Compare fees, exchange rates, speed, safety and all the different ways that TD banking products and services can help you transfer money to just about anywhere. Read more…
How to send money to Serbia
Find out how you can save money and enjoy fast transfers when you send money to Serbia from Canada.
As a result of several waves of immigration starting in the early 1990’s, Serbian-Canadians currently number around 40,000. This has led to a growing need for money transfer services between Serbia and Canada. Check out our handy money transfer guide to find the most competitive exchange rates and lowest fees on your next money transfer to Serbia.
Compare money transfer services below
The “Rate” and “Amount Received” displayed are indicative rates that have been supplied by each brand or gathered by Finder.
Exchange rates are volatile and change often. As a result, the exchange rate listed on Finder may vary to the actual exchange rate quoted for the brand. Please confirm the actual exchange rate and mention “Finder” before you commit to a brand.
Sending a wire transfer with the bank is one of the most common alternatives to sending funds with a dedicated money transfer company. Banks are a convenient way to send money overseas but they offer sub-par exchange rates and typically charge fees between $20 – $100 (which are high by industry standards). Money transfer services like TorFX or TransferWise are often much more affordable, with competitive exchange rates and low to no fees.
Case study: Andrej sends money to Serbia
Andrej was raised in Canada and decides to stay in Ottawa after his parents move back to Belgrade to take care of his grandmother. Andrej has a well-paying job with the Canadian government and wants to help his parents with their move overseas, as well as some of his grandmother’s expenses. Andrej decides to compare two online money transfer providers to see which one will offer the best deal. The comparison below is based on exchange rates in the spring of 2018, so check current rates before making your choice.
|Money Transfer Service 1||Money Transfer Service 2|
CAD$1 = RSD 73.5
CAD$1 = RSD 76.5
Amount received (for $1,000)
|RSD 7,350||RSD 7,650|
2 – 5 days
1 – 2 days
or cash pick-up
Andrej realizes that he can save RSD 300 (around $4) in the exchange rate with the second money transfer option, with an additional $15 in fees.
How do I compare transfer companies when transferring money to Serbia?
When considering money transfer options, it’s important to keep the following factors in mind:
- Exchange rates. Exchange rates are one of the most important factors to consider when sending money overseas. You can save hundreds of dollars on exchange rates, depending on the amount you send, so be sure to compare 3 – 4 services side by side.
- Fees. Fees for wire transfers with the bank can cost between $20 – $100 while money transfer services typically charge under $20 in fees, with some even charging zero fees. Pro tip: If you send a large amount of money, some companies will waive additional fees.
- Transfer methods. If your recipient has a bank account, you can send a bank-to-bank transfer with minimal fees. If your recipient needs cash delivered in minutes, it’s best to use a cash transfer service. Keep in mind that cash transfers may be unfeasible for recipients who can’t travel to a branch or agent location to collect cash.
- Turnaround time. Choose between cash transfer services that offer same-day delivery (like Western Union and MoneyGram) or other money transfer services that take longer (between 1 – 3 days) but are more affordable in the long run.
- Minimum transfer amounts. Some services require that you send a minimum amount of money, usually between $10 and $50, while others cap your transfer at a certain amount. Know your limits and play within them.
- Customer service. Make sure you can easily access a 24/7 customer support team if you have questions about your transfer.
- Bank transfers. Canadian banks can easily organize wire transfers to Serbia but are typically the most expensive option with the slowest turnaround time. Alternatively, order an international cheque or draft from your bank and send overseas using snail mail.
- Money transfer companies. Money transfer providers like TorFX and XE Money Transfer can offer convenient and affordable international transfers to Serbia.
- Cash pickup transfers. Western Union and MoneyGram offer easy and fast cash transfers to Serbia, but the fees and exchange rates are higher than a bank-to-bank money transfer option.
- PayPal. Send money from Canada to Serbia with PayPal, provided both you and your recipient are account holders.
If you find yourself in need of emergency funds while in Serbia, there are a few ways to have money sent to your location.
- Cash pick-up options. Transfer companies like Western Union and MoneyGram can send money to a number of cash collection points across Serbia. Money is usually available within minutes of the transaction being sent from overseas.
- Credit cards or travel insurance. Major credit cards sometimes offer emergency cash to travelers (which is typically extended as a loan). You may also be able to purchase a travel insurance policy to cover loss and theft while on vacation.
The Government of Canada recommends that Canadian visitors to Colombia exercise a normal degree of caution (as of 07 September 2018). Pickpocketing does occur at airports, on public transportation and in other public places; foreigners are more likely to be targeted by thieves. If you do need to collect cash, look for an agent location in a safe neighborhood and call ahead to make sure they’ll have cash on hand. Visit during daylight hours in the company of a good friend and return to your hotel to stow your cash in a safe place as quickly as possible.
The basic steps you’ll need to follow when sending money to Serbia are as follows:
- Sign up for an account. Once you’ve chosen a transfer company, you can usually register for a free online account using your name, contact details and proof of ID.
- Enter your transaction information. Specify the amount of money you want to send and the currency, and fill in your recipient’s banking and personal details.
- Complete your transfer. Review your payment details as well as the full cost of your transaction and then submit your transfer. You will most likely receive a reference number you can use to monitor the progress of your funds. Keep this reference number in case you have any problems.
You may also be interested in
Ask an Expert
You must be logged in to post a comment.