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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With the ongoing process of globalization, and the subsequent movement of people and goods across international borders, many people find themselves needing to cover expenses, like recurrent monthly bill payments, from across the globe. Individuals may need to send money to cover rent, utilities or even student loans, while businesses often need to set up more complex systems to pay staff and suppliers. When it comes to making overseas bill payments, Canadians and non-residents alike have a plethora of options to send money overseas. Check out our handy table below to make comparisons between some of the most prominent services being offered, and keep reading for helpful tips and tricks aimed to help you get the most out of every transaction.
When it comes to international bill payments, you can choose to make fixed or flexible payments, depending on whether the amount being paid each month is a set or fluctuating amount.
Before you select a company to help you pay your bills from overseas, it’s advisable to look into the following features, to make sure that you select the best service to suit your particular circumstances.
The table outlined below compares exchange rates and transfer costs for Canada’s five largest banks: Toronto-Dominion Bank (TD), Canadian Imperial Bank of Commerce (CIBC), Bank of Nova Scotia (Scotiabank), Bank of Montreal (BMO) and Royal Bank of Canada (RBC).
|Bank||Transfer Fee (CAD)||Exchange Rate Markup|
|Toronto Dominion Bank (TD)||$9 – $30||2.64%|
|Canadian Imperial Bank of Commerce (CIBC)||Fee-free||3.34%|
|Bank of Nova Scotia (Scotiabank)||$9 plus 1% of principal||2.88%|
|Bank of Montreal (BMO)||$15+||2.65%|
|Royal Bank of Canada (RBC)||$13.50||2.60%|
Rates current as of 20 February 2018
The table below compares exchange rates and transfer costs for seven of the major international money transfer services in Canada
|Money Transfer Service||Transfer Fee (CAD)||Exchange Rate Markup|
|TransferWise||1% of principal||Less than 1%|
|Canadian Forex||$15||Less than 2.5%|
|TorFX||Fee-free||Less than 2.5%|
|Currency Solutions||Fee-free||Less than 1%|
|World First||$10||Less than 2.5%|
|XE Money Transfer||Fee-free||Less than 1%|
|WorldFirst||$10 (less than $10,000); fee-free (over $10,000)||Less than 2.5%|
Rates current as of 20 February 2018
You should be able to find a money transfer provider to send your funds almost anywhere. But certain countries may be excluded from transfer destinations, including North Korea and Iran.
Many online transfer companies allow you to schedule recurring transfers as far as one year in advance, which makes it easier to stay on top of your bill payments.
The exchange rate that you settle on will determine how much it will cost to make bill payments overseas. For example, if you’re looking to send $1,000 from Canada to France, and one transfer company offers an exchange rate of 1 CAD = EUR 0.59 , while the other offers 1 CAD = EUR 0.62, then you will save EUR 30 (almost $50) on every payment if you select the service with the more competitive rate.
This essentially depends on provider you choose to deal with, because certain providers have such limitations in place.
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