The two most popular places to exchange currency in Canada are at banks or currency exchange services. So you’re ready to buy that fat stack of euros, dollars, pounds or maybe even Chilean pesos. With this service, you can send money directly to your recipient’s Visa debit card, their bank account, send cash for pickup at thousands of partner locations or have it delivered at their door. Paypal's Xoom service will charge transaction fees. The person you are sending money to can receive via airtime top up, bank transfer, cash pick up mobile money. WorldRemit charges fees and their exchange rates vary according to the amount of money you wish to transfer. You may turn to one of their 2,500 physical locations when you're walking down the street and your phone runs out of battery! 4. You can send money to over 200 countries. Western Union usually charges transfer fees in person, but not online. OFX is a publicly-listed company, therefore governed by a Board of Directors made up of experienced business leaders. Offering transfers in 50+ currencies to 170+ countries, OFX is a digital platform, combined with 24/7 phone access to currency experts. You can choose other methods of payment but the least expensive method of using Wise would be direct debit. For example, to convert 100$ CAD to USD, there is a $1.65 fee plus a $0.24 direct debit fee. Wise (formerly TransferWise) is a well-known app that I may turn to. Let's say I have a US bank account at Wells Fargo and I wish to transfer US$300 into CAD into my Canadian bank account. They pay with their Canadian bank account and receive foreign currency, typically through a pick-up location. Or, if individual A is temporarily living in a foreign country, they can send themselves money using these apps. The best example of this is sending money back to family overseas. To do this, individual A pays with their Canadian bank account. Money transfer apps are primarily intended for individual A to send money to individual B in their currency. The currency can then be sent directly to your Canadian bank account often within one business day. Rather than walking into a store, handing over Canadian money and receiving foreign currency (or selling your foreign currency), you can convert foreign currency into CAD online using your foreign bank account or credit card.
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