Calforex offers three main services: foreign exchange, business transfers and wire transfers. They don’t post their exchange rates or fees online, so it’s difficult to say how competitive they are. Based on the rates and fees of similar companies, It’s likely that they’re on par with the banks and more expensive than specialist money transfer services.
If you’re sending a wire or business transfer overseas, Calforex likely adds a 2-5% margin onto the mid-market exchange rate (aka the rate that the banks trade at). This means your transaction could end up costing hundreds of dollars more than with a specialist money transfer company, depending on how much you send.
Available currencies
Calforex allows you to send money overseas via wire transfer, but you’ll need a business or student account to send online money transfers through their SHiFT platform. You can send most major currencies, including:
USD US dollar
GBP British pound
EUR Euro
AUD Australian dollar
NZD New Zealand dollar
SGD Singapore dollar
ZAR South African rand
INR Indian rupee
Calforex also carries over 100 foreign currencies on location for exchange purposes.
What types of transfers can you make with Calforex?
Currently, Calforex only offers business transfers, wire transfers and tuition payments, although they’re working on introducing personal transfers through SHiFT. They don’t appear to have Forex options like forward contracts or limit orders, which would allow you to lock in a favourable exchange rate for the future.
You can send money directly to your recipient’s bank account so long as you know their banking information, including bank name, account number and SWIFT or IBAN code. Alternatively, you can specify the university you want to pay from their drop-down list.
How long does a transfer with Calforex take?
Transfer times can vary based on what currency you’re sending. Typically, it takes around 1 – 3 business days for your transfer to arrive.
What payment methods does Calforex accept
You can pay for your money transfer with a direct deposit from your bank account, or by paying with PayPal or your debit or credit card.
Transfers typically take
1-3 days
Is Calforex safe to use?
Security and regulation: Physical and electronic security measures in place.
Established: 1983
Country
Regulated by
Canada
Financial Transactions and Reports Analysis Centre of Canada (FINTRAC)
How does Calforex make money?
Calforex makes its money by charging a spread on the exchange rate. They don’t post their exchange rates or fees online, so it’s hard to say how competitive they are. Similar currency exchange services add a 2-5% margin onto the mid-market exchange rate (aka the rate that the banks trade at).
For example, if the mid-market rate to send CAD to USD is $0.751, the bank will offer you a rate of $0.735. This means that they get to keep $0.016 on every dollar you exchange. On a transfer of $10,000, this can rack up an extra cost of $160.
How to register an account
You can register for a business account online or by visiting one of Calforex’s kiosks. To register online, you’ll need to provide details like the type of business you own along with the business number. Once you’re all set up, you’ll be able to send transfers through their online platform.
If you’re looking to send a wire transfer, you’ll have to visit an agent to provide your personal details and payment information
What is Calforex?
Calforex is primarily a foreign currency exchange with limited money transfer options. It has locations in Calgary, Edmonton, Ottawa, Toronto, Montreal and Victoria.
In a nutshell
Pros
Foreign exchange. They’re known to have competitive rates for exchanging currency.
Business transfers. You can use their online app to send business transfers at any time of day.
Tuition payments. You can send money directly to your university using a convenient drop-down list.
Buyback guarantee. They offer bonus cash when you make your first transfer or refer a friend.
Cons
No personal transfers. You can only send business transfers or pay tuition using their online platform.
Poor exchange rates. They add a larger margin to the exchange rate than specialist money transfer services.
Hidden rates and fees. It’s difficult to find any information on their rates and fees on the company website.
Takes longer. It can take up to 3 business days for your recipient to receive their funds.
How does Calforex compare to other providers?
Calforex is just one among many banks and specialist companies offering international money transfers.
Our table below lets you compare services you can use to send money abroad. Compare fees, exchange rates and discounts from different money transfer services, and when you have made your choice, click Go to site.
Claire Horwood is a writer at Finder, specializing in credit cards, loans and other financial products. She has a Bachelor of Arts in Gender Studies from the University of Victoria, and an Associate’s Degree in Science from Camosun College. Much of Claire’s coursework has focused on writing and statistics, with a healthy dose of social and cultural analysis mixed in for good measure. In her spare time, Claire enjoys rock climbing, travelling and drinking inordinate amounts of coffee.
If you’re looking for a secure way to send money overseas, an international bank draft could be for you — but if speed is important, consider using a money transfer service instead.
Read our review of OFX and see if it’s right for your next international money transfer.
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