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Moving money from Canada to India? Finding the best exchange rate to convert Canadian dollars to rupees is crucial, along with low transfer fees and quality service.
Canada has seen a surge in demand¹ for online overseas money transfer services as businesses expand globally. Individuals are also looking to buy property abroad, pay for overseas tuition fees, fund a wedding abroad, and make foreign mortgage payments, among other things.
One of the most popular currencies (top five)² being changed is the Indian Rupee. If you’re moving money to India, your biggest concern is the CAD to INR exchange rate.
That said, your only motivation shouldn’t be to save money when converting currency, but to get the best possible value from your provider in terms of speed, convenience, security, and support.
Before you convert CAD to INR, here’s what you need to know to get your money’s worth.
It’s natural to look for the cheapest way to exchange CAD to INR as the first port of call. After all, businesses should prioritize maximizing profits, and individuals should take advantage of every opportunity to save and pocket cash when sending money abroad.
Let’s assume you want to pay your suppliers in India. The CAD-to-INR exchange rate you get depends on the provider you use. If you’re using a bank, you’ll likely pay more because of exchange rate markups.
Banks take the interbank/mid-market rate and add a profit-making percentage. To avoid this inflated rate, it’s better to use an international money transfer specialist that offers the “true” currency exchange rate.
A great exchange rate means your money is worth more, and you get a higher value when exchanging to INR. This allows you to save cash when purchasing goods, services, or labor from India.
Predicting currency markets is difficult, but it pays to check the value of your transaction before booking your transfer.
Looking for a Canadian dollar to Indian rupees converter? The MTFX rate calculator will do the job.
You can also check out MTFX live exchange rates to view the CAD to INR rate for today.
Although the CAD to INR rate makes up a significant chunk of your money transfer costs to India, you also have to look out for fees. International money transfer fees are the cost you pay for moving money into a foreign bank account.
With banks, you not only get inflated exchange rates but high fees. There may also be additional charges, such as bank overheads.
Some banks and providers will cleverly offer a no-fee transfer while including hidden costs within the exchange rate you get. Ultimately, the best way to reduce the cost of international money transfers is to use an online specialist service.
For example, MTFX’s secure online platform offers technological efficiencies that eliminate the need for expensive legacy systems. In addition, MTFX handles transactions in bulk. Thus, we can afford to share more profits with customers even though our margins are a lot tighter.
Our low transfer fees mean your savings add up quickly, especially for global businesses and those who transfer money regularly to India.
When transferring large sums of money to India, you need to be able to do it with peace of mind. Therefore, it’s important to use a reliable and reputable payment provider, such as MTFX.
We are authorized by FINTRAC and have been moving cash securely abroad for our customers for over 25 years. Our dedicated currency specialists will ensure your money is looked after well.
It typically takes MTFX 24-48 hours to transfer funds to your recipient’s bank account in India. Same-day transfers are also available for more urgent payments.
Once you complete your transfer, you’ll be able to track it online, so you know exactly where your money is. Time and efficiency are money-savers when sending money abroad, so MTFX’s international transfers are quick and easy.
Speed, convenience, cost, and excellent customer service must be considered when converting Canadian dollars to Indian Rupees.
MTFX offers all these benefits and more. As currency specialists, we embody the definition of value addition by focusing our expertise on one area – foreign exchange and international payments.
Open an account to convert the Canadian dollar to Indian Rupee today and enjoy competitive exchange rates, low transfer fees, and quick, secure online transfers.
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