Canada a strong economy is burgeoning with opportunities for education, employment, and various other essentials that have been luring population across the globe. The country stands in the second position for being the largest destination for immigration. At the outset, many have hived –off to these lands of provisions and facilities but often necessities arise making send money from India to Canada is inevitable.
Why charges vary when you want to send money from India to Canada?
- Interest rates: Fairly higher interest rates in Canada escalate foreign investors hence call for Canadian dollar-denominated securities also increases
- Productivity: A national productivity is a total output produced with given inputs – can be one of the reasons to determine the exchange rate through its effect on international competitiveness and relative prices.
- Inflation rates: The economic condition of a country highly affects the exchange rate of its currency value depending upon the current events and new information. The lower the inflation rates of a country, there is more chance for the currency value of that country to rise. A country with a constant lower inflation rate leads to rising currency value, as its purchasing power rises in relation to other currencies.
- A good level of international trade of goods and services can also increase the exchange rate of the currency
- The entry of foreign investment in Canada increases the demand for the Canadian dollar among foreign nations which invariably elevates the exchange rate.
- Commodity costs: The value of the Canadian dollar is correlated to the strength of world commodity prices. As the prices of the products or services rise higher, the value of the Canadian trade improves and the value of its products also increases. Canada has higher purchasing power which invariably reflects in a higher Canadian exchange rate.
What is the charge incurred to send money overseas?
Sending money from India to Canada depends upon some conditions such as
- IBR + nominal charges based on the volume of requirements.
- Rates of Foreign exchange in the marketplace
- A meager service charges incurred by the company which often vary due to the company’s expertise and proficiency in serving the same.
