If you live in Canada, there might be times when you will need to send money internationally. Earlier sending money internationally was a long and expensive process. However, with technology, it has become effortless to send money anywhere in the world.
There are many different ways through which you can send money internationally. However, there is no one best way to send your money. The best option for you depends on your situation.
Depending on the following points you can choose the best option that suits your needs—
- How much money will you be sending
- The currencies you are sending to and from
- How quickly do you need the money to arrive
So, if you want to know the different ways through which you can send money, you are in the right place. This article lists the top 3 ways of sending money internationally-
1. Online Money Transfer
One of the easiest and cheapest ways to send money internationally is through an online specialist currency transfer service. There are many FinTech companies that act as traditional financial service firms and methods.
Most commonly used online currency transfer services are Remitly and Wise.
These companies are like online businesses. You can do transactions through their website or app. It is very easy to use these services cause of the simple user experience. Moreover, the fee and exchange rate are easy to see so you know exactly how much money you are going to send or receive.
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2. Regular Banks
You can also send money internationally through your regular bank. The cost of sending it through your bank depends on the combination of your bank accounts. A few banks offer good rates if you have an account with them in both countries (or another arm of the same banking group).
For example, ICICI Bank allows fee-free Canadian dollar transfers to India if you have a HiVALUE PLUS account in Canada. Also, if you have one of the premium-style bank accounts, your transfer fees will be less.
This is something that you will have to consider based on how often you will be sending money. As a newcomer, there are various benefits you can get from opening a bank account. You can check them out here.
3. Foreign Exchange Brokers
Lastly, if you want to send huge sums of money, a foreign exchange broker is your best option. You should use this option in situations like buying and selling a house. The transaction fees, in this case, is lower than what a bank charges.
Moreover, they provide personalized services and will guide you through the process. However, you should be a little careful while selecting your broker.
Even a small difference in the exchange rate will make a huge difference to you since you are dealing with large sums of money.
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