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Best Way to Send Money to Canada

Best Way to Send Money to Canada

There probably is not a best way to send money to Canada. It all depends on what is best for you. In this article, we have tested and mentioned a series of money transfer methods, and each has its own advantages and disadvantages. Some are the cheapest, some are the fastest, and some are convenient. The transfer methods listed in this article are varied enough so that they suit most people’s circumstances.

Send Money to Canada With TransferWise

The great thing about TransferWise is the fact you get the market rate. Many transfer companies make their money by offering a poor exchange rate and by charging you fees. TransferWise offer you the market rate and then make their money with fees. TransferWise doesn’t skim from the exchange rate. There is no minimum deposit, and you get to see exactly how much you are sending and how much will be received. You may send money using your bank card, or you may send a bank transfer. The process is easy and relatively, but it will still take between 2-3 business days before your transfer is complete, but that is downside to the savings you make when you use TransferWise.

Send Money to Canada With CurrencyFair

The average commission you pay will be around 0.35%, and the average transaction time is between 24-48 hours. In my experience, it takes 48 hours (two business days) to get from Europe to Canada or the USA to Canada. You are able to take the rate that is offered to you, or you may wait and take the chance that a better rate will be found and matched on the CurrencyFair website. The tool on the home page is a no-obligation tool, which means you may play around with it without having to commit to buying or signing up. You may use your CurrencyFair account on a Windows PC or laptop. There is also an Android and Apple app too.

Send Money to Canada With Western Union

The Western Union website happily brags about its $1 starting fee if you are sending money to Canada. There are around 3000 Western Union agent locations in Canada. That means that your recipient may visit an agent’s location and pick up your transfer in cash. Or, you may have the money sent to your recipient’s bank account. You may fund your account with a credit card, debit card or with an Internet transfer from your bank. Remember that your credit card issuer will consider a money transfer to be a money advance, which means you will be charged a little extra for it from your card issuer. There is an Android app, an iPhone app and an iPad app.

Send Money to Canada With MoneyGram

If you are sending from the US, then there are 30,000 locations where you may send from. There are 400 banks within the MoneyGram network, and there are over 400,000 MoneyGram locations around the world. MoneyGram doesn’t seem to have a worldwide rule on how much you are able to transfer, but they do have to abide by the rules of each country. Fund your transfers with a debit or credit card if you wish, just remember that credit card companies will consider this a cash advance and will charge you extra for it. MoneyGram doesn’t have a perfect reputation, but it is a very large company and so is going to attract a few negative reviews whenever they mess up.

Send Money to Canada With PayPal

There are many great things about PayPal. One of them is that you may maintain a balance with a number of different types of currency. PayPal allows you to store your money in a place you can trust. There are 200 million people who trust PayPal. You may withdraw to your bank account very easily, and PayPal keeps offering credit to people. They do not charge you to maintain or keep your account, and all your information is private and protected from others because you do not have to enter your bank details when you buy, you only enter your email address and your PayPal password. PayPal allows you to set up direct debits, and all you need from your recipient is your recipient’s email address or phone number.

Send Money to Canada With With A Bank Transfer

Sending money to Canada is often rather easy, especially if you are using your bank to do it. Your bank may be able to arrange an ACH transfer that may take more than the standard day. Otherwise, your bank may be able to arrange a wire transfer where your currency is converted into Canadian dollars. Your bank will have its own way of selling transfer and exchange services to you, such as with a straight fee, or maybe by having you sign up for a certain type of account. Your transfer and your exchange will probably cost you more than if you use a private company, but you get convenience and extra security when you use a bank to transfer money to Canada.

Send Money to Canada With A Check

Either you or your recipient has to convert the currency from your currency to the Canadian currency of Canadian dollars. You may convert the money and send a check in Canadian dollars, or you have the recipient do the exchanging. If you choose to convert the money and then write a check, then you need an account where you are allowed to store that type of currency. If the recipient banks the check that is in your currency and is not in Canadian dollars, then the bank in Canada is probably going to take several weeks to clear the check to be sure it is not fraudulent.

Send Money to Canada With Bitcoin

Bitcoin isn’t as popular in Canada as it is in the US, UK, Russia, China and some European countries. Nevertheless, there are exchanges in Canada where your recipient will be able to convert his or her Bitcoin into Canadian dollars. The cost for yourself is going to vary. There are fees for buying, fees for withdrawing, and fees for transferring. Buying is often the most expensive part of the process, so consider all the fees before you transfer your money to Canada with Bitcoin. Though I shouldn’t mention it, you may find it easier and cheaper to transfer larger amounts of money to Canada with Bitcoin.

Send Money to Canada With An International Money Order

Don’t worry too much about if your recipient will be able to clear and cash your international money order because most banks, credit unions and financial companies in Canada will happily clear an international money order. Still, it pays to check, especially if you are sending an international money order in your own currency rather than in Canadian dollars. The cost of sending an international money order is not terrible, and the postage isn’t heartbreaking too, but it is one of the slowest method of getting money from your account to your recipient’s account. Even if you do not have a bank account and you wish to use an international money order because you do not have a bank account, then there are other ways (faster and cheaper ways) such as using bitcoin.

Send Money to Canada With Skrill

The Canadian Dollar is one of the 40 currencies that Skrill accepts. If you have a recipient in Canada, and you both have a Skrill account, then it may be easier (and maybe cheaper) to send your money via Skrill. You will have to weigh up the pros and cons, especially with regards to costs because Skrill is not close to being the cheapest online wallet for sending overseas transfers. The cost of your transfer includes both the sending fees, and the crap exchange rate that you get with Skrill. If time is on your side, then you can leave your transfer on something such as the CurrencyFair market and wait for the right price to come along. If time is not on your side, then Skrill is a fairly fast transfer method with high, but not terrible, exchange rates.

Send Money to Canada With World First

You can send money and have it arrive within one to two days. World First uses an automated clearing house, so it will take at least one night for your money to go through. You have to send a minimum of $1000, and you may send the money over the phone or over the Internet. Set up regular payments or one-off payments. Do not be fooled by their claim the they do not charge fees because what you save on fees you still lose on their exchange rate.

Send Money to Canada With OFX

There are limited fees with OFX, but you lose a chunk of your money with their less-than-perfect currency conversion rate. You are allow to send as little money as you wish, and it takes a minimum of one day to arrive with your recipient. Make your transfers over the phone or online, and you may make one-off payments, regular payments, market offers and forward contracts.

Send Money to Canada With HiFX

They only deal with 20 currencies, and you can have the fee waived if you send more than $5000. The transfer will take between three to five working days, and the company makes most of its money from skimming from the exchange rate, so make sure you factor their exchange rate into the mix when you are comparing transfer companies. Transfer using the phone or the Internet, and make regular or one-off payments.

Send Money to Canada With TorFX

The minimum you are allowed to send is $150, and your money will be converted and sent within one to two days. Make your transfer and exchange order over the phone, with an agent, and on the Internet. You may send regular payments, you may forward contracts, and make one-off payments. There are no hidden fees, but they are going to kick you a little with their exchange rate. The company is rather well known, and they make their money by skimming from the exchange rate.

Conclusion – Don’t Be Fooled For Too Long

If you only transfer money to Canada on a rare or one-off basis, then don’t worry too much about losing a dollar here or there because of a poor exchange rate or something of that nature. If you transfer money regularly, or you are planning to transfer money regularly, then you need to test out number transfer and conversion methods to be sure you get the fastest and cheapest.

Many times, you will find that getting the cheapest rate where you get more for your dollar will also mean using the slowest transfer method. For example, you can save a bundle if you buy bitcoin at the right time and if your recipient is willing to accept it. In addition, you may save money with a company such as CurrencyFair where they allow you to put your transfer on their market to see if anybody will pay you the rate you are asking for.

Many transfer companies claim that they offer a fee-free service, but what they fail to tell you is that they skim from the exchange rate in order to make their money. That is why some companies are happy to waive any fees if you send larger amounts. The best thing you can do, if you are looking for the best price, is to actually send money with each company and see which gives you the best value for your dollar.

Don’t forget that some transfer companies offer a discount or lower rate for newer customers, so take that into account when you are figuring out which company offers the best rate. Work it out on a dollar basis so you can see just how much you put in and just how much your recipient receives per each dollar you sent. If you can work out how much your recipient receives per each dollar you send, then you will have a benchmark by which to judge all the companies you use.

About The Author

Ash The Great

After a varied career in different industries from the hospitality industry to the financial consultancy industry, Ash now spends his days working as a professional writer.

1 Comment


    Dear Ash
    I am resident in The UAE, & in process of relocate to Victoria, BC, Canada.
    My question is how can I open an offshore bank account in Canada before being there?
    Thanks in advance for your advice.


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