You can make a bank transfer, and it is estimated to take about a day.
MoneyGram: Through their tools, and locations in India, transferring money online, on the app, or in person, fast and convenient. In simple steps and at the click of a button, you can send money online, for household expenses, as gifts, or to cover an emergency expense. You can pay with cards (both debit and credit), or make a bank transfer, or enable cash pick-up at any MoneyGram location.
WorldRemit: You can make a transfer either through the bank transfer option that can be done with all Indian banks on the same day or opt for Airtime top-up. The top-up option enables you to add mobile credit to the prepaid phones of friends and family in India. The service also claims that 90 percent of the bank transfers done to India through the service ‘arrives in less than 10 minutes and airtime is added to Indian mobiles almost immediately.’
Xpress Money: With a wide network of agent partner locations in India, this service enables sending money for cash pick up and offers the option for bank transfer to any bank account in India. The service offers secure and instant transfers that can help you make the transfer within minutes, without having to worry about it. The service also allows a mobile wallet as a payment option.
SBI: The SBI Express Remit Canada is for remittances to India from Canada and is touted as the cheapest mode of transfers for that route. It enables remittances to your beneficiaries with an SBI Account in a whopping 16000 SBI branches or in any of the NEFT enabled branches of other banks in India. The remittance minimum is CAD 50 and a maximum of CAD 10,000 per day without any remittance charges. The programme also offers an extremely competitive rate. This programme, however, is available only for individuals and not for businesses.
ICICI Bank Money2India: This service has benefits like Simple, secure and easy online transactions, alongside attractive, locked-in exchange rates. You can also schedule your money transfers, and send money to about 100 entities in India. You have a fixed charge of CAD 2.99 service charge for a remittance of up to INR 26000. The charge is zero for over the limit. The indicative rate is about CAD 2.99 service charge for up to CAD 500, and zero service charge above CAD 500
Skrill: This is a service that gives you the option of sending money even through an email address. You can also make bank transfers, use debit or credit cards. The service claims to be free of fees for transferring money to a bank account or mobile wallet abroad, apart from guaranteeing the vest rates. However, this is still not the cheapest service provider out there. Some of the promises the service makes are---more money arrives, simple to use, clear exchange rates and fees with the confirmed amount, and convenience to withdraw across locations.
Ria Money Transfer: If you are making your first transfer, then it is a $0 fee. The service gives you the fee details as soon as you enter the amount and choose the mode of payment. You also get an approximate time for the transaction in this step. The mode of payment available is credit and debit cards, while the money will be paid out in their bank or cash. The service also offers bill payment, mobile top-ups, prepaid debit cards, check cashing, and money orders.
Xe Money Transfer: A service that supports individuals and business payments, the robust network of remittance routes, promises to offer easy transfers 24*7 globally. You just have to log onto your account online or on the apps, check the ‘bank-beating rates’ they offer, and complete the transfer. You can make the payment through direct debit (including ACH, EFT, Bill Pay, PayID, Bpay, and Interac E-transfer), bank transfer, or cards. The amount will reach your receiver in 1 to 4 business days in their bank account.
OFX: You can make a bill payment, electronic transfers from your bank account, or you can apply to set up a direct debit in this service. With a one or two business days' time frame for transfers, this service doesn’t support credit cards or bank drafts. The service claims to charge better fees and rates than banks, but you might also want to note that ‘it charges a flat fee for transactions under a specified limit. Occasionally, third-party banks may deduct a fee from your transfer before paying your recipient.
XendPay: With a good list of currency pairs--- about 3000 of them--- you are in for good service, if you are looking to send money from Canada to India. You can opt for card payment or bank transfers and the money will reach your family or friend within three days. While the process i9s as simple as it can be, even for a not-so-tech-friendly person, you also have the added benefit of choosing the transfer fee you want to pay. This applies to both personal and business payments, where you get to fix the transfer amount for a fixed sum a year, spreading it equally over months.