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Send money to Luxembourg
Learn how to send money to Luxembourg with an international money transfer service.
When it comes to sending money to Luxembourg, for travel or remittances, it can be challenging to know where to start given the sheer number of options available. We’ve developed this handy guide to give you a snapshot into what each service has to offer, and how they compare against one another. Hopefully this will give you the insight you need to choose the most suitable option for you.
Compare money transfer services
The table below highlights some of the most prominent money transfer services, which can be sorted by feature using the table headings.
Banks vs money transfer companies/services
Whether you’ve been sending money abroad with your bank for a long time, or you’re about to send your first transfer and want to explore the best course of action, it’s often worth your time and energy to compare services. While banks can help you send money from Canada to Luxembourg in a tight spot, that doesn’t mean that they should be your first choice.
Why not? Banks typically offer lower exchange rates and charge high fees in comparison to specialized money transfer services. In addition, banks require you to be an existing customer to send money overseas. While banks tend to cast a broad net, offering a wide range of financial services, money transfer companies focus specifically on currency exchange, meaning they are better-positioned to offer competitive exchange rates with lower fees than banks.
When David was 19 years old, he spent three months working at a ski resort in Whistler and now, at the age of 37, he has decided to permanently relocate to the Rockies from Luxembourg. After David finds an apartment on the outskirts of town, and secures a job as a ski instructor at Whistler Blackcomb, he feels prepared to start sending $1,000 back home to his mother, who lives alone on a small pension in Luxembourg city. David is aware that his bank charges excessive fees and is known to overcharge on exchange rates, not to mention taking several days to complete a simple transfer, so he decides to compare his bank to a cash pick-up transfer service to see if he can find a better deal.
|Canadian bank||Money transfer service|
|Exchange rate||CAD1 = EUR0.6053||CAD1 = EUR0.6366|
|Amount received for $1,000||EUR593.19||EUR636.60|
|Transfer time||Two to five days||One day|
|Transfer options||Bank account||Bank account|
|Difference of||+ EUR43.41|
After conducting his comparison, David realizes the money transfer company is the obvious choice, with a savings of $20 in fees and a better exchange rate.
How do I compare service companies when transferring money to Luxembourg?
David managed to garner some useful insight from his comparison between his bank and a well-known transfer company. He recommends pinpointing the following features in order to make sure you get the best deal.
- Competitive exchange rates. When the exchange rate is more competitive (ie, closer to the mid-market rate) then the overall savings on the transfer will be higher, especially on larger sums.
- Minimal fees. Some transfer services charge low to no fees, which can equal big savings, so long as they aren’t supplemented with less competitive exchange rates.
- Various transfer methods. There are many ways to transfer funds, whether you wire them bank-to-bank, collect cash on site or send funds to a mobile wallet.
- Fast transfer times. Transfers can take a few days or a few minutes, depending on your transfer service.
- Reliable customer service. Reputation should be a major determinant in which company you choose to use, since you want to be able to communicate with a real person if you encounter any difficulties.
Compare Money Transfer Services
|Money Transfer Service||Transfer Fee (CAD)||Exchange Rate Markup||Total in EUR minus fees (from $1000)|
|XE Money Transfer||$0||$0.6216||622|
Rates as of 18 March 2018
Emergency cash transfers to Luxembourg
Whether you lose your wallet or spend a little bit too much on an unexpected shopping spree, it’s probably best to set your sights on a cash pick-up option like MoneyGram or Western Union for hassle-free transfers in as little as 10 minutes. The only thing to note is that faster processing times are linked to higher costs, so you may need to pay a little bit more out of pocket to use this type of service. As soon as your transfer is complete, you (or your recipient) will just need to present with a passport at a local pick-up company in Luxembourg (with locations listed below) in order to collect cash.
- Find a pick-up location with the Western Union Agent Location tool.
- Send money to any MoneyGram location for quick and easy pick-up.
Tips for picking up cash in Luxembourg
If you do happen to have Luxembourg on your itinerary, the Government of Canada recommends that you exercise a normal degree of caution. The crime rate is low in major cities, but petty crime (like pickpocketing and purse snatching) does occur from time to time on public transportation, around train stations, at the airport and in youth hostels and hotel lobbies. If you do find yourself needing to visit an agent or an ATM to pick up cash, avoid travelling alone and try not to carry large sums of cash on your person if you have the option to secure your belongings at your hotel.Back to top
Quick Recap - Sending money to Luxembourg
- Canadian Banks. Many Canadian banks can carry out overseas transfer, but as mentioned, nearly all of them charge higher fees and rates than dedicated money transfer services.
- Money Transfer Services. Most money transfer services pride themselves on offering bank-beating exchange rates and fees.
- Cash pick-up transfer companies. If you need to send money in a hurry, Western Union and MoneyGram are probably your best bet, just be prepared to pay fees and rates on the higher end of the spectrum.
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