There are a number of reasons you might need to send money overseas, such as planning a destination wedding, moving abroad or buying an investment property. Often these events are the first time people will have to send money internationally, and the different options to complete a money transfer can be confusing. Before sending money abroad, keep the following tips in mind.
Set Up a Local Bank Account. It usually helps to open an overseas bank account before you send money abroad. It can provide a more secure way to keep money and can allow you more options to pay for goods and services.
Check Exchange Rates and Fees. The exchange rate between currencies is based on the interbank rate — the rate that banks buy and sell currency — and the fee that is added by banks to facilitate the trade. Different banks will charge different fees, so it’s important to shop around and find the lowest fee to send money overseas.
Anticipate Transfer Delays. In our modern world, it should be easy to send money overseas instantaneously; however, you could experience a significant delay between sending and receiving foreign currency. Some banks can put a hold on funds or even delay a transfer over the weekend or during holidays. Make sure to investigate how long your transfer is expected to take.
Look Beyond Your Domestic Bank. People who send money overseas for the first time sometimes assume that using a bank is the only option. Often, domestic banks charge the highest fees and take a long time to complete the transfer. Using a company that is dedicated to international currency exchange can reduce fees, increase the speed of transfers and provide 24/7 customer service.
Hudson’s Bay Financial Services has teamed up with OFX to help transfer money overseas quickly, securely and affordably. OFX has no transfer fees on transactions over $10,000 CAD, and you can earn up to 5,000 Hudson’s Bay Rewards points on transactions over $21,000 CAD.1
1 Earn 2,000 Hudson’s Bay Rewards points on currency transactions of $2,000 to $9,999 CAD; 3,000 points on currency transactions of $10,000 to $15,999 CAD; 4,000 points on currency transactions of $16,000 to $20,999 CAD; and 5,000 points on currency transactions of $21,000 CAD or more.
Foreign exchange services are provided, and money transfers are arranged for by OFX Limited. OFX is registered with FINTRAC (registration number M08560392).
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