XE Money Transfers
- Send money to 130+ countries
- Competitive exchange rates that are often better than banks'
- XE doesn’t charge any transaction fees, commissions or ongoing fees
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There are several ways you can transfer money overseas from your card, but you’ll need to keep an eye on the fees. It’s often not the cheapest method of sending money overseas – paying with a bank transfer attracts fewer fees. But if you have to, picking the right company to send money using your credit card can save you on excess fees.
You have several ways to use your credit card when paying for an international money transfer, including:
Even if you don’t have a credit card, you may be in luck: many money transfer providers accept debit cards. If you decide to use a debit card, be sure to understand any processing fees you’ll pay.
Here are a few excellent options for international transfers using your debit card:
A debit card is a great option for domestic money transfers. If you pick the right transfer provider, a debit card will let you send money quickly and for free. Arguably the best way to send money domestically, Google Pay offers free transfers with a debit card. When your recipient receives the transfer, the money is automatically forwarded to the bank account linked to their debit card.
You have many options when it comes to sending money with your credit card, as companies are often willing to accept payment by plastic if you’re willing to pay for the convenience. Here are the fees charged by popular options for sending CAD $800 to a bank account in Mexico with your credit card when we checked on April 26, 2021.
|Sending CAD $800 to Mexico via||Percent fee||Flat fee||Total credit card fees|
|Western Union||0.00%||$0.00 (temporary promotional fee)||$0.00|
|PayPal||2.90%||CAD $4.99 + MXN $4.00 (about CAD $0.25)||$28.44|
Without a doubt, WorldRemit charges the lowest in credit card fees compared to the other popular sending options we checked, but these fees aren’t the whole story.
You could find yourself in a situation where sending a money transfer from your credit or debit card is a good idea. Here are just a few:
If you have a rewards credit card, you may earn travel miles or cash back after you fund your transfer. However, this works best when you use a service like MoneyGram or Western Union — not your bank. Transferring through your bank could saddle you with higher interest rates and fees, erasing any rewards you might earn.
Credit and debit card transfers could be useful in an emergency. For example, you may need to send an urgent transfer to loved ones whose funds were stolen while travelling overseas. In this case, it may be most effective to send a card-based transfer via Western Union or MoneyGram.
Before you initiate your transfer, check on fees for both credit and debit cards. If there’s any difference, you’re likely to find a lower fee for debit card transfers.
Using a bank account is the standard funding source for money transfers. However, you may not have your bank account details handy. In that case, it may be more convenient to use your credit or debit card.
If you don’t have a credit card, bank account or debit card, consider picking up a prepaid credit card. You can purchase one at a local store — such as a supermarket or a local Canada Post outlet — and use it to fund your transfer.
Compared with using your bank account, it could be more convenient to transfer money with your credit or debit card. However, keep these potential pitfalls in mind.
When you pay for a transfer with your credit card, the transaction is often treated as a cash advance by your card provider. This typically attracts a cash advance fee and higher rate of interest than an ordinary card payment. The interest may also apply from the day you make the transfer — without an interest grace period.
Using your bank account is typically the cheapest option. When you use your credit or debit card, your provider is likely to charge you a higher transfer fee.
You can transfer money overseas with a credit or debit card, but it’s typically your more expensive option. It’s almost always cheaper to fund your transfer with your bank account. No matter how you’ll ultimately pay, compare multiple transfer providers before parting with any of your money.
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