Ask about the exchange rate and compare it to the rate of other currency exchange businesses to confirm if it's reasonable.Ĭhanges in the exchange rate can also affect the amount the recipient will receive.Īsk if the amount the recipient will receive depends on the exchange rate when:Īmount of time it takes for a money transfer to get to its destination
Some businesses make a profit on money transfers by charging a higher than usual exchange rate. If there is a financial institution with locations in both Canada and the country where you want to send money, check if it charges less for transferring money. Some businesses may also offer a reduced rate if you send a large amount of money. In some cases, there may be a discount for repeat business. Others may charge different fees depending on the amount you send.įees may also be different depending on the payment method. Some businesses and financial institutions charge a flat fee for sending money. The amount you'll pay in fees may be very different from one business or financial institution to another. Cost of sending a money transferīefore you choose a money transfer service to send money, think about the costs. This way you can trace the remittance if you need to. Check to see if there is any kind of protection or guarantee.Īlways get a receipt and a transaction number for the money you send. Get a confirmation the transfer is completeĪsk how you can confirm that the transfer was completed and the money was delivered. the interest rate is usually higher than for regular credit card purchasesįind out how interest is applied to cash advances and understand other credit card fees.interest is charged right away with these transactions.there is no interest-free period for cash advances.This can make it much more expensive to send money, since: If you use a credit card to send money, the transaction may be considered a cash advance. Contact the consumer protection office in your province or territoryĭepending on the service you choose, you may be able to set up the transaction in different ways, such as:.Check with the Better Business Bureau in your area.Ask family, friends and members of the community about their experiences.Some money transfer businesses also have outlets located in:īefore you hand over your money, do your research: You can send money to other countries through a variety of businesses and financial institutions including:
a credit to a credit card, debit card or prepaid card.That agent, business or bank gives the money to the person you're sending the money to (the recipient).ĭepending on the service, the money may be given as:
Transferring money to someone in another country is also known as sending a remittance.Ī business or financial institution in Canada sends the transaction details to an agent, business or bank in the other country.
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