Easiest way to send money to my relatives in Canada Sending money internationally isn’t easy because the process is expensive considering the fact that bank in both countries will add their own charges while offering poor exchange online forex rates. However, in sending money to your relatives in Canada, there are various options available but our concern today is on the easiest way of doing that. It is a good idea to look at some of these options before making the final decision to send money to your relative. In this article, we will explore three reputable parties or companies you can use for your international money transfer, which is cheaper and easier for anyone. Without further ado, let’s begin.
CurrencyFair Looking for a cheap and easy means of sending money to your relatives in Canada, CurrencyFair is reputable in doing that. You can do it through your local bank. An interesting feature of this platform is that it offers a live Canadian currency exchange calculator for you to find the latest currency rates. Remarkably, transferring money into major Canadian banks doesn’t incur any bank charges. There is also a possibility of completing the transaction and getting the transfer on the same date. However, there is a flat $4 fee for each transfer from your location to Canada.
TransferWise TransferWise is eight times cheaper when compared to using bank transfer to send money to your loved ones in Canada. It uses a peer-to-peer technology that comes with no hidden charges. Unlike CurrencyFair, transferring money to Canada requires a 0.45% fee for each transfer with money arriving within1-2 working days. TransferWise is rated as one of the safest and trusted platform to perform your money transfer.
Other International Transfer Options Earlier, we promised you of the three easiest means of sending money to your relatives in Canada. The third option is the other international transfer options, which include PayPal and Western Union. Though many people will consider using their banks; however, banks rates are often time much weaker.
PayPal
PayPal is an effective and efficient means of transferring money forex online India, but they charge almost similar to what banks charges. If you decide to use PayPal to transfer money to Canada, you will have to register two separate accounts. One of the accounts will be for your domestic banks while the other for a Canadian bank. With this, you can transfer your money from Canada and between other accounts.
Bank For many, this is not an option to consider. But if you decide to use it, you must understand that the banking systems in North America are totally different from those in another part of the world. Because of this, you will have to do a lot of inquiry. For instance, European banks may require details such as IBAN and BIC numbers, which may not exist in Canada. In Canada instead, accounts have swift numbers, transit codes, and ABA numbers. At times, it may be confusing to know the particular information needed there. Before deciding to wire your money through your bank, it is important to double-check everything from the bank. Any information you are not clear, endeavor to ask as not to make grievous mistakes. The bank may also call you to confirm to confirm you are responsible for making such a transfer.