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What is the best way to send money to India from Canada?

+2 votes
I have some close relatives still living in India and I need to transfer money to them to support them financially. Times have become tough for them and it seems that they need some financial help from me. I do not mind sending them money because they have done so much for my family in the past, and without their help in the past, I wouldn't be able to accomplish what I have achieved today financially.

I have heard of Western Union transfer services, and other companies offering wire money transfer but their fees could be quite high. I am thinking of transferring a certain amount of money regularly in CDN dollar to be converted to Indian Rupees. I am also worried that if in case, something happens to the money being transferred, I would like to have assurance that I would be compensated for the loss in money transit. Will there be a problem for my relatives when they go to claim the money transfer from me?
asked in London by Abdul Fahari (128 points)

1 Answer

0 votes

The safest and most trusted ways to send money from Canada to India is to use the ICICI bank Canada money transfer services. ICICI Bank Canada charges very small fees for the transfer and the money is guaranteed to reach your relatives in India. They charge about $5 online fees and they set their own exchange rate conversion from CDN$ to Indian Rupees. Currency conversion rate will be slightly lower than the market currency exchange value of course, but it is justified to charge that much since they are also providing an easy way to transfer money securely.

You will need to have an account with ICICI Bank Canada in order to transfer money. You can Login here into your ICICI Bank Account and click on "International Money Transfer". Then you can add a new receiver, once that is done, then you can start sending money to the receiver. The receiver doesn't need to have ICICI Bank account to receive money. He or She can receive money through their own bank account provided that their bank account is listed in the "Transfer to Bank" list in the options, during money transfer process. Alternatively, you can also use your cell phone to transfer money from your ICICI Bank Canada account to your relatives in India. You will have to download the "ICICI Bank Canada iMobile" app and use your bank account online login details to access your account. With this App you can also choose to transfer money to India by tapping on that option and following the On-screen instructions.

answered by Dani Assaf (129 points)

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