In today’s world of endless apps and online services, the idea of relying on a single bank is increasingly redundant – and costly!
Sending money across international borders is not a big deal like it used to be, back when wire transfers would cost $40 and take 3 to 5 days. In 2025, it’s the day-to-day reality of digital nomads, expats, and workers sending money back to their families. It may even be the day-to-day for a small Amazon or Shopify seller who has international customers.
The need to transfer funds overseas efficiently is looking for two things: Safety and a good exchange rate. For those looking to send money from Canada to India, or other long-distance and less common routes, an online specialist is even more important.
Better Exchange Rates And Lower Fees
The number one reason to opt for specialized money transfer services is the cost savings they provide. Traditional banks don’t just offer poor exchange rates, they obscure them so you don’t know what margin they’re taking.
They’re relatively transparent about the fee, which can be hefty, but it rarely includes the spread that is lost – and is their profit. A high spread is damaging for large transfers, while a high fixed fee is damaging for small, frequent transfers.
Dedicated transfer services compete on one thing alone: a race to the bottom of who can be the cheapest. Banks don’t play this game – it’s not an important part of their service offering. Online transfer companies can have 1% margin instead of 4%, and $0 fee instead of $30. For a $1,000 transfer, that’s a cost of $10 rather than $70.
Speed And Convenience
Banks use SWIFT and other methods for sending money. It’s secure, but it can take days. Online money transfer services have found ways to adapt to the situation, have a leaner infrastructure, and get funds to the recipient within minutes or hours rather than days – and they’re regulated, so your money is safe.
It’s not just the speed of the transfer itself, but setting up the payment. If you’re looking to send money to India from Canada, you only need to open up the app or web app, and within a couple of clicks, you’re sending money. For banks, not only might they prohibit such transfer routes, but they take much longer to open an account and set up a new recipient payment.
Plus, the status of the transfer is more transparent. Companies like Ria Money have robust infrastructures that guarantee your funds reach their destination, but they can also keep you updated about it, unlike most banks.
Better Customer Support
Dedicated money transfer services usually have better customer support compared to traditional banks.
Though, this does depend on your preferred method. With a bank, you can walk into the branch and speak to someone – but realistically, this is an outdated way to send money and interact. If you want fast customer service, online transfer companies usually have rapid online chat support and more extensive tracking systems for real-time updates.
Opting For A Specialist
Long gone are the days of staying loyal to one financial provider that gives you loans, mortgages, savings rates, and access to investments. It’s all stratified now, and that’s for the best. This way, we can seek out companies that focus on being the best in their chosen niche. And while it may seem less convenient, onboarding is now automatic, fairly standardized, and easy to switch between.
