International Money Transfer to and from Canada

Making financial transactions that cut through nations (international money transfer) has never been an easy one.

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It was usually a high-end and time-consuming process which provided the individual making the transaction with little or no level of confidence in the transaction going through to the receiver.

However, in recent times, with the availability of various options like the banks and third parties, making an international money transfer has been made convenient and affordable for you with the use of these options.

Commonly Known Options for International Transfer in Canada

These are the commonly known options any individual can use to make an international money transfer:

  • Western Union
  • Wise (Formerly TransferWise)
  • CurrencyFair
  • Other ways to send/receive money to/from Canada
  • Other Banks

Western Union

With services like wire transfer, Wire Union Mobile, and the Western Union Connect, western Union is a third-party money transfer option providing competitive rates and low transfer fees.

Third-party companies like Western Union grants you the liberty to transfer funds from your account in one country to or from your account in another country.

Wise (formerly TransferWise)

Using peer-to-peer technology, and with no hidden charges, Wise (formerly TransferWise) offers a reasonable and effective way of transferring money across borders.

Wise offers the first transfer for free of charge up to £3,000 (or equivalent) for their customers.

So you get to test their service with zero transaction costs. This offer is out there to first-time TransferWise customers.

Sending money to Canada have a 0.45% fee, and your money ordinarily arrives within 1-2 working days. Transfers from GBP to CAD, ordinarily have a fee of 80p + 0.45 percent.

Find the newest rates at the widget above, and determine what proportion you’ll save.

Customers trust Wise. It has received a mean of 9.5/10 rating from 30,000 independent reviews on Trustpilot.

Wise is secure, and fully authorized by the UK’s Financial Conduct Authority and is subject to European customer protection rules.

Check with your bank to ascertain if they charge for domestic transfers because the presence and charge for domestic transfers vary from bank to bank.

CurrencyFair

CurrencyFair is another cheap and easy to use channel to establish a cosmopolitan money transfer to Canada.

Their homepage features a live Canadian currency exchange calculator where you’ll find the newest rates.

CAD transfers into Canada’s major banks do not incur receiving bank charges. In order to prevent delays, ensure transfers are completed before 11:30 AM (your local time eg. UK time) to make sure of same-day transfers.

For sending money to Canada from other locations, there’s a flat fee of $4 per transfer.

For transferring funds from Canada to other locations, there could also be a domestic wire fee applied by your bank.

CurrencyFair is secure and is regulated.

Feel free to always ask your local Canadian bank to ascertain if they charge a fee for a domestic wire because it varies from bank to bank and depends on your relationship with the bank.

Other international money transfer options

Another alternative for international money transfers is to use a third-party option to transfer money from your local checking account to your Canadian account, like Western Union or Paypal.

Both Paypal and Western Union provide efficient means for international money transfers but make certain to try to do your research so as to figure out who offers the foremost competitive rates.

When using Paypal to establish international money transfers to Canada, set up two Paypal accounts — one to your domestic bank and one to your Canadian bank.

Then you’ll transfer money from Canada, and between them then for free; you only have to have two email accounts.

While this is often a comparatively simple process, make certain to see the rates you’re being charged. A little research could go the extra mile towards maximizing the affordability of your international money transfers.

Other banks

If it’s your first time making a transfer, you’ll be surprised to find out that the banking systems in North America are different from elsewhere, therefore the information you’ll be asked for is going to be different.

For example, a bank In Europe may request details like Bank Identifier Code (BIC) and International Bank Account Number (IBAN), however, these details don’t exist in Canada, where accounts have transit codes, swift numbers, and ABA numbers.

It is usually somewhat confusing deciding what information you ought to put where.

We strongly recommend you double-check everything together with your bank before you complete the transfer.

If there’s space within the transfer form to drop notes or additional information, leave detailed information here on anything you’re unsure of.

Note also that for huge transfers, the receiving bank may plan to call you to verify that you’re expecting to receive that amount of money.

If you’ve set up the bank account before you bought your local telephone plan, they might not have a telephone number to call you on, and this will cause delays in receiving funds.

If the transfer is taking longer than expected, don’t be afraid to go to a bank branch and determine what’s happening.

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