CurrencyFair Review – Safety, Rates and Peer-to-Peer Transfers Uncovered

Did you know that peer-to-peer money transfer services like CurrencyFair can (possibly) save you a bundle of money?

Peer-to-peer is the latest when it comes to moving your money internationally but is it any better?…

Questions I will answer in this review.

  • Is peer-to-peer actually safe?
  • Are the rates better than other money transfer services?
  • What is the service like?
  • How do you sign up?
  • What does a transaction actually look like?

Watch this video to see me save $1000.

First – What the heck is peer-to-peer?

Simply put: Peer-to-peer money transfers are when you and someone in another country swap money.

For example, lets say you (Peer 1) have £1000 in the UK and you want to transfer that to Australia.

Fortunately, at exactly the same time someone else in Australia (Peer 2) has exactly the right amount of Aussie dollars that they want to transfer that to the UK to get £1000.

All you do is swap.

The advantages are huge, no fees, no dealing with banks charging exorbitant fees and giving you a bad deal (the spread) on the exchange rate.

You simply transfer the £1000 to their bank account in the UK and the do the same in Australia.

Of course, finding someone with exactly the right amount of money at exactly the right time and being able to trust that person is where things fall apart.

However a company like CurrencyFair make a pool of funds available in many countries at all times and if its not perfect, they make up the difference.

This means you can (theoretically) save a ton of money on international money transfers.

It also means that all the systems in place ensures things run smoothly.

But is CurrencyFair safe?

All money transfer companies and banks need to meet the requirements of financial regulators in the countries where they physically operate.

This usually means a lot of paperwork, hoops to jump through and bags of cash in banks in which they operate.

In a nutshell the best way to quickly determine how safe the company really is – is to look at the countries where they have offices.

CurrencyFair has offices in the Australia, Ireland and the UK. Australia’s financial regulator for example is considered very tough.

This does not mean you cannot send money from other countries or to other countries, simply that by virtue of operating in Australia, Ireland and the UK, CurrencyFair needs to operate within the guidelines of the regulators of those countries.

Are the rates better than other money transfer services?

Most people and even businesses still use a bank.

You probably know that banks charge an arm and a leg but if not …..

Comared to banks using CurrencyFair is an excellent way to save money, but are they better than comparable services like TorFX, Worldfirst and UKForex/OZForex that I have been using for years?

First let me say, whatever you do – do not believe the comparison sites rates.

Checking their rates is pointless!

If you read the fine print you will find that the rates shown are updated a regular intervals – but never in sync with the market which fluctuates second-by-second 24/7.

There is a very good reason for this – you can’t actually see the rate you are going to get until you log into their system.

How do you sign up?

The sign up steps are actually pretty fun.

You can start by seeing how much you will save on a bank… click the link at bottom of this page for the same form shown here.

CurrencyFair Signup and Comparison with Bank

Simple Signup

The process of signing up is two steps.

Step 1

Step 1 CurrencyFair

 

Step 2

Step 2 Activate Account

Step 3

Information Required by CurrencyFair

The system used by CurrencyFair in Step 3 is excellent and easy and makes it really easy to upload the information they need. All you need is a scanner or phone with a camera and then simply upload them.

What does a transaction actually look like?

How CurrencyFair Works - Transfer Platform

The Bottom Line

 

Extremely good service although I have not yet had a problem to test their service standards.

Sign up was simple and I love their platform for uploading document requirements (that all money transfer services require) – top marks.

Safety and security are as good as a bank or other money transfer service given that they are regulated inAustralia, UK and Ireland.

Rates and Fees are incredibly good. All money transfer companies easily beat the banks by at least a couple percent, but with CurrencyFair I was able to get rates close to the mid-market rate or 0.3%.

Usually 1% to 1.5% is considered very good.

Yahoo currency - midmarket snapshot

This snapshot of the midmarket rate was taken at exactly the same time as the trading screen above. The difference in exchange rates are as good as it gets.

Pros

  1. Sign up was very easy
  2. ID check system is the leader in the industry (this is usually the hardest part)
  3. Security is assured by virtue of being regulated in Australia, UK and Ireland
  4. The exchange rates I got were actually better than

Cons

Unfortunately if you are a resident of the US, due to the regulatory requirements (each State has its own requirements making it expensive and challenging) you cannot use CurrencyFair. Fortunately there are one or two great alternatives.

The only other possible negative: For some people, the level of control you have when you are making a transfer is pretty awesome. For me personally, I love this, but for many others the options of choosing “Better Requested” or “Best Available” or even choosing your own rate may be overwhelming.

CurrencyFair is a very solid choice if you want to get the best rates.

Canadian Forex Review (Now called OFX) – Security, Speed and How it Works

For most Canadians, sending your money overseas can be a somewhat expensive and stressful process, but I know it does not have to be that way.

As you may have recently found out, the big banks in Canada are a rip off when it comes to international money transfers. What you may not know is not only do you get charged huge fees to send your money ($25 – $50) but the receiving bank will also hit you with receiving fee (Another $20-$80).

Unfortunately that is not the worst of it – the exchange rate that Canadian banks offer you is where they really take you to the cleaners. Fortunately there is a way to save a big percentage – potentially many thousands of dollars and certainly I have.

Family move loomingYet most Canadians still use banks because of the perceived security they offer, but there is a much better way – just as safe, a lot cheaper, faster and with much better service too.

These are a new breed of money transfer companies and I will uncover the best of them for you.

My name is Quinn and I was born in B.C. and raised in Australia – as a result I continually travel the world and after almost 10 years in Canada with my wife now, the sale of our house in Toronto and with a move back to Australia looming I decided to find out who was the best at transferring our families money from Canada.

Canadian Forex

I am actually pretty familiar with OzForex, the Australian stock market listed parent company who owns CanadianForex. I have been using OzForex for many years, but when it came time to send money back home again, I found out that I needed to register with CanadianForex separately.

Rather than just use a company I was familiar with, I decided to take a deeper look at all the companies that operated in Canada – make sure I was getting the best deal on rates and most importantly that my money stayed safe.

Safety and Security

Because of onerous regulations, there are only a handful of operators with a physical presence in Canada – but I decided to limit the companies I was interested in to these companies. There is a very good reason for this – They need to be registered with FINTRAC which is Canada’s anti-money laundering and financial counterterrorism agency.

Just as we saw Canadian banks do well globally during the financial meltdown, I feel safe knowing my money is being sent using a company that has to jump through lots of Canadian financial regulatory hoops.

For me it is also icing on the cake that they have a physical presence in the US, UK and Australia too!

The other advantage I hoped they had was service – hopefully by being in Canada they would provide good service and decent rates too.

In the rest of my review you will find out how they fared.

How it Worked

Set-Up

As part of registering and complying with Canadian regulations there are a few things you have to do:

  1. Register Online – this opens to a new window (and will give you two fee free transactions)
  2. Verify Identity

Registering just takes a few minutes, then you have to confirm your identity which might be done automatically or else by email.

In my case they needed me to send information back, which you can email back to them.

Here is the email they sent:

CanadianForex Compliance Email

This is actually much easier than it sounds.

For example I just took a screen shot of my bank account online. The CanadianForex guy told me on the phone simply to reply to the email he sent. He also said that I did not have to include transaction details but just had to include my name, account number, date, bank logo of a recent statement. (I recorded the conversation to be sure this information is correct)

I scanned my drivers licence, but you could possibly just take a photo of it with your smartphone.

All in all this was really easy to do and took me just a few minutes.

I also sent them a “Direct Debit” form which I filled out and sent back with everything else but you may choose not to do this.

Sending Money

There are two ways to get money from your Canadian account to Canadian Forex:

  1. Direct Debit
  2. Canadian Wire Transfer

The direct debit option is free and very easy once set up but you are required to fill out a direct debit form to authorize the transactions. The benefit of this is that it is free and very easy – you don’t have to deal with the bank at all. The downside is that you are limited by $25k for the first transaction and $50k after that.

For added security, they also conduct a “penny test” which means they send a small amount and you call back to verify you received that amount.

The wire transfer option means that you can transfer larger amounts but you will pay a fee to your bank (in my case this is $25) but for larger amounts over $50k this may be the only way for you to go and actually the cheapest way to go as well because the exchange rate Canadian Forex offers gets better as the amounts increase.

Speed

It took three days from the time Canadian Forex received my money until it landed in my bank account in Australia. I know this because of the handy emails you can opt to receive.

Speed of money transfer Canadian Forex

Of course it takes a day or two more than this for your bank to actually get the money to Canadian Forex but still a couple of days faster than I have experienced with bank-to-bank transfers.

Service

Apart from rates and fees, I think this is where money transfer companies crush the banks. CanadianForex for example offers online and phone based transaction services 24/7 – this means that I can call anytime and get help.

Usually someone in Toronto picks up the call but I have spoken to people in San Francisco and Sydney too while using OzForex all while living in Canada.

Online – I am not sure how it could be better. You can choose to lock in the rate when you want in real time. I have saved a lot of money having access to this “live rate” as opposed to a bank which just keeps the same crappy uncompetitive rate all day.

You can also watch what is happening each step of the transaction and set it up to send email alerts if you wish.

For me this is a godsend because as I showed here, I can save a great deal of extra money when I have this level of control and communication.

In fact for this review I actually followed my own advice to the letter and saved a bundle – to be specific I saved $1220 on this $20,000 transaction.

However the easiest, most passive way to save loads of money is simply to use a reputable company like Canadian Forex.

Rates and Fees

This is the best part – I enjoy saving money to some extent but not giving it away to my bank makes me very happy indeed.

The fixed fees charged are usually what people focus on, but over a few thousand dollars it is really the exchange rates that are the most important.

Canadian Forex like many of their competitors have a tiered rate.  In other words, as it was emplained to me, “the more you transfer, the better the rate”.

Based on the transaction I did online, the difference in the mid-market rate and the rate I was offered was 0.9% – of course for larger amounts you will see the rate improve.

A bank by comparison charges between 2% and 4% on the difference. If you want to know more about why banks charge an arm and a leg, I wrote a detailed page about this here.

In general terms this means you are saving at least 2% every time you transact – which is on $20,000 is $400.

Summary

I am really happy with CanadianForex so far – link opens to a new window and will give you two fee free transactions.

I hoped they would be pretty good based on my experience with OzForex.

I knew I would get a great rate and I did.

I hoped I would get great service and I did.

About the only complaint for CanadianForex has nothing really to do with them and more about the paperwork required – or should I say “email work” to meet Canadian regulations. That said, it is a small price to pay knowing your money is safe and secure.

Speed wise, I use to send all my money using banks and typically it will take 5 to 7 days for banks to transact. Bank to Bank CanadianForex was 2 or 3 days faster, but this may vary depending on the bank you currently use in Canada.

Oh Canada! – That is something to rejoice.

Now I know there will be questions and hopefully some experiences to share as well.

Please leave your comments and questions below!

Thanks for reading.

Should You Transfer CAD Now? – October Update 2014

Want to know when to send Canadian Dollars to US Dollars, GBP or AUD?

One month ago I wrote my first post for those who want to send money out of Canada and into US Dollars, British Pounds and Aussie Dollars. In this post, we will see if I my recommendation worked out?

And more importantly, what should you do now?

Over the years I have saved thousands of dollars with a simple approach to charting. To demonstrate my simple yet effective method I showed how I saved $2500 or 10% in one transaction.

Part of the 10% I saved is very easy – just by choosing a money transfer company that was right for my needs was the start. But the majority of the gain came timing the market, which although not quite so easy  – I will answer for you now.

First, lets take a look at my results from last month.

CAD/AUD CAD/USD CAD/GBP Results

If you look at the results you could say I was right 2 out of 3 times, which is a result I am happy with because the main goal here is to beat a random outcome of 50% but often worse. However I am especially happy with the result when you consider the results, because charting is a way to limit downside as well as increase the amount that arrives.

For example, if you moved $20,000 to all three destinations one month after my recommendations you would have saved $980 or 4.9% in total!

Results Math:

CAD to USD

(0.905 – 0.922) x 20,000 = $-340

Note: I used 90.5c, because I said to pull the trigger below 91c and in practice this should always be done when you are confident the trend has been broken. As it turned out the trend was broken and the currency pair continued even lower.

CAD to GBP

(0.556 – 0551) x 20,000 = $100

CAD to AUD

(1.025 – 0.964) x 20,000 = $1220

Total Gain = -340+100+1220 = $980 or 4.9%

Note: Charting and timing is not an exact science, we are simply trying to make some money by waiting if the tend is clearly up but also limit loss by sending now. My method here of adding up all the different currencies is not exactly what would happen in practice either but its as close as I can show that this method works. 4.9% is a HUGE number in one month.

Going forward however I plan to try to be a lot more scientific about my results.

The question is after all should you send money now? I figure 1 week is better time frame than 1 month, which is starting to get into what most would consider long term.

In addition to the week timeline, if I say WAIT – I will be providing a trigger point. For example, in this post I give specific instructions what to do.

First a Disclaimer: This website is intended to provide general information and opinions. The information contained in this post, page and website does not constitute and is not intended to be financial advice. You should make your own decisions and potentially in conjunction with a registered financial professional.

Should you SEND NOW or WAIT for the following currencies:

  1. CAD to US dollars
    • My recommendation: SEND NOW (short term)
  2. CAD to British pounds
    • My recommendation: WAIT (see notes for when to Send Now)
  3. CAD to Aussie dollars
    • My recommendation: SEND NOW (short term)

3 Month Chart CAD to USD

Recommendation: SEND NOW

Note on CAD to USD: Pretty clear chart that shows downward trend that should be respected as it may continue for many months.

 

October 2014 CAD/USD


3 Month Chart CAD to GBP

Recommendation: WAIT

However if a significant break below bottom most recent trend line occurs then this changes to SEND NOW. A significant break in this case would be 1/2 pence or 0.005.

Note: See-saw action leaves no confidence, but most recent uptrend shows that waiting may be the most beneficial.

October 2014 CAD/GBP


3 Month Chart CAD to AUD

Recommendation: SEND NOW

Note: Latest trend shows that it would be prudent to transfer CAD to AUD even if longer term the most recent strengthening continues. There is a good chance I will be wrong on this one because the most recent sideways action has only been relatively

October 2014 CAD/AUD

 

Summary

Timing of money transfers is not an exact science but it does work and I have saved many thousands of dollars over the years. My most recent result shows how I saved 4.9% in one month. It will be extremely interesting to see what happens next month with the most recent volatile action leaving no doubt that it is a good idea to remove emotions and just follow the charts.

You can get the latest analysis and charts for CAD sent to your inbox as soon as they are published each month.

Thanks for reading!

 

Should You Transfer CAD Now? – September Update 2014

Want to move Canadian Dollars to US Dollars, GBP or AUD?

Transumo Man in Canada

I know emotions and opinions can all conspire against you to make a wise decision.

However if you want to transfer Canadian dollars overseas, timing can make a significant difference to the amount you end up actually receiving.

Transumo’s motto is, “Money Transfers Made Simple”. We want to remove the emotions and indecision and replace those feelings in the form of confidence.

To demonstrate my simple yet effective method I showed how I saved $2500 or 10% in one transaction. It was fun to go back over old transactions and actually see my methods in action.

But it took me years to get good at it.

However, the most important step is where using some very simple charts to work out when it was a good time to send money.

But the charts change!

So, I have decided to show you what the charts are telling me right now if I wanted to move money to USA, UK or Australia.

To make it simple, I will say WAIT (if you can) or SEND NOW for each currency.

First a Disclaimer: This website is intended to provide general information and opinions. The information contained in this post, page and website does not constitute and is not intended to be financial advice. You should make your own decisions and potentially in conjunction with a registered financial professional. 

I hope this makes my position clear – This is just my opinion based on what I see in the charts and I have saved many many thousands of dollars following them with my own money.

Basically, this is what I would do and in some cases am doing. I hope it helps in making your own decision.

Scroll below for;

  1. Canadian dollars to US dollars (WAIT)
  2. Canadian dollars to British pounds (SEND NOW)
  3. Canadian dollars to Aussie dollars (WAIT)

CAD to USD

CADtoUSD 2yr chart August 2014The two year chart is very interesting. Long term the CAD has been losing ground and short term too with a bit of crazy stuff in between.

Lets look at the the three month chart for some more clarity.

CAD to USD 2 month chart August 2014So should you send CAD to USD – Now or Wait?

Based on this 3 month chart I would say send now, but this is not the whole picture.

But of course, the current trend could reverse.

At some point it most certainly will – maybe now, maybe later.

Now finally, lets look at the most recent chart – the five day chart to make sure we haven’t broken through the upper trend line on the three month chart.

CAD/USD 5 day chart 28 August 2014Well Holy Cow! – It has broken through 91.5c trend line of the three month chart and headed out of the trough formed over the last month.

Therefore this to me means clearly:

WAIT (if you can)

From here, when I would actually send my money depends on when I need the money in USD. If it is in the next few days, any move below the bottom trend line would mean I would be sending the money.

If I have a longer term view (perhaps weeks or months), if there was a move at or below 91c I would pull the trigger, because that would tell me that it could easily continue its long term trend lower.

CAD to GBP

CAD to GBP 2 year August 2014

So should you send CAD to USD – Now or Wait?

This is a super interesting chart! Talk about a solid and well defined trend.

The most recent trend is so well defined, that I think this should be our focus. The three month chart will help tell the story.

CAD to GBP 3 month chart August 2014

OK this is super helpful. According to the 3 month chart we have not yet broken through the most recent long term trend which is £0.56 but we are at the top of our trend line.

This should mean that I would send the money now, but at some point the trend will be broken and right now there seems to be a really good attempt to do so.

Lets check the 5 day chart then!

CAD to USD 5 day chart August 2014

Still within the trend longer term trend line on the 3 month chart and at the top end of this trend line.

Therefore:

SEND NOW

Yep, no doubt it will break through the upper trend line or lower trend line at some point, but for now it hasn’t and that makes me want to send at least some of my money now. The green line arrow provides just a little confidence too that the CAD is not going significantly higher against the British pound anytime really soon. See the summary for more information about why I would only be sending part of my money now.

CAD to AUD

CAD to AUD two year chart August 2014

So should you send CAD to AUD – Now or Wait?

The two year chart shows that you are getting less AUD now and possibly in the future too, but because this trend line is so wide varying 8c – I believe it is important to look at more recent time frames and the trend there.

CAD to AUD 3 month chart August 2014Based on both the three month chart and the two year chart the trend lines show that you will likely continue to get less AUD for your CAD.

Based on this, you should send your money from Canada to Australia now unless the five day chart tells us we might be breaking through the 98.5 upper trend line for the 2 year and 3 month charts.

It is important to also note that we are in trending downward to the top part of the 2 year channel. This means that even though the overall trend is down you could loose an additional 7c really easily.

Lets check the 5 day chart.

CAD to AUD 5 day chart 28 August 2014

OK WOW!

At 98.5c the three month trend has been broken very recently.

Now it might be just a short term thing but the charts tell me:

WAIT (if you can)

Summary

The Canadian dollar according to the charts is in a super interesting balance right now and should be watched carefully if you are planning to transfer money from Canada to pretty much any currency but especially the US dollar and Aussie Dollar.

When you are talking about sending money between countries for personal or even business needs (not trading), five day charts should only be used really just to check the overall longer term trend lines have not been broken.

In two cases – the USD and AUD, the five day chart showed the Canadian dollar might be just about to get stronger – therefore if it was my money I would wait.

The British pound is the only exception. If I were moving money from Canada to the UK, I would move at least some of my money now.

However, given that the Canadian dollar does appear to be breaking through long established trend lines against the other two currencies I would be moving a smaller amount than my usual transactions.

 

 

CanadianForex V WorldFirst – Smart Canadian Money Transfers

Did you know Canadian banks take a healthy cut when you transfer money overseas?

I know we are a polite bunch here in Canada, but as Canadians I like to think we are reasonably smart. Well if that’s the case, it is time for Canadians to discover a better way to transfer money overseas.Save fees on Canadian money transfers

Well it is no longer smart to use banks for money transfers: dedicated foreign exchange companies are the best way to move your money between countries. Right now, most Canadians who need to transfer money internationally run straight down to the local bank or go online and plop their money on the counter, thinking nothing more of it because they’re confident the money will get where it needs to be – and it will, no doubt.

It is certainly true that banks are established and highly regulated institutions and international money transfers made using a bank will deliver the funds to an account in another country…but exactly how much of it will get there?

Service NameMinimum Amount ($CAD)Phone/ Online ServiceLocationsFees + ConditionsSpecial OffersTransferring $5000 to USA (see *Note)Transferring $50,000 to USA (see *Note)
My Bank In CanadaNoneBranch Only Over $2500Canada$20 - $45None$4,330*$43,309*
CanadianForex - Now called OFX **click here for full review** $250Online/ PhoneCanada, UK, Australia, US, NZ, Hong Kong Over $10,000 free. Under $10,000 is $15Click here to get first 2 transactions free (one free offered normally)4,541.08*$45,525.33*
World First - Full Review$500Online/ Phone (below $2000 online)UK, US, AustraliaOver $1000 are free. The fee for payments under $1000 is $30Click here to get fee free transactions for life (one free offered normally)4,546.81*45,468.08*
Transferwise$1 USDOnline/ PhoneBased online. 41 Supported Countries Including AUS, CAN, UK and USPrice depends on route (eg. AUD>USD is 0.7%)None4,563.78*45,637.85*

Click here for a full personal review of CanadianForex

As you can see as far as exchange rates and fees go, the difference between CanadianForex V World First is minimal but they are far better options then using a bank.  A fee here and there may not seem like much, but when you include the exchange rate they offer, the sum of your losses can be staggering. Consider the fact that banks charge both on the sending, and receiving end, a transfer fee of $40 or more for a single transaction, then factor in that a bank has little reason to offer its customers competitive exchange rates on international transfers, and you begin to see precisely how much money can evaporate when your money takes a trip overseas.

If you’re as tired as I was of being taken advantage of by the banks, you’ll be happy to know there is definitely a better way to transfer funds from country to country: using a money transfer company. This rapidly expanding marketplace has created an entire industry dedicated to providing customers an alternative to using banks for international transfers.

In fact, this piece from the Toronto Star details how a property buyer was able to save over $3,000 by using such a service instead of a bank! Canadian Money Transfer Example to USA

CanadianForex, an arm of international financial institution OzForex, is the first government authorized foreign exchange company based in Canada, and in more than a decade of service to Canucks coast to coast as well as abroad. These guys have saved Canadians individuals, entrepreneurs, backpackers, ex-pats and businesses large and small an incredible amount of money.

For example, when I moved to Canada from Australia in 2006 I used CanadianForex to move my life savings to buy a house in Toronto saving thousands over using my bank in Australia. That’s a lot of double doubles or two-fours, whatever you prefer.

But I am not here to favour CanadianForex’s in fact there are other foreign exchange companies like WorldFirst and TorFx which are emerging as strong competition, meaning there is simply no reason to flush your money down the tubes by giving it to Canadian banks.

To help make it even easier for people I have written a PDF titled the 3 Secrets to Transfer Money Overseas – one of the secrets I give is to shop around, but all three are big players worldwide and will easily save you a bundle of money over the banks.

Personally my preference is to use a company with an office in the country where I am a resident. This is because of security (regulated in Canada) and service (a Canadian who picks up the phone) but for those who want to shop around and transfer a large amount of money in one go or even to simply send money on a regular basis, there are four central factors involved in choosing the best service for your needs:

These are Security, Speed, Accessibility and Portability, and each of them combine to ensure the best money transfer experience. The high rating of these established foreign exchange companies in each of these aspects is the reason they have become the choice of Canadians in recent years.

Speed and Costs Comparison of Banks versus Money Transfer Company

Security

When you’re transacting thousands of dollars across thousands of miles, the number one thing you want to be sure of is whether it will reach its destination successfully. Money Transfer companies like CanadianForex have a stringent system of regulation that they must adhere to in order to operate in the country, and even in the in the international money transfer market, there are still relatively few companies in Canada that offer these services because the industry is careful regulated by the Canadian Securities and Investment Commission, as well as FINTRAC, the country’s anti-money laundering and financial counterterrorism agency. They also have to meet many financial regulations in any country to which they operate a physical presence.

The list of regulations and restrictions on these businesses is exhaustive and technical, but suffice it to say it is extremely difficult to open such a business. As a result, those who run these companies know your security is their very survival, and what means a delay in proliferation for potential foreign exchange business owners means top-notch security for you.

Speed

Unlike banks, which can take up to 7 business days to complete a transaction, dedicated international money transfer companies often deliver funds in 3-5 business days depending on the destination country.

In the time it takes a major bank to process your money and charge more of it for the favour, an international transfer service could send the money there and back.

Accessibility

When it comes to choosing the right international money transfer service, what matters is choosing the right one for you. Some of these companies prefer to handle customer service over the phone, others are geared toward online users. The best choice for you lies in how you, the customer, prefer to be serviced, although large or complex transactions are often better handled over the phone, as they can provide live guidance and are trained to go to considerable lengths to maintain your business, and so a special offer may be yours for the asking.

In either case, these companies typically provide a remarkable level of service, as their sole purpose is to facilitate easy transfers and their operation in multiple countries means a customer can get into contact with the service at virtually any time and get information specific to their case. Good luck getting that out of your bank’s automated system or even a helpful teller tied to the banks old ways of doing things.

Portability

In general, we think if you are sending money from Canada, any of the companies mentioned in this article are a great choice.

For snow birds or Canadians moving to the USA, Australia or the UK it may be wise to choose a service with offices and currency traders in the locations you plan to reside. This means services and regulations in those countries also apply.

Alternately, if you are not in Canada and you need to send money to Canada it is often not possible to choose a service that has a physical presence your country of residence but its good to know they are regulated in the country you are sending money to.

Disclosure

While we do earn considerations for including some of the listed services in our reports, we are always truthful in our evaluations and it is important to note that we also include services with which we have no relationship in an effort to provide you with the best possible information. We strive to offer quality, trustworthy information in an industry sorely lacking such a source, and in a time where the goal of many is to profit, our goal is to become the destination for international money transfer education. We simply offer the information and allow you to make the best decision for your individual situation. Thank you for reading and tell other about us!