Which Foreign Exchange Service?

23 October 2012 - Which Way to Pay Canada

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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.



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