There are several options to send money abroad from Canada, and the best method depends on how much you want to send and if you need the money now. For instance, if you only have a small amount of money to send abroad, then a money transfer app is the best option. But, if you are sending a large amount for a relocation, holiday house purchase, or for a business you will be better of with a currency broker.
It never pays to send money abroad with a bank wire transfer
Bank wire transfers are the traditional method where you can transfer funds directly from your Canadian bank account to an overseas bank account. It is a secure and reliable option, but it can be relatively expensive, especially for smaller amounts, as banks often charge fees for international transfers. It is best to avoid sending money abroad through your bank as you don’t get any control over the exchange rates and it is very expensive.
Use an online money transfer app for small amounts
Several online money transfer services, such as TransferWise (now Wise), Remitly, PayPal, Xoom, and WorldRemit, offer convenient and cost-effective options to send money internationally. These platforms often provide competitive exchange rates and lower fees compared to traditional banks. They allow you to transfer funds online or through mobile apps.
Remitly Review
Name: Remitly
Description: Remitly is a low-cost money transfer app that was founded in 2011. Since then it has grown to service over 2.8 million active customers transferring money to 13 different countries. Remitly went public in 2021, and it’s charges are listed on the NASDAQ exchange valuing the company at around $2bn.
What we like about Remitly
It’s a cheap and easy way to send small amounts of money abroad.
Pros
- Cheap
- Easy
- Safe
Cons
- Limited FX analysis
- Limited educational articles
- Online only
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Pricing
(4.5)
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Market Access
(3.5)
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Online Platform
(4.5)
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Customer Service
(4.5)
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Research & Analysis
(2)
Overall
3.8Wise Review
Name: Wise
Description: Wise is a low cost international money transfer app that helps people send money abroad for much less than it would cost to do it through their banks. Wise was launched as Transferwise in 2010 as a peer to peer currency network, but has since grown to provide money transfers to over 15 million customers sending more than £9 billion a month.
Why we like them
One of the cheapest and easiest ways to send money abroad.
Pros
- Cheap
- Easy
- Fast
Cons
- Phone support hard to find
- Only suitable for smaller transfers
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Pricing
(5)
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Market Access
(4.5)
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Online Platform
(4.5)
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Customer Service
(4)
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Research & Analysis
(3)
Overall
4.2Currency Brokers are best for large international money transfers
Foreign exchange (FX) brokers specialize in currency exchange and international money transfers. They can often provide more competitive exchange rates compared to banks. Examples of FX brokers include OFX and Currencies Direct. However, it’s important to research and choose a reputable broker with competitive rates and good customer reviews.
Currencies Direct Review
Name: Currencies Direct
Description: Currencies Direct is a specialist award-winning currency broker that can help you send large amounts of money abroad. They were founded in 1996 and are now part of a group that processes around £10bn in international money transfers per year.
Summary
A well-established and competitive currency broker for sending large amounts of money abroad at bank-beating exchange rates.
Pros
- Great for large currency transfers
- Get a dedicated account executive to help with transfers
- You can send money over the phone or do transfers online
Cons
- Better for large transfers
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Pricing
(4.5)
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Market Access
(4.5)
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Online Platform
(3)
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Customer Service
(4.5)
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Research & Analysis
(4)
Overall
4.1OFX Review
Name: OFX
Description: OFX is a leading currency broker offering currency services to more than 55 countries around the world. Originally known as OzForex, it was launched by Matthew Gilmour in 1998 as an information only website. Since then, it has grown rapidly handling more than AUD$150bn transfers with more than a million customers worldwide.
Summary
OFX is one of the largest and most trusted currency brokers for large transfers with offices in more than 55 countries around the world. A good choice for sending large amounts of currency internationally.
Pros
- Bank beating exchange rates
- Personal service
- Online or telephone transfers
Cons
Better for larger transfers
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Exchange Rates
(4.5)
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Available Currencies
(4.5)
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Online Platform
(4.5)
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Customer Service
(5)
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Research & Analysis
(4)
