Top 6 Canadian Money Transfer Options


International and domestic

USA, India, Australia and the Philippines are included

You can send funds directly from one of the numbers bank to bank Or two? Interac e. – transfers Simply by logging in and giving what is required

There are other domestic transfer options in Canada wire transfers It is the fastest and great for large amounts Money orders If the recipient doesn’t have a bank account.

However, it is possible wire transfers You need to decide who pays the service fees before they go through the network

Money ordersLess expensive money orders require more leg work. You need to visit the post office, purchase a money order, and then use a credit card, or a debit card to fund the amount. They are limited to $999. You will need a valid government ID with you


International transfers
It’s a different ball game to or from Canada

Banks can charge up to 8x the amount money transfer services do in fees, but a whole bunch of services exist that are much cheaper

We use TransferWise ourselves from Canada for amounts under $9500 and our fees are below 0.9% Click here for more information


Links to international websites

  • Cash under $300
  • Bank to bank below $9500
  • Bank to bank over $9500
  • USA
  • India
  • Australia
  • The Philippines


Important information

Some services are designed for a specific amount

For less than $300 Cash pick-up is required for smaller transfers The institutions that receive money The best options are ones that have a physical presence in the location

For less than $9500 When cash is not required, you need a reliable service that offers great exchange rates The P2P services are called Peer to Peer Some others work well in this category. They are usually the cheapest, have a great online experience, and good online customer support, which is fine for smaller amounts. The biggest we can compare CurrencyFair is wise compared to Currency Wise

Above $9500. – We think it is best to use traditional transfer services when you are sending large amounts. As the amount goes up, these services will usually reduce the percentage fees. They have other benefits that make them a clear choice. The table below has information


Amounts


Sending cash below $300 is not unusual

If you are sending money to family and friends, they may need to use cash

Remittance companies are in such cases Money Gram, Western Union, or WorldRemit are some of the payment methods Are your choices the best? The fees can be higher if they have a physical presence. If you pay in cash at their outlet, the rates are lower and transfers are hassle free because you only need a valid government id proof

WorldRemit It is a relative newcomer and growing like crazy because it reduces the fees you pay by partnering with banks and other businesses for cash pickup

It was gratifying Immigrants who are working in developed countries and want to send money back to their home are the ideal clients. Cash pickup is possible and they have a lot of ways to fund it

The services can be super-fast and there is no limit on the amount of transfer you can make

The recipient needs to give identification to collect the money


Bank to bank below $9500 Canadian dollars

If all of your money is About $9500 Canadian You would rather transfer the bank to a bank The review was wise It is difficult to beat

In most situations, wise costs less than a bank charges. They don’t add any mark ups when converting your money to the mid-market rate

We love that Wise is so transparent. You can see what they will send and the fees before you sign up. The cost is broken down in an easy to understand way by their widget on the home page

You can make payments directly into your friend or family’s bank account, or use a bank transfer or your card

There are a few limitations that you need to keep in mind

  1. They don’t do cash transfers and only support bank to bank transfers
  2. Wise lose their competitiveness on fees on higher amounts as other providers will typically provide lower rates for very high value transfers, whilst Wise offer a fixed low % each time

If you don’t transfer large amounts, use Wise

The sign up process on these services is usually less demanding


Bank to bank above $9500 Canadian dollars

As the amount The anti-money laundering laws should be increased Money transfer services and banks have to follow more rules

Traditional services tend to shine here as they get a lot of the regulatory compliance requirements out of the way from the beginning, which avoids the risk of freezing your account, and sometimes better services that are better at smaller amounts

They have a strong phone support and the percentage you pay in fees decreases as the amount increases

For amounts over $9500 Canadian dollars OFX is a review It should be at the top of your list

They are regulated The finance company finTRAC Telephone support is awesome if you have a physical presence in Toronto

Benefits of OFX

  • Their Fees become less expensive When you choose OFX, there are no fees on transfers over $10,000. You could pay a flat fee for anything below Click here to have the fee removed
  • The sign-up process pre- approves You are for larger transactions
  • Telephone support to help you navigate potential problems Keeping track of your money can be very helpful. This is important in Canada as each bank has different policies on how to transact

If you are the type of person who values premium customer service or simply want your hand help each step of the way, then you are worth mentioning The review of Currencies Direct It is not recommended in Quebec


Money transfer services in Canada


USA

Transferring money Between the USA and Canada Canada has no gift tax, and it is even more convenient to receive large amounts of money from friends and family in the US

We recommend that fund transfers between the two countries be done through this method

  • For smaller amounts, opt for WiseSee above)
  • OFX is our pick for larger amounts. (See above)


India

There are many services that can help with quick fund Canada transfers to India

If you are not an Indian, a 12.36% government commission tax will be added to the fees charged

We will help you to choose a money transfer service with low fees now, because this is important

If you need to Western Union and WorldRemit are usually suspects. The fees are paid WorldRemit is a review The charge is generally lower compared to other cash pick-up services

Western Union and MoneyGram have their own pick up outlets, and WorldRemit can fulfill same day transfers to Indian banks

  • The Bank of India
  • The bank is called the ICICI Bank
  • The bank is called the HDFC Bank
  • The Union Bank of India is in India
  • The Punjab National Bank is a bank
  • The bank is called Bank of Baroda
  • Yes bank
  • The bank is called the IDFC Bank
  • The bank is called Axis Bank
  • Canara Bank
  • The Federal Bank is a bank
  • State Bank of Travancore
  • State Bank of the city

Wise is our top pick for bank to bank transfersSee above). They can pay with a card for an additional fee

OFX is the best option for large bank to bank transfers over $9500 because of the fee free option


Australia

  • The wiseSee aboveThe exchange rate is great and the fees are low
  • For larger amounts of OFXThe table is above It is regulated with physical presences in both countries and customer service in both as well as a fee free option

If you are sending amounts over $10,000 Canadian, you may need to provide additional documents to the money transfer service. This will usually be gathered by companies like OFX

Money laundered as part of moneylaundering laws Australian Transaction Reports and Analysis Centre Money transfer services and financial institutions must report any transactions over $10,000 in and out of Australia


The Philippines

If you want to save big and send money safely from Canada to Philippines, here are some options

WorldRemit has branches all over the Philippines and they offer fast and easy cash transfers. The sender’s name, reference number, and government id proof are all required by the recipient

  • The amounts below $9500 are the best for bank to bank transfersSee above)
  • OFX’s top pick for larger transactionsSee above)


Other countries and tips are summarized

You can use any of the recommended services to send money to other countries, even if they are not listed

If the service is regulated in Canada and the target country, you should be able to transfer smoothly

Can be helpful to know the tax regulations for fund transfers in those countries to avoid hidden fees


Important factors can affect the outcome


Cost

Cost is definitely one of the things Key variables to consider When looking at a money transfer service. WorldRemit is a good option if you need cash. Wise is going to be hard to beat if you have less than $9500. OFX fee structure is focused on amounts above $9500 and it is cheaper as the amount increases, which is great for navigating the banks


Service

Service is an important factor. Good service involves quick help and practical advice for your bank Ensuring a stress free experience. If you want stellar telephone support with no surprises, choose OFX

Sometimes having a human on the other side is more reassuring than waiting for a response from a company


Speed

Transaction speed Depending on the method you choose to fund your payment The currencies are involved. Small cash transfers can be done in hours or the same day. How you fund the transaction with a credit or debit card will often save you a day or two, but it comes with additional fees


Safety and security are related

All the services are registered The agency in Canada that regulates it is called FINTRAC They are required by law to follow safety guidelines when money and sensitive data is in their systems. Your money is in good hands with any of these services

Leave a Comment