Personal Finance

Best way to send money from Canada to Hungary?

  • Last Updated:
  • Nov 9th, 2013 8:09 am
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[OP]
Newbie
Apr 27, 2008
15 posts
3 upvotes

Best way to send money from Canada to Hungary?

By best I mean cheapest ...
Right - stuff it in an envelope and hope for the best.

Kidding aside I do not want to wire it abroad from TD to OTP bank in Hungary and pay their usurious rates. There are some internet options such as CurrencyFair - been around for 5 years or so. I set up an account with them and tried a trial run at $100. They sent me a confirmation note and asked for money to be deposited at a Bank of America account in Toronto. TD would wire the money there for $30 but isn't it possible to email using interac e transfer? It's not listed as a CDN financial institution but interac says they can deposit it at a non listed institution whatever that means.

Any experience with that. No replies giving the American experience please.
19 replies
Deal Addict
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Jul 18, 2008
1790 posts
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bpither wrote:
Sep 6th, 2013 1:36 am
By best I mean cheapest ...
Right - stuff it in an envelope and hope for the best.

Kidding aside I do not want to wire it abroad from TD to OTP bank in Hungary and pay their usurious rates. There are some internet options such as CurrencyFair - been around for 5 years or so. I set up an account with them and tried a trial run at $100. They sent me a confirmation note and asked for money to be deposited at a Bank of America account in Toronto. TD would wire the money there for $30 but isn't it possible to email using interac e transfer? It's not listed as a CDN financial institution but interac says they can deposit it at a non listed institution whatever that means.

Any experience with that. No replies giving the American experience please.
I usually send smaller amounts with moneygram or western union and larger (a few thousand) with bank wire. Since the wire fees are fixed I do believe its the best option for larger amounts. The exchange rate may be of concern when the amount is a few k but I didn't have much other choice. I wasn't sending money to Hungary, it's possible there are better ways.
Deal Guru
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Oct 24, 2012
11420 posts
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Montreal
e-interact can deposit in non listed institution, meaning institutions that don't offer e-interact services. e-interact will simply ask the recipient to fill in account information and then proceed to do a direct deposit. It only works for Canadian$ accounts, as e-interact doesn't do currency conversions or deposit through any other means than direct deposit with accounts fitting the format XXX-XXXXX-XXXXXXX (FI#-branch#-account#)
Deal Addict
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Mar 13, 2003
2872 posts
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Alberta
I don't know if it's cheaper, but if you are against a wire transfer you could do a bank draft then send it with a courier. Will take 3-4 days.
[OP]
Newbie
Apr 27, 2008
15 posts
3 upvotes
I phoned interac and also sent an email to their help desk and confirmed the same reply. I can email the amount but the recipient will not be able to deposit it even if the account is registered in Toronto at Bank of America in CDN dollars.
Deal Fanatic
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Nov 23, 2005
8166 posts
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We have used Western Union to send money to eastern Europe without issues before.
Newbie
Jan 7, 2013
36 posts
MISSISSAUGA
We have been using Western Union for 5 years now without any problems. We send money regularly, so we have a membership card - saves you a couple bucks.
Deal Addict
Dec 7, 2011
1901 posts
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YYJ/YXY
If you are regularly sending money to the same trusted person, maybe you get a debit card that allows no-fee debits abroad. TD Select Service Chequing Account is an example, but there might be others. This way, your recipient could get the money from the ATM in Hungary.

If that is not an option, wiring the money is probably best. Find out about the fee structure and if you can pay all fees at the sending end. That might be cheaper than splitting the fees.

Western Union & co are VERY expensive and not very safe.
Member
User avatar
Sep 22, 2008
202 posts
31 upvotes
Toronto
World Remit appears to be just another huge rip off.

I just did the calculation for sending their maximum CAD5,000. they first convert to USD before sending.

After all calculations, sending 5,000 CAD would have cost me CAD273 + their fee of CAD10.99. (this vs. a bank wire transfer)

Easiest way to evaluate the cost may be by comparing their USDCAD vs. competitors.
taurus25 wrote:
Sep 8th, 2013 2:39 am
I have never used but heard of it many times, u can give a try

https://www.worldremit.com/en/home
Member
User avatar
Sep 22, 2008
202 posts
31 upvotes
Toronto
Western Union bought Custom House in Canada. And the rest is standard big-company customer abuse.

Several divisions, no consistency. Rates quoted over phone differ from those on websites.

Western Union will disclose most of their wire transfer rates and fees AFTER you open an account and provide full proof of identity. Not before.
Member
User avatar
Sep 22, 2008
202 posts
31 upvotes
Toronto
storybrook wrote:
Sep 6th, 2013 1:36 pm
We have been using Western Union for 5 years now without any problems. We send money regularly, so we have a membership card - saves you a couple bucks.
You evidently have money to burn.
Deal Addict
Jul 15, 2009
1388 posts
496 upvotes
Currencyfair's website explicitly states: "CAD deposits need to be made via WIRE transfer, we do not accept Interac payments."

Has anyone found any way other than wires to get money to them? Are there any chequing accounts that charge less than $30 for a wire out?

Places like Canadianforex and XE accept bill payments, but have worse exchange rates than Currencyfair. I guess the best bet is to use Currencyfair for larger amounts and Canadianforex or XE for smaller amounts.
Sr. Member
Nov 28, 2010
979 posts
164 upvotes
Toronto
+1 for Western Union
Deal Addict
May 2, 2007
3015 posts
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Kingston
What about hyperwallet? My credit union uses them instead of interac.

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