In this article, we will look at ways to send money from Canada to Australia, as well as the fastest, easiest and cheapest way to transfer money from Canada to Australia. If you are looking for wire transfer methods between Canada and Australia, you can find the best way to transfer money by reading this article.
When we first moved from Canada to Australia , one of the first things we had to do was find the cheapest way to transfer money from Canada to Australia.
After spending Ullman’s day in Vancouver, we set up our sleek new CIBC account and had to transfer money from our Australian Commbank account. Fortunately for us, we have already made a series of international money transfers and had good experience in this area! We wanted to write this short article with a few basic points about the cheapest way to transfer money from Australia to Canada. Also explain to you why it is the cheapest way!
can we transfer money from Canada to Australia from banks?
Well, the solution is why you do not want to use your bank to transfer money from Canada to Australia. Australian banks are one of the worst for hidden currency fees. Commbank is no angel either (sorry Commbank but right)
They will usually charge you a shipping or receiving fee – from A $ 15 to $ 25 + depending on your shipping rate.
This will not be bad except for the fact that they get 4 to 6% of the exchange rate !!!
Before you play the role, roll your eyes and say, “Oh, surely only 4% care.” This is equivalent to an additional A $ 160 to transfer A $ 5,000 to Canada , So you pay around an extra A $ 200 for zero extra benefits. It is literally zero. Keep in mind that we are a couple so we both have to transfer money from Canada to Australia.
best way for transfer money from Canada to Australia
There are three companies that we have personally used and to be honest, they are all great. Some of them are better than others and deal with bigger transfers, but overall, they save on your bank costs.
Here are the cheapest ways to transfer money from Canada to Australia:
Currencyfair
Our suggested way to transfer money from Australia to Canada: We used these people when we immigrated to Australia and they were our favorite. What makes them great is that they cost a fixed transfer of only 3 euros. This means that no matter how much you transfer, you only pay 3 euros!
In addition, they only charge about 0.25 on (in contrast to 4-6% with banks!).
Sign up here and you will also receive your first five transfers for free. We charge a small commission but at no extra cost to you! You actually get extra savings.
TransferWise
Probably even more popular than Currencyfair at this point. they are amazing! Most of their rates are more competitive than Currencyfair, so we’ll check both before making a transfer. The main disadvantage is that they have a variable transfer cost. So the more you send, the more you will pay! It costs about $ 30 to transfer $ 5,000 compared to € 3 with Currencyfair. But still, we still use it as a backup and compare what we get. Register here or compare their calculator.
OFX
Visit us for great transfers! OFX has been great! They are very good to deal with. Sometimes when you send large sums of money abroad, you really want to talk to someone or get expert advice. This is where Currencyfair and Transferwise become more automated. OFX also makes small transfers, but if something is over $ 5,000, we usually call them to see what kind of price they can do for us. In addition, if you register with this link, we guarantee a free transfer of more than $ 1,000 for life (yes for life!)
whats happened if you not use wire transfer from Canada to Australia
When you make your first transfer, we promise you will never look back. This may take 2 to 3 days, but the main drawback is setting up each of these accounts. Verification and proof of address is required. But once you have everything set up, you save on bank charges. Plus, it’s easier than ever to create an account with any of these companies.
The important thing is that as we get older or travel to new countries, these accounts are already set up so that voila currency is not a problem. Can I use these services for other countries? While it is the cheapest way to transfer money from Australia to Canada, it is also the cheapest way to transfer money worldwide.
Whether you send money from Canada to Indonesia or Australia to the UK, it will be a breeze. Just set up those accounts before you make a big move, and everything will be easier if you need to transfer money abroad.
best ways to send money from Canada to Australia
XE money transfer
XE as a valid and seasonal name in currency, can be a good option for online users who are not under time pressure. They do not charge a fixed fee and have no minimum amount so it is suitable for any transaction.
How much does it cost to transfer money to Australia?
Transfer Fee: Free, but there may be hidden fees at your local bank. Exchange Rate: The AUD / USD exchange rate you receive when converting US dollars to Australian dollars depends on your transfer rate.
How to transfer money with XE?
Set up an account online or by phone. Tap on how much, where and which currency. Pay XE and they will transfer the money to your recipients’ bank account. How long does it take? Your recipient will deposit the money in Australian dollars within 1-2 business days.
Is XE safe?
Yes they are. They are licensed as DFS transmitters in New York and registered with FINTRAC.
Best features:No cost or minimum amount to transfer money Better exchange rates for more amounts Well-known and trusted brand Job and personal support, plus accessible customer service
TransferWise
If you prefer to transfer money online, TransferWise is the easiest way to do it. Creating an account or transferring using their app is very simple and you can send money from Canada to Australia easily. They also have a competitive exchange rate because they offer the same market rate that you see on XE or Google and do not add any hidden exchange rate increases.
How much does it cost to transfer money from the Canada to Australia?
Shipping cost: 0.45 up to US $ 135,000 or 0.35 above CAD $ 135,000, plus $ 2 transaction cost. Exchange Rates: TransferWise gives you the best possible exchange rates. They do not use margins. Additional costs: Bank debt (ACH) is the cheapest. Then the bank transfer of credit card and credit card is followed.
How to transfer money with TransferWise?
Create an online account, sign in and set up your first transfer. Tap on how much and where. Enter the details of your recipients. Make local US payments to TransferWise using your bank transfer, SWIFT or cash or credit card.
How long does it take?
Your recipient will receive money in Australian dollars (AUD) directly from your local TransferWise bank account within 1 to 0 business days.Best features: Quick online setup Transparent costs and offering the best rates online Very fast transfer to a bank account Simple mobile app
OFX
OFX is especially suitable for larger transfers because they have a personal account manager which is really useful, especially if this is your first time sending money to Australia. They also offer better exchange rates, the more you transfer money from Canada to Australia. OFX is one of the oldest money transfer companies with a good track record in security. They are a global business headquartered in Sydney, Australia.
How much does it cost to transfer money to Australia?
Transfer Fee: OFX no longer accepts flat transfer fees for customers in the Canada. Exchange Rate: When you convert US Dollars to Australian Dollars (AUDs), OFX adds a margin to the exchange rate. Minimum transfer fee: US $ 150 for single transfer US $ 250 for frequent transfers.
OFX has a currency exchange calculator, but shows the interbank rate. This rate is before applying the margin. You must set up an OFX account to receive an accurate quote. Alternatively, use the exchange rate comparison engine. You will see the real exchange rate and OFX commission and compare it with other services.
How can money be transferred with OFX?
Create a free online account and sign in to receive a live quote for your transfer. Enter your recipient details, including bank account, financial institution number, account number, and branch shipping number. “Final transaction” and payment using bank transfer or bank transfer. Business customers can use direct debt.
How long does it take?
Your recipient will deposit money in Australian dollars within 1 business day. Best features: Easy online settings Appropriate exchange rates and lock rates for larger amounts 24/7 telephone support and Mobile app
WorldRemit
WorldRemit is a great option if you want to send small amounts of cash from the Canada to Australia. They offer competitive exchange rates and more flexible delivery options than PayPal, Western Union or MoneyGram. They specialize in small remittances and transfers, which makes it great for international personal transfers to Australia from the US up to $ 10,000.
How much does it cost to transfer money to Australia?
Transfer Fee: US $ 3.99 per transaction. Exchange rate: WorldRemit adds a margin to the exchange rate for a specific exchange rate for sending money from the United States to Australia. Maximum transfer fee: A $ 10,000
How to transfer money with WorldRemit?
Create an online account and log in How much can you tap on how to transfer (cash voucher, bank deposit, mobile money or mobile call fee) and enter your desired recipient details Make CAD local payments to WorldRemit using your bank account, cash card, credit card, SOFORT, INTERAC, POLI or iDEAL (web).
How long does it take?
It depends on your choice of delivery. They receive AUDs 0 to 2 business days (AUD) for money transfer. If you have a valid photo ID and transaction reference number, you can prepare for cash delivery immediately. Best features Offers cash vans, bank deposits, mobile money and recharge airtime Easy online platform and mobile app Transparent costs with precision calculator tools 24/7 customer support
Xoom for transfer money from Canada to Australia
Xoom is easy to transfer, but it costs more than other money transfer professionals. How much does it cost to transfer money from the Canada to Australia?
Transfer cost: varies depending on the amount or type of transfer. Under $ 1,000 there is a fixed fee of $ 4.99 for bank payments, but this is over $ 1,000. It costs more than $ 30 for $ 1,000 in debt or credit card. To receive cash, you pay $ 4.99 by bank transfer, $ 20 for cash or credit card. Exchange rate: When converting the US dollar (USD) to the Australian dollar (AUD), about 2% margin is added to the exchange rate. Maximum amount: Maximum 10 thousand US dollars with 24 hours with social security number or passport.
How to transfer money with Xoom?
Log in and sign in for an account Tap on how much and where. Enter the details of your recipients. Enter your payment method. The recipient receives the money in the bank account or cash available for delivery at the representative’s location.
How long does it take?
It will take 1-2 working days. Best features: Safe, reliable, fully licensed and authorized company Pay bill recipients or reload the phone through the app Choose cash locations available through Ria Stores
maximum and minimum transfer limits from Canada to Australia
This varies depending on which online money transfer company you use. For minimum transfer amount, XE and TransferWise have no limits. OFX has at least US $ 150 per trade.For maximum transfer amounts, TransferWise has a maximum of US $ 50,000 for personal accounts. For commercial accounts, a maximum of US $ 250,000 is allowed in unlicensed states and a maximum of US $ 1,000,000 is allowed in the states.
OFX and XE do not have maximum transfer values. Meanwhile, if you have the required documents, Xoom is limited to US $ 50,000 in 24 hours.
is it safe to send money from Canada to Australia online?
Safety is very important and all online companies take their legal responsibilities very seriously. They take great steps to protect sensitive data that you provide, such as personal details and identification. However, it is still better to be safe than sorry. Here are some additional ways to securely transfer funds:
Review the privacy policies and follow-up of your money transfer provider Use a strong, long, unique password with a combination of uppercase and lowercase letters, numbers and symbols when setting up your account. Make sure your money transfer service includes two-factor authentication, including SMS or email-based security code
what is mid market exchange rate?
The average market rate is the rate that is published online, which banks use as their interbank rate. Money transfer companies can charge a fee or margin for their services at above average market rates. A bank will charge you a margin of approximately $ 30 for transferring international money.
when send and transfer money from Canada to Australia , which is better, worldremit or transferwise?
The total cost you pay is transparent from the start. These depend on the currency transferred, the amount and the method of securing your account. TransferWise typically charges a one percent fee and allows you to transfer money at the median market rate (Wikipedia) or interbank interest rate. TransferWise costs between 0.6 and 1% of the transfer fee.
This is very competitive compared to banks (which charge about 3 to 5 percent of the transfer) as well as other currency transfer services (0.5 to 1.8 percent, depending on the currency).
WorldRemit fees vary depending on your currency, how you pay, how much you transfer, and how you choose to receive a remittance. World Remit charges a flat fee for each transfer, which is usually between $ 3.99 and $ 24.99 (for $ 1,000), depending on the currency and payment method.
The WorldRemit exchange rate depends on market fluctuations and is usually higher than the market average but very competitive.
compare ways to send money transferwise and Worldremit
How you get your credit depends on the country and the currency. Typically, you can pay for your transfer with a credit card, cash card, bank transfer, or SWIFT payments or other special methods such as SOFORT or iDEAL. You can secure your WorldRemit transfer in the following ways:
Card (debt, credit and credit) Bank account transfer Money , Interactive , Ideal , Apple Pay , With confidence Credit card transfers are free, but your credit card issuer may charge a fee. (See “Costs and Expenses” above).
which way is faster for send money from Canada to Australia
The speed of TransferWise depends on two things: how you pay for the transfer and the currency / country of your choice. Credit or debit card transfers are usually made within a few hours (sometimes minutes). But these transfers can also be made more expensive by the cost of the card added by your provider (at the expense of TransferWise).
If you want to wait a few days, you can transfer money at very competitive rates.
WorldRemit transfer speed depends on three things: how to secure the transfer, currency and payment method. Credit card transfers are processed almost immediately (within minutes). But the convenience of receiving a refund from your card providers can increase the transfer fee (up to 3% of the amount).
It takes 2-3 days to transfer funds from your bank account to your recipient. Mobile loans and mobile recharge with AirTime are also processed immediately Transfers with major currencies (such as USD, GBP, AUD, etc.) are faster, while regulated currencies such as the Chinese yen may take longer.
conclusion
In this article, we tried to explore the best and cheapest ways to transfer money from Canada to Australia. We hope that at the end of this article you will be able to find the method you want and use it in the best way to transfer money from Canada to Australia. You can also ask your questions about this article via the contact us link on the website
