How do I Send Money Outside Canada? – MTFX

Last Updated: 12 Jan 2023

What's the best way to send money overseas? Try a specialist international money transfer service to save on banking charges and enjoy online convenience.

The international money transfer market is fast evolving, and legacy banks are no longer the sole key players. That means you have more options when moving money outside Canada.

The good news is that sending money abroad doesn't have to be complicated, even for your first cross-border transaction. You may be looking for the best way to pay an overseas bill or want to buy real estate in Europe – whatever your reason, you need the cheapest, fastest and safest way of exchanging currency and sending money online. Here's what you need to know about sending money across the border.

Different Ways to Send Money Abroad

The top options for moving money abroad include the following

Banks

People and businesses rely on banks for advancements of loans, checking and savings accounts, credit accounts, and other money management services. Banks also offer international money transfer options, but it's not something they specialise in.

Typically, banks use SWIFT transfers, which can take up to five days, because the money can be routed through intermediary banks and make several stops. Additionally, banks only use the interbank rate (the lowest rate available at any given time) when trading currencies with other banks. However, when dealing with customers, they rely on hidden and expensive exchange rate markups to increase profits.

Specialist Providers

Money transfer services like MTFX are a sharp contrast to banks. As a currency specialist, MTFX is dedicated to foreign exchange and captures more transactions from customers to build a significant scale. This makes it possible to work on thin margins and pass on profits to customers through competitive exchange rates and low transfer fees.

MTFX has also achieved a profitable business model using automated technologies to boost the volume, speed, and sophistication of digital payments. Hence, you have an easy way to send money abroad online for a lower fee without the hassle of visiting a bank branch.

What's the Best Way to Send Money Overseas from Canada?

Now that you know the top options for transferring international money, it's time to decide which option is right for you. Here are some questions to ask to make an informed decision.

What is the cheapest way to send money abroad? – The cost of your international transfer is a huge factor to consider if you want the best value for your money. Aim to find a provider that offers competitive exchange rates. With MTFX, you can get the best exchange rate, 2-5% lower than the banks, and save thousands of dollars on big-ticket transactions. The low transfer fees also reduce overall costs.

What is the safest way to send money overseas? – You need a secure transfer method when moving large sums of money. MTFX is an international payments specialist registered with FINTRAC and compliant with the highest regulatory standards. Therefore, you can transact with more peace of mind via a secure online platform that lets you send payments 24/7.

What is the fastest way to send money abroad? – You should also consider transfer speed when looking for the cheapest and safest way to send money abroad. An online money transfer service is generally the quickest way to get things done. It takes MTFX 24-48 hours to transfer funds, and same-day transfers are also available.

What is the easiest way to send money internationally? – The easiest way to make a cross-border payment should offer the highest convenience, and this is only possible using a secure online platform. That means 24/7 access and the ability to skip the bank. You can automate regular transfers, whether you're paying overseas remote employees or a foreign mortgage.

Overall, choosing the right money exchange transfer option will depend on your needs. If you're looking to send money abroad easily, quickly, securely, and cheaply, your best option is to use an online international money transfer service like MTFX.

What do I Need in order to Transfer Money Internationally?

You'll need your personal details and the beneficiary's name, address, and account number to send money outside Canada. The beneficiary's account can be yours if you're sending money to yourself or can belong to another person, such as a supplier or vendor.

In addition, you'll need the receiving bank's name, address, and SWIFT code. Lastly, you'll need to state a reason for your transfer.

Learn more here: Explained: What is a SWIFT Code?

How can I Send Money Overseas? - Follow these 3 Simple Steps

Step 1: Register your account

You can register your free account online in a matter of minutes.

Step 2: Fund your account and input the required details

Send funds to MTFX via bank transfer or bill payment. Next, choose fund currency and input recipient information.

Step 3: Leave the rest to us!

Your money is now on its way, and you can track your transfer online until the delivery of funds within 24-48 hours.

move money across borders with smart ans secure payment solutions

Send Money Abroad Today - Create your Free MTFX Account

Now that you know how to transfer money internationally, you can confidently start the process.

Still, figuring out how to get started? When you use MTFX on your next transfer, you'll have free expert guidance from a dedicated currency specialist, so completing your transfer will be a breeze.

Once you have funds in your account, you can send money in 100+ currencies to over 200+ countries by clicking a few buttons.

Create your free MTFX online account to enjoy faster, cheaper, and secure international money transfers. Sign up today.

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