MTFX operates in both Canada and the United States, and runs its Canadian headquarters out of Markham, Ontario (where it was founded in 1996). With an annual turnover of over $6 billion, MTFX offers competitive exchange rates and low transfer fees on a secure online platform. Since 1996, MTFX has become a leader in online foreign exchange services – managing over 100,000 transfers per year and offering both personal and business clients the best possible services and solutions. Canadians trust MTFX to transfer funds to over 100+ countries around the world.
How much does it cost to transfer money with MTFX ?
MTFX offers currency exchange rates that are 2-5% better than those offered by banks. Exchange rates fluctuate based on the mid-market rate (the rate that banks use to trade currency). The following comparison chart demonstrates how MTFX stacks up against another mid-size reputable money transfer provider.
CAD$1 in
MTFX
Wise
AUD
1.0218
1.0212
HKD
6.2275
6.2274
INR
51.768
51.767
JPY
85.148
85.157
PHP
41.217
41.224
SGD
1.0409
1.0409
THB
24.715
24.727
Rates as of 14 April 2018
MTFX offers a transfer fee of $15 for transactions less than $10,000, with fee-free transfers for any amount over $10,000.
How do I send money through MTFX ?
Sending money with MTFX is a quick and easy process which takes only a few minutes from start to finish, with no obligation. Once you sign up, you’ll be assigned a currency specialist to help you with every aspect of your transaction. Follow this user-friendly process to send funds overseas:
Register for a free account. Input personal details into a simple online form and provide copies of identification for verification purposes.
Enter recipient and payout info. Enter recipient details, including name, address, account number and SWIFT code.
Fund your money transfer. Funds can be transferred via wire transfer, Electronic Funds Transfer (EFT) or using Automated Clearing House (ACH) payment services for US-based funds.
What types of transfers can you carry out with MTFX?
MTFX offers several options for sending money overseas. Send an international money transfer immediately, or save money by booking your desired exchange rate for future transactions.
Single transfers. Book a single transaction with up-to-the-minute exchange rates.
Forward contract. Purchase currency for transfer at a later date to lock in your desired exchange rate.
Limit order. Set a target rate for your transaction and MTFX will book the transfer when the market reaches that rate.
Pros and cons of using MTFX
Pros
Competitive exchange rates. MTFX offers currency exchange rates that are 2-5% better than those offered by banks.
Fast processing times. Funds are typically received by your beneficiary within 24-48 hours of payment receipt.
Top-notch customer service. Dedicated Canadian customer service agents can answer a wide variety of questions at 1-800-832-5104.
Cons
No in-branch customer service. MTFX has no physical retail locations in Canada and offers only an online service (although headquarters are based out of Markham, Ontario).
Compare Xpress Money to other money transfer services
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.
Depending on banking hours and the time of transfer, cash is typically available within the day, although the process can take between 1 and 3 days.
MTFX holds client funds in segregated accounts and does not release outgoing payments until client funds are received. MTFX is also a registered entity with regulatory authorities in Canada.
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.
How likely would you be to recommend finder to a friend or colleague?
0
1
2
3
4
5
6
7
8
9
10
Very UnlikelyExtremely Likely
Required
Thank you for your feedback.
Our goal is to create the best possible product, and your thoughts, ideas and suggestions play a major role in helping us identify opportunities to improve.
Advertiser Disclosure
finder.com is an independent comparison platform and information service that aims to provide you with the tools you need to make better decisions. While we are independent, the offers that appear on this site are from companies from which finder.com receives compensation. We may receive compensation from our partners for placement of their products or services. We may also receive compensation if you click on certain links posted on our site. While compensation arrangements may affect the order, position or placement of product information, it doesn't influence our assessment of those products. Please don't interpret the order in which products appear on our Site as any endorsement or recommendation from us. finder.com compares a wide range of products, providers and services but we don't provide information on all available products, providers or services. Please appreciate that there may be other options available to you than the products, providers or services covered by our service.
We update our data regularly, but information can change between updates. Confirm details with the provider you're interested in before making a decision.
