Sending money to your family

[Dr Eng X]

How do you send money from Canada to your family? What are the options? and how much each costs? How long do they take? What do you think?

 

[computergeek]

How you do this likely depends upon a couple of factors:

- How often will you do this? Once? Or will this be a recurring thing?
- How much are you sending? Is it a small amount ($200-300) or a large amount ($1000+)
- How fast do you need to transfer the money?

There's generally a trade-off in terms of costs, up front set-up, and time to deliver.

The FASTEST way is to either go to Money Mart or other Western Union service and transfer the money. You'll pay the highest fees and if you are converting to a foreign currency a mediocre exchange rate. http://www.moneymart.ca/ - this allows them to pick it up on the other end from an agent there.

Equally fast, usually about $30-50 is to go to your bank and initiate a wire transfer. I don't find the exchange rates very good and this requires the recipient have a bank account and you have their information.

The option I usually use for transferring money between my accounts in the US and Canada is an exchange broker (xe.com) that just so happens to belong to Western Union as well. There's more initial set-up (they want real documentation of who you are, validate your accounts, etc.) but once set up they give a very good exchange rate, can send wire transfers, bank drafts or electronic funds transactions with details depending upon the destination. For example, I usually figure that if I initiate a transfer on Monday from my account in the US, it will be in my account in Canada on Friday (or vice versa) and all done electronically. There are plenty of exchange brokers out there but they are convenient for non-time-critical transactions where you are sending money.

 

[Dr Eng X]

How you do this likely depends upon a couple of factors:

- How often will you do this? Once? Or will this be a recurring thing?
- How much are you sending? Is it a small amount ($200-300) or a large amount ($1000+)
- How fast do you need to transfer the money?

There's generally a trade-off in terms of costs, up front set-up, and time to deliver.

The FASTEST way is to either go to Money Mart or other Western Union service and transfer the money. You'll pay the highest fees and if you are converting to a foreign currency a mediocre exchange rate. http://www.moneymart.ca/ - this allows them to pick it up on the other end from an agent there.

Equally fast, usually about $30-50 is to go to your bank and initiate a wire transfer. I don't find the exchange rates very good and this requires the recipient have a bank account and you have their information.

The option I usually use for transferring money between my accounts in the US and Canada is an exchange broker (xe.com) that just so happens to belong to Western Union as well. There's more initial set-up (they want real documentation of who you are, validate your accounts, etc.) but once set up they give a very good exchange rate, can send wire transfers, bank drafts or electronic funds transactions with details depending upon the destination. For example, I usually figure that if I initiate a transfer on Monday from my account in the US, it will be in my account in Canada on Friday (or vice versa) and all done electronically. There are plenty of exchange brokers out there but they are convenient for non-time-critical transactions where you are sending money.

Thanks computergeek

- How often will you do this? Once? Or will this be a recurring thing?
Not very often. Once or twice for now.
- How much are you sending? Is it a small amount ($200-300) or a large amount ($1000+)
A small amount <$1000
- How fast do you need to transfer the money?
Not very fast.

There's generally a trade-off in terms of costs, up front set-up, and time to deliver.

 

[sammystorm19]

Money Gram is another option. There rates are about the same or lower than Western Unioin. You also get a frequent member card and the more times you send money the more you save off the fee to send. Also you can track the transfer online and also receive an email when the money is picked up

 

[Dr Eng X]

Money Gram is another option. There rates are about the same or lower than Western Unioin. You also get a frequent member card and the more times you send money the more you save off the fee to send. Also you can track the transfer online and also receive an email when the money is picked up

Thanks, I forgot to say I have bank accounts both in US and in Canada if this helps. I am saying this because I think US might have better options

 

[parker24]

How do you send money from Canada to your family? What are the options? and how much each costs? How long do they take? What do you think?

We send money for hubby's car payment and insurance via Western Union and via Bank Wire Transfer. Western Union has higher fees I believe, depending on how much you send.

 

[greenoil]

Another option is to use international remittance from a Canadian bank. I have been using RBC international remittance and send money overseas many times. You don't have to go to the branch to do it. It's 24/7 right from your account online and cheap at $13.50/transaction. You can send up to $2500 in CAD or USD. It may take 2-3 business days to receive it. The recipient will be charged a very small fee when it arrives (check with the oversea bank). You can send to bank account directly or cash if there is none.
I am not sure other banks offering the same but you can check it out with your bank.

 

[Dr Eng X]

We send money for hubby's car payment and insurance via Western Union and via Bank Wire Transfer. Western Union has higher fees I believe, depending on how much you send.

Thanks

 

[Dr Eng X]

Another option is to use international remittance from a Canadian bank. I have been using RBC international remittance and send money overseas many times. You don't have to go to the branch to do it. It's 24/7 right from your account online and cheap at $13.50/transaction. You can send up to $2500 in CAD or USD. It may take 2-3 business days to receive it. The recipient will be charged a very small fee when it arrives (check with the oversea bank). You can send to bank account directly or cash if there is none.
I am not sure other banks offering the same but you can check it out with your bank.

I have RBC as well

 

[steaky]

Can't you just drive to a Chase branch near the US border and deposit the money? You can pick up some groceries on your way back to Canada.

 

[Dr Eng X]

Can't you just drive to a Chase branch near the US border and deposit the money? You can pick up some groceries on your way back to Canada.

Nice idea the nearest city is 16hours drive
besides why I already have bank accounts in US banks, I am not transfering to US.
When I was in US "I remember" I could get Money orders for free and send them anywhere! It will just cost me shipping the Money order.

 

[greenoil]

I have RBC as well

Then try it with a small amount first to see how it goes. Just put down the reason to send is gift or family support, or whatever you want.

 

[Dr Eng X]

Then try it with a small amount first to see how it goes. Just put down the reason to send is gift or family support, or whatever you want.

I will check first the overseas costs ...
You see guys... this is great everyone can share their experience...and learn from each other...still open to your thoughts since overseas costs might be much

 

[greenoil]

I will check first the overseas costs ...
You see guys... this is great everyone can share their experience...and learn from each other...still open to your thoughts since overseas costs might be much

The oversea cost in my case is very minimal 0.x% or minimum $3. It may be free with your bank oversea.

 

[Steph C]

I like Ria. First transaction is free, and others are $10 for amounts up to 1,000. Payout is pretty much instant.
http://www.riafinancial.com/content/locator.aspx?cID=265&sID=234