First Global Money is based in Toronto and offers international money transfers in 15 currencies to 22 countries (as of 06 May 2018). The organization operates an encrypted service that allows you to send money overseas using bank-to-bank transfers or cash pick-up, all with low fees and bank-grade security.
How does the registration and transfer process work?
It’s as easy as pie to send money overseas with First Global Money. All you need to do is follow a few simple steps:
- Open an account. The first order of the day is to sign yourself up for a free account on the First Global Money website. Simply input your phone number and a password to get started!
- Select your currency. Choose the country you would like to send money to using the convenient drop-down list and make note of the amount you wish to send overseas,. The fees and exchange rates for your transfer will populate automatically.
- Enter personal details. Enter personal details for both yourself and your recipient (including name and banking information).
- Select payment options. Choose how you want to pay (bank account or debit/credit card) and how you would like your recipient to receive funds (bank account or cash pick-up).
- Send your money. Confirm your transaction and your transfer will be processed on the same day.
Once you register for an account, First Global Money will provide instant access to a quote for your transfer, which will outline exchange rates and fees. Most transfers are completed within 1-3 business days.
Back to topHow much does First Global Money charge in fees?
While many Canadian banks charge high fees for international money transfers, the fee to send money with First Global Money rings in at as little as $3.99. Fees vary based on destination country, amount sent and method of transfer. The table below showcases a sample of how fees are structured when sending money from Canada to India.
| Amount Sent (CAD) | Method of Transfer | Fee (CAD) |
|---|---|---|
| $100 | Cash Pickup | $4.99 |
| $100 | Bank Transfer | $6.00 |
| $800 | Cash Pickup | $4.99 |
| $800 | Bank Transfer | $8.00 |
Rates as of 06 May 2018
How much does First Global Money charge for exchange rates?
The exchange rates promoted by First Global Money are more comparable with the bank than with other money transfer services. Part of the reason for this is that the company charges a lower fee than many other services, and offers the option of cash pick-up. The table below compares First Global Money’s exchange rates with a well-known money transfer option and a prominent Canadian bank.
| $1 CAD in exc | Canadian Bank (RBC) | Money Transfer Service (TorFX) | First Global Money |
|---|---|---|---|
| US dollar (USD) | 0.7613 | 0.7777 | 0.7300 |
| Australian dollar (AUD) | 1.0030 | 1.0327 | 1.0000 |
| Hong Kong dollar (HKD) | 5.9453 | 6.1064 | 5.8900 |
| New Zealand dollar (NZD) | 1.0793 | 1.1084 | 1.0700 |
| Philippine Peso (PHP) | 38.417 | 40.210 | 40.190 |
Exchange rates as of 06 May 2018 – subject to change
Back to topTo which countries does First Global Money send international transfers?
First Global Money currently sends 15 currencies to 22 countries. International money transfers are limited to the following countries when sending money from Canada:
- Argentina
- Australia
- Bolivia
- Colombia
- Dominican Republic
- Ecuador
- El Salvador
- Guatemala
- Guyana
- Honduras
- Hong Kong
- India
- Indonesia
- Malaysia
- Mexico
- New Zealand
- Nicaragua
- Panama
- Paraguay
- Peru
- Philippines
- Uruguay
What are the pros and cons of using First Global Money?
Pros
- Nominal fees. First Global Money offers minimal fees on transactions for all Canadian transfers (as low as $3.99).
- Quick transactions. The whole transfer can be completed online in 5 – 10 minutes.
- Offers cash pick-up. Recipients can pick up cash on location in destination countries.
Cons
- Limited currencies. There are only 15 currencies available for transfer (as of 06 May 2018).
- Not ideal for large transfers. Transfer limits are set at between $25 and $999 per transfer.
Compare First Global Money to other money transfer services
Disclaimer: Exchange rates change often. Confirm the total cost with the provider before transferring money.
Frequently asked questions
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