There are various ways you can go about sending money to and from Canada from bank wiring, using an e-wallet, or a third-party service. Sending money to and from Canada can be quick, easy, and cost-friendly if done properly.
To make an international money transfer, you will need the following information ready:
- Your personal details
- Reason for trade
- Beneficiary name
- Beneficiary account number
- Swift code or BSB/routing number
- Bank name
Sending money from Canada
You can send money to other countries through various financial institutions including:
- banks
- credit unions
- money transfer businesses
- cheque cashing businesses
- currency exchange
Depending on the service you may be able to set up the transaction in different ways. The most popular is online, but you’re also able to do it via telephone and email or in person.
These are the ways money can be sent:
- cash
- cheque
- money order
- debit card
- credit card
- prepaid card
If you use a credit card to send money, the transaction may be considered a cash advance. This can make it much more expensive to send money, since:
- there is no interest-free period for cash advances
- interest is charged right away with these transactions
- the interest rate is usually higher than for regular credit card purchases
International Money Transfer Fees
The amount you’ll pay in fees can be interchangeable from each service, institution, or business with some charging a flat fee for sending money. Others may charge different fees depending on the amount you send.
Fees may also be different depending on the payment method.
A reduced fee for repeated transactions may be offered for those who use a certain service regularly, also some providers might offer a significantly reduced rate for larger transactions.
Services that operate both in Canada and the country you’re sending money to tend to offer more competitive fees.
The exchange rate can also dictate the fees you pay.
Some businesses make a profit on money transfers by charging a higher than usual exchange rate, so enquiring about the exchange rate is important to make sure not to get handed a hefty exchange fee.
Remember, currency can be subject to ongoing change and may affect how much the recipient account receives depending on the exchange rate on the day of the transaction.
The amount of time it takes for the money to arrive may vary from a few minutes to a few days depending on the service.
Bank-Wire Limits and Fees
Using a bank wire may also suit your need when sending money from Canada but might be subject to various fees.
Most Canadian banks charge a flat fee of C$15 to C$40 for the international wire transfer service that most customers use. Many banks charge fees for sending wire transfers and receiving them. They also charge a 2% markup fee (on average) for currency exchange services.
Here’s a breakdown of fees for incoming and outgoing transactions,
- incoming domestic fee. $15 to $20 for receiving money from another Canadian account with the same bank.
- Outgoing domestic fee. $20 to $30 for sending money to another Canadian bank account.
- Incoming international fee. $15 to $20 for receiving money from a non-Canadian bank account.
- Outgoing international fee. $30 to $80 for sending money to a non-Canadian bank account.
- Initiation fee. $10 or less depending on how you make your transfer, for example, in a branch or over the phone. Not all banks charge this fee.
- Investigation fee. $25 to $35 for requesting tracing services for a previous wire transfer.
Cryptocurrency Policy
Currently, the Canadian Government does not support any cryptocurrency as the only currency that is issued by The Royal Canadian Mint is legal tender. Cryptocurrency cannot be used as a form of payment, but e-wallets that allow people to hold cryptocurrency are not illegal.
Currently, the government is experimenting with a digital token that may become legal tender and available for transfers and transactions in the future
Transfer your money with STICPAY
STICPAY is an e-wallet that opens the door for people to make quick, low fee transactions across more than 190 countries. Using an e-wallet like STICPAY, money can be transferred immediately with either no or incredibly low, fees and you can make transactions in 29 fiat currencies and two cryptocurrencies.
STICPAY is an excellent choice to transfer money in Canada. To get started, you must create an account, which only takes a few minutes.
Once the simple form is completed, you need to verify your account to use STICPAY without limits. For more information on how to get verified, please refer to this guide.
Once you deposit funds into your STICPAY account, you can make money transfers or use your account to buy products and services. Recipients will be able to withdraw the funds you send instantly.
Are you ready to transfer money to and from Canada with STICPAY? Create an account now!
