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Canada is one of the rare countries in the Western World that actively welcomes emigration. Whether you are looking for your next teaching challenge abroad or part of a company relocation, it’s important to consider the currency implications of a move abroad.
In today’s post, we’ll look at the process of emigrating to Canada and how to save on making http://www.mycurrencytransfer.com/money-transfer-to-Canada/" target="_blank">Canadian Dollar international money transfers.
Bank v Specialist foreign exchange company
Making the right currency choice is key. It can mean the difference between saving or losing out on thousands. When you transfer money to Canada, the main choices available to you will either be bank or specialist foreign exchange company. Let’s look closer at both options:
Margins & fees applied when sending money to Canada
Firstly, it’s important to consider the two types of ways foreign exchange companies (even banks) make money. The first and most important cost is the margin that is added to the real exchange rate. The tighter the difference between customer rate and market rate, the better the deal. In the industry, this is often referred to as the ‘hidden fee.’
More and more emigrants to Canada are choosing to use non-bank foreign exchange companies, because they can typically help you save up to 4% on your international payments via a better-than-bank exchange rate. In real money terms, this equates to a saving of £4000 on every £100,000 being transferred. From a cost & service perspective, specialist currency companies win every time.
The second important fee is the more obvious, transaction cost for sending money to Canada. Brokers will almost always charge lower, if not eliminate completely, the transaction fees when sending money to Canada.
Timing your transaction
Currency brokers will also help to ensure you buy at the right time. It’s worthwhile exploring options such as forward contracts and limit orders to mitigate against the risk of adverse currency fluctuations. As a current trend, the foreign exchange industry is becoming a lot more accessible to the individual consumer. Previously, more flexible currency contracts where only available to multi national companies transacting in the millions.
Safety and security of funds
When transferring money abroad, make sure your chosen foreign exchange company is authorised and regulated. It’s imperative they operate segregated client accounts, which essentially safeguard client funds. As general good practice, ask how long they have been in business & try to take references from family, friends and colleagues.
Compare different options for transferring money abroad
It certainly pays to shop around when making and receiving international payments. A good starting point is to use a comparison site that can help you find the best value deals on your money transfer to Canada.
It’s recommended to open an account with more than one non-bank foreign exchange specialist. This way, you will be able to compare the live rates offered by both and go with either the best exchange rate or the dealer you feel most comfortable using.
Be extra careful of foreign exchange companies who are less than transparent. Tricks to watch out for are those who quote you the mid market or ‘real exchange rate’ prior to opening a live account.
About the author
Stevan is the Co-Founder & Head of Product at MyCurrencyTransfer – the world’s leading http://www.mycurrencytransfer.com/" target="_blank">international money transfer site. Last year, the company won an OPP award for ‘ Best Online Service.’
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