How to Send Money Abroad and Make International Payments?

Our customers regularly save thousands of dollars when making international payments. Join them to enjoy more savings and send money abroad quickly and easily with MTFX.

Today, you can move your money across borders and exchange currency easily. It all comes down to which provider you use. With MTFX, you get specialist international money transfer services and a personalized cross-border payment experience. Our team of experts knows all about foreign exchange and global payments.

We specialize exclusively in international money transfers, allowing us to perfect our business model and offer a comprehensive range of solutions for cross-border transactions. Money transfer without borders – let us guide you to the best option.

Payments without borders

Send money abroad to bank accounts around the world

MTFX lets you send 100+ currencies to over 200 countries. Our "money transfer without borders" service is relied on by customers looking to send money from Canada quickly and safely without breaking the bank. Here's a snapshot of how it works.

• Currency exchange rate: MTFX offers bank-beating exchange rates on every international payment.
• Transfer fees: Our margins are razor thin, so you can convert your currency at the lowest transfer fees.
• Payment method: You can fund your account via bill payment or bank transfer when sending money abroad online.
• Required information: Beneficiary name, address, account number, bank name, address, Swift code, and reason for transfer.
• Transfer speed: Transfers typically take 24-48 hours. Same-day transfers are also available.
• Transfer limits: There are generally no limits to the transfer amount for most currencies.
• Receiving method: The money is converted into the chosen currency and sent directly to the recipient's bank account.

Three critical factors that increase the value of your money

If you're sending money abroad or making an international payment, you must be smart about it to make your money go further. Consider the following three factors and ensure they're optimized to minimize currency conversion losses.

1. Competitive exchange rates

The currency exchange rate is the most significant factor affecting how much your money is worth. The mid-market rate, also called the interbank or standard exchange rate, is the actual value of your money when you convert it to another currency. However, it's not the rate you usually get when you use banks and other traditional money transfer providers. Due to exchange rate markups, these providers have more expensive pricing than a specialist transfer service.

At MTFX, we offer the mid-market rate and prioritize transparency in our foreign exchange services. Our competitive rates ensure your recipient receives more while you keep more of your hard-earned money. We deliver the value that every sender deserves.

2. Low transfer fees

Besides exchange rates, another cost to keep an eye out for is the transfer fee. While low transfer fees are attractive, ensure they're not hidden within the exchange rate you receive. That means you should always take no-fee transfers with a grain of salt. The good news is that MTFX offers the best exchange rates and lowest transfer fees.

We are an online nonbank provider, and our simple, transparent fee structure is a refreshing change from the multiple and confusing deductions made by banks. With MTFX, you always pay what you expect to pay in the end.

3. Currency risk management

Exchange rates are always moving. The rate you get depends on the mid-market rate available during your currency conversion. Since exchange rate fluctuations are driven by various reasons, such as political events, interest rates, and inflation rates, it's easy to feel like you're at the mercy of the market. But you can still maximize your money's value with the right risk management strategy. That's why using a foreign exchange specialist is a good idea. Our core business is finding the best rate for your international payment.

We have many risk management tools to help you lock in or target a better rate. Our currency specialists are also available to offer expert guidance and deepen your understanding of the foreign exchange market.

How much does it cost to send money abroad?

When making an international payment with MTFX, the cost depends on the details of your transfer. Thankfully, we specialize in low-fee international transfers and always show you the total cost upfront. There are no hidden or huge fees because we like to stand out from the crowd by providing more value to our customers. 

Our exchange rates are 3-5% lower than most banks, allowing you to get the most out of every penny you send. We attract large volumes of transactions by being a specialist service, which is how we make it work on such thin margins.

Let's end expensive bank charges together

There has been pressure from the G20 to reduce global remittance transfer costs. Canada is one of the countries that delivered a National Remittance Plan for cross-border payments. At MTFX, we are proud to have heeded the country's call to action to ensure safe, efficient, and transparent remittance services for all Canadians. Meanwhile, banks remain the most expensive money transfer provider, according to Remittance Prices Worldwide (RPW), World Bank.

Fortunately, fintech newcomers are disrupting the international money transfer market with lower costs and an efficient technological operation for senders. We're inviting you to give us a go on your next transfer to experience the savings firsthand. The more business we attract from you, the more we can offer low-cost international transfers.

MTFX offers exchange rates 3-5% lower than most banks. Check out this real-life example to see how this translates to more value for you. Let's say you want to convert Canadian dollars to US dollars. You'll get the real exchange rate from MTFX compared to the 2%-5% markup some providers offer. That means you save up to $1,500 for a $30,000 transfer. That's a much better deal compared to overpaying your bank. Your recipient gets more money, and you pay less because no additional charges are hidden inside the exchange rate.

International payments for your business

International payments are the bread and butter of the global marketplace. So, if you're a business engaged in international trade, finding a money transfer provider with the fairest exchange rates and fees is worth your while.

Whether you're looking to pay overseas suppliers/employees or make foreign investments, managing your international payments to reduce risk and lower costs is essential.

MTFX offers the only account you'll ever need

Are you a small business, medium business, multinational, or online seller? You should know that other companies like yours enjoy swift, secure international transfers with MTFX. Join them and get better utility with the following options:

International payments: Easily transfer funds around the globe, ensuring seamless and efficient international business transactions. Manage your cash flow effectively and save on cross-border payments.

Multi-currency accounts: Send, hold, and receive multiple currencies within one account, simplifying your international financial operations. Avoid the complexities of opening and maintaining foreign bank accounts.

Batch payments: Effortlessly handle bulk payments by uploading multiple batches in various currencies and approving all transactions in a single process. Enjoy a streamlined and hassle-free settlement of high-volume, time-sensitive payments.

Incoming payments: Receive foreign exchange payments smoothly while providing your customers with more payment options. Simplify your accounts receivable and gain better visibility into your available funds.

Risk management tools: Lock in or target favourable exchange rates with forward contracts or market orders. Protect your business from market volatility, maintain control of your cash flow, and save on international payments.

International payments for large amounts

MTFX is trusted by businesses and individuals who need to move money, usually for the following reasons:

• Buy overseas property.
• Payment for a destination wedding.
• Tuition and other study-abroad costs.
• Business transactions and investments.
• Other reasons include a Golden Visa investment, overseas mortgage payments, and international asset purchases.

Whenever you need to transfer large amounts of currency, for whatever reason, MTFX has got you covered. If you're making a series of smaller transfers, consider bundling them into larger amounts, as this can reduce the transfer costs associated with multiple payments.

What documents do I need to send an international money transfer?

To send an international money transfer, you typically need the following documents and information:

Identification: A government-issued photo ID, such as a passport, driver's license, or national identity card, to verify your identity.

Proof of address: A utility bill, bank statement, or any official document that verifies your residential address. This is often required to meet anti-money laundering (AML) regulations.

Bank details: Your bank account information or payment method to fund the transfer, such as your account number or details for bill payment or bank transfer.

Recipient's details: Full name, bank account number, and banking details of your recipient. Depending on the country you're sending money to, this may include the recipient's International Bank Account Number (IBAN), SWIFT/BIC code, or routing number.

Purpose of transfer: Some money transfer services may ask for the reason behind the transfer, especially for large sums or business-related payments, to comply with regulatory requirements.

The best way to exchange large amounts of currency

The stakes are higher when sending a four-figure sum or a more significant amount. It's easy to overlook banking charges with small amounts, but more challenging to ignore the costs with big money. Therefore, if you're looking for the best way to exchange large amounts of currency, the ideal option is with a market specialist like MTFX. We make transfers in bulk so that we can offer competitive rates and fees.

In addition, we're a trusted and reliable payment provider, so you can transact with peace of mind when moving your funds to an overseas bank account. The good news is that there are no limits on how much you can send overseas online, making accelerating payment processing and finalizing deals easier.

Get the timing right with MTFX

With international payments, it's all about timing, timing, timing. That's because exchange rates fluctuate, so the 'when' matters. Even a tiny difference can reduce the value of a large transfer significantly. You can keep an eye on the economic events to see what can potentially impact the currency movements. Luckily, we have specialist tools you can put in place to protect against market volatility.

Forward contracts: This allows you to lock in the desired rate for future transactions involving large sums of money on specific dates.

Market order: You can also set up a market order to wait for a more favourable exchange rate. Once your target rate is reached, your transfer will be completed automatically.

MTFX offers specialist tools, and we have a 25+ year history of making large cross-border transfers for clients. Combined with our personalized guidance and expertise, you can transact confidently, knowing that your money is in safe hands.

Send money abroad regularly

Reasons for sending money abroad are different; some require you to make recurring payments, such as a mortgage for an overseas property or international school fees. In that case, it's more important than ever to use a provider who offers the best available rate and lowest transfer fees every time.

That's because the costs add up over time if you're making international payments weekly, monthly, or regularly. Every cent or penny you save counts if you have long-term overseas financial ties.

Consider leveraging fixed and targeted exchange rates to provide more certainty when budgeting. You can log in to your online MTFX account anytime to set up regular payments according to your preferred schedule.

Let our automated technologies handle things for you

Ready to start making the most of your international payments account?

• Setting up recurring overseas transactions has never been simpler or more efficient.
• Take advantage of our sophisticated, automated technologies and never look back.
• Start benefiting from fully automated payments that take the worry out of transferring money.

When you automate your payments from Canada via our quickly accessible, secure online platform, you instantly eliminate error-prone manual data entry.

Our automation technologies will validate the data and complete your transfer, so there's less financial admin. Your money goes where it needs to be whenever the time is right.

Safe and secure international payments

It's safer and more secure to send money abroad and make international payments with MTFX.

✓ We are registered with FINTRAC (Registration No. M08042065).  
✓ Our compliance program adheres to the strictest regulatory standards.  
✓  Our data safety practices meet the highest standards and are committed to protecting your personal data.

How to make payments internationally

MTFX makes it easy to send money abroad in 3 simple steps.

Step 1 - Register or login

Getting started is quick and easy. Creating a business or personal account with MTFX takes less than five minutes. Simply sign up using your email address and provide the necessary details to verify your identity. If you already have an account, just log in to access all the features and services MTFX offers, including a user-friendly dashboard where you can manage your transfers, check rates, and track transactions.

Step 2 - Set up your transfer

Once you're logged in, setting up your transfer is straightforward. Fund your transfer by choosing a convenient payment method, either through a bill payment or a direct bank transfer from your account. Enter your recipient's details, including their bank account information, and select the currency in which you wish to send the funds. You can specify the amount you want to transfer, and MTFX will show you the applicable exchange rate so you know exactly how much your recipient will receive. You can also schedule your transfer in advance or set it up as a recurring payment if needed.

Step 3 - You're good to go

Once your transfer is set up, MTFX takes care of the rest. The funds will be securely delivered to your recipient's bank account, whether they are across the country or on the other side of the world. You can monitor your transaction every step of the way with real-time online tracking, giving you peace of mind that your money is on its way and has reached its intended destination. With MTFX, international transfers are simple, transparent, and secure.

How long does an international money transfer take?

The speed of international wire transfers generally depends on the destination country, the currencies involved, and your provider. MTFX typically delivers funds to your recipient's bank account within 24-48 hours. We also offer same-day transfers. It's our understanding that punctuality is a crucial factor when making international payments. There are many instances where you might be in a rush to move funds to a foreign bank account.

For instance, when you pay your suppliers within the agreed deadline, you're better positioned to negotiate profitable deals, avoid late payment interest charges, and build a trustworthy partnership. In any case, we'll always make every effort to deliver funds swiftly to your recipient. Be sure to double-check the recipient information, so there are no delays on your transfer.

Send money online with MTFX international money transfer

Effortlessly send money abroad with MTFX's international money transfer service. Benefit from great exchange rates, minimal fees, and a quick, reliable process, ensuring your funds reach their destination smoothly and securely.

✓ Online convenience

Our online platform is accessible 24/7. Make payments anytime, anywhere – safely and securely.

✓ Effortless international payments

Sending money overseas is a breeze due to our proprietary technology and easy-to-use online platform. That means simpler and faster transfers every time.

✓ Competitive rates and fees

MTFX offers competitive exchange rates and low transfer fees, whether it's a recurring or one-off payment.

Register your account today to make easy international payments and get more with MTFX's foreign exchange and money transfer services.

FAQs

1. How do I securely send money overseas?

To securely send money overseas, use a trusted international payment provider that offers encryption, fraud prevention, and tracking. Look for services that are regulated by financial authorities to ensure the safety of your transactions.

2. What is the best way to transfer small amounts of money internationally?

For small transfers, consider using online payment services or mobile apps that specialize in low-cost transfers. These platforms often offer better exchange rates and lower fees compared to traditional banks.

3. What is the best way to send money abroad?

The best way to send money abroad depends on your needs. Online international payment services or foreign exchange companies usually provide the most competitive rates and lowest fees. Wire transfers through banks are also secure, but they may be more expensive.

4. How can I make international payments through my bank?

You can make international payments through your bank by using their wire transfer service. Provide your recipient's bank details, such as their SWIFT/BIC code and IBAN, and complete the transfer either online or at your local branch.

5. How do I make an international transfer online?

To make an international transfer online, sign up for a reliable money transfer service, enter your recipient's details, and choose the amount and currency. You can fund the transfer through your bank account or credit card.

6. What's the best way to wire money overseas?

The best way to wire money overseas is by using a service that offers low fees and competitive exchange rates. Traditional bank wires are secure but often costly. Online services like PayPal, Wise, or currency exchange platforms are more affordable for many users.

7. How do I transfer payments internationally between banks?

You can transfer payments internationally between banks by initiating a wire transfer through your bank's online portal or in person at a branch. You'll need the recipient's SWIFT/BIC code and account number. Fees and exchange rates vary, so check with your bank beforehand.

8. What is the best way to transfer money internationally?

For fast and affordable transfers, use specialized money transfer services that provide competitive exchange rates and low fees. These services often outperform traditional banks in terms of cost-effectiveness.

9. How do I send money abroad and make international transfers securely?

To send money abroad securely, use a reputable service that offers encryption and fraud protection. Make sure the platform complies with international financial regulations and allows you to track your transfer in real-time.

10. How can I make a foreign payment from my business account?

To make a foreign payment from your business account, you can either use your bank's international payment service or a specialized platform. These services allow you to send funds in multiple currencies, often with better exchange rates and lower fees for businesses.