Looking for the best way to send money from Canada to family, friends or businesses in Slovakia (or even to your own overseas bank account)?
Don't head straight to your Canadian bank – compare specialist money transfer services instead. They nearly always offer better EUR exchange rates and lower fees, so for the same amount of Canadian dollars you send, your recipient will receive more euros.
Of the companies we've compared, Remitly is among the cheapest, with competitive exchange rates and fees starting from $0. Need a really fast transfer? Remitly can get money to your recipient in Slovakia within minutes.
Bank transfers are typically the cheapest way to get your money to Slovakia. Remitly and Instarem have some of the lowest bank transfer fees of the brands we've compared.
When you're hunting down the cheapest ways to send money to Slovakia, it's more important to look at the overall cost of your transfer. This has a couple of elements:
Some providers may charge the mid-market rate but add fees on top. Others may have very low fees but apply a markup on the exchange rate. This means it is important to compare exactly how many euros your recipient will end up with.
Many online providers can offer transfers to Slovakia within minutes, although you're likely to pay a premium for the convenience.Here are some of the fastest average transfer speeds to Slovakia:
Actual transfer times from Canada to Slovakia can depend on several different factors including transfer amount, payment method and currency.
The safest way to get your money to Slovakia is to use a provider registered with Canada's industry regulator, the Financial Consumer Agency of Canada. All of the companies we've compared in our table are overseen by a local regulator and comply with the relevant laws and regulations in both Canada and Slovakia.
A great way to dive deeper is by reading our extended reviews of each transfer service and researching first-hand customer feedback on Trustpilot and similar platforms.
If you need to make a sizable money transfer to Slovakia, consider using a provider such as OFX to benefit from its expertise in handling larger transfer amounts.Using a large transfer specialist can have the following advantages:
To send money to Slovakia, you'll need the necessary documentation, your recipient's details and a way to pay.
Matej is working in Canada as a software engineer and he stays in regular contact with his elderly parents back home in Slovakia. His parents need some funds to help pay off a mortgage, so Matej plans to send them $2,000 from Canada.
He decides to compare a bank and a money transfer specialist to see which one can save the most money on his transaction.
|Money transfer company
|1 CAD = 0.67 EUR
|1 CAD = 0.68 EUR
|Bank account deposit
|Bank account deposit
|2 - 5 working days
The money transfer company enables Matej to send an extra €22.68, which is transferred straight to his parents' Slovenska Sporitelna account.
When choosing a money transfer provider to send money from Canada to Slovakia, it's important to consider the cost, how you want your recipient to receive the funds and the turnaround time. Here are other features to review:
Compared to a month ago, the Canadian dollar is a little weaker against the euro. Currently $5,000 is equivalent to €3,402.50, whereas a month ago, $5,000 was equivalent to €3,434.50. That's a decrease of 0.93% over the past month.
Similarly, compared to a year ago, the Canadian dollar is again weaker against the euro. A year ago, $5,000 was equivalent to €3,446.00. That's a decrease of 1.26% over 12 months.
What's more important, however, is where the strength of the Canadian dollar against the euro goes from here – which is harder to call. Based on those two quick glances back, your Canadian dollars might not go as far as they would have, so shopping around for the best deal on your transfer is key.
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