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Wise (formerly TransferWise)

Wise is a trusted and well-established money transfer service known for its transparency, low fees, and competitive exchange rates. With Wise, users can send money from Canada to India quickly and securely, typically within 1-2 business days. One of the key advantages of Wise is its transparent fee structure, which clearly displays the upfront costs involved in the transfer. Additionally, Wise uses the mid-market exchange rate, ensuring that users get the most value for their money. However, Wise may not be the fastest option for urgent transfers, and the recipient may incur additional fees when receiving the funds.

Pros:

• Mid-Market Exchange Rates: Wise offers real mid-market exchange rates, ensuring that you get the fairest deal without hidden margins.
• Transparent Fees: Wise charges low, transparent fees, making it cost-effective for both small and large transfers.
• Wide Currency Coverage: You can send money in 40+ currencies.
• User-Friendly App: The Wise app allows you to set up transfers, check exchange rates, and receive payments from abroad conveniently.

Cons:

• No Cash Pick-Up: Wise primarily focuses on bank transfers, so cash pick-up options are not available.
• Debit Card Fee: While the debit card option is available for payments, there’s a one-time fee for ordering the card1.
  
  

Instarem

Instarem, a company headquartered in Singapore, provides a convenient and efficient solution for sending money globally via its intuitive mobile application. Instarem also offers additional benefits, such as rewards for each money transfer made. By earning InstaPoints with every transaction, account creation, and friend referral, users can accumulate points to enjoy discounts on subsequent transfers.

Pros:

• Fast Transfers: Instarem offers quick money transfers.
• Competitive Fees: Their fees are competitive, especially for larger amounts.
• User-Friendly Interface: The Instarem app is easy to navigate.
• Multiple Payment Options: You can choose from bank transfers, mobile wallets, and more.

Cons:

• Limited Cash Pick-Up Locations: Instarem’s cash pick-up network in India may not cover all regions.

Western Union

Western Union is a well-known global money transfer service that offers a wide range of options for sending money from Canada to India. With Western Union, users can send funds for cash pickup at thousands of locations across India or directly to the recipient's bank account. Western Union's extensive network and fast delivery times make it a convenient choice for urgent transfers. However, Western Union's fees may be higher compared to other options, and the exchange rates may not always be the most competitive.

Pros:

• Global Reach: Western Union has an extensive network, allowing cash pick-up at various locations in India.
• Speed: Transfers can be completed within minutes.
• Multiple Delivery Options: You can choose cash pick-up, bank deposit, or mobile wallet delivery.

Cons:

• Higher Fees: Western Union tends to have higher fees compared to some other providers.
• Exchange Rate Markups: Be aware of potential exchange rate markups

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Send money with Pesa - no delays or hidden charges.

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Remit2India

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Remit2India is a specialized money transfer service designed specifically for sending money from Canada to India. With Remit2India, users can enjoy competitive exchange rates, low fees, and fast delivery times. Remit2India offers multiple transfer options, including bank transfers, instant transfers, and home delivery of funds.

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Pros:

• Competitive Exchange Rates: Remit2India’s exchange rates stack up strongly against those offered by banks and other money transfer providers. You can expect competitive rates for your currency conversion.
• 24/7 Support: Remit2India provides round-the-clock customer support, ensuring assistance whenever you need it.

Cons:

• Limited Destination: Remit2India permits transfers only to India. If you need to send money to other countries, you’ll need to explore alternative services with broader coverage.
• Exchange Rate Margins: Like most money transfer providers, Remit2India charges exchange rate margins on the transfers it processes. While their rates are competitive, it’s essential to be aware of this factor2.
• Transfer Fees for Smaller Amounts: Transfers of $50 to $999 or equivalent incur a fee of $2.99. Although this fee is attractive compared to banks, it’s worth noting if you’re sending smaller amounts.

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Xoom

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Xoom, a PayPal service, is a convenient option for sending money from Canada to India, offering fast transfers and multiple delivery options. With Xoom, users can send money directly to the recipient's bank account, for cash pickup, or for home delivery in select locations. 

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• Pros:
  • Wide network: Xoom has an extensive network of partners and agents, making it easy to send money to India.
  • Cash pickup options: Xoom offers convenient cash pickup locations in India for recipients.
• Cons:
  • Limited delivery options: Xoom may have limited delivery options compared to other services.
  • Higher fees: Xoom's fees may be higher for certain transfer methods.

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Pesa (Formerly Pesapeer) - the best way to send money to India from Canada

Pesa, formerly Pesapeer, is a Canadian-based digital financial service provider that offers international money transfers to over 40 countries from Nigeria, Canada and the United Kingdom. Pesa offers money transfers to China for free and at the best rates in the market via CAD to CNY, GBP to CNY and NGN to CNY. Pesa supports these payout methods. Alipay App, or Bank Account

Key information about Pesa

• Transfer Fees: $0 on all transactions to India
• Security: Pesa is regulated and uses the latest security and anti-fraud measures to keep your money safe.
• Exchange rate: Highly competitive rate
• Onboarding experience: Easy and seamless to download the app and complete the process
• Speed: Transactions are processed within minutes.

How to Send Money to India from Canada with Pesa

Using Pesa to send money from Canada to China is straightforward:

1. Sign Up and Log In: Create an account with Pesa and log in. Download the app on IOS or Google Playstore
2. Complete your KYC
3. Create and fund your wallet
4. Enter the Transfer Details: Specify the amount you want to send, the recipient's details, and choose the payment method.
5. Confirm Exchange Rate: Check the CAD to INR rate provided by Pesa.
6. Send and Track: Once everything is confirmed, send the money and your recipient will receive it in minutes