Personal Finance

Best way to send/transfer money Internationally

  • Last Updated:
  • Jan 30th, 2018 9:35 am
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[OP]
Deal Addict
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Apr 7, 2012
2542 posts
632 upvotes
Toronto

Best way to send/transfer money Internationally

I'm transferring large (5k+) and smaller amounts (<1k) between accounts in Ecuador (USD) and Toronto (CAD).
Funds are being held at major banks at both ends.

I've been wiring funds, and it's costing me approx $45 per transaction.

I've looked at Xoom, and OFC.

Does anyone have any suggestions on the cheapest way to do this?
14 replies
Newbie
Apr 25, 2017
83 posts
52 upvotes
I use Visa Direct from TD Canada Trust. When I was visiting my family. I transferred some money to my friend's credit card over there and it goes in his account in like 10 minutes.

You can transfer money directly to a cardholder domestically or internationally.

Fees are:
$8.95 for international transactions up to $1,000
$12.95 for transactions greater than $1,000.01 up to $2,500
$1.50 for all domestic transactions

https://www.tdcanadatrust.com/products- ... direct.jsp
Deal Guru
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Aug 8, 2012
10198 posts
3984 upvotes
BC
You left out some details that may be relevant...
Are you transferring southbound only?
Are both accounts in your name?
Are you always exchanging currency or would you sometimes (if you could) want to keep the funds in USD on both ends?

Checkout currency exchange places like XE or Transferwise.
POLL: How frequent is your RRSP-matching?
Plastiq: Pay any bill with credit card for 0-2.5% fee (help meet min spending and keep old cards active!)
Rewards program transfer times (e.g. SPG->Aeroplan, Marriott->SPG, Amex MR->SPG...)
Sr. Member
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Dec 28, 2010
587 posts
257 upvotes
Transferwise
Do you want to meet the love of your life? Look in the mirror. | Byron Katie
Deal Guru
User avatar
Aug 8, 2012
10198 posts
3984 upvotes
BC
ace604 wrote: You left out some details that may be relevant...
Checkout currency exchange places like XE or Transferwise.
jeffyjaixx wrote: Xe.com/radio

Heard that on the radio so can give it a try.
VESTEGAARD wrote: Transferwise
LOL :D
POLL: How frequent is your RRSP-matching?
Plastiq: Pay any bill with credit card for 0-2.5% fee (help meet min spending and keep old cards active!)
Rewards program transfer times (e.g. SPG->Aeroplan, Marriott->SPG, Amex MR->SPG...)
Deal Addict
Feb 29, 2012
2654 posts
1454 upvotes
Richmond
Bank wire: expensive, fees at both ends, poor exchange rate, can take several days to/from countries like Ecuador

Visa Direct: less expensive on fees, poor exchange rate, only an option if you can transfer to an an-country Visa credit card account, not well known in countries like Ecuador (I've had Visa Direct transactions rejected or go missing for an extended period because they didn't know how to process them)

Western Union: high fees at both ends (discounts available at banks like BMO), poor exchange rate, many restrictions, poor customer service, not recommended

Discount bank direct transfers (like CIBC Global Money Transfer service) - free to supported countries, but the short list does not include Ecuador. Poor exchange rate.

Transferwise: best exchange rate, reasonable fees if using direct account payment, deposit by local transfer at the other end usually avoids fees at that end, but insecure payment method and delays of several days

The biggest problem with international money transfers is generally the poor exchange rate you receive when going through banks and traditional money transfer services. It generally comes out to about a 2.5% penalty on top of the fees.

The second biggest problem is that a good percentage of transfers to countries outside of USA/Europe get lost in a black hole in the middle. Banks in Canada are useless at tracing the funds, and it usually takes a fight of several months to get the money back. It's one of the annoying costs of doing business internationally.
Jr. Member
Aug 19, 2016
164 posts
72 upvotes
TransferWise, VBCE, or OFX -- whichever one gives you the better rate. XE for smaller amounts.
Newbie
Sep 14, 2010
94 posts
38 upvotes
Montreal
TENSEVEN wrote: Isn't this US -> international only?
I sent money to India from Canada. Not sure about the other countries.
Member
Nov 27, 2011
329 posts
208 upvotes
Canadia
it.beaulieu wrote: I sent money to India from Canada. Not sure about the other countries.
Yeah I didn't see an option to send in CA$ only US$
Newbie
Dec 10, 2016
63 posts
4 upvotes
Canada
Moneygrame from any poste office or from shoppers drugmart... Easy way
Member
Jan 4, 2017
347 posts
206 upvotes
Bitcoin/ether/litecoin/whatever if there are any crypto exchanges there?
Member
Nov 27, 2011
329 posts
208 upvotes
Canadia

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