A guide to transferring money from Canada to Togo without the hefty bank fees
If you’re originally from Togo and currently living in Canada, you may find that you need to send money back home from time to time. Perhaps you need to repay debts in Togo, or you simply want to send some funds to support your family. Alternatively, you might have a relative travelling in West Africa who finds themselves in urgent need of money. Whatever your particular circumstances may be, it’s entirely possible to send money to Togo from Canada. In fact, it’s easier and more affordable than ever before to send money overseas. There are several transfer options to choose from, so read on to find out which one best suits your needs.
Compare money transfer options to Togo
The table below can be used to compare products and services; use the table headings to sort through products based on fees, minimum transfer amount and more. If you’re interested in finding out more about a product, click on the ‘More’ button to read a review. Alternatively, if you’re ready to register an account with the provider, click ‘Go to Site’.
Banks vs money transfer companies
The currency in Togo is the West African CFA franc. As this is a relatively rare currency in global terms, your money transfer options may be more limited. The majority of Canadian banks will require you to send another currency to Togo, for example US Dollars or Euros. The recipient’s bank in Togo will then be able to convert those funds into local money. It will also be a little bit more difficult to find an online money transfer service that accepts this currency, although some providers such as OFX will allow you to transfer West African CFA francs. Another option is to use a company such as WorldRemit, Western Union or MoneyGram to send your money. You can make a payment online using a debit or credit card, and your recipient can then pick up their funds from an agent location in Togo. To get a better understanding of the different costs involved, consider the following example.
Case study: Charles sends money from Canada to Togo
Charles’ example shows that you can save a lot of money by comparing your money transfer options. Different money transfer services offer different fees, exchange rates and pick-up methods, so consider the following features when deciding how to send money:
|Money transfer company||Online money transfer service|
|Exchange rate||444,848.70 XOF||435,905 XOF|
|Amount received for $1,000 CAD||444,849 XOF||427,224.38 XOF|
|Transfer options||Online, cash pick-up||Online|
|Difference of||17,624.62 XOF|
How to compare transfer companies when transferring money to Togo
Charles’ example shows that you can save a lot of money by comparing your money transfer options. Different money transfer companies offer different fees, exchange rates and pick-up methods, so consider the following features when deciding how to send money:
- Exchange rates. Compare the exchange rates offered by each service. Keep an eye out for the fact that some companies will offer a better exchange rate to attract business, but will then charge you higher fees. Remember to consider the exchange rate in conjunction with other features.
- Fees. Many providers will waive a transfer fee if you send more than a certain amount of money. If you don’t exceed this amount, you’ll have to pay a charge for the privilege of transferring money.
- Pick-up methods. Some companies only deal in electronic transfers, while others will allow cash to be picked up from an agent location in Togo.
- Speed of transfers. How long until your money can be accessed in Togo? For emergency transfers, look for a company that offers the fastest possible turnaround times.
- Transfer methods. Can you send funds online, over the phone or by visiting a branch? Check to see if the transfer fee changes depending on which method you use.
- Minimum amounts. Many companies will require you to transfer a minimum amount in order to use their services. This minimum limit could be as high as $1,000, so look for a company that suits your needs.
- Customer service. Search for a company that has an excellent reputation for customer service, with both telephone and live chat support options available.
How to send money to Togo from Canada
As CFA francs are not a commonly traded currency, it may not be possible to transfer Canadian Dollars into CFA francs via your bank. With this in mind, a money transfer service may be able to transfer your money for a cheaper price. Companies you can use include:
- OFX. Transfers to Togo with OFX are conducted electronically.
- WorldRemit. This company offers transfers to Togo online to be picked up as cash.
- Western Union. Use Western Union and your funds can be picked up in Togo at a Western Union branch.
- MoneyGram. Use MoneyGram and your funds can be picked up at a MoneyGram branch in Togo.
Cash pickup locations in Togo
If you transfer funds to Togo via either Western Union or MoneyGram, here are some details of each company’s most popular cash pick-up locations. For large transfers, phone ahead to ensure the branch in question will have enough cash on hand to hand over to you. You’ll typically need to provide a reference number, transfer details and some identification when picking up cash.
- Pick up at any branch of Banque Populaire pour l’Epargne et le Crédit in Togo
- Find a pick-up location with the Western Union Agent Location tool.
- Pick up at Telecomm/Telegrafos location in Lome.
Emergency cash transfers in Togo
There are some situations where you need to transfer funds urgently, such as if you have a relative travelling through Togo who has had their wallet stolen. When you make an emergency transfer, double check the exact exchange rate you are being offered and familiarize yourself with any fees that may apply. You want as much of your money as possible to make it to your recipient, so examine these features closely. In addition, search for a money transfer provider that offers quick turnaround times, as well as store locations where your recipient can pick up their cash. Having the money within a few minutes instead of waiting 24 hours can often make a huge difference. Finally, if your wallet is stolen while you’re travelling around Togo, see if your travel insurance or credit card provider can offer emergency cash in such situations. You’ll also need to report the theft to the police and get a written copy of any report.Back to top
Tips for picking up cash in Togo
Global Affairs Canada has recommended travellers exercise a high degree of caution in Togo due to an increase in violent crime, social unrest and politically motivated demonstrations (as of 14 January 2018). When picking up funds, it is important to be aware of your surroundings; be discreet and ask a trusted friend to accompany you wherever possible. Avoid any questionable areas of town and try to deposit the funds into your bank account as soon as possible.Back to top
How to send money to Togo
As you can see above, you have ample options to consider when you need to send money to Togo. You may have to satisfy different eligibility requirements depending on which service you opt to use, such as supplying your contact details and proof of identification. Some companies offer instant money transfers. However, if the process is going to take a few days, you will typically be given some sort of tracking number so that you can monitor the progress of your transaction. Transferring money to Togo need not be overly complicated or expensive. In fact, the process is quite simple and hassle-free. Just make sure to compare the services offered by different money transfer services to discover which company will be the best fit for your particular circumstances.Back to top