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The best way to send money internationally from Canada

 International money transfers are not only available at banks. In fact, you will probably pay lower fees and get your money faster using one of these money transfer companies. Here are five things to try.

1. TransferWise


Cost: One of the cheapest. TransferWise offers some of the best exchange rates you can find, and the upfront fee tends to be the lowest if you use a bank account, usually less than 1% of the transfer amount. For sending $ 10,000 or more, you may find OFX a better deal.

Speed: Bank transfers tend to take days, but same day transfers are possible. Transfers using a debit or credit card can arrive in a few minutes, while transfers using a bank account can take about one to three business days on average, depending on the destination.

Transfer limits and options: Sending limits go up to $ 1 million per transfer, when using wire transfer to pay for TransferWise. You can also pay by debit card, credit card, Apple Pay or direct debit (or ACH transfer) from your bank account. Your recipient must have a bank account.

Customer experience: Phone support is limited on weekdays, but the TransferWise mobile app receives high user ratings and the website has easy-to-find FAQs.

2. OFX


Cost: One of the cheapest. OFX does not charge a transfer fee regardless of how much was sent. Exchange rate markups tend to be less than 1%, so you get a favorable price too.

Speed: There are no same-day delivery options. OFX typically receives your bank transfer within one to two business days and sends money to your recipient within the next one to two business days, depending on the destination.

Transfer limits and options: Minimum transfer per transfer is $ 1,000, and no maximum amount is specified. Transfers can only be made between bank accounts, not delivery to cash pick-up locations overseas.

Customer experience: OFX's 24/7 support line and website FAQs are very helpful, but there are a few barriers. You should register to see the exchange rates and submit a money request process which is the easiest to use if you are unfamiliar with the foreign exchange market and its terminology.

3. Xoom


Cost: Expensive for online providers. Xoom tends to have a low initial fee, such as under $ 5, if you use a bank account instead of a debit or credit card, but the exchange rate markup can be over 3%. Some providers rate their tariffs less than 1%. Xoom still tends to be cheaper than bank wire transfers (see bank fees).

Speed: Multiple transfers can arrive within minutes, regardless of the payment method. However, it can take up to several days, depending on factors such as bank opening or time zone.

Limitation and transfer options: Cash collection at supermarkets or other locations is a delivery option in some countries. Sending limits vary, but individual transfers build up $ 50,000. You can fund transfers with a bank account, debit or credit card, or a PayPal account because Xoom is owned by PayPal.

Customer experience: Telephone support is available 24/7 in English, Spanish and Filipino, and during certain hours in French, Italian, German and Arabic. The online platform provides cost calculators and clear FAQs, and the mobile app receives high ratings.

4. MoneyGram


Cost: On the higher end. Upfront fees for bank-funded transfers tend to be low, but fees for other payment methods as well as MoneyGram markup rates, which can exceed 3%, tend to be high.

Speed: Same day delivery, regardless of payment option, but may take longer, depending on bank hours and other factors.

Transfer limits and options: MoneyGram up to $ 10,000 per online transfer and per month. This has the advantage of a physical location so that people, especially those without a bank account, can pay cash and take out the recipient of funds. Its web platform allows you to pay with a bank account, as well as debit and credit cards.

Customer experience: Support via email and live chat is available (and by phone for reporting fraud), fees, rates and other information can be found easily online. Its mobile app has a solid rating.

5. Western Union


Cost: Varies. Fees for transfers of up to $ 1,000 can be under $ 5, but Western Union markup rates range from less than 1% to over 6%, depending on the destination.

Speed: Same-day delivery is possible when you send a transfer to a cash pick-up location and use a debit or credit card (or pay cash in person), even if you pay extra for the rush. Transfer is the cheapest bank account for sending and receiving money and it can take up to a week for delivery.

Transfer limits and options: The Western Union website varies transfer limits by country, such as $ 5,000 to Mexico and $ 50,000 to India. As the largest transfer provider in the world, Western Union's main advantage is its network, primarily for sending cash directly and providing cash pick-up delivery options.

Customer experience: There is telephone support and live chat available daily, but the website doesn't make it easy to compare rates and FAQs aren't easy to find or thorough.