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.
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
- 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.
- 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).
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