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.
CIBC's Global Money Transfer™
While it is true that banks haven’t always offered the most competitive rates when it comes to transferring money internationally, CIBC’s Global Money Transfer™ changes all that with its innovative and cost-effective money transfer process.
The great thing about the Global Money Transfer™ is that CIBC has found a way to connect local bank accounts across many destinations. With CIBC’s Global Money Transfer™ (GMT), North America’s first and only service that eliminates transfer fees, CIBC clients can login into their account and send money to over 80 countries including India, the Philippines, Australia, China, the US and the UK at no fee.
In addition, clients can choose to send money on the go using CIBC Mobile Banking® App or by signing onto CIBC Online Banking. CIBC customers can also visit a nearby banking centre to transfer money internationally. Finally, Global Money Transfer™ will also ensure that your international money transfer will arrive promptly – often in as little as one business day.
As well as saving you time and money in unnecessary fees, and providing a safe, secure and efficient way of transferring funds internationally, CIBC’s Global Money Transfer™ also provides a cash incentive. CIBC is currently rewarding its customers with up to $50 for sending money globally with CIBC Global Money Transfer™. Visit here for more details on the offer.
As one of the leading innovators in client-friendly banking, CIBC customers can send money overseas online with ease and avoid unnecessary wire fees. Start transferring with CIBC today and use the promo-code GMT50 to avail of these offers.
EQ Bank is a relatively new player in Canadian banking — a digital-only option that is becoming more popular in Canada. Among other benefits of banking with EQ Bank (you can learn more about those right here) is the partnership between EQ Bank and TransferWise, resulting in significant savings for EQ Bank clients when it comes to sending money internationally.
With no hidden fees or markups, EQ Bank clients get full transparency and the real exchange rate they see online, with the additional convenience of sending money abroad direct from their account in just a few easy steps.
More information about TransferWise is directly below, but if you want to save on international money transfers to or from Canada and streamline your banking at the same time, please read this guide on how EQ Bank compares with Canada’s “Big five” banking institutions.
Using peer-to-peer technology, and without any hidden charges, TransferWise also offer 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.