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.
Why the USD/CAD or INR/CAD exchange rate matters
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.
3% lower: You save $1,500
5% lower: You save $ 2,500
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.
What is the current Canadian Dollar to Indian Rupee rate?
What is the best way to send money to India from Canada?
The best way to send money to India should tick these boxes:
Lower exchange rates than the banks. While you can always send money to India with your bank, you need competitive exchange rates, so you pay less for imported products.
Lower transfer fees. Most banks charge high transfer fees, but you can explore other alternatives to lower the cost of the money transfer.
Faster turnaround times. If a typical flight to India currently takes less than 24 hours, there’s no reason why your money shouldn’t reach its destination almost as quickly.
Convenient payments. Thanks to technology, paying vendors abroad can now happen with a few clicks.
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.
Can I set up a regular money transfer to India from Canada?
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.
How long does it take to send money to India from Canada?
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.
What bank details are needed to transfer money using MTFX?
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Who can use the MTFX payment service?
Individuals and businesses who need to send money in foreign currency internationally can use MTFX’s services. The beneficiary of the transfer must have a bank account for the funds to be paid into.
Personal clients usually use our services to transfer money between their own accounts in two different countries.
Business clients usually use our services to transfer funds to suppliers, fund international operations, or repatriate overseas earnings.
Why should I use MTFX and not my own bank?
MTFX offers currency exchange rates that are 2-5% better than those offered by the banks. Personal clients usually save hundreds of dollars per transfer and for larger transfers, the savings can run into the thousands.
We also offer excellent customer service, dedicated currency specialists, and a 24/7 online platform with best-in-class technology that allows you to complete transfers from any device virtually anywhere in the world.
Business customers save with better currency exchange rates and proven solutions geared towards managing and mitigating foreign exchange risk. Our solutions include forward contracts, market orders, rate alert services, and much more - all backed by great technology and great people.
How do customers send funds to MTFX?
Funds can be transferred via wire transfer, Electronic Funds Transfer (EFT), or ACH payment services. MTFX maintains bank accounts in all major currencies with highly-rated banks. Our banking infrastructure ensures that you can transfer funds to us quickly and securely.
How long does it take MTFX to transfer funds?
Our global network of banking partners allows us to get funds to virtually anywhere in the world quickly and efficiently. Most wire transfers from MTFX will be received by your beneficiary within 24-48 hours. MTFX also offers same-day transfers that are almost instantaneous, as well as low-cost in-country payment services for your less urgent transfers. For further information please speak to one of our currency specialists.
Please read the following update before logging in to your MTFX online account
We have updated our online dealing system to provide you with better functionality, more unique tools and an overall enhanced client experience. MTFX Online 2.0 is now available for your dealing needs. You can begin using our enhanced online portal today.
Please note that the traditional portal will be available for use until MAY 30th 2021 at which point it will be decommissioned.