Make A Money Transfer To Canada Using One Of Three Methods

Choose the method that is least expensive and easiest for both you and your recipient

. Just remember that the exchange rate from U.S. dollars to Canadian dollars is 1.15, so when you send a dollar, your relative will actually receive $1.15, which is convenient for them.

One of the most popular ways to make a money transfer to Canada is a wire transfer through your bank. This will only work either if you and your recipient have the same bank, or your U.S. bank has a relationship with a Canadian bank that allows transfers. Banks like Capital One, Citibank, JP Morgan Chase Bank, and HSBC are just some of the institutions that exist in both countries. Some banks in the U.S. charge lower fees when your transfer recipient takes money out of a particular bank. For example, Bank of America encourages the use of Canada's Scotiabank when dealing with money in another country. You can send money from one bank to a different bank, but be prepared to pay for the convenience. Using HSBC as an example, you will pay $30 to transfer $100 from an HSBC bank in the U.S. to one in Canada. The fee increases to $45 for a transfer to a different bank in Canada that does not bear HSBC's name.

Another way to make a money transfer to Canada is to use a company as an agent. In this situation, you would locate an agent, pay a fee, and provide the name and location where the recipient would pick up the money in Canada. The fee is typically a percentage of the money you are sending. Your relative would then need to supply a password to show that the money is for them, and would not have to pay a fee. This is usually best for one-time transactions, and nearly every large province in Canada has locations where your relative or friend can pick up the money, including grocery stores, check cashers, travel agencies, airports, and more.

If you are helping support relatives in Canada, you will probably need to send money regularly. The most cost-effective way to do so is to use a prepaid debit card, which can be obtained from several companies. In this situation, you would buy a debit card from the selected company, send it to your relative in Canada, and then call them with the PIN for the card. You would then add money to the card, either online or by phone. There is a fee when you send money, and a smaller fee when your relative uses the card. The fee for a money transfer to Canada is typically $5 to $8, and transaction fees are usually less than a dollar each, with slightly larger fees to take out cash.

You should choose the method of transferring money that makes sense for your situation. Sending money via wire transfer or agent is great for a one-time transfer, but can get costly over time. You only pay once for a debit card, and then pay small fees each time you add money, so this is often an advantage for those who don't want to deal with agents or larger fees. Consider what is most convenient for both you and your relative when you a select the method of money transfer to Canada.

by: Peter Frampton

POST COMMENT

Review Of Camcorder And Lens Accessories Duncan Carver Chicken Keeping Secrets - Guide In Keeping Chickens Review Happiness and money, Which is more important? Make Money (and Backlinks) With Snipsly! Before Sending Money Do A Little Research Sending Money - Be Sure To Pay Attention To Currency And Exchange Rates Buying Boston Luxury Apartments On A Budget Sending Money - Current Options And What's To Come Guidelines for Finding budget hotels in Spain Money Transfers With A Prepaid Debit Card Sending Money To Bangladesh Lounge Around in the Famous UK Hotels near HBOS Money Museum Budget Hotels India