Bank vs Online Transfer Fees: CAD to INR
How much do TD, RBC, Scotiabank, CIBC and BMO really charge to send money to India — and how do they compare against online services like Western Union and Remitly? See typical exchange-rate markups, fees and speeds side by side against the live rate.
Banks rarely give you the live rate.
Canadian banks typically build a margin of around 2–3% into the exchange rate and may add an upfront wire fee. Compare against the real scraped provider rates below to see how much more your recipient could receive.
Banks vs online services at a glance
Typical CAD to INR exchange-rate markups, transfer fees and delivery speeds for the major Canadian banks and popular online transfer services. Figures reflect typical published pricing patterns as of July 2026 — none of these providers publish a live CAD to INR feed, so always confirm the exact rate before you send. See how we source our rates.
| Provider | Type | Typical rate markup | Transfer fee | Speed |
|---|---|---|---|---|
| TD Bank | Big Five bank | ~2–3% | ~$15 wire fee | 1–4 business days |
| RBC Royal Bank | Big Five bank | ~2–3% | ~$13.50 fee | 1–4 business days |
| Scotiabank | Big Five bank | ~2–3% | ~$15 wire fee | 1–4 business days |
| CIBC | Big Five bank | ~2–3% | $0 (cost in the rate) | 1–3 business days |
| BMO | Big Five bank | ~2–3% | ~$15 wire fee | 1–4 business days |
| Western Union | Online remittance | ~1–2% | from ~$5 (varies) | Minutes to 3 days |
| Remitly | Online remittance | ~0.5–1% | from ~$2.99 | Minutes to 2 days |
Markup ranges are typical retail spreads relative to the live mid-market rate; fees vary by account type, amount and delivery method. Reviewed July 2026.
Sending money to India with TD Bank
TD Bank (Toronto-Dominion) is one of Canada's Big Five and a default choice for millions of Canadians who bank with TD already. Sending money to India through TD is usually done via an international wire transfer from EasyWeb or a branch. The convenience of staying inside your existing bank is real — but so is the cost, and it is rarely the cheapest route to India.
How TD Bank's CAD to INR rate really works
A TD international wire converts your Canadian Dollars to Indian Rupees at TD's own retail exchange rate, which typically sits a margin below the live mid-market rate, and then adds an upfront wire fee that varies by account type and whether you send in CAD or INR. Because the markup is baked into the exchange rate rather than shown as a separate line, the true cost is easy to underestimate — on a larger transfer the exchange-rate spread usually costs more than the visible fee. Always confirm the exact rate and fee with TD before you send.
Who TD Bank is best for
TD is worth it when you value doing everything inside one trusted bank, need a same-branch paper trail, or are sending a smaller one-off amount where the fee difference is minor. For regular remittances or larger sums, a dedicated transfer service almost always delivers more rupees.
Sending money to India with RBC Royal Bank
RBC Royal Bank is Canada's largest bank and a common starting point for NRIs sending money home. RBC offers international money transfers through RBC Online Banking and its International Money Transfer feature, which can be more convenient than a traditional wire for smaller amounts. As with any major bank, the trade-off is a built-in exchange-rate margin.
How RBC Royal Bank's CAD to INR rate really works
RBC applies its own retail CAD to INR rate — generally set a margin away from the live mid-market rate — plus a transfer fee that varies by amount and method. RBC's International Money Transfer product can carry a lower flat fee than a full SWIFT wire, but the exchange-rate spread is where most of the cost hides. Always compare the total rupees delivered, not just the advertised fee.
Who RBC Royal Bank is best for
RBC suits customers who already bank with RBC and want a familiar online flow, or who need the reassurance of a big-bank transfer. Comparison shoppers sending larger amounts typically save meaningfully by using a specialist provider instead.
Sending money to India with Scotiabank
Scotiabank markets itself as Canada's most international bank, and it has a long history in cross-border banking. For sending money to India, most customers use a Scotiabank international wire transfer initiated online or in-branch. It is a solid, well-established option — but the pricing follows the same pattern as its Big Five peers.
How Scotiabank's CAD to INR rate really works
Your transfer is converted at Scotiabank's retail exchange rate, usually set a margin below the live mid-market rate, with an upfront wire fee layered on top. The exchange-rate margin is the larger cost on most transfers, and because it is embedded in the rate it does not appear as a fee on your receipt. Checking the delivered rupee amount against the live rate is the only reliable way to see what you paid.
Who Scotiabank is best for
Scotiabank makes sense for existing customers who want everything under one roof or need branch support. For cost-sensitive or recurring transfers to India, dedicated remittance services generally beat it on the bottom line.
Sending money to India with CIBC
CIBC offers the CIBC Global Money Transfer, a feature that advertises no transfer fee — a genuinely attractive headline for anyone tired of wire charges. It is available through CIBC Online Banking and the mobile app for eligible accounts, making it one of the more convenient bank options for sending money to India.
How CIBC's CAD to INR rate really works
The 'no fee' claim is true as far as it goes — CIBC doesn't charge a separate transfer fee on the Global Money Transfer. Instead, the cost is recovered through the exchange rate: CIBC's CAD to INR rate typically runs a margin below the live mid-market rate. In other words, the fee hasn't disappeared, it has moved into the spread. A zero-fee transfer with a wide margin can still cost more than a low-margin transfer that charges a small explicit fee.
Who CIBC is best for
CIBC Global Money Transfer is a reasonable pick for CIBC customers sending modest amounts who value simplicity and a fee-free headline. For larger transfers, always compare the actual rupees received — a specialist with a sharper rate can still come out ahead despite charging a nominal fee.
Sending money to India with BMO
BMO (Bank of Montreal) is Canada's oldest bank and a mainstay for cross-border banking, including India-bound transfers. Sending money to India through BMO is generally handled as an international wire via BMO Online Banking or a branch. It's dependable and integrated with your existing accounts — the catch is the familiar bank markup.
How BMO's CAD to INR rate really works
BMO converts your funds at its retail CAD to INR rate, typically set a margin below the live mid-market rate, and charges an upfront wire fee that depends on your account type and the destination. As with the other Big Five banks, the exchange-rate spread is usually the dominant cost, and it stays hidden inside the rate rather than showing up as an itemized fee.
Who BMO is best for
BMO is a fine choice for existing customers who prioritize keeping everything with one institution or need in-branch help. Anyone focused on maximizing the rupees that arrive in India will usually do better with a dedicated transfer service.
Sending money to India with Western Union
Western Union is one of the most recognized money-transfer brands in the world, with a vast cash-pickup network across India. For sending money from Canada to India it offers bank deposits, cash pickup, and mobile wallet options through its website and app. Its strength is reach and speed — especially cash pickup in smaller Indian towns where bank transfers are less convenient.
How Western Union's CAD to INR rate really works
Western Union's pricing varies a lot by payment method and delivery type. Bank-funded transfers with bank deposit are usually the cheapest, while card-funded or cash-pickup transfers cost more. The exchange-rate margin is typically narrower than a Big Five bank's, plus a transfer fee that changes with amount and speed. Fast cash pickup carries a premium; a few days' patience with a bank deposit is much cheaper.
Who Western Union is best for
Western Union shines when your recipient needs cash in hand quickly, or lives where digital banking is limited. For straightforward bank-to-bank transfers, an online specialist like Wise or Remitly often delivers a better all-in rate.
Sending money to India with Remitly
Remitly is a digital-first remittance service built specifically for international money transfers, and India is one of its core corridors. It's app-based, transparent about fees up front, and offers two speeds: a slightly cheaper 'Economy' option and a fast 'Express' option. For NRIs sending money home regularly, Remitly is one of the most competitive and convenient choices from Canada.
How Remitly's CAD to INR rate really works
Remitly shows you the exchange rate and fee before you confirm, so there are no hidden surprises. Its margin above the live mid-market rate is typically much smaller than a bank's on the Economy option, with a low, clearly stated transfer fee — and frequent promotional rates for first-time transfers. You choose bank deposit, cash pickup, or UPI, and see the exact rupee amount your recipient will get before sending.
Who Remitly is best for
Remitly is ideal for regular remittances, first-time senders wanting a clear rate, and anyone who prefers doing everything from their phone. Compare its live rate against the calculator below to confirm it beats your bank on the amount you're sending today.
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Frequently Asked Questions
Are banks or online transfer services cheaper for sending CAD to INR?
Online remittance specialists are almost always cheaper. Canadian banks typically build a 2–3% margin into their CAD to INR exchange rate plus an upfront wire fee, while dedicated services like Wise or Remitly usually price within 0.5–1% of the live rate with low, clearly stated fees. The live exchange rate right now is ₹68.84.
Why don't you show an exact exchange rate for each bank?
Canadian banks don't publish live CAD to INR rate feeds, and we only ever display real scraped rates — never estimated or fabricated numbers. We show each bank's typical markup range instead, and you should always confirm the exact rate with the bank before sending.
Is a 'no fee' bank transfer really free?
No. When a bank advertises no transfer fee (like CIBC Global Money Transfer), the cost is recovered through the exchange rate spread instead. A zero-fee transfer with a 2–3% rate markup can cost far more than a low-margin transfer with a small explicit fee — always compare the rupees actually delivered.
What is the hidden cost when sending money to India through a bank?
The exchange-rate margin. Banks convert your dollars at their own retail rate, typically 2–3% below the live mid-market rate. On a $5,000 transfer, a 2.5% margin quietly costs about $125 — usually far more than the visible wire fee.
Keep comparing
More ways to make sure you get the most rupees for your Canadian Dollars.
Compare Money Transfer Providers — Live Rates
We compare live CAD to INR rates from the providers below — so you find the cheapest way to send money from Canada to India.
Live provider rates
Independent quotes from leading remittance services
Canadian-based · no fee on transfers over C$500 · check live rate on Remitbee