How to get the best exchange rate when sending money abroad from Canada

Summary

Remitly is a cheap and easy way to send small amounts of money abroad. Especially if you are a new customer, as you get better exchange rates on your first £1,000 sent abroad.

Are Wise a good money transfer app?

Yes, Wise is one of the cheapest and easiest ways to send money abroad. Highly recommended.

But in a nutshell… Should you use Wise? Yes. Are they cheap? Yes. Is it easy to use? Yes. Are they safe? Yes.

Since Wise was founded way back in 2011 I’ve followed their progress. There are many firms that shout loudly about wanting to disrupt an industry. But most of the time, it is marketing hyperbole.

However, in Wise’s case they have actually disrupted how we send money around the world. They’ve done this by doing two things, making it cheap and making it easy.

The only reason not to use them really, is if you already bank with Starling whose fees are pretty similar and don’t want another app on your phone…

Are Currencies Direct a good currency broker?

Yes, in our 2024 and 2023 awards Currencies, Direct won “best currency broker”. They scored very highly in our customer survey, with very high scores in customer satisfaction and pricing.  Currencies Direct is also a well-established provider founded in 1996 and has 22 offices around the world.

Currencies Direct offer a good service for large international money transfers. They are a well-established and competitive currency broker for buying a property abroad or for international business payments at bank-beating exchange rates.

If you need to send a large amount of money abroad Currencies Direct can give you advice on the timing of a transfer and also get you bank beating exchange rates.

Is OFX a good currency broker?

Yes, we rate OFX as a very good currency broker as they offer discounted exchange rates, personal service for individual buying a property abroad of for businesses needing more complex services like integrated Amazon payments or currency hedging strategies.

OFX offer a great way to time and save money on large currency transfers for either foreign property purchases international moves or for business transactions.

If you have a large currency conversion coming up OFX can help you reduce costs when buying a holiday home abroad, or moving to another country. These key benefits of using a currency broker like OFX for international property purchases are:

Better exchange rates

Control over the price and time of the conversion

Personal support

OFX Offer Competitive Exchange Rates
When purchasing property abroad, exchange rates can significantly impact the overall cost, especially if you send the money from a traditional high street bank, which can charge up to 4% of the value of the foreign currency. Using a currency broker like OFX means that you can negotiate lower commissions. Whilst FX pricing may seem complicated, it’s quite simple to calculate. We’ve produced guides on ‘how to compare exchange rates‘ and how to avoid ‘honeymoon exchange rates‘, which will help you get better exchange rates when sending money abroad.
Transfer Timing & Flexibility
When you transfer money with your bank you have little or no say over when it is done or at what exchange rate is used, as the bank just provides a rate which you can either accept or not. But OFX will let you set a limit if you have a price in mind and you can also lock in an exchange rate for a future transfer (using forward contracts) or want to set up regular payments for a mortgage.
24/7 Service and Support At OFX
Again, banks are quite impersonal things, and even the new breed of digital banks like Starling and Monzo (who do provide good exchange rates) don’t offer personal services. Large currency transactions for buying property in another country can be stressful, especially when navigating different time zones and dealing with the onerous AML requirements and delays. It’s important and actually quite reassuring to have an account manager at OFX you can call for support, ensuring that you can get help whenever you need it, no matter where you are in the world.