Remittance from Canada
Nowadays, sending money from developed countries such as United States, Canada, Europe, etc. has been one of the top choices to support family finance. According to a report by Finder, Canada sent a total of $7,183 million in remittances in 2021, higher than the $6,785 million in 2020 but lower than the $8,763 million in 2019.
In 2017, $2.8 billion (55% of remittance flows from Canada) went to lower-middle-income countries followed by upper-middle-income countries at $1.1 billion (21% of total remittance flows from Canada) and high-income countries at $761 million.
It’s such a great number to notice and also multiple money transfer options for customers. Sending money from Canada has never been easier, thanks to the wide range of options available to meet your specific needs. Whether you need to send funds to loved ones abroad, support international business transactions, or make payments overseas, there are various services and methods designed to streamline the process and ensure your money reaches its destination securely and efficiently.
Let’s go through our guide on how to send money from Canada in detail.
How to Send Money from Canada
Traditional Banks and Wire Transfers
One of the most familiar and trusted methods to send money internationally is through traditional banks. Canadian banks provide wire transfer services that enable you to send funds securely to recipients worldwide. To initiate a wire transfer, you'll need the recipient's bank account details, such as their account number, bank name, and SWIFT/BIC code. While this method is reliable, it can be expensive due to fees and unfavorable exchange rates.
Read more: What Is the SWIFT Banking System? (investopedia.com)
Quick Send Money from Canada through Online Money Transfer Services
With the advent of technology, online money transfer services have emerged as a popular and cost-effective option for sending money from Canada. Companies such as EzyRemit offer efficient and user-friendly platforms to transfer funds globally. EzyRemit often provides competitive exchange rates and charges lower fees compared to traditional banks. You can conveniently set up an account, link your Canadian bank account or credit card, and initiate transfers online or through mobile apps.
Peer-to-Peer (P2P) Transfers
Peer-to-peer transfer platforms have gained significant traction in recent years, providing a seamless way to send money internationally. P2P services like Venmo, Zelle, and Paytm allow you to send money directly to the recipient's mobile number or email address, bypassing the need for bank account details. These platforms are particularly useful for transferring smaller amounts quickly, making them an excellent choice for personal transactions.
Send Money from Canada through Digital Wallets
Digital wallets have revolutionized the way we manage and transfer money. Platforms like Google Pay, Apple Pay, and Samsung Pay provide convenient and secure options to send funds domestically and internationally. By linking your Canadian bank account or credit card to a digital wallet, you can easily send money to recipients who also have digital wallets. This method is often instant, user-friendly, and may offer additional benefits such as loyalty rewards.
Things to Notice when Send Money from Canada
When sending money from Canada, there are several important factors to consider to ensure a smooth and secure transaction. With such an enormous amount of money being moved across borders, what is the cost of sending money overseas? The fees that most providers charge include exchange rate margins as well as a transfer fee.
Some of the most important criteria are: exchange rate, fee and charges, transfer speed, security and reliability, limit and restriction. Here are some key points to keep in mind:
Exchange Rates
Pay attention to the exchange rates offered by different service providers or banks. Exchange rates can vary significantly, and a small difference can impact the amount received by the recipient. Look for services that offer competitive rates to maximize the value of your money.
Read more: A Complete Guide to How Currency Exchange Rate Works | EzyRemit
Fees and Charges
Understand the fees associated with the transfer. Banks and service providers often charge fees for international transfers, which can vary depending on the method chosen. Compare the fees across different options to minimize costs and ensure transparency.
Security and Reliability
Prioritize secure and reliable service providers. Look for reputable companies with strong security measures in place to protect your personal and financial information. Check for encryption protocols and certifications to ensure your funds are transferred safely.
Read more: Protecting Yourself from International Money Transfer Scams and Fraud (ezyremit.com)
Limits and Restrictions for Sending Money from Canada
Be aware of any limits or restrictions imposed on the transfer amount. Some services may have maximum or minimum limits on the funds you can send, so verify that your transfer amount falls within the allowed range.
Tracking and Confirmation
Choose a method that offers tracking capabilities or confirmation notifications. Being able to track the progress of your transfer provides peace of mind and allows you to inform the recipient accordingly.
Legal and Regulatory Compliance
Ensure that the chosen service provider complies with all relevant laws and regulations. This helps to safeguard against fraud, money laundering, and other illegal activities. Look for regulated and licensed entities to ensure compliance.
Conclusion
In conclusion, sending money from Canada requires careful consideration of various factors to ensure a successful and hassle-free transaction. By paying attention to exchange rates, fees, transfer speed, security, etc. you can make an informed decision and choose the most suitable method for your needs.
For a reliable and convenient option, consider EzyRemit's service. With EzyRemit, you can benefit from competitive exchange rates, transparent fees, and fast transfer speeds. Our secure platform ensures the safety of your personal and financial information, while responsive customer support is available to assist you throughout the process. By considering these factors and opting for a trusted service like EzyRemit, you can confidently send money from Canada, knowing that your transfer will be handled efficiently and securely.
