I needed to send money to Canada on a regular basis after I moved to England. Due to the circumstances under which I moved abroad I left some debt behind in Canada. I don’t recommend moving abroad under such conditions but my chance came to make the move and I went for it. Unfortunately it took much longer to pay off my debt because the pound decided to plummet (and the Canadian Dollar stayed strong) 3 months after my move, and my dreams of travelling with a strong currency have been put on hold.
So I had bills in Canada that needed paying which required sending money to Canada. I tried to simplify this as much as possible before leaving by consolidating as much as I could. I left my bankcard with my sister, I’m sure this is a big no no but I 110% trust my sister. Once in England and making money I mailed her checks from my UK account to be deposited into my Canadian account, waited the 4 to 6 weeks for the check to clear, and paid my bills via on-line banking.
I having recently read about some new products, as well as ones that have been around longer, for making money transfers and thought I would share them. For those who need to send money home and want to do it without having to pay rip off fees, these look like 2 of the best options I’ve seen for sending money from England to a Canada (right into a Canadian bank account). The fees are reasonable and the companies reputable.
Travelex, is what we use at work for foreign currency, they are a highly reputable company. The minimum transfer is £25, and maximum transfer is £2500. The fee for a 5 day transfer is only 99p, and if you are in a hurry they can do it in 2 days for £7. Both great rates, which make up for the exchange rate which is a bit on the low side. The other great thing is you don’t need to sign up to anything to make transfers.
This company (an Australian based company) does fund transfers to and from Canada as well as many other countries. They have a minimum transfer of $2000, so I don’t think it’s as useful as Travelex for day to day transfers but worth comparing for large amounts because they offer a good exchange rate, and don’t charge a fee for transfers over $10 000 (max $15 for transfers under $10 000).
Money is always stressful but trying to do things from across the pond even more so. I would love to hear of how others dealt with things from afar and had good results with.
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