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Are you looking for the best way to send money overseas? You’ve come to the right place. We’ve compiled a list of some of the most reputable and affordable services on the market to help you save money. Check out the table below, and click on [Go to Site] to lock in the best deal.
The first step to finding the best exchange rate is to figure out the mid-market rate, which is the rate for bank-to-bank trades (also known as the interbank rate). Let’s say, for example, that you want to send money to the United States from Canada. To figure out the mid-market rate, simply punch “CAD to USD exchange rate” into Google (which in this case translates to CAD$1 = USD$0.77).
Many online money transfer services will display mid-market rates rather than the rates they actually charge when you use the currency conversion calculators on their websites, so it’s best to register for an account or request a free quote directly from your provider to make sure you’re getting the best deal.
Even if you manage to find a top-notch exchange rate, high fees can throw a wrench in your plans to lock in the best deal. Many transfer companies offer low to no fees so it’s important to cross-reference if you want to make sure the money you save on exchange rates isn’t eaten up by fees and vice-versa. Best case scenario: you start with the company that has the lowest fees, and see how their exchange rates measure up. And if you’re not sure where to start, take a look at the table below to compare fees for a handful of reputable services.
|Money Transfer Service||Transfer Fee (CAD)|
|XE Money Transfer||$0|
Fees updated as of 06 June 2018 (subject to change) – you can visit many of these websites directly by clicking ‘Go to Site’ on the interactive transfer comparison table at the top of the page.
One of the best ways to find a stellar deal is to use our interactive transfer comparison table at the top of the page. And if you’re not quite ready to commit to a money transfer service, we have a few more tricks up our sleeve to help you save money.
Will my money get to where it needs to be on time?
If time is of the essence and you need to send money overseas in a matter of minutes (rather than a couple of days) then you will likely need to settle on one of three companies: WorldRemit, Western Union and MoneyGram. These are among the only international money transfer services that offer cash transfers from Canada to hundreds of thousands of agent locations in countries all around the globe! But, just remember, the grass isn’t always greener on the other side, and you will have to pay higher fees and less competitive exchange rates for the privilege of a lightning fast transfer.
International cash payment companies
Different companies have different strengths, so it’s important to choose a company that offers what you need. Take a look at the table below to see what some of the most reputable services are bringing to the table.
|Service||Zero Fees||Forward Contracts||Limit Orders||Regular Payments||Business Transfers|
|XE Money Transfer||✓||X||X||>✓||✓|
Details updated as of 06 June 2018 (subject to change) – you can visit many of these websites directly by clicking ‘Go to Site’ on the interactive transfer comparison table at the top of the page.
Best practices can differ by destination country so feel free to read more specific information on the best ways to send money to different countries. Simply click on the country you’re sending money to for details about supported currencies, most cost-effective transfer options and other relevant features.
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