There was a time when banks were the preferred method for international wire transfers. And because they didn’t have much competition, they could charge significant fees. Today, banks still charge as much as $40 for a basic transfer, but thankfully another option is available for affordable money transfers — Hudson’s Bay Financial Services and OFX.
When using Hudson’s Bay Financial Services and OFX for a basic money transfer of over $10,000, fees are waived. For smaller transfers, a minimal charge of $15 is applied, far lower than what banks charge. You’re also not limited to banker’s hours. You are able to send money 24 hours a day, 7 days a week, and access customer support whenever you need, allowing for greater flexibility.
For clients who want to send an international wire transfer only when the currency is at a certain rate, a Limit Order is the best option. Foreign exchange markets are open 24 hours a day, but it can be hard for an average Canadian to monitor the exchange, especially overnight. To ensure you get the best rate for your transfer, you can submit your Limit Order with OFX staff, who will monitor the exchange and make the transfer according to your instructions.
Fixed or non-fixed recurring payments can also be easily set up through OFX and Hudson’s Bay Financial Services. Bi-weekly, monthly or quarterly payments would be best suited to fixed payments that have locked-in rates, while occasional transfers can benefit from rate fluctuations using the non-fixed option.
Whether you’re looking to make a basic money transfer, place a Limit Order or make recurring payments, transferring money using Hudson’s Bay and OFX is fast, simple and affordable. OFX supports sending money overseas to 197 countries and in 50+ currencies while always offering you better rates than any bank, resulting in substantial savings. Plus, you’ll earn Hudson’s Bay Rewards points on transactions of $2,000 CAD2 or more.
Learn more about international wire transfers with OFX.
1 Earn 2,000 Hudson’s Bay Rewards points on currency transactions of $2,000 to $9,999 CAD, 3,000 Rewards points on currency transactions of $10,000 to $15,999 CAD, 4,000 Rewards points on currency transactions of $16,000 to $20,999 CAD and 5,000 Rewards 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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