Get a great exchange rate and low, or even zero, transfer fees when sending money back home to India.
Money2India is an online money transfer service affiliated with ICICI Bank, the largest private sector bank in India. ICICI Bank is available across India, with over 3,800 branches and over 11,750 ATMs. With great exchange rates and low transfer fees, you can quickly send money to India from Canada, with the money arriving within just 24 hours most times.
Although Money2India works closely with ICICI Bank, there is no obligation for you or your recipient to be an account holder with the bank. You only need to register for the Money2India service online. This is because Money2India allow for transfers from Canada to hundreds of other banking institutions across India.
Money2India makes it inexpensive to send money to India and they offer a wide range of options for transferring funds, including through a handy mobile app that you can download on your smartphone.
Money2India exchange rates
Since they are affiliated with ICICI Bank, Money2india prides itself on offering an exchange rate that is more competitive than other banks. Plus, since exchange rates fluctuate depending on economic conditions around the world, Money2India also allow you to choose a fixed rate, and lock you into that rate until your transaction is complete. This way, you’ll know exactly how many rupees you’ll be transferring to India, and the fluctuations in the market won’t affect your transfer. Money2India also offer indicative rates, which is an estimation based on the current rate on the market. Sometimes choosing an indicative rate can work in your favour.
Some of the most important things to consider when transferring money from Canada to India are the exchange rates and the fees charged. Many services, including Money2India, will show you the current exchange rate on their website, so you can get an idea of how many rupees your dollars convert to.
The rates in the table below are current as of 13 April 2018.
How much does it cost to transfer money with Money2India?
The exchange rate is just one consideration when sending money from Canada to India. You must also consider any transaction fees associated with your money transfer. This is a very important factor to consider when comparing money transfer services.
When sending money to India with Money2India, you have the choice to select between indicative rates and fixed rates. Fixed rates allow you to lock in a confirmed exchange rate for your transaction, while indicative transfers allow you to view an estimated exchange rate when you place a transfer request. If you send money with an indicative rate, sending more than CAD$1,500 incurs zero transfer fees, while sending less than CAD$1,500 incurs a CAD$4 transfer fee. If you choose the fixed rate, any transfer amounts over 75,000 INR incur zero transfer fees, while amounts below this incur a CAD$4 fee.
Here are the transfer fees, which are current as of 13 April 2018.
|Exchange rate type||CAD$4 fee||Zero fees|
|Fixed rate||Sending below 75,000 INR||Sending above 75,000 INR|
|Indicative rate||Sending below CAD$1,500||Sending above CAD$1,500|
Money2India is available outside of Canada as well. You can use this online service to transfer money to India from the following countries:
- Hong Kong
What types of transfers can you carry out with Money2India?
With Money2India, you have a variety of options to choose from when transferring money from Canada to India. You can use different sending methods for different recipients once you have set them up in your account. These options include:
- ICICI bank transfer. This is an electronic transfer of funds, where the money is deposited into an ICICI bank account in India from your ICICI bank account in Canada. You must have a bank account with ICICI in order to send money this way.
- Bank transfer. With this type of transfer, you don’t have to be an ICICI Bank customer. Money2India allows transfers to over 100 other banks, or over 75,000 bank branches, across India.
- Visa debit card. An electronic transfer can also be placed onto a resident Visa debit card that was issued in India.
- Demand draft. There are over 700 locations in India where a demand draft can be cashed for your recipient. A demand draft is a financial bank draft that can be paid on demand.
- Fixed rate transfer. You can secure a fixed exchange rate, so you know exactly how much money your recipient will receive.
- Indicative transfer. You can receive an estimate exchange rate, so you will have an idea of how much your recipient will receive.
You can also send money using the official Money2India mobile app. You can use the Money2India mobile app to send transfers quickly and easily. The app offers the following key features:
- Initiating transactions with voice command using Siri on iOS phones.
- Using Social Pay, which allows you to add recipient’s through social apps and networks including WhatsApp, Gmail and Facebook.
- Quick Pay: You can repeat the same transaction in only three clicks.
- Easy Login: Log in with a four digit pin or your fingerprint.
- Instant notifications and alerts.
- Transfer funds to any bank account in India from your phone.
- New users can register for an account on Money2India on the app.
The registration and transfer process
You will first have to register with Money2India before you can begin using their services. You only have to register for an account once, where you will create a login and password. To register for an account, you will need to provide your full name and contact information. You can add multiple recipient’s to your account, and Money2India will store your recipient information as well, so that you do not need to resubmit that for future transfers.
All of your money transfers from Canada can conveniently be sent online. As you send a transfer, you will be asked to choose between a speedy transaction, where the exchange rate could change (also known as an indicative transfer), or a fixed transfer, where you will know the exact exchange rate you are getting.
The time it takes for the transfer to complete will depend on the way in which the money is being deposited, however money can be available to your recipient within just hours. Some things that may slow down transfers include:
- Additional information required. Money2India or your recipient’s bank may require additional information in order to keep your transaction secure.
- Verification. Payment processing and verification of your account may slow down your transfer.
- Location hours and holidays. Public holidays and branch locations and hours may slow down processing.
- Errors. Any errors that you input with regards to your personal information or your recipient’s banking details or information may result in delays.
Pros and cons of using Money2India
- Convenience. Being able to conduct your money transfer online is very convenient and fast.
- Low fees. The fees payable to Money2India for money transfers are very low and reasonable compared to other providers.
- Competitive exchange rate. The exchange rates offered are within the same range as those offered by other specialist services, and tend to be more competitive than other banks.
- Fast transfer speeds. Most of the time, your money will be sent within 24 hours or less.
- Limited recipient options. Money2India only allows for money transfers specifically to India.
- Possibility of delays. Money2India acknowledge that there are some possible delays to your transfer, that may result in the funds not being available for two or three days.
What other products and services does Money2India offer?
In addition to money transfer services, Money2India also provides these other transfer services to India:
- Donate2India. If you wish to support a local charity in India, Money2india provides a service that allows you to send money directly to a charity.
- Foreign currency cheques. ICICI Bank in India will allow cheques issued in foreign currencies to be deposited into an existing ICICI bank account.
Frequently asked questions about Money2India
While Money2India is a low fee service with competitive exchange rates, you should still compare all of your money transfer options to make an educated decision about how to transfer your funds. Focus your attention on the transfer fees, exchange rate and turnaround time for the money transfer to ensure that the company you choose is meeting all of your needs.