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Sending large amounts of money overseas

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  • Feb 8th, 2013 8:35 am
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Deal Addict
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Oct 23, 2005
3499 posts
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Mississauga

Sending large amounts of money overseas

What's the best way of sending large amounts of money ($10 000+) overseas?

I've looked into wiring the money from my bank account at TD Canada Trust to a bank account in the Philippines and it costs $50. I don't mind paying that much for the service (since I'm already sending that much already) but I was wondering if there were any other solutions that I could look into. If not, the bank route is probably my best bet anyways.
7 replies
Deal Addict
Mar 8, 2009
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You may be able to send an international money order. But if this is for business, your $50 bank charge is a business expense.
Deal Fanatic
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Mar 20, 2009
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Vancouver
Wire transfer is the traditional way. Shop around, the different banks and financial institutions have different rates.
Deal Addict
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Oct 23, 2005
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Mississauga
JamesA1 wrote: Wire transfer is the traditional way. Shop around, the different banks and financial institutions have different rates.
I think I'm going to stick with wiring the money from account to account. I've looked into money order and remittance services, but they don't seem so trustworthy for this kind of transaction.
Andex wrote: You may be able to send an international money order. But if this is for business, your $50 bank charge is a business expense.
You're right. I should classify this as a business expense. At least with the $50 charge, I can have some peace of mind knowing that it's in good hands.
Newbie
Sep 25, 2012
3 posts
SASKATOON
try moneygram its better than banks. Actually it doesn't only depend on transaction charges. It also depends upon conversion rates. And everyone gains profit on conversion rate. You can transfer whoever is giving you best conversion rate at the moment. There is XE, Canadianforex. I prefer moneygram though.

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