How to Transfer Money to Canada
Every year, almost 40% of Canadian residents send money to other countries all over the globe. A sizable portion of this money goes to family members in Haiti and the Philippines. But did you know that there are also plenty of people who reside in other countries who transfer money to Canada, as well?
It’s not something you hear about much. To be honest, a great many people assume that since Canada is a fairly wealthy, developed nation, its residents have little need of remittance.
Did you know that you can send money to Canada without the recipient having a bank account, and without paying the high fees associated with wire services and other “kiosk”-based money services?
Sending money via offline wire services can cost close to ten percent of the money sent if you want to transfer money to Canada that same day–and it won’t cost much less if you opt to have it arrive the next day.
This is more important than it used to be, with the exchange rate being what it is. Certainly many Canadians are proud that their dollar’s value now runs neck-and-neck (and they no longer have to bear snide, “Canada, where everything’s 30% off!” jokes from U.S. tourists).
But this also means that if a friend or relative chooses to transfer money to Canada, it’s just not going to be worth as much as it used to. This heightens the impact of the high percentage fees charged by non-bank wire services.
Money orders cost less and are preferred by many people when time is not so much of an issue. However, there is always the question of whether the money will make it safely there. Postal and parcel services are certainly more reliable in North America than in most places around the globe, but the urban legend of the letter than never reaches its destination, exists for a reason.
There are also ways to send the money online as well. And if you want to transfer a large amount of money to Canada to someone who rarely receives large amounts via online transfer, the company may temporarily freeze the account to check for fraud.
Wire transfers from banks that offer them usually cost $35-$45. Although some may balk at the fee, this can be cheaper than wire transfer services if the amount is several hundred (or more).
Pre-loaded debit cards that can be charged via phone or internet connection are becoming more popular. There is at least one service that will deliver the card via the ever-dependable FedEx service. The recipient need only visit one of Canada’s many ATMs to withdraw their cash.
There are many different ways to transfer money to Canada, and not every one of them will meet the needs of every situation. With knowledge of the benefits and disadvantages of each method, you can pick the solution that most closely fits your needs.
For more information visit sending money to Canada or visit the https://www.atmcash.com/ home page for information on sending money almost anywhere in the world.
Money Transfer to Canada FAQ:
Question: Best & cheapest way to transfer money from UK to Canada?
I need to transfer 700 Canadian dollars from my Lloyds TSB account to my landlord in Montreal, Canada. Is it best to do a wire transfer, Western Union money order, paypal, or another method? I want to pay as little fees as I can.
Answer: Can you not just use an email cheque to your landlord? Or email the money in the UK to yourself and deposit it into your Canadian bank account if you have one?
From speaking to people from the UK it appears your bank fees are much higher for services than they are in Canada.
Check with your bank in Canada and they can tell you, you should transfer some funds to Canada anyhow.
Question: How long does it take to process money sent through bank transfer from Canada to Japan?
Answer: Usually takes up to 5 to 7 business days, but for your safety go check with your bank.
Question: Fastest/Cheapest way to transfer money from China to Canada?
I’m going to be going to China for 3 years and I want to be able to send money home to my family. Is Western Union going to be the best bet or is there an alternative method from China?
Answer: Open a bank account and a paypal account. You can pull funds from your bank account and put into paypal account. Have your family open a paypal account and you can “send payments” to them. I don’t know if paypal just lets transfers go through but you can always act like you are paying them for auction purchases or some type of goods. But, you do have to deal with the currency exchange so they might charge for that… not sure.
Western Union is way expensive. If it’s not money they need right away and you are just sending it… just write a check and mail it to them on a regular basis.
Question: How do I transfer money from my account in Canada?
I am in Canada and have an account with Royal Bank and need to transfer some cash to a UK bank account. How do I do it?
Answer: To get the best exchange rate (you will obviously be exchanging currency as the exchange is from CND to GBP) you should use a foreign exchange specialist.
You will also pay no fees, no commission and they can handle the transfer process. Traditional banks charge all manner of fees, and the exchange rate is poor.
Question: Tax Consequences of Transfering Money into Canada?
I plan to transfer $5000 from the US into Canada and have my money converted into Canadian Dollars. Will the US federal government tax me for my transfer? Will Canada tax me for my money transfer?
Answer: No. Merely transferring funds to another account has no tax consequences. If any interest is earned then that will be taxable in both the US and Canada in most cases. If you are a US citizen or resident you will get a credit on your US tax return for any Canadian income taxes paid on the interest.
Question: I don’t have a US account. I want to transfer money from Canada to US. what would be the fastest/cheapest way?
I am going there on a job visa. I can’t open an account online (no SSN yet). I would open an account once I get there and would need the money almost instantaneously, talking of about 10K.
Answer: Citizens Bank International will allow you to open an account without a social. I don’t know if you can get access to one.
Question: Transferring money from Canada to the US or vice versa?
Got a Canadian friend and we need to do some business, only about $100 worth. What’s the best way for me to send $100 to him in Canada, or for Him to send me $100 here in the US? Would like to avoid any pesky fees. Is it possible?
Answer: Mail a money order in the currency of that location. If it’s going to Canada, mail Canadian funds, it it’s going to USA mail it in US funds. Mail is your best bet, as banks are going to charge you anywhere from $25-$50 to wire the funds.
Question: Does anybody know how to send concealed cash to Canada? (not money transfer).
Does anybody know how I would send cash in an envelope to Canada? We’ll just say for example like 20 or 30 dollars or something. How many stamps will I need? Do they even allow you to do that?
Answer: You should never send cash. You should purchase a money-order and send it. Take your letter in to the post office and they will tell you the correct postage based on weight and the address you are sending it to.