Are you looking for a way to send money from Canada to the US that is efficient, simple, easy, inexpensive and hassle-free? In this article, we will review the best, fastest, easiest and cheapest way to send money from Canada to the United States, so that you can find the best option for transferring and sending money, and through this, your cash in the form of Transfer different. Stay with us until the end of the article
best way to send money from Canada to US
Billions of dollars transfer to various countries each year using remittance services – especially in Africa, Asia and Latin America. According to the United Nations, more than 231 million people were born abroad in 2013, and the World Bank reports that migrants from developing countries sent $ 414 billion home that year. This amount expect to reach $ 540 billion by 2016.
For many years, foreign workers who wanted to return their funds to their families had no choice but to go to banks, post offices, or a limited number of remittance service providers located in physical office buildings. Today, countless options are available to anyone who wants to send money anywhere in the world, in person or online. Who are the best money transfer service providers in the world for send and transfer money from Canada to US ? Here are 12 of the most popular and latest online payment services in no particular order:
PayPal , send and transfer money from Canada to US
PayPal – mainly relates to offering payments to its parent company, eBay – was originally founded in 1998 as a money transfer provider for Palm Pilot users. So it makes sense that the company has branched out into the world of online remittances. PayPal makes it very easy to send money to someone using the recipient’s email address or mobile number. It offers the ability to transfer funds to almost anyone in the world at a competitive cost.
Western Union
Starting in 1851 as a telegraph company, it has become perhaps one of the most well-known money transfer brands. In addition to providing services through a traditional service counter, Western Union allows customers to transfer funds by phone, mobile, online banking or through their website. Their mobile option allows them to transfer mobile wallets to emerging markets, including Kenya’s M-Pesa.
Amazon Payments
Amazon, a well-known e-commerce company that started as an online bookstore, offers Amazon Payments for its extensive customer service and online payment and mobile services for online retailers. Its solution is very similar to PayPal, as Amazon Payments allows users to pay without having to re-enter payment and shipping information previously stored by Amazon. Currently, Amazon Payments is only available in the US, UK, India and Germany.
Google Wallet
Google Wallet mobile payment solution allows users to send or request money through Gmail. Any money received and saved in Google Wallet can be paid immediately or withdrawn from the ATM using a Google Wallet card. These funds can also be spent using the Android phone to tap and pay at the participating store, online fee, transfer to the owner or someone else’s bank account.
MoneyGram for send and transfer money from Canada to US
The history of MoneyGram International dates back to 1940, when this process began with the processing of money and electronic payments. MoneyGram is now the second largest money transfer company in the world with more than 347,000 locations in more than 200 countries. In Canada, MoneyGram has partnered with Canada Post to provide money transfer and bill payment services from Canada Post Centers.
Hyper Walt
Launched in 2000, Hyperwallet is a Vancouver-based Canadian online money transfer service company theat you can send and transfer money with from Canada to US . Offers international money transfers from Canada to 28 countries and money transfers via email to Canadian and US recipients, as well as currency, bulk trade payments and mobile airtime transfers. Hyperwallet has also been providing reliable payment to more than 200 credit unions since 2000, providing easy access to money transfer services for members through its credit union accounts.
WorldRemit
WorldRemit foundes in the UK in 2010, when its founder sought to shake up the remittance industry by improving customer service by providing easier money transfer services at a lower cost. It is an online money transfer service available to senders in 50 countries and offers transfers to more than 110 destinations across Europe, Asia, Africa, Australia and the United States.
Xoom
Founded in 2001, Xoom is a San Francisco-based international money transfer service that allows users to send money to friends and family in 30 US countries using their computer, tablet or mobile phone. . Recipients can receive funds through traditional bank transfers, electronically, or through money transfer partners. The company started trading in public in early 2013.
Venm
Venmo was started in 2009 as a startup created by two students at the University of Pennsylvania and created a replacement for PayPal that would be more attractive to the young market. They were acquired by Braintree in 2012, which was acquired by eBay last year. Venmo combines a core social media platform with an easy-to-use interface. This service is currently only available in the United States.
TransferWise
TransferWise, another UK-based online remittance company, foundes in 2011 by two former Estonians living and working in the UK and uses for send and transfer money from Canada to US . At a significantly lower cost than most large remittance companies, the company seeks to be a major disruptive force in the UK remittance industry. TransferWise service is currently available in Western Europe, USA and India.
S-Money, a new money transfer service from the French banking group Group BPCE, was launched on Twitter in mid-October, allowing French Twitter users to send money to each other using tweets. Some have expressed concern about the general nature of the transactions, as they are made using regular tweets. However, no sensitive information is leaked via Twitter, so the biggest concern is that people will be able to read the deals that have taken place. Since this is relatively similar to Venmo, it may not be a problem for those who choose to use this service.
Facebook Messenger for send and transfer money from Canada to US
Since early October, rumors have been circulating on the Internet that a new person-to-person money transfer feature has been added to Facebook Messenger. However, the Canadian bank RBC Royal Bank has already launched its service using Facebook. Instead of using Facebook directly, RBC Royal Bank integrates with its social media platform using its own applications, allowing users to send funds to their Facebook friends, which are then sent to them by instant messenger. Will be notified.
In a blog post written earlier this year by World Bank economist Nicola Spatafora, foreign workers transferred more than $ 410 billion to their home countries in 2013, more than three times the official development aid sent to those countries. Has been. Suffice it to say that the remittance industry plays a key role in the global economy, as remittances to households in emerging markets spend in those local economies to support local merchants and businesses. Thanks to the ingenuity of innovative entrepreneurs and developers, there are now more cost-effective and efficient ways to move money around the world than ever before.
Competition in this space is still growing and new and existing companies are looking to gain more market share. As a result, the need to combat money laundering (AML) and customer compliance (KYC), which requier by law for all remittance companies, will increase. GlobalGateway, Trulioo’s online authentication service, can help remittance companies keep abreast of industry surveillance.
another ways for send and transfer money from Canada to US
Take money from the ATM and give it directly to your friend: However, if this was an option, you might have done it before or after dinner. You may not see your friend in person any time soon, and we all know not to send cash, right? Check for your friend: Although this school looks really old, it is still an option. First you get an envelope, then a stamp, then … Well, these steps seem too much.
Regular bank transfers. With banking information, if I have their account information, I can make an interbank transfer to my friend. As I learned last week at the Canadian Payments Summit, Canadians are cautious about giving their bank details to anyone, even if it is printed at the bottom of each check. Transfer money via email. In Canada, all banks (most banks?) connect via the money transfer system via Interact email. If you pay a monthly bank fee, you probably get a small number of these each month. Otherwise, it is $ 1 or $ 1.50, depending on where you bank. You just send money to someone’s email address and he takes care of the deposit.
Alternative ways for send money From Canada to US
They may not be on your radar, but there are many alternative ways to send money to Canada. Here are some free options: Paypal is a great alternative for send money from Canada to US because it is free. Yes, if you have a personal Paypal account and have a bank account attached to it, you can send money to someone else in Canada for free with a Paypal account. If you want to use your credit card to send money, which I do not recommend, it will cost less.
Another free option is PayTM for send money from Canada to US. Public use of PayTM is a basic program for paying all your bills (and the points you can use to get discounts on special gift cards), but an added bonus is that if two people have a PayTM account in Canada, They can send funds to each other for free. Check out this PayTM review by Jessica Morehouse
The main obstacle to using most alternative ways to send money is that both parties to the transaction need to install a similar program or software. And often, you have to sign up for this service. Both Paypal and PayTM require both parties to the account, the sender may need a verified account to send a certain amount, and it may take days for the transfer to take place
what is exchange rate for send money?
Transferwise uses the real exchange rate for send and transfer money from Canada to US . This is actually their main selling point. Banks and other transfer services receive their income from the exchange rate. The consumer generally has no idea. This is just like the cost of a mutual fund. There is no cost to the funds because the costs deducts from your return. You do not understand the exchange rate difference because you have nothing to compare.
So in reality, Worldremit costs not $ 0.01 CAD. They are closer to $ 27.50 CAD. $ 10 full higher than Transferwise. be careful to check the exchange rate and fees and compare the final amount of local currency received. There are other variables to consider. For example, Western Union seems to be cheaper when using their KES calculator. Then you realize that only cash transfers are available, which may not work if the other party only accepts M-PESA payments. Also pay attention to the time it takes to reach the other side. Some transfers take a few minutes and some days.
how paypal works
PayPal claims to pay a fixed fee only if you pay using a bank account connected to your PayPal account, which is standard settings. This was a surprise to me. I dug deeper and found that a fixed fee applies only if international money sent, but in the same currency. So if I have USD balance in my account and send it to the US, then I only pay a fixed fee. But in most cases, I want to send CAD to any currency around the world, so in those cases, I pay a fixed fee plus the cost of converting the currency. I confuse when I try to figure out what it was.
PayPal lacks transparency. I can’t type money into a calculator and ask Paypal to tell me how much it costs until I do. This is unfortunate and uses other transfer companies. Here is an interesting analysis of sending international currency with Paypal.
conclusion
Are you looking for a way to send money from Canada to the US that is efficient, simple, easy, inexpensive and hassle-free?In this article, we examined the best and most efficient ways to transfer money from Canada to the United States and showed how you can examine the average exchange rate of each market and choose the best service for transferring money from Canada to the United States. Although reviewing each one requires the experience of sending money, you should try to choose the best option using the information and examples we have provided in this article. Also, if you still have more questions about this, you can raise it through the contact us link on the site
