Send Money To Canada:
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If you're travelling to Canada from a foreign nation, or if you simply have a need to move some funds into the country, it's good to know the ins and outs of how to send money to Canada. Canadian money transfers aren't terribly difficult, and there are a number of options available to you based on your needs. Moving money to Canada has never been easier than it is today, especially from neighbouring countries such as the United States.
This article will talk about a few options you have to send money to Canada. We'll mention a variety of methods to do a Canadian cash transfer, and we will talk about which ones are more appropriate for certain situations. We'll also touch on any services fees or complications involved.
Let's begin and talk about Canadian money transfers right now!
Complications and Costs To Expect:
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If you're intending to transfer money from another country into Canada, you should be aware of the costs that this action is likely to incur. You will almost always pay for the ability to move funds across the border, especially if you transfer larger amounts. This is a necessity, as it covers the time and effort the financial institutions involved have to incur, as well as any taxes or fees.
First, if you're trying to send cash to Canada, you'll need to expect a conversion rate. These rates are not always favourable, and you'll probably need to work out this conversion rate at or near the time of transfer in order to be accurate. Canadian money transfers don't take into account discrepencies from one currency to another; they simply exchange at the rate of conversion at the time of the move. The cheapest way to convert is to go to your personal bank or financial institution.
Secondly, most banks and agencies will charge a fee in order to help you send money to Canada. These fees can range in percentage, but they are usually not unreasonable.
Methods of Transfer:
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Here are a few different methods to send money to Canada. Each has its own upsides and downsides, and it's up to you to analyze and make the best choice for you. It should be noted that these methods are not the only options out there, just a few of the best ones.
ATMs and Banks
If you're simply planning to visit the country in person, an option available to you is to simply use the local ATMs and banks to gain access to your funds. Most Canadian financial institutions will accept foreign credit cards. It's worth checking in with your bank or card provider to make sure you're safe to use it in Canada, but this is still a good option. This is one of the costlier methods of Canadian money transfer, as you'll incur a fee every time you do a withdrawal.
Email Money Transfers
An interesting new options exists for those who want to send money to Canada. Email money transfers are available for many online banking patrons. This is a quick and simple way to send cash to Canada without having to jump through many hoops. You'll be required to formulate a verification question for the recipient, and they will need to have online banking to receive the money. Once they do, it can take time to clear the money, much like a check.
Your bank should be capable of performing a wire transfer to another financial institution in another country, so you could conceivably send money to Canada via this method. Once again, you'll need to expect some fees from each institution, usually a small percentage of the total transferred amount. A nice thing about wire transfers is they can be done remotely. Just visit a bank in Canada and you can arrange a wire transfer quickly and easily, a great way to send money to Canada.
Paypal, Online Services
There are some third party services that are quickly making a niche in the money transfer business. Paypal is one of them, and they are not the only option. You can use Paypal to make your Canadian money transfer with minimal difficulty. The catch? You'll need to wait for a few days for the money to make its way from your Paypal account to your bank. And, of course, expect a percentage fee much like a credit card purchase. Still, Paypal is very secure, and a great way to send cash to Canada.
Online Banking Payees
My bank has a nice option that lets you quickly transfer money to another bank customer with no extra fees incurred. The only catch is, they must be a current account holder at the same institution. Since some banks operate in multiple countries, sending money to another account with the same bank is a feasible way to do a Canadian money transfer. It's not the simplest way to send money to Canada, but it is the cheapest (effectively free)!