If you need to send a fast and affordable money transfer from Canada to Bermuda, here’s how to find the best possible deal.
The tiny British Overseas Territory of Bermuda, located in the North Atlantic close to the coast of the USA, boasts a subtropical climate and beautiful beaches that make it a hotspot for tourists. If you want to send money to Bermuda from Canada, there are several ways you can do so.
With its close proximity to Canada, thousands of Canadians head to Bermuda each year. This has created a big market for affordable money transfer services between the two nations.
From banks to specialist money transfer providers, it’s important that you compare the costs involved in sending funds overseas before you commit to a particular transfer option. Exchange rates and fees vary widely from one transfer company to the next, so you need to hunt around for the best possible deal.
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Banks versus money transfer companies
Instead of shopping around for a more affordable deal, many people simply send money overseas via their bank, which is a poor choice. Banks offer some of the lowest exchange rates on the international money transfer market, while they also regularly charge high fees for each transaction.
If you want to find a more cost-effective way to send an international money transfer, consider the services offered by specialist online money transfer companies. Specializing in handling international transfers from Canada to hundreds of countries around the world, these companies offer far better exchange rates and more reasonable fees than the banks. In addition to saving you money, they also offer the convenience of fast and secure online transactions.
Case study: Bill sends money to Bermuda
Bill is spending 18 months working in Canada and saving money for his family back home in Bermuda. When he gets word from his sister that she has fallen behind on her rent and she needs money ASAP, Bill plans to send an emergency transfer of funds. Rather than sending money via his bank and accepting their low exchange rate and slow processing time, he compares the services of two specialist money transfer companies that offer a cash pickup option. Rather than sending Bermudian Dollars, Bill decides to send US Dollars to his sister
|Money transfer company 1||Money transfer company 2|
|Exchange rate||$1 CAD = 0.79 USD||$1 CAD = 0.78 USD|
|Fee||$10 CAD||$40 CAD|
|Transfer method||Online transfer paid via credit or debit card||In person or online transfer to be picked up in cash|
|Transfer time||Two days||Minutes|
|Amount received (in USD)||$795.56 USD||$783.50 USD|
As you can see, Bill can send an extra US$12 by using money transfer company 1. He can also save $30 Canadian dollars in transfer fees. He must take into account his sisters urgent need for money and decide whether it is worth paying the extra money for a fast cash transfer.
How do I compare transfer companies when transferring and receiving money via Bermuda?
- Exchange rates. Look for a provider that regularly offers better exchange rates than its competitors, but watch out for high transaction fees. Some companies will hide big fees inside competitive exchange rate offers. Compare both factors for an accurate picture of how much money your recipient will receive.
- Transfer fees. You’ll generally need to pay a transfer fee each time you send money overseas, so compare the fees and charges each company imposes per transaction. Some providers will even completely waive the fee if you send more than a specified amount of money. This is usually over the $5,000 or $10,000 mark.
- Transfer methods. Some companies only offer online transfers while others will require you to visit a branch. Occasionally phone transfers and mobile app transactions are also available, depending on the company.
- Options available. Forward contracts and limit orders are options offered by some providers to help you get a good exchange rate for your transaction. Some companies also offer the convenience of scheduling regular transfers in advance.
- Turnaround time. Some companies can get your funds to your recipient in just minutes, while others will take several business days to process transfers. Keep in mind that the faster transfer, the higher the transfer fees will likely be.
- Minimum transfer amounts. If a company imposes a minimum limit of $500 on each transfer, will this be suitable for your needs? Some companies have low minimums, around $5, while others have higher minimums. Some providers will only allow you to send a maximum amount of money too, so be sure the provider you select allows you to send the amount you want.
- Pickup options. How will your recipient receive the funds: will they be deposited into his or her bank account or made available for collection from a cash pickup point? Make sure the pickup method works for your recipient.
- Customer service. Finally, make sure that the company you choose to handle your transaction has an excellent reputation for customer service. If you ever need a question answered, knowing that the help you need will be instantly available offers peace of mind.
How do I send money to Bermuda from Canada?
- Specialist transfer companies. There are some specialist online money transfer companies, like FairFX, that offer quick and easy transfers to Bermuda, but most will only allow you to send US Dollars rather than Bermudian Dollars.
- Cash pickup transfer companies. Western Union and MoneyGram are two companies that offer this service. Their fees tend to be higher since they can send the money so quickly and have hundreds of thousands of pickup locations worldwide.
- Bank transfers. Speak to your bank about the possibility of sending an international transfer from your Canadian bank account to an account with a bank in Bermuda.
- Interbank transfers. If you have an account with an international bank that also has branches in Bermuda, for example HSBC, you can often send fast and affordable transfers from Canada to an account in Bermuda with the same bank.
- International cheques. A slower and often more expensive option is to post an international guaranteed cheque to your recipient in Bermuda. This is the slowest way to send money overseas.
How do I receive money from Bermuda in Canada?
- Specialist transfer companies. It’s simple and quick to sign up for an account with a provider and receive transfers from all over the world.
- Cash pickup transfer companies. Companies such as Western Union and MoneyGram allow you to collect cash from agent locations across Canada. MoneyGram conveniently has locations at many Canada Post offices across the nation.
- Bank transfers. Transfers from Bermudan banks to Canadian banks are easy, but may not be the most cost-effective option.
- Interbank transfers. International banks with branches in Bermuda and Canada offer cheap intrabank transfers.
- International cheques. International guaranteed cheques are a secure transfer method, but can be slow and expensive.
Emergency cash transfers in Bermuda
If you ever need to send an emergency cash transfer to Bermuda, watch out for any extra costs associated with the transaction. Urgent transfers generally attract poor exchange rates and higher fees than ordinary transactions, so double check the full cost of your transfer before deciding on which provider to use. Taking a few extra moments to read the fine print can save you a lot of money.
Cash pickup locations in Bermuda/ Western Union / MoneyGram branches in Bermuda
Western Union and MoneyGram offer extensive worldwide transfer networks and both operate locations in Bermuda. You’ll see a list of some popular cash pickup locations in Bermuda below, but call ahead to confirm locations and opening times before you visit. Photo ID and a transaction reference number will also be required when picking up funds.
- Bermuda Financial Network Ltd
4th Floor British American Building 133 Front Street Hamilton, Pembroke HM12+441-2921799, open 8:30am to 6:30pm Monday to Friday, 12pm to 11pm Sunday
- Bermuda Financial Network Ltd
66 Somerset RoadSandys, Sandys MA 01+441-29-21799, open 24/7
- Bermuda Financial Network Ltd
7 Kings Square Towne Of St. George’s – St George’s, St George’s GE 05+4-41-2970070Open 24/7
- Bermuda Direct Limited
47 Dundinald StHamilton, HM 174412322274, open 9am to 9pm Monday to Thursday, 9am to 6pm Friday, 9am to 3pm Saturday and 11am to 6pm Sunday
Church St, Washington MallHamilton, HM 114412928747, open Monday to Friday 9am to 5:30pm
- 61 Middle Road
Warwick, WK 054417032272 Open 9am to 6pm Monday to Friday
Tips for picking up cash in Bermuda
The Government of Canada recommend to exercise a normal degree of safety when visiting Bermuda. Even so, if you’re picking up cash in Bermuda, make sure to exercise a few simple precautions to ensure the safety of yourself and your money. Avoid visiting any unsafe or high-crime areas and don’t carry large sums of money around in public. Keep your money hidden at all times and if possible, have a friend accompany you when you go to pick up the funds to provide an extra deterrent against thieves.
What are the steps to send money to Bermuda?
Although transfer processes differ between providers, you will generally need to do the following in order to send a transfer:
- Sign up for an account. Many providers offer a quick, free and simple online signup process. You will usually need to provide your name, contact details and bank account information.
- Enter transaction details. The next step is to provide information about how much money you’re sending, in which currency, and where you are transferring the funds to. You’ll also need to provide your recipient’s name and contact details.
- Finalize your transfer. You can then submit and pay for your transaction, and make sure you keep your receipt or reference number so you can monitor the progress of your transaction.