What are the methods if we want to send money from Canada to Europe? Can the fastest way to transfer money from Canada to Europe be found at the lowest cost? In this article, we try to examine the best way to send money from Canada to Europe so that you can find the best and cheapest way to transfer money between Canada and European countries.

Making an international money transfer can be a difficult process, as banks usually offer their exchange rates with inflation and banks in both countries increase their costs. Before making a decision, we recommend that you look at other money transfer providers and take the time to compare all of your options.

Let’s see if you have the options if you want to transfer money from your country to your new bank account in Canada, or if you want to send money easily to your country.

best way to send and transfer money from Canada to Europe

wire transfers from Canada to Europe

There are many downsides to transferring money through your bank. That is why we do not recommend this route. Just to say a few things: Banks usually have higher costs and lower competitive exchange rates. They will usually have fixed wire costs for the transfer ($ 30-40), but to compare accurately with competitors, you need to compare what currency you end up with, because their exchange rates are higher than competitors. The receiving bank may charge additional fees, Banks need more information, Bank transfers may take longer, Some banks will not transfer money to some foreign banks.

Money transfer operators for transfer money from Canada to Europe

Money transfer operators specialize in transferring money between countries. You do not usually need to have an account with them to use their services. You can find everything from banks, supermarkets to pharmacies. All you have to do is submit an ID and sign a few forms so that you can transfer money through their services. Most of them offer money transfer services through mobile applications. WorldRemit is also a money transfer operator but only works online.

P2P service provider

Money transfer providers are relatively new to the currency sector. In “using” foreign exchange, these platforms allow two people from different countries to negotiate exchange rates alone. This leads to the abolition of bank margins and fees, making the currency more cost-effective.

With these peer-to-peer operating systems, unlike banks, you do not pay any international receipts (the money you will receive in another currency is provided by a local bank). In addition, the total cost of a transaction is about 0.3 to 1.0 percent higher than the mid-market exchange rate, where banks typically use 4 to 6 percent. This basically means that the more money you send abroad, the more you will save. However, you must send the money you expect to exchange to the local bank of the company.

You may expect your bank to charge you for this transfer, but this depends on your bank and the type of account you have (some accounts / banks charge for bank transfers). Do not receive).

Compare CurrencyFair and TransferWise for send and transfer money from Canada to Australia

The two most famous money transfer companies are CurrencyFair and TransferWise. The following is a comparison of the main specifications of the two online operating systems:

First: CurrencyFair

Exchange rate: The average exchange rate offered for immediate transfer is about 0.4 to 0.6 percent of the market average. If a transaction is made directly between two customers (peer to peer), the premium can be reduced by up to 0.25% of the exchange rate between the two “peers”. Costs: 3 euros (or equivalent in other currencies) fixed. For Just For Canada customers, this fee will be deducted for your first 10 transfers.Transfer speed: 1-2 days.

Available currencies: about 20, including INR (India), ZAR (South Africa), AED (United Arab Emirates), THB (Thailand). Regular overseas transfers: Supported Security: High-level SSL security certificates and two-factor authentication.

Second: TransferWise

Exchange Rate: The exchange rate offered for your trade is equal to the mid-market rate. This rate can be checked in real time on Google, XE and Yahoo Finance. Costs: TransferWise deducts a percentage of the amount to be transferred and ranges from 0.3% to more than 1%. This percentage depends on the currencies involved in the transaction and decreases as the amount transferred increases.

Transfer speed: 1-2 days. Available currencies: more than 50 (you can only send money from about 20 currencies and the rest is for sending money only). Regular overseas transfers: Partially supported Security: High-level SSL security certificates and two-factor authentication.

Which type of foreign exchange service provider is best for send money from Canada to Europe

From the money transfer services mentioned, there is no definite answer, it depends on your needs: The cheapest money transfer service with the lowest rates and fees: TransferWise and CurrencyFair offer very attractive rates and costs. Fastest money transfer service: WorldRemit, Western Union and MoneyGram can transfer money abroad in minutes. TransferWise and CurrencyFair are still faster than banks.

Money transfer only: WorldRemit, Western Union and MoneyGram can transfer money without the need for a bank account. Existing transfer destination: WorldRemit, Western Union and banks can send money almost anywhere in the world. TransferWise has more than 50 currencies available to transfer (you can only send money for about 30 currencies, do not receive it with these currencies). CurrencyFair is becoming a serious competitor with more than 20 sponsored countries, including India, South Africa and the United Arab Emirates.

Best Money Transfer Companies in Canada for send money to Europe

There may come a time when you need to transfer foreign currency from Canada to Europe around the world. You may need to move from Canada to the United States as a family member. Or you are making a large purchase from abroad and want to make a currency transfer from Canada to Australia.

For whatever reason, you choose who you want to build your Canadian international wires with. Or some of Canada’s largest banks or international money transfer companies in Canada. These transfer services now offer cheaper services by adding multi-product rewards and protection capabilities that can dramatically improve the exchange rate earned.

Our focus is on sending money from Canada to the United States, Australia and the European Union (including countries such as Italy or Spain) as well as sending money from Canada for international transfers such as overseas purchases and foreign investment. Typically, they are bank-to-bank transfers that are transferred from one bank account to another, but you can also exchange funds.

Canadian banks for wire transfer from Canada to Europe

What we can see here is that of Canada’s leading banks, HSBC offers the most competitive spread on international transfers from Canada with 2. 2.1 when customers are looking to buy $ 10,000 USD. . The most expensive bank to buy for the same amount (US $ 10,000) is easily CIBC Bank, which uses the 3.34% mark. In all cases, banks receive higher marks than special money transfer services for the same amount.

If we use WorldFirst money transfer company, for example, which offers free international payments to private customers, we can feel about the amount you can save compared to using the bank. If you only make a $ 10,000 USD transfer, you will be deducted 0.5%.

When transferring money from CAD to any other country, none of the direct currencies or WorldFirst receive international wire costs. TransferWise does, but this is always one of the lowest costs, and is mostly served by its very clear purpose of making one of the lowest exchange rates available – which makes TransferWise a great way to transfer low-cost international money from Canada. It fits. HSBC, unique to a bank, also offers fee-free international payments, if an FX conversion is available, however, the payment must be below $ 10,000 CAD.

WorldFirst , best service to send money from Canada to Europe

It trades with more than 130 different currencies The clearer the margins the more you submit (from 0.15% to 0.5%) will improve Excellent customer reviews (4.8 / 5 on TrustPilot) FINTRAC is set

WorldFirst logo review page offers one of the simplest and most transparent pricing schemes available in any money transfer service or Canadian bank today. The simple cost structure rates international wires from Canada between 0.15% – 0.5% depending on your annual transfer rate. When you can find both spot and forward rates, customers can easily stay up to date with live streaming rates through a 24-hour, 7-hour online platform. Money transfer company allows you to pay 130 currencies worldwide without any limit limit for the maximum daily or weekly volume.

In addition, customers can open free multi-currency global accounts (including CAD, USD, GBP and EUR), allowing you to make payments locally from markets and overseas customers. Or pay suppliers with same-day or next-day processing.

The cheapest way to send money from Canada to Europe

For low-cost transfers, WorldFirst appears to offer the lowest spreads available immediately on your trading account. It is very fair with 0.5% and only improves to 0.25% and even 0.15% during the year if enough volume is traded. In other TransferWise currency corridors, such as GBPUSD, you will find rates below 0.5, but for CAD payments, they are much more expensive than WorldFirst.

Certainly at this stage you should not ignore the direct currencies from its price. For more payments, Direct Currencies can definitely beat other money transfer services in Canada. In addition to the limited margin, you will also receive all the benefits of a more proportionate currency service. They can provide information about the foreign exchange market and what the exchange rate may affect your currency pair in the future, which can greatly improve the rate you eventually get.

In the previous example we showed that with internationalmoneytransfers.org, the worst rate offered by money transfer services in Canada was 1.3300 – which means you can buy $ 10,000 with CAD 13,300 . The cheapest way to send money to Canada is definitely through online and choosing an international specialist money transfer provider. The provider you choose depends on your personal or professional needs, but each of these companies has unique solutions depending on your international transfer conditions. With more than 300 CAD savings, enough to upgrade to business class on your next flight south!

the fastest way to send money from Canada to Europe , Transferwise

Fast, low-cost, secure money transfers from Canada to the Europe Understandable, transparent cost structure FINTRAC is set . TransferWise has been in operation for a decade now, and the online money transfer industry has been hit hard. As the only online offer, regardless of size it is ideal for international international transfers. What makes me happy is whether you pay C $ 100 or C $ 100,000, which is exactly the same markup.

$ 10,000 CADEUR transaction with 0.65% markup and $ 3.02 CAD international SIM card payment fee is calculated. In fact – sending $ 100, $ 100, $ 10,000 or $ 100,000 you know will cost you 0.65%. It offers better than banks and a lot of savings against most of the online money transfer industry for low cost international wires from Canada.

Today, more than 8 million customers use the online platform, and the company earns more than $ 5 billion every month. For TransferWise calculations, they calculate $ 3 million in hidden costs every day. Using this platform is completely secure and people, freelancers and businesses can access it.

How does TransferWise work for transfer money from Canada to Europe

TransferWise helps you send money internationally (to over 70 countries) at a low cost. Typically, when sending money abroad, this involves intermediaries (banks) that determine the gross exchange rate (aka the interbank rate or mid-market rate) and add other hidden costs. That your total cost to you is much higher. With TransferWise, you pay a small introductory fee and they exchange currencies at average market rates that you can easily verify using Google, Yahoo or Xe.com.

The average market rate is as close to the competitive rate as you can at any given time, and that is what banks use when trading with each other.The main thing is that with the transparent fee received by TransferWise and the conversion of the real exchange rate (which can also be guaranteed for a period of time), you will receive the most money for your money and you will enjoy significant savings. TransferWise is cheaper because of its innovative approach to keeping currencies in place, so they do not have to cross borders. It works like this:

an example for trnasfer money from Canada with Traansferwise

Let’s say you want to send $ 1,000 CAD to someone in the United States. TransferWise will add your CAD currency to your Canadian account and pay from your USD account in the US to your preferred recipient in the US. If someone else wants to reverse the transaction, that is, pay a recipient in Canada, he or she will use the TransferWise funds already in their Canadian bank accounts to pay and keep the US dollar in their US accounts. This strategy eliminates the need to transfer money across borders (local transfers remain) and thus reduces transfer costs.

To use their services, you must create an account. This process only takes a minute or more. After opening your account, you can start your transfer. Enter the initial details and personal information of the recipient and his / her bank details. The recipient does not need a TransferWise account and can also be a business or charity.
Confirm your identity by uploading the ID and proving the required address. The verification process may take up to 2 days, so you must complete this step before you can send money.

Secure your transfer using various methods such as bank transfer, cash card, credit card, online bill transfer, SWIFT, money transfer, SOFORT (Europe) and so on.

conclusion

Always keep in mind that bank transfer or wire transfer is not the best way to transfer money from Canada to Europe. There are better ways to send money from Canada to Europe that we explored in this article. Ways to transfer money from Canada to other countries in Europe cheaper and faster. If you have more questions in this regard, you can contact us through the contact us link on the site