Canada and Europe share a rich and deep history and it’s no surprise that there is a huge demand for sending money from Canada to Europe. Every year, Canadians purchase property, import goods, enroll in European universities, and visit family across Europe. All of these scenarios require an easy and cost-effective way to send money to Europe.
Traditionally, the banks were the only option, and this meant high fees, rigid and complicated forms, and lots of delays. With new technology has come new and improved ways of sending money from Canada to Europe. There are now faster and easier ways to send money from Canada to Europe, many of which are also more cost-effective.
What should you be looking for when sending funds to Europe? While each persona or business may have its own needs, generally speaking, you should be looking for the following when sending money to Europe:
How Competitive is the Exchange Rate?
This is perhaps the most important factor when sending money to Europe. The more competitive the exchange rate, the less money you pay out-of-pocket. Generally, the most competitive companies will charge about 0.50% to 1% above the market foreign exchange rate. If you are being charged more than this to send money to Europe you are probably paying too much. Banks on the other hand, charge 3-5%.
Are there any fees?
The next factor to consider is whether the company you are sending funds with will charge a fee for sending money to Europe. You should be able to find a service that charges no fees for this service. You should note that in some cases, the receiving bank may also charge a fee.
How easy is the process?
If you are like most Canadians, the process of sending money to Europe can be somewhat daunting. If you are dealing with a company who has expertise, the process should be very user-friendly and automated. In most cases, the process can be completed entirely online.
How safe is the process?
When sending money to Europe, or anywhere for that matter, you should be 100% confident about the company you are doing business with. Do they have retail locations, or are they just a website and a 1-800 number? Are they registered with FINTRAC (government agency that regulates financial entities in Canada)? Are they Canadian-based? Most importantly, can you contact them if you have a question?
While there is no one size fits all method that will work for every need and every case the above criteria will help you assess the best possible way to send your hard earn money from Canada to Europe and avoid any unnecessary fees or headaches.
The Interchange Financial solution: “Send Money to the Europe”
At International Financial, we offer market leading exchange rates with no fees for sending money to Europe. The process is simple and can be completed online when it’s convenient for you. Get in touch with us today to learn more about Interchange Financial and how we offer our customers the best exchange rates on sending money to Europe. You can reach us online, in person and over the phone.
Send Money to Europe
Trying to find the best way to send money to Europe from Canada? Interchange Financial offers a service exclusively designed and dedicated to Canadians sending money to Europe from Canada. The service offers much better exchange rates than banks and there are no fees of any kind associated with transfers to Europe.