Sending money overseas?

[Heavy D]

Hi,

Does anyone have any experience with sending money overseas? Specifically, I'll be sending relatively modest amounts ($400-600) on approximately a monthly basis, but I'm wondering what's the best/cheapest/quickest/safest way to arrange transfer.

I've been using WesternUnion.ca, but I find their service charges exorbitant compared to the amount of work they actually do. (I think last time, it was $67 for a $500 transfer. Not sure of the exact amount, but it's high).

Thanks,

HD

 

[pussinboots]

Try a bank transfer

They're usually not too expensive, depending on your bank. If you explain to them that you'll be doing this monthly, they will give you a deal.

 

[Minnesotah]

It depends. Paypal transfers is lightspeed quick to execute, but take about a week to transfer into the other bank account (at least, in Canada). It is the usual payment method used by Ebay members.

WesternUnion is a ripoff in Canada, but they announce way cheaper rate in the US. On their side, almost any of their convenience stores, gas stations, pawnshops or bank claim to do it for dirt rates. There's other companies doing it too, but I don't really know them.

Bank draft is a pain in the a$$ and it will cost about the same charge as WU does. Also, they need to find an associated bank in the other country and maybe the person in the other country might need to find a branch of that bank to cash it (Acccording to the country banking system).

Have you thought to check your post office for a money order. I know they can write in CAD, USD and UK £. So, I am pretty sure they have international money orders available. In that case, you will only pay about $5.00 to make it write tax-free.

Edit: http://www.canadapost.ca/offerings/supplementary_services_pers/can/money_orders-e.asp

 

[Fat Happy Buddha]

Depending on what area of the world you are sending the money to, you might want to consider sending goods that can be resold.

For example, if you paid $150 to send $350 in goods through DHL, the person at the other end might be able to sell the goods for a lot more than $350.

There is actually a vibrant flow of trade of goods purchased in Montreal and being sold in the Middle East, Africa and parts of Asia. Goods like fashion, jewellry, second-hand laptops, cheap watches and perfume are in strong demand in these areas.

My wife does this on a regular basis and her family actually sends back two thirds of the profits.

 

[wilko26]

If it's for the same person all time, simply go open a new bank account and send atm card by mail to the person and you are ready to go... thats the cheapest way... you take the lower fees setup (I think at desjardins it's 2.50$ for 7 transaction monthly).

Wilko

 

[rollingstone]

Depending on the area of the world, I would be against the ATM idea. It could work but in some parts the fees that the banks would charge is insane. It could be worthwhile if the person withdraws the amount all in one go. I've had as much as a $15 surcharge per ATM withdrawl

Might also be worthwhile to ask the person receiving the cash to see if there are any local branches of international banks that operate in your area. That could cut down on transaction fees. Citibank and HSBC are good candidates, though I didn't see the latter when I lived in Canada some years ago.

Also if you do go with ATM card idea, make sure you notify the bank that someone overseas will be using it, banks nowadays (at least mine) tend to disable the cards when they see anything out of the ordinary. I end up having to notify them before I travel to make sure the atm/credit cards will work where I am.

 

[vtguy]

Ozforex

Investigate Ozforex

http://www.ozforex.com.au/

I never tried them but after getting burned with an excessive charge from my bank, I researched this and turned up Ozforex. Downside is maybe it's $5000 minimums.

If you try them, or learn more, please get back.

 

[isod1]

I have never tried this myself, so maybe there's something I'm missing, but I would just send a cheque. Fee for Cheque: $0 if you have a chequing plan. Shipping fees: $1.49 ouside North America (+optional $11 if you want it registered). It may take a while for the cheque to clear though, depending where it is cashed.

 

[Mr.President]

Rbc

I have been doing this with rbc for many years.No matter where you are sending and how much .. you will be charged below 40$.

 

[Juliana]

Have anyone tried sending a money order with post office ?

Have anyone tried sending money order through the post office ? How long does it take for the person in another nation to receive the cash ? Thank you!
Juliana

Have you thought to check your post office for a money order. I know they can write in CAD, USD and UK £. So, I am pretty sure they have international money orders available. In that case, you will only pay about $5.00 to make it write tax-free.

Edit: http://www.canadapost.ca/offerings/supplementary_services_pers/can/money_orders-e.asp[/quote]
T=

 

[Ben Dover]

Wilko is right -- plus there is a visa option...

If it's for the same person all time, simply go open a new bank account and send atm card by mail to the person and you are ready to go... thats the cheapest way... you take the lower fees setup (I think at desjardins it's 2.50$ for 7 transaction monthly). Wilko

I agree completely. For anywhere in Europe this will work very cheaply compared to other options.

For Aftrica, Asia, and other farther-flung areas...

You can also open a new visa card account with a very low limit ($500) and "load it up" -- in other words send Visa a cheque for $1000 even though you owe nothing. Then the person on the other side of the world can use the visa card for purchases (with zero fee) or for cash advances, also no fee until they surpass the amount that you pre-paid. Really you are the one giving Visa an "advance"... The exchange rate with Visa is usually even better than debit/atm cards... good luck!

BD

 

[Bob Binette]

The account idea with the debit card sounds the best to me. For one thing the person can get the money in the local currency. And you can track the account on the internet will all institutions, move the funds around and even program the monthly transfer.

 

[Juliana]

Have any of you sent money order through the post office ?

Can any of you share this info with me please ?

How long does it take to send a money order from the post office to another nation like brazil or any latin american country ?

Thank you very much gals and boys !

 

[wilko26]

Can any of you share this info with me please ?

How long does it take to send a money order from the post office to another nation like brazil or any latin american country ?

Thank you very much gals and boys !

Post office offer money gram and its similar of western union.... take from 1 to 15 min to have the money available at the other end.

And about money order its not a problem aslong the person at the end have no problem to cash it.

Wilko