How to Exchange Currency and Save Money on Fees?

Last Updated: 15 Nov 2022

Tired of feeling the pinch when sending money overseas? Find out where to exchange money without paying huge fees. The amount of money that leaves Canada in remittances adds up to billions yearly. That's a whopping amount, even higher if you factor international transfers made for other reasons, such as an overseas property purchase, payment to a foreign supplier, a holiday abroad, or a destination wedding.

There's no doubt the global money transfer industry is thriving, but at what cost and to whom?

What are International Money Transfer Fees?

There's a cost attached every time you move funds across borders. One significant factor that influences how much you spend is international money transfer fees. Since you're relying on your provider to send money overseas quickly and conveniently, it's fair to have to pay for the service.

The fees vary depending on the provider you use, but it's likely higher if more intermediaries or processes are required to deliver your funds safely. If you're using a bank, additional charges such as bank deductions, processing fees, bank overheads and other discretionary costs may also apply. Therefore, it pays to look for the lowest transfer fees, so you can spend less when using an international money transfer service.

Using the Bank vs. a Currency Specialist

Many factors can affect the cost of international transfer fees, such as time and speed of transaction or currency pair and countries involved. But ultimately, the service you use will have the most impact on how much you end up paying.

Your two main options include banks or international transfer specialists. Banks are not the best option because international bank transfer charges can be expensive. If you're seeking the best fees, then a currency specialist is the right service for your needs.

For example, you can enjoy significantly low fees with MTFX because we handle transfers in bulk. In addition, our overheads are lower than brick-and-mortar banks, so we can afford to share profits and reduce fees.

Don't Overlook the Exchange Rate

The exchange rate is an even more critical part of the equation for lowering the cost of overseas transfers. In particular, you can't afford to overlook the exchange rate if you need to transfer large amounts of currency, whether once-off or over time.

If you're looking to exchange currency without paying high fees before travelling overseas, you can skip the bank and use your MTFX account to transfer money to your foreign bank account online. That way, you can enjoy some of the best exchange rates that are lower than the banks by 3-5%.

The same applies if you need to send money for your child's overseas studies, cover mortgage payments for a home abroad, make overseas investments, or for any other reason. If you're ready to initiate your transfer, go ahead and use MTFX's rate calculator to check the exchange rate before you press send.

Register Online to Save Your Money On Each Transaction

Send Money and Save Money Today

If you're looking for the cheapest way to send money abroad, you need a competitive exchange rate and low transfer fees. MTFX offers both, and chances are, no bank can beat this winning combo. Additional benefits from MTFX include:

Personalized guidance for a tailored and smooth customer experience
A secure 24/7 online platform powered by the latest automated technology
Free FX tools, including currency rate alerts and currency charts to help you make the most of your money

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