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Pay overseas bills with an international money transfer
Find an affordable and easy way to manage your overseas bill payments with international money transfers.
Keeping up with bills at home while living abroad? You need to pay your mortgage or rent wherever you happen to be, and utility bills and business expenses often can’t wait for you to return home. Or perhaps you simply want to help out loved ones overseas.
International money transfers aren’t complicated or expensive. And those better-known companies are no longer your only options. Newer digital providers are undercutting the competition on exchange rates, fees and speeds — as well as making it easier than ever to get your money where it needs to go around the world.
How can I pay overseas bills?
Just as online payments are phasing out the need to write checks to pay your bills, more affordable online options for sending money overseas are rendering older methods unnecessary.
While you can still send a secure international cheque overseas to pay bills or help family, you’d need to pay a fee and be willing to wait for the cheque to arrive. Similarly, sending an international wire transfer with your bank is no longer the most convenient or affordable option. With a bank wire transfer, you’ll typically pay fees of up to $50 or more and get exchange rates ranging from 2% to 5% or more above the mid-market rate.
Unlike Canadian banks, independent money transfer services specialize solely in money transfers, offering more transfer options and strong exchange rates than you’d likely get with a bank.
The best-known services include Western Union and MoneyGram, but competing service providers have sprung up over the past decade.
OFX, Wise and WorldRemit allow you to send bank account transfers overseas, but with much stronger exchange rates and lower fees than banks usually offer. These services are also fast and secure.
Why would I need to send money overseas?
With an expanding global economy, your needs for sending money overseas could include:
- Rent. Whether you need to pay rent back home while you’re on vacation or maintain an overseas rental for a relative, you might need to send an overseas payment.
- Mortgage. Your mortgage obligation doesn’t go on vacation when you do, so you may need to take care of a payment for your domestic or overseas home.
- Utilities. Bills for gas, water and electricity keep coming, even when you are away.
- Goods and services. If you’re purchasing items overseas, you’ll need an efficient way to get money to the seller. Sometimes, a credit card payment isn’t an option.
- Paying staff or contractors. Whether you’re employing people overseas for your business or hiring workers to build you a house, you’ll need to ensure they’re paid promptly.
- Family ties. Lots of us are helping out loved ones abroad or surprising them with celebratory funds.
Money transfers services to pay international invoices
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.
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What are my international money transfer options?
- Bank wire transfers. Many major Canadian banks allow you to wire money to banks around the world. But, with higher fees and poor exchange rates, bank wire transfers aren’t a cost-effective way to pay overseas bills.
- Online money transfer services. Online providers can offer more competitive exchange rates and lower fees. Some even offer fee-free transfers depending on how much you’re sending.
- Providers with cash pickup. While many bills these days are paid electronically, sometimes you need to send cash. Western Union, MoneyGram and Ria offer fast, convenient transfers that your recipient can collect in cash from agents worldwide.
- Cheques and money orders. Although not a quick option, you could get an international cheque or money order from your bank and mail it to your recipient.
How can I compare money transfer providers?
With so many companies competing for your business, choosing the right one can be difficult. Before handing over your cash, compare:
- Exchange rates. Nearly all providers skew exchange rates for a profit. Compare the rate you’re offered to the mid-market rate (the rate banks and transfer services use when they trade among themselves). The smaller the difference, the cheaper your transfer.
- Transfer fees. Find out whether the provider charges a flat fee or a percentage of your transfer. If you’re sending a large amount, ask whether you qualify for a fee-free transfer.
- Transfer limits. Your best option might depend on how much you want to send. For large transfers, weigh the best exchange rate, especially since providers encourage large transfers by offering low fees. For smaller amounts, consider the fees you’ll pay on top of the exchange rate.
- Payment and delivery methods. Some transfer companies allow you to pay with a credit card online, by phone or through an app. Others offer agent locations for cash payments and pickups. Also ask how your recipient can receive funds (bank account, cash pickup, mobile wallet etc.).
- Hedging options. Ask whether you can schedule payments ahead of time or protect your transfer against market fluctuations with a limit order or forward contract.
- Available currencies. Consider whether the currencies and countries will serve your international bill payment requirements in the future.
- Transfer speed. If it needs to be there fast, some providers allow for quick cash pickups, often in minutes. If you’ve more time, you’ll get better rates and fees with an independent provider.
- Customer service. Most companies offer customer service by Internet chat, phone, in person or by email. Make sure help will be available if you need it.
When comparing fees, remember that companies with more favorable exchange rates sometimes charge the highest fees.
What are the pros and cons of paying overseas bills with an international money transfer?
Pros
- It’s easy. You can send money overseas with a few simple clicks and by providing basic personal information.
- It’s convenient. Send transfers from the comfort of your home or from your smartphone anywhere.
- Stay on top of your finances. Whether you’re on vacation or live on the other side of the world, international money transfers allow you to stay current with your bill payments.
Cons
- Fees apply. As if bills aren’t annoying enough, tacking on a transfer fee can be frustrating.
Frequently asked questions
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What is an international money order?
An international money order may not be the best option for sending money overseas. Learn more about money orders in Canada, and find out about other ways to transfer funds abroad.
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How to send money to someone without a bank account
Transfer agents, mobile wallets and online credit card payments don’t necessarily require a bank account.
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How to receive a wire transfer
Learn how to receive money through a wire transfer in three ways: through a bank, in-store provider or online money transfer specialist.
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Tax guidelines and regulations for sending large money transfers to the US
Sending a large sum of money to the United States? Find out what laws and documentation your recipient should know about to avoid tax trouble.
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How to track a wire transfer
Most transfer services provide a tracking number to make wire transfer tracking easy.
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Fastest ways to make a money transfer
Learn more about transferring money overseas quickly, easily and safely in an emergency.
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How long does an international wire transfer take?
Ever wondered how long it takes for an international wire transfer to arrive in your recipient’s bank account? Find out here.
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What details do I need for an international money transfer?
What bank account details do you need to provide to send or receive an international money transfer? Your guide here.
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How to buy property overseas with a money transfer
Find out how to buy property overseas using an international money transfer.
I want $1045 US dollars to be received in the USA and Im sending this from Australia. How do I enter the calculate question please?
Hi Keith,
thanks for the question.
While our calculator doesn’t specifically allow you to work back from the amount you want to be received, you can try entering in different transfer amounts until you arrive at the $1045 amount. At the time of writing, it looks as though sending approximately $1,360 AUD would see you send amounts close to $1,045.
I hope this helps,
Marc.