How to Send Money From Canada to India
Every remittance app advertises how cheap it is. The number that actually matters, how many rupees land on the other end for a given number of dollars sent, rarely matches the headline fee, because a lot of the real cost is hidden in the exchange rate rather than the fee line.
Some links on this page may be affiliate links, meaning we may earn a commission if you sign up through them, at no extra cost to you. RemitBee is included as a plain, unpaid link because it's a genuinely competitive Canada-specific option, not because of any affiliate relationship. Fees, exchange rates, and transfer limits below are described as of when this page was checked and change often. Always confirm the current numbers on the provider's own site before sending.
The one thing that actually determines cost
Total cost is the transfer fee plus the exchange rate markup, not the fee alone. A provider that advertises "no fee" can still be more expensive than one charging a small fee, if the no-fee provider quotes a worse exchange rate to make up the difference. The only honest way to compare two services is to check, for the exact amount you're sending, how many rupees the recipient actually gets from each. Wise is the one provider here that publicly commits to the real mid-market rate with no markup, recovering its revenue entirely through the disclosed fee instead, which makes it the easiest to reason about even when it isn't always the outright cheapest for every amount and speed combination.
| Provider | Fee | Exchange rate | Speed | Delivery to India |
|---|---|---|---|---|
| Wise | Small combined fixed + percentage fee, tiered by funding method, cheapest via Wise balance | Real mid-market rate, no markup — Wise's core selling point | Wise-balance and debit transfers can land in seconds; bank transfer is typically next business day | Bank deposit to Indian accounts, including NRE and NRO, or direct to a UPI ID |
| Remitly | Flat fee that varies by amount and by the speed tier you choose; often fee-free on a first transfer | Includes a markup over mid-market — Remitly's own displayed rate, not the mid-market rate | Express (card, fast) or Economy (bank transfer, slower) — your choice | Bank deposit, UPI, or cash pickup |
| WorldRemit | Fixed fee that varies by receive method, not by amount sent | Includes a markup over mid-market (not published as a mid-market rate like Wise) | Around 90% of transfers to India arrive within minutes, per WorldRemit's own figures | Bank deposit, cash pickup, mobile money |
| RemitBee | Free above CAD 500 via Interac e-Transfer, EFT, or bill payment; a small flat fee below that or via debit card | Advertises a margin of roughly 0.3–0.8% over the interbank rate, well below typical bank markups | e-Transfer around 15 minutes, debit card near-instant, EFT 1–2 business days | Bank deposit to major Indian banks, or direct to a UPI ID |
| Bank wire (RBC, TD, Scotiabank, BMO, CIBC, and similar) | A flat wire fee, sometimes waived if you send in INR instead of CAD, since that is where the bank builds in its margin instead | The largest markup of this group, commonly well above 2% over mid-market | Typically 1–5 business days | Bank deposit only |
Cash pickup has an RBI limit that bank deposits don't
One detail worth knowing if you're choosing cash pickup over a bank deposit: RBI's Money Transfer Service Scheme caps cash-pickup-style inward remittances at USD 2,500 per transaction and 30 transactions per beneficiary per calendar year, with cash payouts above ₹50,000 required to go to a bank account instead. This cap applies specifically to the classic cash-pickup model. Ordinary bank-account-to-bank-account transfers, which is how most people actually use Wise, RemitBee, or a bank's own option, move through normal banking channels and are not subject to it.
Practical picks
- Sending a large, planned amount and want the rate you can actually verify: Wise, since you can check the mid-market rate independently and know exactly what markup (none) is being applied.
- Want a Canada-specific option with a genuinely thin margin: RemitBee is worth comparing directly against Wise for your exact amount, since both aim for close to the real exchange rate rather than a hidden markup.
- Need cash pickup in India rather than a bank deposit: WorldRemit supports it; Wise and RemitBee generally do not.
- A one-off large transfer and you'd rather deal with your existing bank: a wire will work, but expect to pay the largest markup of this group. Get a second-provider quote for the same amount before deciding it's not worth switching.
Frequently asked questions
Is the cheapest advertised fee always the best deal?
No. Compare the actual amount that lands in the recipient's account for the same amount sent, not the advertised fee, since the exchange rate markup is often the larger cost.
Do I need to report money I send to family in India?
Canada does not have a gift tax, so sending money to family in India as a personal gift is not a taxable event for you as the sender. Very large or business-related transfers can still carry separate reporting implications at the institution level, which is a different thing from a personal tax filing obligation.
Do I need to report a large transfer to FINTRAC myself?
No. Reporting international transfers of CAD 10,000 or more is an obligation on the bank or money-transfer company that processes it, not on you personally. It happens automatically at the institution level no matter which of the providers below you use.