There are many reasons why there is a need to transfer money from one country to another. With the opening of the internet and online banking, the process has become much more comfortable than in the past. But even more than, people travel all over the globe more frequently than in the past.
This results in many situations where this kind of transaction has become an everyday occurrence. A country such as Canada is no different. It offers various opportunities.
These can vary from:
- having family and friends living there
- individuals who have run short on cash while on a holiday
- companies outside Canada who have their suppliers based in that country,
- employees working for companies located in a different country.
Be as it may, there are a few things that you need to be aware of when there is a need to transfer money to Canada. These hinge around are you going the traditional direct bank transfer route or are you going to make use of a money transfer provider?
Comparison: Transfer Money to Canada
First Transfer Free!
- Wise is a very good provider for overseas transfers. The transfers are easy, convenient and secure. The most important thing is that the transfers are also much cheaper than with the bank.
Send money very fast!
- Save up to 90% compared to banks. No hidden costs. Large selection of countries.
Five Transfers Free!
- A world-class customer service, very good exchange rates and permanently favorable transfers abroad and to Germany convince. Only downside is the small selection of countries.
How can I send money to Canada?
The purpose of sending money to a third party in Canada is quite essential when deciding on which is the best option to use. Also, there is a clear distinction between whether this transfer is something that is going to once off, or if it is going to occur regularly.
The reason is that there are providers who specialize in once off transfers of money to Canada, while others do multiple transfers over some time.
Some of the best ways to send money to Canada online include:
- Many of the banks in the US
- Money transfer provider
- There are companies such as Western Union and Moneygram which allow cash pickup
- One of the largest e-wallets – PayPal
- Checks and money orders.
Bank (it’s expensive)
Direct bank transfers tend to be the obvious choice among many people. Some points need to be looked at. The most glaring is that banks tend to be the most expensive option. Also, in many cases, banks also tend to offer amongst the worst foreign exchange rates.
On the other hand, banks often make it easier to arrange the payments of salaries and suppliers, i.e., regular payments. With a bank transfer, the maximum amount that may be transferred is often more than what is offered by many of the money transfer providers.
Money transfer provider
The first point of action is to find which providers are able to operate in Canada. Many countries have embargos on the operation of particular service providers. Today quite a few transfer providers are licensed to deal with money transfers to Canada.
Some of the best-excepted providers in Canada include:
How much does it cost to transfer money to Canada?
When looking at the cost of sending money to Canada online, there are a few factors that need to be played up against each other. Most commonly if the transaction revolves around the speed of getting the money to the person, and ultimately the cost.
Duration of a money transfer to Canada
The money transfer provider with the quickest transfer time is WorldRemit. If you send money with this provider, it will be available within the hour to the person receiving the money in Canada. OFX is able to release the payment within 1 day.
Conclusion on the money transfer to Canada
When looking at which money transfer provider will work best for you, then it is essential to look at the following factors.
Look at the minimum and maximum transfer limits each provider offers. Then it is vital to look at the time it takes for the actual transfer. Then some providers only allow once off transfers, which are ideal if you are assisting someone in an emergency or sending through a package.
When paying salaries or suppliers, it is essential to look at a provider which allows multiple transfers over some time. Overlooking this could impact on future transfers you might need to do.