So what are the best options to go for when sending your money from Canada to your desired destination? Online money transfer companies are your go-to. Most of you have probably heard of companies like CurrencyFair, WorldRemit, and TransferWise. These are the three most competitive companies to use when remitting your money from Canada. This is among other online transfer companies that likewise offer this kind of money conveyance such as XE Money, Ria, Remitly, Remit Money, Yesremit, Xoom, and Remit2India. You can get the exhaustive list at Exchange Rate IQ where we have categorically compiled a comprehensive list of all the service providers that you may need.
Why online money transfer companies?
Some of the advantages of using online money transfer companies as compared to other means of money remittance include:
- Fast speeds of the transfer.
- Fair and affordable costs.
- Multiple payment options.
- Safe and secure transfer.
- Affordable exchange rates.
- Simplicity and ease of use.
- Many methods of delivery.
- Flexibility and convenience.
Some of the other options that are likewise competitive but not the most preferable resorts include PayPal, international money orders, and the post office. You can also opt to use direct cash transfer service providers like XendPay, Skrill, Western Union, Money2anywhere, and MoneyGram. These in-store service providers offer most of the lucrative advantages that online money transfer companies offer. In addition to that, they also have a well-distributed network of pick-up locations that your recipient can go to for the collection of their cash.
The cheapest way to send money from Canada
The cheapest way to send money from Canada to other parts of the world is through online money transfer companies. Service providers like CurrencyFair offer charges as low as $3 to $4 for its services. TransferWise, on the other hand, charges o.6% of the total amount you wish to transfer. WorldRemitcharges depending on the pay-out method you want to choose for your transfer. For instance, using bank deposits may prove cheaper than using direct cash pick-up.
The fastest way to send money from Canada
The fastest way to send money from Canada is through service providers like Xoom that take only a couple of minutes to deliver your cash and Remitly that has the express service that can complete your transfer instantly. Its economy service that can take up to 3-5 working days. Just like the name states, the economy service will guarantee you a lower cost than the express service for your transfers. CurrencyFair and TransferWise are similar in nature in that almost 90% of their transfers usually take 1-3 working days to be completed. WorldRemit is more specific in that it offers transfer speeds depending on the method of delivery that you choose. Banks transfers and mobile money remittance are instant. Home deliveries, on the contrary, are slower.
Exchange rates explained
The exchange rates in Canada are usually affected by several factors. Some of these are Inflation rates, Interest rates, Government debts, terms of trade, recession, and political stability all of which can be termed as the prevailing economic and political conditions of a state. The exchange rates determine how much one currency is worth when converted to another country’s currency. When the currency of one country is more robust when compared to that of another currency, it yields more money when exchanged into the weaker currency. Knowing this puts you in a better position to choose when to send your money from Canada to other countries.
Also, you have to compare the exchange rate you are offered by certain service providers. The rate you are offered is usually what the service providers deem fit for the transfer, some even for personal gains. This is where the mid-market or interbank rate comes in as it helps you choose a transfer option that offers exchange rates closer to it. This is how you get the most value for your currency. With our exchange rate calculator here at ERIQ, you can never go wrong when choosing a better rate for your transfer.
What to consider when sending your money from Canada to other countries
Some of the key features to look at when comparing money transfer services include:
As already mentioned, the exchange rates shift every time. Therefore, you should always be on the lookout to ensure that the service provider you are using is well informed and aware of these occasional shifts and adjusts their rates accordingly. Use our updated currency exchange calculator for the best rates.
The cost of sending money from Canada charged by different service providers also varies among different service providers. One key phenomenon you may notice among most transfer companies is that they charge higher for fast transfers and vice versa. Nevertheless, most of them charge differently based on varying criteria such as the methods of delivery, amount of transfers, and a portion of the amount of money you wish to transfer.
Most transfer options have maximum and minimum limits on the amount of money they can periodically allow you to transfer, whether daily, yearly, or monthly.
Turnaround time and transfer speeds:
Some companies can take several days and even as long as a week to remit your money from Canada to other parts of the world. However, better options take only a couple of minutes to remit your cash. This can depend on the method of delivery you choose.
The methods of payment varies among different service providers. Some offer pay-out via bank deposits and mobile money while others offer withdrawal by cash pick-up and airtime top-up.
How easily can you reach your service provider? If your service provider is not available around your area and does not offer any other means through which you can transfer your money from Canada to other countries, then be sure that another is.
A good transfer service provider should be able to comfortably protect the money of their senders through limit contracts that prevent funds from being affected by certain economic conditions or forward contracts so that you can schedule your payments ahead.
Security is never an issue if you use reliable money transfer services like XE Money and other transfer options mentioned here at Exchange Rate IQ. Most of these service providers have bank-class security systems installed into their operating systems as they recognize that your money is their business priority.
With all the above mentioned Intel, the ball remains in your court. ERIQ provides you an in-depth analysis of all these money transfer companies for your perusal and approval. If you wish to send money from Canada to any other part of the world, then you will never come across information as detailed as what we have just revealed to you. Even better is the fact that you do not have to strain looking at other sources of information as they are scattered and may give you a migraine for no reason.
With the many service providers that offer international money transfer services from Canada to other parts of the world, you can never run short of choices to pick from. However, we only want the best for you and that is why we have highlighted the ways through which you can sieve out what you do not want from what you want. We have you covered here at Exchange Rate IQ!