A Comprehensive Handbook For Sending Living Expenses To Canada From India

Canada has become increasingly appealing to Indians as an immigrant friendly country. It is often referred to as a “mini Punjab” due to its Punjabi population. The stability of Canada, along with its thriving economy, advanced healthcare system and esteemed education system, make it an attractive destination. Indian professionals can find economic opportunities in sectors such as technology, health and engineering. Currently, over a million people of origin call Canada their home, and this number is expected to rise further as Canada plans to welcome approximately 447,000 new permanent residents by 2023. Out of these residents, around 120,000 are expected to come from India alone, solidifying India’s position as the leading source country for immigrants. In this article, we will explore the reasons behind Canada’s appeal. Also, highlight reliable money transfer services available in the country.

Forecast of Remittances

Remittances have an impact on the Indian economy as they contribute to the growth of GDP, alleviate poverty and promote financial inclusivity. Remittances play a crucial role in strengthening the bonds between India and Canada.

Measures Taken By The Indian Government:

• Lowering the charges imposed by banks and money transfer companies.
• Encouraging banks and money transfer companies to provide remittance services through incentives.
• Encouraging the adoption of remittance services.

Measures Taken By The Canadian Government:

• Offering tax incentives to individuals who send money transfers to Canada  
• Collaborating with financial institutions and remittance service providers to facilitate remittance services in the country 
• Encouraging the adoption of online platforms for sending money transfers

Here are some of the best ways to send money to Canada

1. Wire Transfer

A wire transfer is a secure way to send money internationally, similar to a bank transfer but with faster processing. To initiate a wire transfer, you need to provide the recipient’s bank account details and the desired amount. The transfer can be completed within minutes, although it may have higher costs compared to other options like bank transfers or money transfer services. moneyHOP, a digital neobank specializing in border transactions, offers an effortless solution for quick money transfers from India to Canada. They facilitate transfers to Canada Bank accounts, debit cards and mobile wallets while providing exchange rates and low fees. With moneyHOP you can also track your transfer in real time.

2. Money Transfer Services

Money transfer services play a role in facilitating the seamless movement of funds across borders. These services encompass a range of channels, including bank transfers, cash pickups and mobile wallet transactions. The fees associated with these services can vary depending on factors such as the chosen transfer method, the amount being transferred, and the destination region. One major advantage of using these services is the convenience they offer. This convenience stems from platforms and mobile applications that not only make initiating transfers effortless from anywhere but also provide real-time tracking capabilities for users. Many of these services also pride themselves on their transactions, ensuring that recipients can access their funds within minutes or hours. It’s worth noting that these services operate under regulatory oversight to ensure the safety and security of international financial transfers.

Comparison of Cross-Border Payment Methods

Documents Required For Money Transfer

The documents needed for transferring money from India to Canada can vary based on the service provider and method of transfer. Let’s take a look at few of the mandatory documents listed below

In addition to the mentioned documents, some money transfer service providers may require paperwork like an authorization letter or a photocopy of your passport. It’s always recommended to contact the money transfer service provider to find out what documentation is necessary.

Here are some more things to consider when sending money from India to Canada:

1. Exchange Rates: The exchange rate between the Indian rupee (INR) and the Canadian dollar (CAD) can fluctuate, so it’s important to check the current rate before proceeding with the transfer.
2. Transfer Fees: Sending money internationally usually incurs transfer fees. These charges may vary depending on the chosen money transfer service provider and method of transfer.
3. Processing Time: The duration of money transfers can vary. It’s advisable to inquire with the money transfer service provider about how long it will take for the funds to reach the recipient’s account.

Why choose HOPRemit?

HOPRemit by moneyHOP is an instantaneous, cost-effective, user-intuitive, and contactless international remittance service that is tailor-made to serve Indians. It provides customers with complete transparency and significantly reduces the total transaction costs of sending money abroad. The HOPRemit platform represents the perfect concoction of a fintech’s agility and the security observed in a bank.

Here are some features that make HOPRemit different:

• Best Exchange Rates: HOPRemit provides some of the best exchange rates for currency conversions. They regularly update their exchange rates to ensure that customers get the most favorable rates possible.
• No Hidden Charges: HOPRemit is committed to transparency and honesty in their dealings. They do not charge any hidden fees or commissions, so customers can rest assured that the amount they see at the time of the transaction is the exact amount they will be charged.
• Fast Processing Time: HOPRemit understands the importance of timely money transfers. They process transactions quickly, usually within 48 hours, so that the money reaches the recipient as soon as possible.
• 24/7 Availability: HOPRemit operates round-the-clock, 365 days a year. Customers can access their services at any time of the day or night, regardless of their location.
• Freeze exchange rates for 24 hours: HOPRemit offers the option to freeze exchange rates for up to 24 hours. This means that customers can lock in a favorable exchange rate and be certain that the amount they will receive at the time of the transaction will remain the same, regardless of any fluctuations in the market.

How Do I Transfer Money From India To Canada With moneyHOP?

• Create an account: To get started with HOPRemit, you’ll need to create an account by signing up using your email address and phone number. This process is quick and easy, and once you’ve signed up, you can start using the platform right away.
• Enter the amount: Once you’re signed in, the first step is to choose the amount you want to send. You can do this by selecting the currency you want to send, choosing the purpose of the transfer, and entering the amount you want to send.
• We’ll verify your details: To ensure security and prevent fraud, HOPRemit requires all users to complete their KYC (Know Your Customer) verification process. This involves providing some basic information about yourself, such as your name, date of birth, and address, and uploading a valid government-issued ID, such as an Aadhar or PAN card. The verification process usually takes just a few minutes, and once completed, you’ll be able to use all the features of the platform.
• Enter recipient details: Once your account is verified, you can enter the details of the recipient you want to send money to. This includes their name, address, and other relevant information, such as their bank account details. You may also need to upload some additional documents, such as a proof of relationship or bank statement, depending on the purpose you have selected.
• Pay for your transfer: Finally, you’ll need to choose how you want to pay for your transfer. HOPRemit offers several payment options, including netbanking, credit/debit cards, and UPI (Unified Payment Interface). Once you’ve selected your preferred payment method, you can complete the transaction, and your recipient will receive the funds within a few hours or days, depending on the country and payment method used.

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Way Forward

The remittance market between India and Canada is quite extensive, with billions of dollars being sent annually. Over the past few years, FinTech has started to shake up the remittance industry by introducing fresh and inventive methods for sending money. One particularly promising fintech trend in remittance is the utilization of technology. Blockchain, a distributed ledger, enables transparent tracking and recording of transactions. This makes it an ideal solution for remittance, as it helps minimize fraud and errors. Another FinTech trend in remittance revolves around money, which allows individuals to send and receive money conveniently using their mobile phones. This method proves beneficial for those residing in rural areas without easy access to traditional banking services. Although still at a stage of development within the remittance market, FinTech holds immense potential to revolutionize how people worldwide send money. By enhancing convenience, affordability and security in remittance services, FinTech can significantly improve the lives of millions. Gifting is one of the ways to express love and share a bond. India is a land rich in culture and diversity, and gifting plays a prominent role in each festivities. If you or someone you know wants to remit money as a gift from India, here’s a step by step guide to sending gift money to Canada from India.