However, while much cheaper than direct bank wires, these services are usually not as cheap as the market leaders for US-to-India transfers that we discussed above. These include ICICI Bank's Money2India and can be an excellent alternative if you're already a client. There are also several money transfer services offered by Indian banks that are available to customers in Canada. Because funds are wired through SWIFT, they can take up to five working days to arrive, and incur unpredictable correspondent bank fees over and above usually high exchange rate margins imposed by US banks (often as high as 10% of the transaction value.) However, it's worth noting just how much more expensive this option can be. This option is usually the longest and most expensive, but it might be right for people who prefer sticking with the bank over third-party transfer services. The final option for sending money from Canada to India in place of PayPal would be to send a wire transfer from your bank account in Canada to your recipient's bank account in India. To find out which service is the cheapest in real-time for your desired transfer, run a search on Monito's comparison engine below: Take a look at our in-depth guide on the topic to learn more. Regardless of the amount sent, Wise is also worth mentioning, coming in as the cheapest service from Canada to India on 30% of total searches over the last twelve months. By calling PayPal Canada customer service directly - (you need to login into your PayPal account to find the telephone number). If you'd like to make a bank transfer from Canada to India online, you'll have a number of competitive choices to compare.įor example, if you're looking to send a smaller sum of money to India (between CAD 100 and CAD 500), then your best bet would be to use Remitly, a Seattle-based money transfer specialist that ranked as the cheapest service 53% on Monito's comparison engine for these transfers over the past twelve months.įor medium-sized bank transfers of between USD 1,000 and USD 2,000, Remitly was still the cheapest option, this time on 79% of searches, while for large transfers (between USD 10,000 and USD 50,000), CurrencyFair takes the lead, having the cheapest pricing on 46% of searches. Buying and selling cryptocurrency is subject to a number of risks and may result in significant losses.
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