There are many ways to send money to Canada. The options you have at your disposal to transfer your funds overseas include:
International money transfer companies
These are companies that specialise in transferring money across international borders. They don’t use the international SWIFT banking system, but rather have developed other methods for transferring money overseas which are quicker, cheaper and more cost-effective than using the traditional banking system (namely online transfers).
Different transfer companies can offer a wide range of services, from a mobile transfer app which you can use to store currencies from different countries to full online business foreign exchange services. Choose the type of transfer service you require to best suit your needs.
Cash transfers
Some transfer companies offer cash transfers to Canada, which can be completed in a matter of seconds after you send them. They offer cash pickups (and sometimes deliveries) on the same day which can be collected at your Canadian destination almost immediately by a designated recipient. However, these often come with higher fees attached compared to transfers sent directly to a bank account, so it may not be the most suitable choice for you.
Traditional bank transfers
You could also use your traditional bank to transfer money to Canada. However, they’ll charge fees of up to $30 to do so, and their exchange rate is likely to be lower also. In addition, you’ll often have to wait for three to five business days for your bank transfer to arrive, making them a more expensive and slower choice for sending your money to Canada.
PayPal
PayPal is another option for sending money overseas. However, even though the money may instantly appear in your recipient’s PayPal account in Canada, it may take an additional three to five days for the funds to land in their standard bank account. You also won’t know in advance what exchange rate you’ll be given, which can often be far less favourable compared to those charged by a specialist international transfer company. If you compare a PayPal transfer with one offered by an international money transfer service, you’ll find the latter is by far the cheapest option.
Phone top-up
Another method to get money to Canada is to send funds through to a mobile phone pre-paid SIM card. Although this method can be useful if the person receiving the funds doesn’t have a bank account, you won’t have any say in the exchange rate you receive or the fees charged, which can be substantially higher than if you use an international money transfer company.
Using Apple Pay
Whether you can use Apple Pay to finance your transfer to Canada will depend on which company and the method you choose, as not all providers support Apple Pay. However, it’s important to know that using credit cards such as those linked to your Apple Pay digital wallet to pay for your international money transfer can cost you a fee of between 3% and 5% of the transfer amount, in addition to other set fees.
Whichever way you choose to complete your international money transfer, your cheapest and most efficient option will be using a specialist money transfer provider. You can compare from a variety of respected and licenced companies right here with Savvy and get your transfer to Canada underway today.
