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With a vast majority of Canadians travelling, working or going to school abroad and keeping in touch with family and friends from other countries, the need for safe and reliable methods to transfer money overseas has never been greater.
A money transfer is an easy way to send money from an individual in one country to someone in another, using a money transfer business or a financial institution in Canada who will safely send the funds to an agent at a business or bank in another country. They will then safely pass these funds onto the intended recipient by giving them cash, a cheque, depositing the money into a specified bank account or placing the money onto a specified credit card.
These financial institutions or businesses usually charge a fee for their money transfer services, however they offer a safe, reliable and quick way to send money to any country in the world and ensure that it makes it into the hands of the person who requires it.
There are many different options to send money overseas. The fastest and easiest method is to transfer funds online using online banking. Most financial institutions will allow you to transfer money via e-transfer, directly from your online bank to someone else’s. Some banks will charge a small fee for this, however many offer this service for free. It can be done quickly, from the comfort of your own home and all that is required is the recipient’s email address.
Another popular option for sending money abroad is using a money transfer service. These are especially useful when transferring large sums of money. You can find this service available at your local bank or credit union or at a specialized money transfer business. Some of the most popular money transfer services available in Canada are:
Many of these services will offer online transfers via their website or app, or you can visit one of their establishments. Money transfer services may also have smaller outlets located in your neighborhood pharmacy, grocery store, corner store or at the post office.
When sending a remittance overseas, you should be prepared to provide the following information:
When trying to decide how to send money overseas, it is best to invest some time and research all of the different services available to you. Be diligent to look into the following things:
There are many different factors that may affect the time it takes for your money to reach its final destination. Sending money through your online bank account via e-transfer is usually one of the fastest methods and should only take as long as it takes to send an email. Using a financial institution or money transfer service may take longer depending upon the amount of money being transferred, the individual policies at the institution you have chosen, your bank’s cutoff time, differences in time zones and international holidays. Generally speaking, a money transfer can take anywhere from one to four business days to arrive.
Transferring money online from your bank account to another is a safe way to send funds and can be one of the fastest methods available. If you choose to use a money transfer service, do your due-diligence and research their reputation by asking family members and friends about their experiences, researching reviews online or looking into the company’s Better Business Bureau (BBB) status. It is also important to ask for a receipt once your money has been transferred. Keep this receipt for your records in the unlikely event that there is an issue with your funds being sent or received.
The fees for sending a remittance overseas can vary greatly depending on the business or financial institution that you choose to use. Some money transfer services may also charge more for faster service. Depending on the service that you choose, you may pay a flat rate for your transaction or it may be a percentage of the total dollar amount being transferred. As a general guideline, be prepared to pay anywhere between approximately $5 to over $100. Also be sure to find out which currency the fees are being charged in and to take the exchange rate into account when calculating your transfer costs. Many institutions will also allow you the option to pay the fees yourself, have the receiver pay the fees or have the fees split equally between both parties involved.
