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Need to send money from Canada to Europe? If you don’t know what you’re doing, poor exchange rates and high fees can make sending an international money transfer an expensive exercise. Compare your options and shop around for an affordable transfer provider to find the best value for money when transferring funds to Europe.
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There are a few options to consider when you want to send Euros overseas:
While exchange rates and transfer fees vary according to a wide range of factors, as a general rule, if you’re looking for the cheapest way to send money to Europe, specialist online transfer companies will usually come out on top.
How much money can you save if you use an online transfer company instead of a bank to send money to Europe? Let’s look at a quick example.
Let’s assume you want to send CAD$2,000 to your aunt in France. You could send the funds with your Canadian bank via wire transfer, but you decide to shop around and see if a couple of online transfer companies can offer a better deal.
As you can see in the table below, you can send an extra style=”background-color: #ffffff; font-size: 16px;”>EUR style=”font-size: 16px;”>71.20 simply by using an online transfer company instead of your bank, not to mention style=”font-size: 16px;”>CADstyle=”font-size: 16px;”>$18 in transfer fees;. This makes the transfer company a much more cost-effective option than your bank.
| Bank | Online transfer company | |
|---|---|---|
| Exchange rate | 1 CAD = EUR 0.60 | 1 CAD = EUR 0.63 |
| Transfer fee | $22 | $4 |
| Transfer time | Two to four business days | One to four business days |
| Amount sent (in CAD) | $2,000 | $2,000 |
| Amount received (in EUR) | €1,200 | €1,271 |
| Difference in amount received (in EUR) | €71.20 |
*The rates and figures quoted in this example were correct as of 4 December 2017. Always request a quote from a provider to receive up-to-date exchange rates and fees.
Today’s exchange rate CAD to EUR
Okay, so you’ve decided to find an online transfer company to help you send money to Europe, but how can you choose a provider from the several available? Make sure to weigh up the pros and cons of each company and consider the following factors:
Need to send an emergency cash transfer to Europe? Maybe your teenage son or daughter is travelling across the continent and has run out of money or you need to pay an overdue bill.
When you need to get money overseas quickly, consider using a company like Western Union or MoneyGram to send an instant cash transfer. These providers have hundreds of thousands of agent locations around the world where your recipient can pick up the cash you send within minutes of you sending the transfer.
However, there are also a couple of other options for Canadians overseas who need access to emergency cash:
If you’re sending an emergency cash transfer from Canada to Europe, both Western Union and MoneyGram offer multiple cash pickup locations throughout the Eurozone. The details on some easily-accessible locations can be found below:
If you’re picking up a cash transfer from an agent location anywhere in Europe, make sure to remember a few simple safety tips:
While the exact process for sending an online transfer varies depending on the provider you choose, you’ll generally need to follow a few simple steps:
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