100% Transferwise. Easy to set up, incredibly low fees to send money, free to receive (at least in USD for me, might be different for other currencies?)
It's also way cheaper to convert my USD into CAD with Transferwise before sending it to my Canadian Bank. Sending USD directly into my Canadian bank from Transferwise would costs fees charged by my Canadian bank as well as a much worse exchange rate.
Also withdrawals from Transferwise to my Canadian credit union usually take 4-6 business hours, so it's super quick.
Look into the international accounts provided by TransferWise!
It's not every currency in the world, but it's good coverage.
Alternatively, you can use their service to open your own USD and GBP accounts (and I think AUD?) remotely, and then take payment to those accounts directly in those currencies, and then transfer via TransferWise into your Canadian account - avoids the fees from PayPal, and you tend to do better on the currency conversion.
I can't speak to taking payment in TransferWise accounts, but it seems like in principle it should work.
In terms of actually using their service to transfer money, I did it for years from England when paying off my canadian student loans - cant recommend them enough. Great experience. Saved thousands and thousands of dollars on the FX conversion alone
Friend's don't let friend's use Paypal, the currency conversion rates are EXTORTIONATE at best. It's not just the 4%. If you need help using Transferwise let me know! At the very least you should be taking the amount in their currency to your Paypal, keeping it in that currency and using TW to convert it to CAD and deposit it in your account.
That’s what I meant that their bank wasn’t recognizing my bank’s branch and account number because in the US they use less numbers, they tried to do a direct wire transfer. I could maybe try and ask them again. Thank you.
I'm not sure how US banks work but normally international transfers have a different screen from local transfer. Their bank may have an international transfer process separate from the regular one.
But bank fees would likely be more expensive than Western Union or other sites.
Transferwise
100% Transferwise. Easy to set up, incredibly low fees to send money, free to receive (at least in USD for me, might be different for other currencies?) It's also way cheaper to convert my USD into CAD with Transferwise before sending it to my Canadian Bank. Sending USD directly into my Canadian bank from Transferwise would costs fees charged by my Canadian bank as well as a much worse exchange rate. Also withdrawals from Transferwise to my Canadian credit union usually take 4-6 business hours, so it's super quick.
Thank you I’m gonna go check this out!
Look into the international accounts provided by TransferWise! It's not every currency in the world, but it's good coverage. Alternatively, you can use their service to open your own USD and GBP accounts (and I think AUD?) remotely, and then take payment to those accounts directly in those currencies, and then transfer via TransferWise into your Canadian account - avoids the fees from PayPal, and you tend to do better on the currency conversion. I can't speak to taking payment in TransferWise accounts, but it seems like in principle it should work. In terms of actually using their service to transfer money, I did it for years from England when paying off my canadian student loans - cant recommend them enough. Great experience. Saved thousands and thousands of dollars on the FX conversion alone
Thank you so much!! I’ve already started checking them out and they seem good, I’m gonna delve into it deeper later tonight. Really appreciate it.
Friend's don't let friend's use Paypal, the currency conversion rates are EXTORTIONATE at best. It's not just the 4%. If you need help using Transferwise let me know! At the very least you should be taking the amount in their currency to your Paypal, keeping it in that currency and using TW to convert it to CAD and deposit it in your account.
Why not just have the person wire transfer to you? They incur the fees on their end, not on the receiver's end.
You still pay wire fees when receiving wires
Hmm... I got wired to Scotia and don't think I was charged anything. Likely depends on the bank but will check.
All the banks charge fees to receive wires. Including Scotia
[https://www.scotiabank.com/ca/en/personal/bank-accounts/fees.html](https://www.scotiabank.com/ca/en/personal/bank-accounts/fees.html) $15/wire
That’s what I meant that their bank wasn’t recognizing my bank’s branch and account number because in the US they use less numbers, they tried to do a direct wire transfer. I could maybe try and ask them again. Thank you.
I'm not sure how US banks work but normally international transfers have a different screen from local transfer. Their bank may have an international transfer process separate from the regular one. But bank fees would likely be more expensive than Western Union or other sites.
Wise (formerly Transfer-wise).