About CAD and CNY

If you are intending to send your money from Canada to China, you need to make sure that the process is seamless. Apart from this, you also have to make sure that you take time to find the best rates for sending money from Canada to China. The main hindrance to international money transfer is usually the costs and fees charged for making your transfer. This calls for a keen eye when scrutinizing the transfer options you have.

With our Intel here at Exchange Rate IQ, you will always be in a better position when deciding the service providers you want to use for your remittance.

Sometimes it is difficult to come to an informed decision on what transfer company to use when sending money abroad especially from Canada to China. However, making this decision should not be hard at all provided you have the right guidance. We, Exchange rate IQ, act as a compass as we point the direction in which you need to take when making your remittance. This way, you can never go wrong when sending your money to China from Canada.

The best way to send money from Canada to China

The Chinese currency is not freely convertible. This means that its exchange rate is often affected by the government and can be difficult to predict. Nevertheless, the Chinese government does not like seeing big fluctuations in their currency. As a result, they will intervene from time to time to avert this.

Therefore, make sure that you are aware of the time and market conditions that prevail in the recipient’s state before sending your money. In most cases, you may opt to use banks as they give you a glimpse of the prevailing market conditions of a state. However, they have hidden fees that they do not tell you about. As much as they may try and hide them, you will still feel the strain in your pockets. 

Today, we enlighten you on best ways to send your money to China and these are:

Digital money transfer companies and direct-cash transfer services

These companies offer a complete set of qualities to look for in a good money transfer company. For a start, they are fast hence will save you time. They are also cheap with some even having no service fees. There are many online money transfer companies and in-store service providers that can help you send money easily to China from Canada. These are:

• Ria
• XE Money
• TransferWise
• Xoom
• WorldRemit
• XendPay
• Travelex
• Skrill
• Western Union
• Money2anywhere

Among other attractive attributes they possess are convenience, simplicity in use and flexibility in terms of payment and pick-up methods. 

4 things to consider before sending money to China from Canada

When sending money from Canada to China, there are certain key factors that you have to consider first. Even before you lift a finger to make your remittance, you have to be careful enough not to choose a bad deal. Coming across a bad deal nowadays is as easy as coming across a good deal. To ensure that you have the latter, look at:-

1. Exchange Rates: Always make sure that the exchange rate you are offered is closer to the real exchange rate. Some service providers may try to tamper with the CAD-CNY exchange rates for their own benefit. That is why it is important to use our exchange rate calculator here at ERIQ. 
2. Maximum limits: The maximum amount you are allowed to send in a single day, month or week matters with every service provider. Some offer high limits while some offer low limits. 
3. Adaptability of payment and delivery methods: You can choose to pay via credit card, your debit card as cash or using your mobile wallet depending on your method of preference. Some options even offer more than one method of payment hence adaptable enough for certain regions. In addition to that, some transfer services offer the option of home delivery or via a specific pick-up location depending on how you want them to.