Need an affordable way to pay suppliers in India? Here’s how a foreign exchange service can help you put the brakes on costly international money transfer fees.
Canadian imports from India are worth billions of dollars each year. The United Nations COMTRADE database on international trade pegged the figure at US$4.77 Billion for 2021 alone, and it could increase as Canadian businesses forge new partnerships with suppliers in India.
Canada’s top imports from India include food products, spices, textiles, precious stones, metals, pharmaceutical products, organic chemicals, machinery, vehicles, plastics, electronic equipment, and shiploads of other items. So it’s safe to say that India’s open for business.
If you regularly send money to suppliers in India, finding competitive exchange rates and transfer fees is one way to get the best value for your business. That means skipping the banks and using a full-service foreign exchange service like MTFX to ultimately improve your bottom line.
Indian suppliers are typically paid in US Dollars, but payments directly in Indian Rupees are increasingly common. Whether you’re paying your suppliers using US dollars or directly in Indian Rupees, you should be invested in finding the most favorable currency conversion.
Otherwise, a lower exchange rate means your recipients receive less money. But obviously, you can’t shortchange your suppliers, so it’s up to you to make the difference. That’s why finding a competitive exchange rate should be your first port of call.
To illustrate the impact of exchange rates on your bottom line, consider how much you can save with a lower rate when sending USD 50,000 to India.
See how a slight difference in the exchange rate can make a huge difference, especially when sending large sums and making frequent payments to Indian suppliers? The USD/CAD or INR/CAD rate should matter to you if you like saving hundreds or thousands of dollars per transaction.
Wondering how the current exchange rate affects your payments to India? Use the MTFX live currency calculator to match the Canadian dollar to the USD or INR before sending money.
The best way to send money to India should tick these boxes:
Given the above criteria, a foreign exchange service like MTFX is your prime choice. With MTFX, you can get 3-5% lower exchange rates than the banks. In addition, you get lower transfer fees, your money gets to its required destination within 24-48 hours, and you can easily make online payments via the MTFX platform.
MTFX offers unmatched convenience, bank-beating rates, and fast service whenever you need to send money to India.
Yes. When you have a registered MTFX account, all you have to do is automate your payments to your suppliers in India. MTFX automation technologies enable you to simplify payments and streamline your invoice processing when you transfer funds through electronic funds transfer or payment services.
You can access the MTFX platform around the clock, every day of the week, and get assistance from foreign exchange specialists to better navigate the funds transfer process.
If you have used a bank to send money abroad before, you’re probably aware that international transfers can take up to five working days. Fortunately, with MTFX, you can trim that to between 24 and 48 hours. As a result, you can make payments on time, build a unique trust with suppliers, and enhance your relationship with them.
It only takes a few minutes to register your MTFX business account and start sending money to suppliers in India. So, let’s get started!
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