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Cheapest / best way to get CAD $$$ to Europe?

  • Last Updated:
  • Aug 1st, 2019 7:37 pm
[OP]
Deal Addict
Mar 11, 2004
3859 posts
1716 upvotes
Mississauga

Cheapest / best way to get CAD $$$ to Europe?

My parents are moving back home to Europe. My dad wants to bring a large sum of CAD there but he wants to keep the currency the same CAD, and exchange on the spot for better exchange rates.
Whats the best way to do this?
12 replies
Deal Fanatic
User avatar
Nov 23, 2005
8625 posts
4764 upvotes
This really depends on whether or not the country where he is moving to has banks that provide canadian $ accounts where he is able to hold the funds.

If they do, your options are wire transfers through the banks (fees vary $30-80) depending on how much you're sending, western union, third party transfer sites.
[OP]
Deal Addict
Mar 11, 2004
3859 posts
1716 upvotes
Mississauga
Bank there do not have CAD currency account. USD yes, CAD no. Thats the probelm.
Deal Addict
Jan 17, 2009
2955 posts
2849 upvotes
Toronto, Ontario
Switzerland doesn't limit the amount of currency you can bring in, not sure what countries do but might want to double.. No idea on where/how to exchange it.
Deal Fanatic
User avatar
Sep 25, 2005
9122 posts
7460 upvotes
Scarborough, ON
I am pretty sure it's cheaper to exchange CAD for EUR here than to do the same in Europe.
It's all about supply and demand. Here, the local banks can easily use your CAD.
In Europe, there's not a big demand for your CAD.
Deal Fanatic
Jul 7, 2017
5653 posts
2491 upvotes
SW corner of the cou…
+1 on Transferwise.

I believe Transferwise works by matching you with someone(s) wanting to trade the other way so they take money from your account, put it into escrow until all the moneys are in accounts, then transfer it. Rate is the spot rate and Transferwise makes money via the (fixed) fee. Savings will add up to a substantial amount over a bank that makes money on the spread.
Cream rises to the top. So does scum.
Newbie
Feb 3, 2009
47 posts
10 upvotes
Whitby
Transferwise will not allow you to send CAD abroad even if you have a CAD account in your foreign bank. I'm guessing they decided to force a conversion first to make money. I don't believe this is a regulatory limitation as the major banks allow that type of operation and yes, it sucks.

"Canada — Canadian dollar (CAD)

TransferWise can only deliver CAD to bank accounts based in Canada. CAD is sent out via local payment.
TransferWise can receive CAD deposits via bank debit up to 9,500 CAD. Anything larger than this has to be sent to us via domestic wire."
Sr. Member
Nov 22, 2017
674 posts
393 upvotes
DragonRider wrote: I am pretty sure it's cheaper to exchange CAD for EUR here than to do the same in Europe.
It's all about supply and demand. Here, the local banks can easily use your CAD.
In Europe, there's not a big demand for your CAD.
Not true from my experience and this was in the eastern european countries at that too which you would think would have even less usage of CAD.
Deal Fanatic
User avatar
Sep 25, 2005
9122 posts
7460 upvotes
Scarborough, ON
Extrahard wrote: Not true from my experience and this was in the eastern european countries at that too which you would think would have even less usage of CAD.
OK I should not generalize as Eastern Europe is a bit different.
But the supply and demand concept is still valid.
After all, who is interested in getting Russian Rubles here?
Newbie
Jul 31, 2019
8 posts
1 upvote
Edmonton
Transferwise will work and is simple enough to do.
If you really want to save on fees, could look into doing Norbert's gambit, CAD--> EURO
There are a few posts discussing it on reddit and on RFD.

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