As the title suggest how do you guys send money to India?
Please share how you send money occasional or on a regular basis to India.
TransferWise is a good option.
https://transferwise.com/
At the end of the day they are all pretty much the same. So go for one which has the best exchange rate and minimum fees and convenience. Try to stick with the big companies for security & safety reasons.
Some will advertise a good exchange rate, but will have transfer fees, administrative fees, service fees/taxes etc which are extra, which will kill the deal.
Some will advertise a slightly low exchange rate, but they are all inclusive so it might be better.
Also watch the CAD dollar it goes up & down. So to some extent you have to time the market too.
Right now its Rs. 50 as Bank Of Canada increased interest rates in Canada so loonie has appreciated a bit. Just a month or so back the Loonie was Rs. 47.
Just 3 years back it was Rs. 60 ! Anyone who transferred 3 years back made a Killing.
If you are transferring for yourself, always transfer to your NRE account & not NRO account. No TDS on NRE account.
In India you can get about 8 % interest on a Fixed Deposit . FD is called GIC in Canada. You will be lucky to get even 2 % on a 1 year GIC in Canada.
The FD can pay monthly, quarterly or yearly interest.
Someone I know sends money to his parents for monthly expenses. What he has done is he transferred one lump sum amount to India when the exchange rate was good.
He did a FD for 1 year with that money in his NRE account, and the 8 % interest he gets on that FD, he gives on a monthly basis to his parents.
Transwerwise, Remitly , Xoom , ICICI Money 2 India , SBI NRI remittances are one of the more popular ones.
Location: Brampton, ON
Posted on: 13-03-20 12:46:28
You can send money internationally quickly, safely, and at a lower cost with Remitly app. And with Skrill, you can transfer the same day but the exchange rate is 0.65% worse than the mid-market exchange rate.
Location: God's own country
Posted on: 12-04-20 16:28:05
Hawala. The rates are much better.
Murali from Chennai
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I am a Gents and not a Ladies.
IF India PRINTED 2.2 Trillion Dollars, the Rupee will hit the SKID and will head to 150 to a Dollar. But when the Yanks roll out Three Trillion Green Backs plus when they Lose 20 Trillion in Market Value in the Stock markets, people stand in line to kiss the back end of a GREENBACK. What a shame.
The Dollar is only WORTH FIFTY FKIN Cents. Devalue the darn thing. It is no more the Almighty Dollar. Sure H'wala knows best. Where are all the Financial legal beagles now? Where are all of the Bankers and the HI Finance GURUS gone?
Wake up Canada.
FH.
1 CAD = 55 Urpees. Take if anyone offers more.,
