International money transfer has become a necessity due to the inter-connected world economy. To be specific, whether Canadians hope to transfer money to their loved ones, employees, or contractors in India in 2024, there will be numerous trustworthy services available.
Below is a list of the most effective money transfer services available on the market, with some details regarding the possibilities and advantages.
1. Google Pay
Google Pay has become one of the most used platforms in international transfers because of its interface and security layers. Want to learn how to transfer money from Canada to India using Google Pay?
First, you must know that both the sender and the recipient have to be Google Pay users. The platform offers the best exchange rates and the lowest fees as compared to other conventional channels.
Moreover, its integration with other Google services often makes it a preferred option for individuals who are already utilizing Google’s tool. Google Pay is perfect for those desiring an optimized offering and the support of a leading technology company.
2. Cash Pay
When it comes to sending beyond the borders, cash pay is considered the most feasible solution for those who prefer to send cash to their friends and families. Different companies, such as Western Union or MoneyGram, offer cash payment services.
All you need to do is visit a local agent to transfer the amount in cash, which can be received in India at your desired location.
While being a flexible option, you need to be mindful of its higher fees and minimum currency exchange rates than online money transfer solutions. If you intend to send money immediately to your recipient in India, taking advantage of cash pay is a wise decision.
3. Wire Transfer at Bank
Another secure and most sought-after option that most people prioritize when sending money internationally is conventional bank wire transfers. Want to send money from your Canadian bank account to your recipient’s Indian bank account without any middleman involvement? If that’s the case, choosing this service is a wise decision.
When we talk about consumers’ protection and security factors, bank wire transfers prove themselves the best solution for most people’s money transfer needs.
Its processing time is lengthy and is a comparatively expensive option. For Canadians who have enough time to send money to their loved ones in India and have no issue with costs, wire transfers are the best option.
4. Cryptocurrencies
Crypto-transfers are gaining more and more popularity among most Canadian people. Due to a higher surge in digital currencies, such as Bitcoin and Ethereum, sending money from Canada to India has become easier. Compared to other conventional money transfer methods, crypto-transfers are a quick and inexpensive means.
Both parties must be familiar with all the intricacies and legal processes of crypto-transfers, which is highly significant. You and your recipient must know about digital wallets and exchange platforms involved in the transaction process.
5. Online Money Transfer Platforms
In this day and age, where everything is shifting online – online money transfers is no exception. Numerous platforms, including Wise (formerly TransferWise), Remitly, and PayPal, come with wide-ranging money transfer services and features.
From these platforms, you can get market-competitive currency exchange rates, minimum fees, and quicker processing times than other means.
Usually, they also build and offer user-friendly mobile apps and official websites. That’s why people who want convenience and better efficiency make this perfect choice over others.
