action on this day is better than shedding blood (performing qurbani)."^[1]

In another blessed hadith, it is stated:

On the day of al-Naḥr (the 10th of Dhū al-Ḥijjah), the action liked most by Allah, is for a person to shed blood (perform qurbani).  Indeed, the sacrificial animal will come forth on the Day of Judgment with its horns, hair, and hooves. The blood of qurbani is accepted by Allah before it falls upon the earth, so readily perform it with a pleased heart.^[2]

Donating meat as charity in place of qurbani is not enough

Mufti Aḥmad Yār Khān Naʿīmī رَحْمَةُ الـلّٰـهِ عَلَيْه commented on this hadith by writing:

This clearly evidences how the purpose of qurbani is sacrificing an animal regardless of whether its meat is consumed or not. If someone gives money equal the value of the qurbani, or even donates double or triple the amount of meat in charity, it will not fulfil the obligation of qurbani.

This is because qurbani is an emulation of Prophet Ibrāhīm  عَـلَيْـهِ الـسَّـلَام  , and he did not give meat or money in charity. Instead, he spilt blood (by sacrificing an animal). The only correct form of emulation is that which matches the original.

Actions are normally accepted after they are performed, but qurbani is accepted before it even takes place. Do not consider it insignificant or perform it with stinginess. Do not weigh things according to your own intellect all the time.^[3]