Which Foreign Exchange Service?

23 October 2012 - Which Way to Pay Canada

Email Article Print Article
    


Which Foreign Exchange Service?

 

 

Thousands of Canadians need to send and receive money from all over the world on a regular basis.  There is a variety of ways of doing this, so let us find out which is the best for low cost, high excellence and fast speeds.

 

There are generally three main ways to send and receive money globally:

 

 

-          Foreign Exchange Brokerage

 

For transfer amounts of around $3,000 and over you can send and receive money on a global scale for no extra fees and no commission using a good foreign exchange brokerage.  Below that amount and you may be subject to a charge of around $10 but the exchange rate offered by foreign exchange brokers are the best on the market. 

 

Setting up an account is also free and you can make electronic transfers anytime via your personal broker.  You will not have to deal with large call centers as foreign exchange brokerages are specialists for foreign exchange.  Your bank offers a much wider range of financial services meaning call centers are a necessity.

 

-          Money Transfer Service

 

For smaller transfer amounts there are now lots of companies that offer worldwide money transfers.  Some charge a flat fee of around $7 a transaction while others carry a benchmark transfer amount, above which there is no fee. 

 

Transfers take between immediate, 1 and 3 days to move from A to B.  This type of service is best for amounts of below $3,000.  Money transfer companies also offer highly competitive exchange rates.

 

-          Traditional Bank

 

You could head to your nearest bank and request that they perform a foreign exchange transfer for you.  They can do this, but make sure you ask for the latest exchange rate before you do so.  Banks generally cannot offer the same highly competitive exchange rates to their retail customers as foreign exchange brokerages or money transfer services.  This is because they remove a larger margin from their wholesale rate. 

 

Next, ask what fees/charges are added to the transaction.  Most international bank-to-bank transfers take up to 5 days to move from A to B. 

 

Take a look at our Info Library for more detailed information and FAQs on moving money around the world.

75x75_icon_11.jpg
 

PRODUCT RANGES:

CURRENCY EXCHANGE
Compare Foreign Exchange and Currency >>

LOAN PRODUCTS
Compare Loan and Debt Products >>

CARD PRODUCTS
Compare Cards Products >>

MONEY PRODUCTS
Compare Money Products >>

Avoid the middle man when wanting to lend some extra funds.
04 April 2017
Which Way To Pay
Peer to peer lending is one of the best ways to lend money as your are basically cutting out the middle man.
Read More >>
More and More Canadians on a daily basis are purchasing the incorrect Travel Insurance policy's they need for the trip they have planned.
30 August 2016
Which Way To Pay
Studies have n recently more and more Canadians are purchasing the incorrect Travel Insurance covers which is then causing problems when the claims are to be made.
Read More >>
When all those debts are getting on top of you , there always seems like there is no way out . A consolidation loan is the answer.
16 July 2015
Which Way To Pay
When you finally make the decision to consolidate all those debts looming over you into one easy monthly payment that is set up between yourself and the consolidation loan providers.
Read More >>