Taking time to compare options can help you save a lot of money when you need to send funds to Romania.
Although Romania might seem a long way away from Canada, the 2011 census found that 200,000 people of Romanian ancestry live in Canada. With the growing tourism and immigration between the two nations, sending an international money transfer between the two countries is quite easy.
There are plenty of transfer providers who can manage your international transaction for you, but it’s important that you compare costs between different providers and shop around to ensure that you get good value for your money. While most Canadian banks offer wire transfers to Romania, specialist money transfer companies offer much more competitive rates and lower fees. Keep this in mind when you compare your options.
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Banks versus money transfer companies
Many people head straight to their bank and assume that they will get the best deal available. Unfortunately, banks offer some of the lowest value for money in the international transfer market. They often charge high transaction fees and provide some disappointing exchange rates, so don’t be afraid to shop around in an effort to save money.
In recent years, the finance industry has seen the emergence of a large number of specialist money transfer companies. These businesses concentrate on foreign exchange and on sending funds around the world, and they offer far better exchange rates and typically lower fees than the banks. Check out the services these companies have to offer before choosing a money transfer provider.
Case Study: Alex Sends Money to Romania
Alex has family members who live in Romania and he wants to send money home to help them pay their mortgage. He wishes to send around $1,000 Canadian dollars a month, and he decides to compare the services of two online transfer companies to see which one can save him the most money. He already knows that his Canadian bank charges high fees to transfer money to Romania.
|Money transfer company 1||Money transfer company 2|
|Exchange rate||$1 CAD = 3.09 RON||$1 CAD = 3.07 RON|
|Transfer method||Online transfer||Online transfer|
|Transfer time||One to three days||One day|
|Amount received (in RON)||RON3,053.77|
As you can see, Alex can send almost CAD$6 more each month by using the second money transfer service. Furthermore, the second service can send the money in less time.
How do I compare transfer companies when transferring and receiving money via Romania?
- Exchange rates. Exchange rates can vary quite substantially between money transfer providers, so see which company regularly offers the best rate for your transfer destination. Some companies will hide high transfer fees inside competitive exchange rates, and low fees with poor exchange rates, so be careful and compare both of these factors.
- Transaction fees. As mentioned above, some companies with fantastic exchange rates also charge high fees, so make sure to check how much you will have to pay to get your funds to your recipient.
- Transfer methods and options. Check to see how you can place a transfer: online, over the phone, at a branch and/or using a smartphone app. You may also be able to benefit from flexible transfer options, such as the ability to place a forward contract or schedule recurring payments months in advance.
- Minimum and maximum limits. If a company imposes minimum and maximum limits per transaction, make sure these will not affect your ability to make the transfers you need to.
- Processing time. How long will it take for your recipient to be able to access the money you send? Some companies can send the money in just minutes, while others take between three and six days.
- Pick-up options. Will the funds you send be deposited into a bank account or mobile wallet, or will your recipient be able to collect the transfer in cash within minutes?
- Customer service. Check to see whether you can access phone, email and live online chat support if you ever have a question about a transfer. Some companies will offer 24/7 support, while others may only be available a few hours a day.
How do I send money to Romania from Canada?
- Specialist transfer providers. Companies like WorldRemit and TransferWise can help you send secure and affordable international transfers.
- Cash pick-up transfer providers. Western Union and MoneyGram both have extensive cash pick-up networks around the world.
- Bank transfers. Your Canadian bank can likely handle an international money transfer to Romania for you, but will usually charge high fees and offer poor exchange rates.
- International cheques. International guaranteed cheques are a slow but safe transfer method. This is the slowest way to send money overseas.
How do I receive money from Romania in Canada?
- Specialist transfer providers. Do some research to find out which money transfer companies will send money from Romania to Canada.
- Cash pick-up transfer providers. Search online to find your nearest cash pick-up location. MoneyGram and Western Union offer this service between the two countries.
- Bank transfers. Another option is to receive a transfer in your Canadian bank account directly from a Romanian bank account.
- International cheques. Make sure you’re aware of all the fees and charges your bank will apply when you cash an international cheque. Remember that this is the slowest way to send money overseas.
Emergency cash transfers in Romania
There are several companies that can help you send an emergency cash transfer from Canada to Romania should you ever need to, but be warned that these transfers are usually more expensive. Higher fees and lower exchange rates usually apply to urgent transactions, so it’s important that you review the full cost of your transaction before you hand over any money. If you fail to read the fine print, you could end up paying more than you originally thought.
Cash pick-up locations in Romania: Western Union/MoneyGram branches
If you need to send a cash transfer to Romania, Western Union and MoneyGram are two companies that can help. These money transfer providers operate hundreds of thousands of cash pick-up branches around the world, including several in Romania, so your recipient can collect the cash you send from one of the popular branch locations listed below. Just make sure they have their ID and a transaction reference number handy when they visit a branch.
- ATM Banca Transilvania
B Dul Decebal Nr 25 29 Piata Muncii Pa Atm A0042050 Bucuresti, Bucuresti +40-729-399046Open 24 hours
- Banca Transilvania
Str Srg Nitu Vasile Nr 14Agentia Piata Sudului Bucuresti, Bucuresti041543 +40-729-399046Open 9am to 5pm Monday to Friday
- Banca Transilvania
Blvd Tineretii 32Agentia Iosefin Timisoara, Timis 300587 +40-729-399046Open 9am to 5pm Monday to Friday
- BRD Groupe Societe Generale
Blvd General Dragalina Nr43Agentia Bega Timisoara, Timis 300158 +40-21-3016320Open 9am to 5pm Monday to Friday
Piata Unirii Nr. 1 Sect. 3Bucuresti, 040101800885821Open 7am to 11pm seven days
- Zaza Exchange
2A Dimitrie Cantemir Bvd.Bloc P2 ParterBucuresti, 40241722218378Open 7am to 11pm seven days
- Michael & Mari
Decembrie 55 16Timisoara, 300592800885821Open 7am to 11pm seven days
- Speed Transfer
ParterPiata Piatra CraiuluiI 1Timisoara, 300757735050053Open 9am to 6pm Monday to Friday, 9am to 1pm Saturday
Tips for picking up cash in Romania
Although Canadian travellers to Romania are only advised to exercise normal safety precautions by the Government of Canada, keep the following tips in mind when picking up cash:
- Don’t visit a cash pick-up branch in an area where you don’t feel safe
- Pick up money in the daytime
- Don’t go alone – ask a friend to accompany you
- Don’t display your cash in public
- Don’t carry money around for any longer than necessary
- Deposit the cash you collect in your bank account as soon as possible
What are the steps for sending money to Romania?
You will most likely need to follow these steps when you want to send money to Romania:
- Sign up for an account. It’s usually free to sign up for an account and you can do so online by providing your name, contact information and valid photo ID.
- Enter your transaction details. Provide information about how much money you’re sending, in which currency and where to. You’ll also need to provide your recipient’s bank account information or details of where they will collect the cash.
- Complete your transaction. Review the exchange rate and fee that will apply to your transaction to determine the full cost of the transfer. Once you’ve paid for the transaction, hold on to any receipt you are given so that you can track your funds.