Your complete guide to same currency transfers
Whether you are transferring funds to someone in Canada or sending money overseas, completing a same currency transfer has never been easier. There are plenty of reasons why someone may want to conduct a same currency transfer. For example, you may be travelling overseas and wish to send some of your Canadian dollars to a relative back home or you may be on vacation in Europe and want to transfer funds from one Euro Zone country to another.
Whatever the case may be, it is simple and straightforward to send a same currency transfer.
How does a same currency transfer work?
Same currency transfers can be used for many different purposes. For example, you may need to submit payment for goods you have purchased or you may need to send an emergency transfer to a relative in another country.
The main benefit of sending funds in the same currency is that you will not have to worry about foreign exchange rates or currency conversion fees. Although transfer fees will still apply, this overall reduction in fees can help you save a lot of money.
There are plenty of options to choose from when it comes to sending a same currency transfer, including sending the currency via online money transfer companies, banks and even PayPal.
How do I compare same currency transfers?
- Fees. One of the most important features you should consider when choosing a same currency transfer provider is the fees that you will be charged. Some providers charge a flat fee, others charge fees as a percentage of your transaction amount, and other providers will waive fees altogether when you send more than a certain amount of money.
- Transfer methods. Compare the available methods for making a transfer. Is it all handled online, over the phone or do you need to visit a branch to send your funds?
- Transfer time. How long will it take for the funds to arrive to your recipient? This is especially important if you are sending an emergency transfer.
- Pickup options. Some companies only offer transfers direct to someone else’s bank account or provider account while other companies make it possible for the cash you send to be picked up in person from an agent location.
- Customer service. Weigh the pros and cons of the customer service options offered by different providers. It’s important that a company is able to offer assistance whenever you need it, so look for features such as online help centres, live chat and 24-hour call centres.
What are the pros and cons of same currency transfers?
- No exchange rates. Since there is no need to convert the currency you send into a different currency, you needn’t worry about finding a good deal on foreign exchange rates.
- Plenty of options. Thanks to the Internet and a range of other modern technologies, you have plenty of options to choose from when deciding how to send a same currency transfer.
- Convenience. There is no hassle when sending a same currency transfer. You can complete the entire transaction quickly and easily online if you choose.
- Fees. You might have to pay a fee when you send a same currency transfer, although this depends on the service you choose to go with.
What are the risks of sending a same currency transfer?
- Being unaware of fees. As with any financial transaction, it is important to make yourself aware of any fees that may apply before you send a same currency transfer. This will ensure that you do not end up with a nasty surprise that leaves you spending more money than you planned.
- Unreliable providers. There is always a small risk when you use online money transfer providers. Make sure you use a trusted and reputable company to avoid being a victim of fraud.
Common questions about same currency transfers