How to Send Money from Canada to India for Business in 2026

Key Takeaways

Canada-India trade is substantial. Two-way merchandise trade reached C$10.9 billion in 2025, including C$3.9 billion in Canadian exports and C$7.0 billion in imports. Canadian services exports to India reached C$15.6 billion in 2024, up 16.3% from 2023. (Government of Canada)
Canadian businesses have multiple payment options: bank transfers (SWIFT), international payment platforms, FX providers, and local INR payout solutions — each with different cost, speed, and recipient experience profiles.
PhotonPay supports global business payouts, including payments to India where available. For Canadian businesses that need to fund payments in CAD, convert into local currency, and manage payouts from a single platform, PhotonPay offers a practical option without relying solely on traditional SWIFT wires.

Canada and India share a significant trade relationship. Canadian businesses regularly pay Indian suppliers, software developers, consultants, agencies, and service providers. International business payments involve more than the visible transfer fee — companies must compare exchange rates, intermediary fees, recipient requirements, settlement times, and the final INR amount received. A low advertised fee can be offset by an unfavourable exchange rate or correspondent-banking deductions along the way.

This guide explains how Canadian businesses can send money to India and how to choose the right method for your scenario.

Why Do Canadian Businesses Send Money to India?

Common business payment scenarios include:

Paying Indian suppliers — manufacturers, raw materials, technology hardware, outsourced production partners. Larger amounts, recurring schedules, invoice matching matters.
Paying contractors and freelancers — software developers, designers, consultants, marketing specialists, customer support teams. Smaller but more frequent payments; transparent FX adds up over time.
Paying service providers — IT services, SaaS development, accounting, professional advisory, agencies. May require documentation, recurring schedules, reconciliation.
Recurring business payments — monthly invoices, biweekly contractor payouts, scheduled services. Prioritise predictable FX, reliable settlement, payment tracking, and reconciliation.

What Makes Sending Money to India Different? (INR, IFSC, IMPS/NEFT/RTGS)

INR Is the Local Settlement Currency

The Indian Rupee (INR) is the primary currency for domestic transactions. Most Indian recipients expect INR into their local bank accounts. CAD-to-INR conversion is central to the payment process — and whether conversion happens before or after funds reach India can significantly affect the final amount received.

Indian Bank Account Details Matter

Transfers to Indian bank accounts typically require:

Account holder name (matching bank record)
Account number
Bank name and branch details
IFSC code (Indian Financial System Code)

Incorrect details are a leading cause of delays, failed transfers, and returned funds.

What Is an IFSC Code?

An IFSC code is an 11-character alphanumeric code identifying a specific bank branch in India (e.g., SBIN0001234). Format: four letters for the bank, a zero, six characters for the branch. It is used by Indian payment systems to route electronic payments correctly. It differs from SWIFT/BIC, which identifies banks globally for international wires.

India's Domestic Payment Networks

India operates several domestic payment systems for rupee settlements:

System	Full Name	Purpose	Speed
IMPS	Immediate Payment Service	Near-instant interbank transfers	Typically fast
NEFT	National Electronic Funds Transfer	General batch-based transfers	Depends on processing
RTGS	Real Time Gross Settlement	High-value real-time settlements	Real-time during windows

A Canadian sender does not usually choose IMPS, NEFT, or RTGS directly — the international provider or its Indian banking partner handles delivery through one of these mechanisms based on the route, amount, and receiving account.

How Can Canadian Businesses Send Money to India?

1. Bank Transfer / SWIFT

Traditional international bank transfers route funds through the SWIFT network via correspondent banks. Costs include sending fees, exchange-rate markups, intermediary bank deductions, and receiving fees in India.

Best for: Established banking relationships, large/specialised transactions, traditional banking preference.

2. International Business Payment Platforms

Online platforms let Canadian companies fund in CAD, convert to INR, and deliver to Indian recipients — often through local payment rails rather than SWIFT alone. Typically offer payment tracking, recurring payments, and multi-recipient management.

Best for: SMEs, recurring payments, consolidated payment management.

3. FX Providers

FX-focused providers (Wise Business, OFX, XE) concentrate on competitive exchange rates and may offer rate monitoring tools, forward contracts, or recurring scheduling.

Best for: Businesses where FX cost is the primary concern.

Best 6 Ways to Send Money from Canada to India for Business

1. PhotonPay — Best for Global Business Payouts

Best for: Canadian businesses managing international payouts to India as part of a broader global workflow — supplier payments, contractor payments, multi-country disbursements from one platform.

PhotonPay enables businesses to fund international payments and deliver funds to recipients in supported markets. For India, where supported, PhotonPay can handle CAD funding, conversion into local currency, and INR settlement to the recipient's Indian bank account — rather than relying solely on traditional SWIFT wires.

How it works:

Recipient delivery: Indian bank account, where supported by current PhotonPay payout capabilities.
Business payment features: Supplier payments, contractor payments, recurring business payouts, payment tracking, and multi-country payment management.
Fees and FX considerations: PhotonPay applies transparent, interbank-aligned exchange rates rather than relying on opaque bank spreads. Specific fees depend on the payment route, amount, and account type. Businesses should verify current pricing through official PhotonPay documentation.
Settlement speed: Settlement time depends on the payment rail, compliance review, and recipient bank processing. Local INR payouts can offer faster settlement than traditional multi-bank SWIFT routes, but exact timing should be confirmed based on the specific payment route.

Key advantages:

CAD funding with conversion to local currency where supported
INR settlement to Indian bank accounts where available
Payment tracking and reconciliation references
Support for recurring business payments
Multi-country payment management from a single platform
FINTRAC-registered money services business (M21161397, Photon Dance CA Inc.)

Potential limitations:

Specific Indian local rail availability and IFSC-related requirements should be confirmed through current PhotonPay documentation
Not all Indian banks or account types may be supported for local payout
Businesses should verify supported currencies, limits, and settlement times before initiating payments

Best business scenario: A Canadian SaaS company paying an Indian development team on a recurring basis, needing predictable INR settlement and wanting to manage India payments alongside other international payouts from one platform.

2. Wise Business — Best for Transparent CAD-to-INR Transfers

Best for: Straightforward CAD-to-INR transfers with clear exchange rates and upfront pricing.

How it works: Fund in CAD, Wise converts at the displayed mid-market rate (plus a visible transfer fee), sends INR to the recipient's Indian bank account.

Key advantages: Transparent mid-market rate; clear transfer fee; simple interface; bank-account delivery in India.

3. OFX — Best for FX-Focused Business Transfers

Best for: Larger or recurring transfers where exchange-rate management is the priority.

How it works: Fund in CAD, OFX applies its exchange rate (cost built into rate margin, no fee on larger amounts), delivers INR to the Indian bank account.

Key advantages: Competitive rates; FX tools (rate alerts, forward contracts); dedicated business support; recurring payments.

4. XE — Best for Flexible Transfers with FX Tools

Best for: Businesses wanting FX monitoring tools alongside transfer capability.

How it works: Fund in CAD, XE applies its exchange-rate margin, delivers INR to the Indian bank account. Many India transfers arrive same day; EFT-funded take 1–3 business days.

Key advantages: FX tools and rate monitoring; multiple funding methods; no fee on larger amounts.

5. Canadian Banks — Best for Existing Banking Relationships

Best for: Businesses valuing established banking integration and treasury services.

How it works: Major Canadian banks (RBC, TD, CIBC, Scotiabank, BMO, SBI Canada Bank, ICICI Bank Canada) offer SWIFT wire transfers or dedicated international transfer products. Some (e.g., SBI Canada Bank) have direct Indian banking connections using IMPS/NEFT/RTGS.

Trade-off: Wire fees, intermediary deductions, and FX spreads can add up compared to online providers.

6. Remittance Services — Best for Urgent/Flexible Delivery

Best for: Urgent payments where cash pickup or flexible delivery options are needed.

Services like Western Union, MoneyGram, Remitly offer bank deposits or cash pickup. Stronger consumer/remittance positioning than dedicated B2B infrastructure.

Compare the Best Ways to Send CAD to INR

Solution	Best For	CAD → INR	Local Bank Deposit	Recurring	FX Focus
PhotonPay	Global multi-country payouts	Yes (supported markets)	Indian bank account	Yes	Transparent rates
Wise Business	Transparent transfers	Yes	Indian bank account	Yes	Mid-market rate
OFX	FX-focused larger transfers	Yes	Indian bank account	Yes	Competitive FX
XE	Flexible + FX tools	Yes	Indian bank account	Yes	Rate w/ margin
Canadian Banks	Existing banking	Yes	Indian bank account	Yes	Bank-set rate
Remittance	Urgent/flexible	Yes	Bank or cash	Limited	Rate w/ margin

How Much Does It Cost to Send CAD to INR?

Look beyond the advertised transfer fee. The total cost framework:

Total Cost = Transfer Fee + FX Cost + Intermediary Fees + Receiving Fees

Key points:

Transfer fees vary by provider — flat, percentage, or bundled into exchange rate. "No fee" often means cost is in the FX margin.
Exchange rate impact exceeds the transfer fee on larger amounts. A 1% rate difference matters significantly on multi-thousand-CAD transfers.
Intermediary bank fees (SWIFT) are deducted silently along the chain. Local INR payout solutions can reduce this.
Compare final INR received, not just the fee. For recurring payments, track "total delivered cost" over time.

How to Send Money to an Indian Bank Account (IFSC Code): Step-by-Step

Choose a provider based on transaction size, frequency, FX priorities, and recipient type.
Verify your business — most providers require business registration, address, identity verification, and AML information.
Collect recipient details — full legal name, account number, bank name, branch, IFSC code, and any provider-specific requirements. Confirm with the recipient before sending.
Fund the transfer in CAD via bank transfer, direct debit, or card (where supported).
Review the exchange rate — compare against mid-market rate; confirm total INR the recipient will receive.
Deliver INR — the provider handles conversion and routing; the domestic settlement method (IMPS/NEFT/RTGS) is determined by the provider's Indian banking partner.
Track and reconcile — save the transaction reference, match to invoice, confirm receipt with recipient.

How Long Does It Take to Send Money from Canada to India?

Method	Typical Settlement
SWIFT / bank wire	2–5 business days
Online FX providers (Wise, OFX, XE)	1–3 business days (some same-day)
Local INR payout	Can be faster than SWIFT; depends on provider and rail

Factors affecting timing: funding method, compliance review (first-time recipients take longer), amount, recipient bank, weekends/holidays (Indian and Canadian differ).

What Information Do You Need to Send Money to India?

Common requirements for India transfers:

Recipient's full legal name (as registered with their bank)
Indian bank account number
Bank name and branch
IFSC code (required for correct branch routing)
Recipient address and purpose of payment (some providers)

How to Choose the Right Method to Send Money to India

Your Priority	Look For
Paying suppliers	INR settlement, invoice matching, predictable FX, payment tracking
Paying contractors	Recurring payments, saved recipients, scheduling, transparent FX
Large amounts	FX spread focus, transfer limits, dedicated business support
Recurring payments	Consistent rates, transaction history, reconciliation tools
Multiple countries	Multi-country payout platform vs. separate corridor-specific services

FAQs

How do I send money from Canada to India?

Canadian businesses can use bank transfers (SWIFT), international payment platforms, FX providers, or local INR payout solutions. The typical process: choose a provider, verify your business, provide the recipient's Indian bank details (including IFSC code), fund in CAD, convert to INR, and deliver to the recipient's account.

What is the cheapest way to send money to India?

The cheapest way depends on total cost — not just the transfer fee. Compare exchange rate, FX spread, intermediary fees, and receiving fees. Online platforms often beat traditional banks on FX, but always compare the total INR received per CAD sent.

What is an IFSC code?

An IFSC code (Indian Financial System Code) is an 11-character code identifying a specific bank branch in India. It routes electronic payments to the correct branch within India's domestic system — different from SWIFT/BIC, which identifies banks globally for international wires.

What are IMPS, NEFT, and RTGS?

These are Indian domestic payment systems under the Reserve Bank of India. IMPS = near-instant transfers; NEFT = general batch-based transfers; RTGS = high-value real-time settlement. A Canadian sender does not choose these directly — the provider's Indian banking partner uses them to deliver INR to the recipient's account.

What is the best way to pay an Indian supplier?

For recurring INR invoices: a payment platform or local INR payout solution offering predictable settlement and good recipient experience. For occasional large-value payments: an FX-focused provider or bank wire may also work.

Conclusion

Canada-India trade creates significant international payment needs — C$10.9 billion in merchandise trade (2025) and C$15.6 billion in services exports (2024). Canadian businesses have multiple options: traditional bank wires, online payment platforms, FX providers, and local INR payout solutions.

CAD-to-INR exchange rates and total costs matter as much as advertised fees. Indian recipient details — especially the IFSC code — should be prepared before sending. For businesses making recurring payments to India, PhotonPay offers a practical option for managing international payouts, converting to local currency, and handling multi-country disbursements from one platform.