All You Need To Know About International Money Transfer

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Before now, the process of arranging an international money transfer was a herculean task and quite expensive too. We have good news for you, it doesn’t have to be like that anymore.

You can notice that by the wide range of options available to you before you make the transfer. Also, there are well-known banks and third parties capable of making an international money transfer easier and more affordable for you.

Going forward, we are going to be discussing the various means through which you can make arrangements for international money transfers to Canada, and they include:

International Money Transfer Options

Wise (previously known as TransferWise)

They provide a cheaper yet more effective means of transferring money across borders.

  • Any transfer sent to Canada has a 0.45% fee, and your money normally arrives between 1-2 working days but for transfers from GBP to CAD, the fee is usually 80p + 0.45%.
  • Find the most recent rates at the widget above, and discover how much you can save.
  •  A lot of customers trust Wise, little wonder why it has gotten an average 9.5/10 rating from 30,000 independent reviews on Trustpilot.
  • It is secured and fully approved by the Financial Conduct Authority in the UK, it is also answerable to the European customer protection rules.

CurrencyFair

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This is yet another inexpensive and effortless means of arranging an international money transfer to Canada.

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  • You will find the live Canadian currency exchange calculator on their homepage, with this calculator, you can find the latest rates.
  • You will no longer be charged receiving bank charges when transferring CAD into Canada’s main banks. However, you must complete transfers before 11:30 AM (UK time) to avoid delays.
  • A flat fee of $4 per transfer is available for transferring money from any location to Canada.
  • A domestic fee may be required by your bank for transferring funds to other places from Canada.
  • Finally, it is safe and is regulated.

Western Union

Western Union is known to be a third-party money transfer option offering irresistible rates and lower transfer fees, and they permit you to transfer funds either from your account in one country to the one in another country or from another country

Other international money transfer options

Alternatively, you can make use of a third party to transfer money from your local bank account to your account in Canada such as Paypal and Western Union.

Interestingly, both Paypal and Western Union offer effective ways for international money transfers, it is left for you to do your homework in order to decide who between the two offers the most competitive rates.

Furthermore, we advise you to set up two Paypal accounts; one to your domestic bank and the other to your Canadian bank when using Paypal to make international money transfers to Canada.

With this, you will be able to transfer money from Canada, and between them free of charge; all you need is just to have two email accounts.

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Although this may appear to be a simple process, ensure that you find out the rates you’re being charged. You never can tell, a little research could go a long way towards increasing the affordability of your international money transfers.

Also, if this is your first time arranging a transfer, it may come as a surprise to you that the banking systems you have in North America are distinct from the ones you have anywhere else, that being said, the information that will be required of you will be different.

Let’s say, for instance, a European bank may require certain details from you such as BIC and IBAN numbers, nevertheless, in Canada where accounts have transit codes, ABA numbers, and swift numbers these details don’t exist.

If you are asked such a question, it can be somewhat confusing trying to figure out the information that should be there.

Cross-checking everything with your bank before completing the transfer is very necessary and if you still have space in the transfer form to leave notes or extra information, endeavor to utilize ut by leaving comprehensive information on anything you’re not sure of.

Please know that sometimes, especially for large transfers, the receiving bank may endeavor to call you to guarantee that you’re expecting to receive such an amount.

In this case, if you already set up the bank account before you got your local cell phone plan, they may not be able to reach you thereby causing delays in receiving funds.

We also advise you to visit a bank branch to know what the issue is if the transfer is taking longer than expected.

In conclusion, international money transfer has gotten easier and more affordable, you just need to choose the one that suits you best.

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