Personal Finance
Best Ways to Transfer Money Abroad from Canada
Transferring money abroad consistently creates a problem for those looking to transfer their funds from Canada. There are so many questions to consider, and a wide range of fees or exchange rates that need to play a factor, as well. Many people who are looking to transfer their money abroad consider two primary channels for doing so: a currency provider or a bank. It’s tough to know which of these channels is the best for money transferring. Luckily, we’ve done the legwork for you and researched a few of the most popular currency provider and bank for money transferrers from Canada. Let’s take a closer look.
The Benefits of Bank Transfers
Many people prefer bank transfers because they’re simply what we know. In general, if you have an account with a bank, you might feel more comfortable transferring money abroad using them. They have direct access to your account and, in theory, should be looking out for your best interest. Banks also provide an up to date list of exchange rates either on their websites or when you contact your local brick and mortar bank location. Many of them offer foreign exchange services online, which is also convenient.
The Negatives of Bank Transfers
There are a few glaring negatives to transferring money using a Canadian bank. The most prominent downside can be seen in the comparison table above – there is no clear statement of fees. While you may be able to call your local chapter of the bank you have an account with to get a list of these fees, the fact that they aren’t transparently states on their site raises concern. Admittedly, the transfer rates are listed clearly on most banking websites, but there’s still a question of what you’ll pay in fees per transfer, depending on the amount of funds you’re transferring. If we look at our example bank, as we did in the comparison table above, it’s also clear that they don’t go out of their way to make these foreign exchange transfers easy for their account holders. You must sign up online, there is no available transfer calculator, and the site’s content clearly states that fees and rates are subject to change at any time. There is no guarantee that’s clearly stated.
The Benefits of Currency Providers
Transferring money from Canada with currency providers, such as TransferWise, has a lot of benefits. The biggest benefit is that all fees are made very clear on the currency providers’ website. They even provide an easy-to-use calculator that shows what fees you’ll be paying along with the most up to date median market rate you’ll be getting for your transfer. TransferWise also guarantees any transfer rate if they receive funds from you within 24 hours. Most currency provider companies have a similar guarantee.
The Negatives of Currency Providers
Currency providers are a new organization concept, and most of them are online-only. While they do have readily accessible customer service and support teams to assist you if necessary, they don’t have brick-and-mortar locations you can visit and have a face-to-face interaction with a representative should you have questions. For most people, this isn’t a negative. In fact, younger generations of money transferrers would prefer to not leave the comfort of their home to complete a transfer. However, if you crave that brick-and-mortar location, currency providers won’t be able to provide that for you.
In Summary
While currency providers and Canadian banks both get the job done when it comes to foreign exchange services, currency providers will come out on top with lower transfer fees and the best available exchange rates in almost every situation. While there are some benefits to completing foreign exchange transfers with your local bank they’re too minimal to truly outweigh the benefits that a currency provider, like TransferWise, brings to the table. Banks often don’t clearly list their transfer fees, and it’s because they change regularly and are usually high. Currency providers, on the other hand, are known for clearly stating their fees upfront. The only true “win” that Canadian banks have over currency providers in the money transfer realm is their availability of brick-and-mortar locations for patrons to visit and complete their transfer – and that’s hardly enough to make their high (or unlisted) fees worth it.
Personal Finance
Level up your money, level up your life – three simple financial strategies for wealth creation
BY KEISHA BAILEY
Life happens.
I get it.
It’s hard enough to make the bill payments each month, much less to think about the future and trying to make things financially better. Frustration easily sets in because you want to feel more secure about your finances, but at the same time you simply don’t have enough money to invest. I believe that money is possible for everyone and with a few simple steps you can start freeing up cash to be able to invest in your future wealthy self.
If you feel like you never have enough money to invest, realize that the change starts within you. The change begins when you change how you look at money. Once you understand that money is a tool, much like a hammer is used to drive in nails, money is used to achieve the financial goals that you have for yourself.
So how exactly do you unlock the true potential of your money? When you decide to take control of your finances and direct money to its rightful purpose then you unlock the true potential of money.
Have you ever heard of the term pay yourself first? It is important that you find money from your salary to invest in yourself, just as you would pay any other expense, such as your utilities, groceries etc. Once you have cash, you will find a reason to spend, as expenses will always surface, especially now with the spike in prices resulting from inflation.
Here’s my golden rule:
50% of your income is the maximum for NEEDS (bills & utilities)
30% of your income is the maximum for WANTS (splurges and fantasy items)
20% of your income is the minimum to Savings + Investments
Here are some additional tips to support paying yourself first:
- Set up an automatic salary deduction to transfer money to an investment account monthly.
- Create a monthly budget to ensure you always have some money to invest. If you see where your expenses exceed your income, then that is a red flag and needs urgent attention. To correct this problem, see where expenses can be cut, so that you can find money in your budget for investing. Remember, we do not work to live just for today. There will come a day when you no longer receive a monthly salary, and that is when the investments that you made become even more important, by allowing you to live a quality life.
- Just start! These are two very powerful words, even if $100 is all you have to start; it is still a step in the right direction. As the saying goes, something is always better than nothing at all. Additionally, you will be quite surprised at what $100 can become when it is being invested consistently into the right type of investment over time.
I believe in your future wealthy self. I see you accomplishing all your financial goals and being secure in your personal finances.
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