Many of our clients are Canadians that are working abroad. We help them to send money back home to Canada from over 40 countries. We provide them with free bank to bank transfers and also quote great exchange rates that save them money whenever they need to remit money to Canada.
When choosing a company or service to send your money back home, it's important to be aware of any fees that they charge and what exchange rate they are quoting you to send your funds. A better exchange rate means that your recipient will receive more Canadian Dollars when your funds are converted.
The rate is based on the current interbank exchange rate, which changes every second throughout the day. All services will quote a margin off this exchange rate, this is where banks and money transfer companies make money. This margin can range between 0.5% and 5% or higher. You can check interbank exchange rates on a website like www.xe.com.
Transfer fee charges also affect the amount of money you need to send and/or the amount of CAD that is received by your recipient. Many companies charge a sending or transfer fee and sometimes there are receiving fee charges which your beneficiary is charged.
Why remit money with Exchange4free?
Register an account today and start saving on your remittance transfers to Canada