Paying India from Canada: fund in Canadian dollars, pay in rupees, 1% all-in

Short answer. A Canadian business funds its Storspay balance in Canadian dollars — Interac e-Transfer or EFT, free — and pays rupees in India from that balance at the mid-market CAD rate for 1% all-in. There is no detour through US dollars and no C$30–50 wire fee; the recipient's bank sees a domestic credit, usually within minutes.

Why Canadian payers lose twice on a wire to India

A Canadian bank usually converts CAD to USD at its own spread, then sends a USD wire that is converted again at the receiving end at another spread, with a correspondent bank in between. Two conversions, three fees, five days. Storspay converts once, CAD to rupees, at the mid-market rate.

Funding in CAD

Interac e-Transfer for amounts up to the daily limit your bank allows, EFT or domestic wire for larger amounts, both free and both to account details in your own company's name. The balance shows in CAD and USD; you pay India from either.

Who this is for in Canada

Software companies in Toronto, Vancouver, Montreal, Calgary and Ottawa with developers in India; agencies with design and support teams there; importers in the Prairies and Ontario buying from Indian manufacturers; Indo-Canadian, Filipino-Canadian and other diaspora-owned businesses with suppliers and staff back home. Storspay is operated by StorsApp Inc., a federally incorporated Canadian company with offices in Calgary and New York.

What is different about India

India is the largest market for remote professional services on earth and a bank-first corridor: every salaried professional and every registered company has an IFSC-coded bank account, and domestic rails (IMPS, NEFT) clear in minutes. What matters to an Indian recipient is the rupee amount that actually lands, because wires from the US or Europe routinely arrive short after correspondent-bank charges and a hidden FX spread. Storspay converts once at the mid-market rate and shows the 1% separately, so the rupee figure in the notification is the figure in the account.

How a payment to India works on Storspay

1. Fund your balance in USD (ACH or wire), CAD (Interac e-Transfer or EFT), GBP (UK bank transfer) or EUR (SEPA) — to account details in your own business name. Funding is free.
2. Add the recipient once: their name as it appears on the account, the bank (HDFC Bank, ICICI Bank, State Bank of India, Axis Bank, Kotak Mahindra and every other IFSC-coded bank) and the account number. Storspay checks the account name before you confirm.
3. Type the amount in either box. Enter what you want to send and see the rupees that land, or type the rupees figure on the invoice and see what it costs you. The rate is the mid-market rate; the 1% is on its own line.
4. Confirm. The money goes over IMPS or NEFT and usually lands within minutes — the same business day at most. The recipient gets a notification with the exact amount, and you get a receipt with the invoice reference.

Nobody in India has to sign up, install an app or touch anything other than their own bank account. Everything on the recipient side looks like an ordinary domestic transfer.

What it costs

Storspay charges 1% all-in on payments to India, with a minimum of US$2, at the mid-market rate. That one line covers conversion, settlement and delivery; there is no FX markup, no intermediary-bank charge and nothing deducted on the recipient side.

Rates in this guide are the mid-market rate on the day of writing (1 USD = 96.9643 INR); the calculator on the homepage shows today's. Payments above ₹1,500,000 are split automatically under the local cap, under one reference and one fee.

See what your team in India receives →

Questions businesses ask before the first payment to India

Is the CAD rate mid-market too?

Yes. The calculator shows 1 CAD in rupees at the mid-market rate; the 1% is on its own line.

Can I pay from a Canadian bank account directly?

You fund your Storspay balance from your bank account (Interac or EFT, free) and pay from the balance. Funding usually credits the same business day.

Does the recipient need to know I paid in CAD?

No. They receive rupees; the receipt shows the CAD amount, the rate and the rupees delivered.

Can I pay a UPI ID instead of an account number?

Not yet. Storspay pays Indian bank accounts by account number and IFSC code; UPI handles are on the roadmap. Every UPI-linked account has an ordinary account number you can use today.

Is there a limit per payment to India?

Payments above ₹1,500,000 are split automatically under the local cap, under one reference and one fee — a large invoice never becomes several trips to the bank.

Does the recipient pay anything?

No. Storspay charges you 1% all-in (minimum US$2); the recipient receives the rupee amount shown. Their bank may apply its own inward-remittance charge for issuing an FIRC — ask them, it is usually a few hundred rupees.

Who this is for — and who it is not for

Storspay is for businesses and organisations: companies, agencies, schools, hospitals, facilitators, foundations and sole traders paying other businesses and professionals for work, goods and services. A sole trader counts as a business and signs up in their own name.

What Storspay is not is a personal money-transfer service. We do not open personal accounts, and every payment has to be a business transaction: an invoice, a contract, a fee note, work delivered. Money to family and personal transfers are not what this is, and we would rather say so now than at verification.