Do you live in Canada but need to send money to someone, such as a friend or a client or customer, who lives in India?
If you’ve never had to make an international transaction like this before, you may understandably have no idea of what you need to do. Fortunately, the information you’re about to read in this article should help to alleviate some of your concerns.
Here are the top three tips for sending money from Canada to India for the first time:
Tip #1 – Go With A Reputable Remittance Service Over A Bank
Many people who are new to making international transfers believe that they have to go to a bank in order to make the transaction. You certainly can go to your bank to complete a wire transfer, but is it really the best option?
It’s not if you value speed and low cost. Wire transfers usually take a few days to complete and furthermore you’ll have to pay a large flat fee that’s usually $35 to $50. In contrast to this, remittance services can have the money sent in a matter of minutes and they only charge a percentage based fee usually of 1-3%, which is much cheaper.
Tip #2 – Look For Lower Fees
Obviously paying a low fee will be something you’ll want when making any transaction abroad.
As was noted above, most remittance services charge a percentage based fee of 1-3%. If you’re only sending a limited amount of money, such as less than a hundred bucks, paying this small of a fee is certainly preferable than paying a flat rate of fifty or so like you most likely would need to do with a bank wire transfer.
When researching remittance services, you can always look for one that offers the smallest rate possible if saving money is a big concern for you.
Tip #3 – Ask For A Guaranteed Exchange Rate
Besides paying a fee for making the transaction, you’ll also have to pay a small margin of the exchange rate in order to actually convert the currencies.
The only issue here is that the exchange rate is not consistent and can fluctuate within a matter of minutes. So even if you think you’re getting a lower exchange rate, when you actually complete the transaction it may be significantly higher.
The solution here is to ask your remittance service for a guaranteed exchange rate in your quote (or they may otherwise give you a guaranteed rate anyway). Of course, the lower the rate is, the lower you’ll have to pay.
Sending Money From Canada To India
When the time comes to send money internationally from Canada to India, the tips that we have learned about today in this article will without question be the most important ones for you to follow in order to ensure a smooth (and cheap) transaction.