In the past, arranging an international money transfer was often an expensive and time-consuming process. Thankfully, it doesn’t have to be like this anymore. This is especially true if you take the time to look around at the different options available to you before you make the transfer. There are reputable banks and third parties who can make an international money transfer convenient and affordable for you.
Using peer-to-peer technology, and without any hidden charges, TransferWise offers an affordable and effective way of transferring money across borders.
- TransferWise is offering the first transfer for free up to £3,000 (or equivalent) for Moving2Canada customers so you get to sample their service with zero transaction costs. This offer is available to first-time TransferWise customers who come from Moving2Canada.
- Transfers to Canada have a 0.45% fee, and your money typically arrives in 1-2 working days. For transfers from GBP to CAD, the fee is 80p + 0.45%.
- Find the latest rates at the widget above, and find out how much you can save.
- Customers trust TransferWise. It has received an average 9.5/10 rating from 30,000 independent reviews on Trustpilot.
- TransferWise is safe, and fully authorized by the UK’s Financial Conduct Authority and is subject to European customer protection rules.
CurrencyFair is another cheap and easy way to arrange an international money transfer to Canada.
- CurrencyFair is offering the first 10 transfers for free for Moving2Canada customers so you get to sample their service with zero transaction costs. Hurrah!
- Their homepage has a live Canadian currency exchange calculator where you can find the latest rates.
- CAD transfers into Canada’s major banks (see full list) no longer incur receiving bank charges. To avoid delays, complete transfers before 11:30AM (UK time) to ensure same-day transfers.
- For transferring money to Canada from other locations, there is a flat fee of $4 per transfer.
- For transferring funds from Canada to other locations, there may be a domestic wire fee applied by your bank.
- CurrencyFair is safe and is regulated by the Central Bank of Ireland.
Other international money transfer options
Another alternative for international money transfers is to use a third party to transfer money from your local bank account to your Canadian account. However, it should be noted that the rates provided are often quite weak. Western Union and Paypal are by far the most expensive.
PayPal is an efficient means for an international money transfer, but again may not provide the best rates.
For international money transfers to Canada, set up two Paypal accounts — one to your domestic bank and one to your Canadian bank. Then you can transfer money from Canada, and between them then for free; you just need to have two email accounts.
While this is a relatively simple process, be sure to check the rates you’re being charged. You may save yourself a significant sum by going with CIBC’s Global Money Transfer™ or one of the other international money transfer companies listed above.